Al-Iqtishad is international journal published by State Islamic University (UIN) Syarif Hidayatullah 
Jakarta in cooperation with The Indonesian Association of Islamic Economist. This journal focused on 
Islamic Economics and Finance studies. The Journal is published twice a year on January and July. The 
journal is accredited by the Directorate General of Higher Education Ministry of National Education and 
Culture The Republic of Indonesia No. 040/P/2014

Editor in Chief 
M. Nur Rianto Al Arif

Associate Editor 
Yuke Rahmawati

Maman Rahman Hakim

English Editor 
Ummi Kultsum

Editorial Advisory Board
Abbas Mirakhor  (INCEIF, Malaysia)  
Ahmad Hidayat Buang  (University of Malaya, Malaysia)
Ahmad Tholabi Kharlie  (UIN Syarif Hidayatullah Jakarta, Indonesia)
Amir Kia  (Utah Valley University, USA)
Asep S. Jahar  (UIN Syarif Hidayatullah Jakarta, Indonesia)
Ashraf MD Hasyim  (ISRA, Malaysia)
Fathurrahman Djamil  (UIN Syarif Hidayatullah Jakarta, Indonesia)
M. Kabir Hassan  (University of New Orleans, USA)
Mehmet Asutay  (Durham University Business School, UK)
Mervyn K Lewis  (University of South Australia, Australia)
Mohammad Hudaib  (Adam Smith Business School, Glasgow Univ., United Kingdom)
Mohamed S Komi  (The American University in Cairo, Egypt)
Mokhamad Anwar  (Universitas Padjajaran, Indonesia)
Monzer Khaf  (Qatar Faculty of Islamic Studies, Qatar)
Muhammad Amin Suma  (UIN Syarif Hidayatullah Jakarta, Indonesia)
Mustafa Edwin Nasution  (Universitas Indonesia –Indonesia)
Ratno Purnomo  (Jenderal Soedirman University, Indonesia)
Roszaini Haniffa  (Heriot Watt University, United Kingdom)
Sadegh Bakhtiari  (Isfahan University, Islamic Republic of Iran)
Walid Mansour  (King Abdulaziz University, Saudi Arabia)

Volume 9 (1) January 2017

AL-IQTISHAD
Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics)

Editorial Office
State Islamic University (UIN) Syarif Hidayatullah Jakarta, Indonesia

Jl. Ir. H. Juanda 95, Ciputat, South Tangerang, Banten, Indonesia -15412-. 
Phone (+6221) 74711537, Fax. (+6221) 7491821

Website: www.journal.uinjkt.ac.id/index.php/iqtishad; Email: iqtishad@uinjkt.ac.id



CONTENTS

1 Islamic Bank Listed in Financial Market: Risk, Governance, Earning, and 
Capital

 Teguh Budiman, Farida Titik Kristanti, Wardhana

13 Building an Early Warning Towards The Resilience of Islamic Banking in 
Indonesia

 Dimas Bagus Wiranatakusuma, Jarita Duasa

33 Asset Liability Management of Conventional and Islamic Banks in Malaysia
 Yee Loon Mun, Hassanudin Mohd Thas Thaker

53 The Indonesian Islamic Bank’s Spin-off: A Study in Regional Development 
Banks

 Ismawati Haribowo

69 Determinants of The Islamic Social Reporting Disclosure 
 Uun Sunarsih, Ferdiyansyah

81 Strategic Approcah for Optimizing of Zakah Institution Performance: 
Customer Relationship Management

 Estu Widarwati, Nur Choirul Afif, Muhamad Zazim

95 Greece Financial Crises and Sukuk Markets: Experience From Gulf Countries
 Aldrin Herwany, Erie Febrian, Imam Buchari

107 Tawhidic Based Economic System: A Preliminary Conception
 Nurul Hilmiyah, Bayu Taufiq Possumah, Muhammad Hakimi Mohd. Shafiai

125 Consumer Demand on Halal Cosmetics and Personal Care Products in 
Indonesia

 Muniaty Aisyah

143 A Comparative Study on Poverty Alleviation Between Moslem and Non 
Moslem Populated Countries

 Ahmad Hudaifah, Shochrul Rohmatul Ajija