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. The journal had re-accredited by Ministry of Research, Technology, and Higher Education No. 48a/KPT/2017 on October 30, 2017 (Valid until October 30, 2022). Editor in Chief M. Nur Rianto Al Arif Associate Editor M. Nadratuzaman Hosen Yuke Rahmawati Maman Rahman Hakim English Editor Ummi Kultsum Editorial Advisory Board Abbas Mirakhor (INCEIF, Malaysia) Ahmad Hidayat Buang (University of Malaya, Malaysia) Amir Kia (Utah Valley University, USA) 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 10 (1) January 2018 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 Fundraising Strategies to Optimize Zakah Potential in Indonesia: An Exploratory Qualitative Study Rahmatina A. Kasri, Niken Iwani S. Putri 25 Stability Measurement of Dual Banking System in Indonesia: Markov Switching Approach Siti Fatimah Zahra, Ascarya, Nurul Huda 53 Sharia Governance Practices at Islamic Banks in Bahrain From Islamic Bankers’ Perspective Sutan Emir Hidayat, Ali Khaled Al Khalifa 75 The Concept and Practices of Macroprudential Policy in Indonesia: Islamic and Conventional Muhammad Rizky Prima Sakti, Hassanudin bin Mohd Thas Thaker, Abdul Qoyum, Ibnu Qizam 97 Islamic Banking and Green Banking for Sustainable Development: Evidence from Bangladesh Mohammad Nazim Uddin, Monir Ahmmed 115 Lowly or Negative Benchmark Rates Bandwagon: Any Risk Implications for Islamic banks? Jamshaid Anwar Chattha, Syed Musa Alhabshi 135 Dividend Payout Policy of Conventional Banking and Islamic Banking in Pakistan Farhan Ahmed, Abdul Rafay, Afzal Ahmed 153 Selection Criteria of Public for Account Opening: A Case Study of Islamic Banks in Pakistan Ahsan Israr, Fahad Ahmed Qureshi, Mubeen Butt 171 Macroeconomic Variables, International Islamic Indices, and The Return Volatility in Jakarta Islamic Index Yoghi Citra Pratama, Abdul Azzis 189 Determinants of Credit and Financing Risk: Evidence of Dual Banking System in Indonesia Raditya Sukmana 207 Islamic Insurance: A Potential Niche Market of Indonesia Jaenal Effendi 231 Meta-analysis on Direction of Accounting Standards for Islamic Financial Institutions: Case Studies in United Kingdom and Indonesia Murniati Mukhlisin, Muhammad Syafii Antonio