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 the Ministry of Research, Technology, and Higher Education Republic of Indonesia No. 051/E/ KPT/2017 on December 4, 2017 (Valid until December, 2022). Editor in Chief M. Nur Rianto Al Arif Associate Editor M. Nadratuzaman Hosen Yuke Rahmawati Editorial Assistant 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 Padjadjaran, Indonesia) Monzer Khaf (Qatar Faculty of Islamic Studies, Qatar) Muhammad Amin Suma (UIN Syarif Hidayatullah Jakarta, 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 (2) July 2018 AL-IQTISHAD Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Editorial Office Faculty Economics and Business Building UIN Syarif Hidayatullah Jakarta Jl. Ir. H. Juanda No. 95 Ciputat, South Tangerang, Banten, Indonesia - 15412. Phone. (021) 7493318, Fax. (021) 7496006 Email: iqtishad@uinjkt.ac.id; Website: www.journal.uinjkt.ac.id/index.php/iqtishad Contents 255 Testing of The Gold’s Role as a Safe Haven and Hedge for Sharia Stocks in Indonesia R. Robiyanto 267 Who Co-moves the Islamic Stock Market of Indonesia - the US, UK or Japan? M. Shabri Abd. Majid 285 Causal Relationship Between Islamic Bonds, Oil Price and Precious Metals: Evidence From Asia Pacific Widad Metadjer, Hadjer Boulila 299 Spin off Feasibility Study of Sharia Financing Unit: Study in Adira Finance Lita Wulandari, Hermanto Siregar, Hendri Tanjung 313 A New Paradigm in Islamic Housing: Non-Bank Islamic Mortgage Egi Arvian Firmansyah, Ardi Gunardi 325 Consumerism in Personal Finance: An Islamic Wealth Management Approach Farisah Amanda, Bayu Taufiq Possumah, Achmad Firdaus 341 Financial Stability of Islamic Versus Conventional Banks in Pakistan Tanveer Abrar, Farhan Ahmed, Muhammad Kashif 367 Islamic Bank Service Quality and It’s Impact on Indonesian Customers’ Satisfaction and Loyalty Muniaty Aisyah 389 Consumer’s Preference and Awareness: Comparative Analysis between Conventional and Islamic Ijarah Auto Financing in Pakistan Imran Umer Chhapra, Afzal Ahmed, Raja Rehan, Farasat Hussain 403 Asymmetric Information and Non-Performing Financing: Study in The Indonesian Islamic Banking Industry Ahmad Rodoni, Bahrul Yaman 417 Strategy of BAZNAS and Laku Pandai For Collecting and Distributing Zakah in Indonesia Kartika Andiani, Didin Hafidhuddin, Irfan Syauqi Beik, Khalifah M Ali 441 Lessons Learned of Zakah Management from Different Era and Countries Dian Masyita