10_331_339 10_hlm 331 10_hlm 332 10_hlm 333 10_hlm 334 10_hlm 335 10_hlm 336 10_hlm 337 10_hlm 338 10_hlm 339 10_hlm 331 10_hlm 332 10_hlm 333 10_hlm 334 10_hlm 335 10_hlm 336 10_hlm 337 10_hlm 338 10_hlm 339 10_hlm 340 10_hlm 341 10_hlm 342 10_hlm 343 10_hlm 344 10_hlm 345 10_hlm 346 10_hlm 347 10_hlm 348 10_hlm 349 10_hlm 350 vol. v ii (2), july 2015 a l-iq t ish a d issn: 2087-135x e-issn: 2407-8654 vol. vii (2), july 2015 issn: 2087-135x e-issn: 2407-8654 al iqtishad is a peer-reviewed journal published by faculty of shariah and law syarif hidayatullah state islamic university 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 aim of the journal is to disseminate the islamic economics and finance researches done by researchers both from indonesian and overseas. 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 jo ur na l o f i sl am ic e co no m ic s journal of islam ic econom ics published by faculty of shariah and law syarif hidayatullah state islamic university syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist content the impact of financial liberalization on islamic banks's efficiency in indonesia wiwiek rabiatul adawiyah effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java rachmad hidayat, sabarudin akhmad, machmud peer group effects on moslem consumer's decision to purchase halal-labeled cosmetics muniaty aisyah the intellectural capital effect on financial performances at islamic insurance rizqon halal syah aji & kurniasih capital market integration: palestine and israeli experience tulus suryanto & abdul razak abdul hadi the effect of productive zakah mentoring on the wealth of mustahik rizky andriati & nurul huda the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto chandra warsito financial ratio and its influence to profitability in islamic banks erika amelia human resources development of sharia banking: phenomenological approach burhanuddin yusuf application of pattern of islamic state revenue policy to improve the ability of indonesia's fiscal any setianingrum al-iqtishad journal of islamic economics volume vii (2), july 2015 the journal is published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in coorporation 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. editor in chief m. nur rianto al arif vice editor maman rahman hakim sofyan rizal a. chairul hadi languange editor ummi kultsum layout and typesetting farhan mustofa secretariat ahmad sumedi fitriadi reviewer muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) asep saepudin jahar (uin syarif hidayatullah jakarta) amiur nuruddin (iain sumatera utara) didin hafidudhin (universitas ibn khaldun) djoni hartono (universitas indonesia) ahmad hidayat buang (universiti malaya malaysia) margareth gfrerer (daad, germany) ahmad mujahiddin (uin suska riau) md. sujimon (kolej pengajian islam johor malaysia) ashraf md hasyim (isra, malaysia) abdurrahman haqqi (universitas islam brunei) m. hudaib (adam smith business school, glasgow univ.uk) editorial office faculty of shariah and law syarif hidayatullah state islamic university jakarta jl. ir. h. juanda 95, ciputat, south tangerang, banten -15412-. phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id; email: editor.iqtishad@yahoo.com content 141 the impact of financial liberalization on islamic banks’s efficiency in indonesia wiwiek rabiatul adawiyah 151 effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java rachmad hidayat, sabarudin akhmad, machmud 165 peer group effects on moslem consumer’s decision to purchase halallabeled cosmetics muniaty aisyah 181 the intellectural capital effect on financial performances at islamic insurance rizqon halal syah aji & kurniasih 197 capital market integration: palestine and israeli experience tulus suryanto & abdul razak abdul hadi 207 the effect of productive zakah mentoring on the wealth of mustahik rizky andriati & nurul huda 217 the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto chandra warsito 229 financial ratio and its influence to profitability in islamic banks erika amelia 241 human resources development of sharia banking: phenomenological approach burhanuddin yusuf 251 application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal any setianingrum 00_iqtishad2015hijau_ok 1: 2014 hijau 01_daftar isi_ok rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 305 faktor-faktor yang mempengaruhi persepsi nazhir terhadap wakaf uang rahmat dahlan1 abstract: factors that influence nazhir perception on cash waqf. the purpose of this study is to analyze what factors are influencing cash waqf perceptions of nazhir. the sampling method that used in this research is nonprobability sampling with adjusted sampling technique. the method was used to analyze the data are descriptive analysisi and logistic regression. the result of this study showed that perception nazhir influenced by the media access information and understanding of waqf regulation. nazhir that agree with cash waqf and understand with waqf regulation is about 0,94 times if we compare with the nazhir that not understand with waqf requlation. the educational background will be influence to the mindset of nazhir perception and understanding. keywords : cash waqf, logistic regression, nazhir, perception abstrak: faktor-faktor yang memengaruhi persepsi nazhir terhadap wakaf uang. tujuan dari penelitian ini ialah untuk menganalisis faktorfaktor yang mempengaruhi persepsi para nazhir mengenai wakaf uang. dalam pengambilan sampel digunakan teknik non probability sampling dengan teknik adjusted sampling. metode yang dipergunakan dalam penelitian ini ialah analisis deskriptif dan regresi logistik. hasil yang didapat dari penelitian ini menunjukkan bahwa persepsi nazir dipengaruhi oleh akses terhadap media informasi dan pemahaman atas aturan mengenai wakaf. nazhir yang menyatakan setuju terhadap wakaf uang dan paham terhadap regulasi wakaf sebanyak 0,94 kali dibandingkan dengan nazhir yang tidak paham regulasi wakaf. latar belakang pendidikan akan berpengaruh terhadap terbentuknya persepsi atau pemahaman nazhir. kata kunci: wakaf uang, regresi logistik, nazhir, persepsi 1 diterima: 18 april 2014, direvisi: 25 mei 2014, disetujui: 3 juni 2014 universitas prof. dr. hamka, jl. limau ii, kebayoran baru, jakarta selatan email: rhahmat@yahoo.com al-iqtishad: vol. vi no. 2, juli 2014 306 pendahuluan wakaf adalah salah satu lembaga ekonomi islam yang sangat erat kaitannya dengan masalah sosial dan ekonomi nazhir. wakaf merupakan bentuk ibadah yang dilakukan dengan memisahkan harta milik pribadi untuk dijadikan harta milik umum. berdasarkan maknanya yang umum, wakaf memberikan harta atau pokok benda yang produktif terlepas dari campur tangan pribadi, menyalurkan hasil dan manfaatnya secara khusus sesuai dengan tujuan wakaf, baik untuk kepentingan perorangan, nazhir, agama atau umum. (qahaf: 2007) indonesia menyimpan potensi wakaf yang besar. tapi, potensi itu belum dikelola dan dimanfaatkan secara optimal. menurut data departemen agama hingga maret 2008, aset wakaf yang berupa tanah berjumlah 363.272 lokasi dengan luas mencapai 2.701.145.561,08 m2. tanah wakaf tersebut sebagian besar baru dimanfaatkan untuk pendirian masjid, panti asuhan, sarana pendidikan dan kuburan dan hanya sebagian kecil yang dikelola secara produktif (depag: 2008) hal ini diperkuat dengan hasil penelitian pusat bahasa dan budaya (pbb) uin syarif hidayatullah jakarta (csrc uin: 2006) menunjukkan, bahwa harta wakaf lebih banyak bersifat diam (77%) daripada yang menghasilkan atau produktif (23%). temuan lain menunjukkan, pemanfaatan terbesar harta wakaf adalah masjid (79%) daripada peruntukkan lainnya, dan lebih banyak berada di wilayah pedesaan (59%) daripada perkotaan (41%). artinya bahwa tanah wakaf yang cukup luas itu belum memberikan manfaat produktif, melainkan sebagian besar masih dipergunakan untuk keperluan konsumtif. (nasution& hasanah: 2005) tanah wakaf seluas 270.114,56 hektar akan memberikan manfaat yang lebih besar apabila dipergunakan untuk kepentingan produktif, seperti rumah sakit, pusat bisnis, pertanian, perkebunan dan lain-lain. potensi wakaf diatas belum termasuk potensi wakaf benda tak bergerak misalnya wakaf uang. wakaf uang ini merupakan implementasi produk baru dalam sejarah perekonomian islam yang dipelopori oleh muhammad abdul mannan, di bangladesh. wakaf uang mendapat perhatian serius karena memiliki akar panjang dalam sejarah islam. sebagai instrumen keuangan, wakaf uang merupakan produk baru dalam sejarah perbankan islam. pemanfaatan wakaf uang yang dipelopori mannan dibedakan menjadi dua, yaitu pengadaan barang privat dan barang sosial. karena itu wakaf uang membuka peluang yang unik bagi penciptaan investasi di bidang keagamaan, pendidikan dan pelayanan sosial. tabungan dari warga yang berpenghasilan tinggi dapat dimanfaatkan melalui penukaran sertifikat wakaf uang. rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 307 menurut perhitungan nasution(2005) tentang potensi wakaf di indonesia dengan jumlah umat muslim dermawan diperkirakan sebesar 10 juta jiwa dengan rata-rata penghasilan perbulan rp. 500.000 hingga rp. 10.000.000, maka paling tidak akan terkumpul dana per bulan sekitar tiga triliun rupiah pertahun dari dana wakaf, seperti perhitungan pada tabel 1 berikut: tabel 1 perhitungan potensi wakaf uang tingkat penghasilan/ bulan jumlah muslim tarif wakaf/ bulan potensi wakaf uang/bulan potensi wakaf uang/tahun rp500.000 4 juta rp5000,rp20 milyar rp240 milyar rp1 juta-rp2 juta 3 juta rp10.000,rp30 milyar rp360 milyar rp2 juta-rp5 juta 2 juta rp50.000,rp100 milyar rp1,2 triliun rp5 juta-10 juta 1 juta rp100.000,rp100 milyar rp1,2 triliun total rp3 triliun sumber : nasution dan hasanah (2005) adapun dana wakaf yang terkumpul ini selanjutnya dapat digulirkan dan diinvestasikan oleh nazhir ke dalam berbagai sektor usaha yang halal dan produktif, misalnya membangun sebuah kawasan perdagangan yang sarana dan prasarananya dibangun di atas lahan wakaf dan dari dana wakaf. proyek ini ditujukan bagi kaum miskin yang memiliki bakat bisnis untuk terlibat dalam perdagangan pada kawasan yang strategis dengan biaya sewa tempat yang relatif murah. sehingga akan mendorong penguatan pengusaha muslim pribumi dan sekaligus menggerakkan sektor riil secara lebih massif. kemudian, keuntungannya dapat dimanfaatkan untuk pembangunan umat dan bangsa secara keseluruhan (nasution: 2006). wakaf yang ada di indonesia dikelola oleh nazhir wakaf dibagi menjadi tiga kategori: pertama nazhir perorangan, yaitu minimal terdiri dari 3 orang nazhir perorangan biasanya tidak memiliki kepengurusan yang jelas dan tidak memiliki kekuatan hukum seperti akta notaris; kedua, nazhir organisasi; dan ketiga, nazhir badan hukum, yaitu organisasi atau badan hukum yang bergerak dalam bidang sosial keagamaan. nazhir perorangan pada umumnya belum mampu mengembangkan dana wakaf yang ada di bawah tanggung jawabnya. sedangkan nazhir badan hukum baru sedikit yang mampu mengembangkan wakaf secara produktif (nasution: 2005). keberadaan nazhir memegang peranan yang sangat penting bagi berkembang al-iqtishad: vol. vi no. 2, juli 2014 308 tidaknya suatu harta wakaf. dalam literatur fikih, pengelola wakaf disebut nazhir. istilah ini mengandung arti penjaga, manajer, administrator, kepala atau direktur. selain itu sering juga disebut dengan mutawalli, yang berarti pengurus, yang diberi kuasa dan berkomitmen, eksekutif, manajer atau direktur. sebesar apapun aset wakaf yang dimiliki bila tidak ditangani oleh sumber daya manusia (sdm) nazhir yang handal dan profesional, maka aset wakaf tetap diam, dan tidak bergerak ke arah produktif. seperti yang terjadi pada aset wakaf berupa tanah. kondisi pengelolaan tanah wakaf yang kurang produktif itu berbanding lurus dengan kualitas pengelolanya. seharusnya dengan potensi wakaf uang yang begitu besar apabila dikelola dengan baik maka akan menghasilkan penghimpunan dana wakaf uang yang besar tapi kenyataannya terjadinya gap yang sangat lebar antara realisasi dana wakaf yang dihimpun dengan potensi wakaf uang yang ada. penulis menduga manajemen pengelolaan wakaf uang kurang dikelola dengan baik dan kurang profesional maka output penghimpunan dana wakaf uang yang dihasilkan juga tidak maksimal. rendahnya pemanfaatan wakaf ini identik dengan rendahnya kemampuan nazhir. menurut hasanah , masih banyak nazhir yang kurang mampu memahami tugas dan kewajiban selaku pengelola wakaf. pengelolaan wakaf di masa mendatang harus dilakukan oleh nazhir yang profesional sehingga wakaf bisa berkembang produktif. (hasanah: 2005) masih rendahnya tingkat pemahaman nazhir mengenai wakaf uang dan pemahaman undang-undang no.41 tahun 2004 tentang wakaf merupakan suatu realita yang tidak dapat terbantahkan. sebagian besar nazhir masih memahami bahwa mengelola harta wakaf adalah bagaimana mengelola dan mengembangkan wakaf yang hanya berupa benda seperti bangunan atau tanah. konsep wakaf yang masih mengacu pada fixed asset. tinjauan pustaka menurut robbin (2001) ada banyak faktor yang mempengaruhi terbentuknya persepsi seseorang dan faktor itu yang memungkinkan terjadinya perbedaan persepsi antar individu terhadap suatu objek tertentu. faktor-faktor tersebut dapa berada pada tida aspek, yaitu: pihak pelaku persepsi, pada target persepsi (objek persepsi) dan juga dapat dari konteks situasi persesi itu dilakukan. faktor yang bersumber dari pihak pelaku persepsi dalam menafsirkan sebuah objek sangat dipengaruhi oleh karakteristik pribadi. banyak faktor yang terkait dengan individu pelaku persepsi yang mempengaruhi persepsinya seseorang seperti sikap, motif, kepentingan atau minat, pengalaman masa lalu dan pengharapan. rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 309 objek dari persepsi tersebut menjadi faktor kedua dalam mempengaruhi persepsi seseorang. orang yang pintar bicara di depan publik lebih mungkin untuk diperhatikan dalam suatu kelompok daripada mereka yang pendiam. demikian juga individu yang luar biasa menarik atau luar biasa tidak menarik, gerakan, bunyi dan atribut-atribut lain dari objek persepsi membentuk cara kita memandangnya. faktor ketiga yaitu situasi dan kondisi lingkungan sekitar. persepsi terhadap suatu objek menjadi berbeda walau pelakunya juga sama, tetapi kondisinya berbeda. berdasarkan kerangka teori di atas, persepsi nazhir wakaf uang juga dipengaruhi oleh faktor-faktor yang terkait dengan tiga aspek tersebut. diantara faktor-faktor yang akan berpengaruh pada nazhir dalam memahami wakaf uang adalah: faktor pertama yang akan berpengaruh kepada persepsi nazhir tentang wakaf uang adalah keterlibatan dan interaksi nazhir dengan pelatihan-pelatihan wakaf. pelatihan tersebut dapat berupa seminar, workshop, pendidikan dan pelatihan (diklat) dsb. faktor kedua latar belakang pendidikan akan berpengaruh terhadap terbentuknya persepsi atau pemahaman nazhir, karena nazhir yang berpendidikan akan memiliki sikap terbuka terhadap informasi baru dan memandangnya secara obyektif. pendidikan merupakan proses memberi informasi dan melatih kemampuan seseorang untuk menyeleksi dan menginterpretasikan sebuah informasi, demikian halnya dengan memahami wakaf uang orang yang berpendidikan akan lebih mudah dalam memahaminya. faktor ketiga yang akan berpengaruh terhadap persepsi nazhir tentang wakaf uang adalah media informasi. bentuk media informasi bermacam-macam, antara lain dalam media massa, media elektronik dan dakwah para ulama. media merupakan sarana komunikasi yang dikemas dalam bentuk informasi untuk terbangunnya persepsi. oleh karena itu, persepsi terbentuk awalnya dari adanya informasi yang menstimulasi indra manusia baik berbentuk barang dan jasa, atau berbentuk data yang datang dari objek tertentu. faktor keempat yang akan berpengaruh kepada persepsi nazhir tentang wakaf uang adalah regulasi. dengan adanya undang-undang no.41 tahun 2004 tentang wakaf dan peraturan pemerintah nomor 42 tahun 2006 tentang pelaksanannya, memberikan kepastian hukum tentang bolehnya wakaf uang serta bagaimana memproduktifkan aset wakaf semaksmimal mungkin. dalam kitab-kitab fikih, ulama tidak mencantumkan nazhir wakaf sebagai salah satu rukun wakaf, karena wakaf merupakan ibadah tabarru’ (pemberian yang bersifat sunah). namun demikian, setelah memperhatikan tujuan wakaf yang ingin melestarikan manfaat maka keberadaan nazhir sangat dibutuhkan, bahkan menempati pada peran sentral. terlalu banyak contoh pengelolaan harta wakaf yang dikelola oleh nazhir yang sebenarnya tidak memiliki kemampuan yang memadai, al-iqtishad: vol. vi no. 2, juli 2014 310 sehingga harta wakaf tidak berfungsi secara maksimal, bahkan tidak memberikan manfaat sama sekali kepada sasaran wakaf. untuk itulah profesionalisme nazhir menjadi ukuran yang paling penting dalam pengelolaan wakaf jenis apapun. dalam rangka meningkatkan kemampuan nazhir diperlukan sistem manajemen sumber daya manusia (sdm) yang handal. sistem tersebut bertujuan untuk: pertama, meningkatkan dan mengembangkan pengetahuan kemampuan dan keterampilan para nazhir wakaf di semua tingkatan dalam rangka membangun kemampuan manajerial yang tangguh, profesional dan bertanggung jawab; kedua, membentuk sikap dan perilaku nazhir sesuai dengan posisi yang seharusnya, yaitu pemegang amanat umat islam yang mempercayakan harta benda untuk dikelola secara baik dan pertanggungjawaban di hadapan allah kelak; ketiga, menciptakan pola pikir atau pesrepsi yang sama dalam memahami dan menerapkan pola pengelolaan wakaf, baik dari segi peraturan perundang-undangan maupun teknis manajerail sehingga lebih mudah diadakan kontrol, baik di daerah maupun pusat; keempat, mengajak para nazhir untuk memahami tata cara pengelolaan yang lebih berorientasi pada kepentingan syariat islam secara lebih luas dan dalam jangka panjang. sehingga wakaf bisa dijadikan sebagai salah satu elemen penting dalam menunjang penerapan sistem ekonomi syariah secara terpadu. setelah diketahui persyaratan minmal seorang nazhir dan tujuan diperlukan upaya pembinaan agar mereka dapat menjalani tugas-tugas kenazhiran secara produktif dan berkualitas. upaya pembinaan ini harus dalkukan berdasatkan standar pola manajemen terkini, antara lain: pertama, pendidikan formal. melalui sekolahsekolah umum dan kejuruan dapat dicetak calon –calon sdm kenazhiran yang siap pakai, dengan catatan sekolah itu sendiri harus dibentuk secara berkualitas dengan memberikan format kurikulum yang mantap dengan disiplin pengajaran yang tinggi, terarah menurut bidang yang dituju. misalnya, sekolah menengah pertanian maupun tingkat perguruan tingi yang diharapkan dapat mengelola tanah-tanah wakaf berupa persawahan, perkebunan, ladang pembibitan dan lain-lain. kedua, pendidikan non formal. bentuk dari pendidikan model ini adalah dengan mengadakan kursus-kursus atau pelatihan-pelatihan sdm kenazhiran baik yang terkait dengan manajerial organisasi, atau meningkatkan keterampilan dalam bidang profesi seperti administrasi, teknik pengelolaan pertanian, teknik perbankan, pengelolaan kepariwisataan, perdagangan, pemasaran dan lain sebagainya; keempat, pendidikan informal. berupa latihan-latihan dan kaderisasi langsung di tempattempat pengeloaan benda wakaf. nazhir yang telah ada, ditingkatkan kemampuannya melalui latihan-latihan yang intensif dan bimbingan yang membuatnya kian maju dan mampu dalam bidang tugas dan tanggung jawabnya. medan kerja itu sendiri menjadi “sekolah” dan taman belajar yang lebih praktis yang terkadang bobot dan rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 311 mutunya lebih mantap dibandingkan dengan sekolah atau kursus. kelima, pembinaan mental. spirit kerja harus terus menerus dibina agar para pemegang amanah perwakafan senantiasa bergairah dalam melaksanakan pekerjaannya. demikian juga pembinaan mental budi pekerti (akhlak) yang luhur dibina melalui berbagai kesempatan seperti ceramah-ceramah agama, outbond, simulasi pengembangan diri dan organisasi untuk menjaga dan meningkatkan ketahanan mental supaya sdm kenazhiran bisa mengemban amanat untuk kesejahteraan nazhir banyak. metode data yang digunakan yaitu data primer dan sekunder. data primer diperoleh melalui penyebaran kuesioner. sementara data sekunder meliputi berbagai literatur yang berkaitan dengan topik penelitian. dalam pengambilan sampel dalam penelitian, penulis akan menggunakan teknik non probability sampling dengan teknik adjusted sampling. penelitian ini merupakan jenis penelitian deskriptif-korelasional (kausal) dengan melihat faktor-faktor yang ada pada variabel bebas guna melihat adakah hubungan dan seberapa besar pengaruh tiap-tiap variabel bebas terhadap variabel terikatnya. metode yang digunakan untuk menganalisis data adalah analisis deskriptif dan regresi logistik. analisis deskriptif digunakan untuk menjelaskan hasil penelitian yang diperoleh dan kaitannya dengan teori-teori persepsi yang ada. adapun analisis regresi logistik dilakukan untuk mengetahui pemahaman nazhir akan wakaf uang dan faktor yang mempengaruhi pemahaman tersebut. target dari analisis regresi logit adalah untuk mengetahui seberapa besar pengaruh variabel-variabel bebas terhadap variabel terikat yang dengan bentuk persamaannya : ln p = β0 + latih1 + latih2 + didik1 + didik 2 + sos 1 +sos 2 1-p + reg1 + reg2 + ∈1 dimana: latih : pelatihan yang diikuti didik : tingkat pendidikan yang ditamatkan sos : media informasi reg : regulasi al-iqtishad: vol. vi no. 2, juli 2014 312 pembahasan sikap dan respon nazhir terhadap wakaf uang sangat dipengaruhi oleh pemahaman nazhir itu sendiri terhadap wakaf uang tersebut. persepsi merupakan tanggapan, pendapat yang di dalamnya terkandung unsur penilaian terhadap objek dan gejala berdasarkan pengalaman dan wawasan yang dimilikinya. pengalaman dan wawasan itu sendiri dipengaruhi oleh situasi nazhir, isu-isu sosial, kelompok sosial dan hal-hal lain yang dapat menjadi objek sikap. pandangan nazhir terhadap wakaf uang dapat terbentuk jika nazhir memiliki pengalaman dan wawasan mengenai wakaf. tidak mungkin nazhir memberikan pandangan atau persepsinya terhadap wakaf uang jika nazhir tersebut tidak memahami atau mengetahui hal yang berkaitan dengan wakaf. hasil olahan data kuesioner tentang responden yang setuju dan tidak setuju tentang wakaf uang ditampilkan pada tabel variabel persepsi wakaf uang sampel data yang digunakan mempunyai komposisi untuk nazhir yang setuju wakaf uang sebanyak 81,7 %, kemudian untuk nazhir yang tidak setuju wakaf uang sebanyak 18,3 %. secara umum penelitian ini menunjukkan bahwa mayoritas nazhir setuju wakaf uang. latar belakang pendidikan akan berpengaruh terhadap terbentuknya persepsi atau pemahaman nazhir, karena nazhir yang berpendidikan akan memiliki sikap terbuka terhadap informasi baru dan memandangnya secara obyektif. pendidikan merupakan proses memberi informasi dan melatih kemampuan seseorang untuk menyeleksi dan menginterpretasikan sebuah informasi, demikian halnya dengan memahami wakaf uang orang yang berpendidikan akan lebih mudah dalam memahaminya. hasil pengolahan data penelitian, variabel latar belakang pendidikan berpengaruh cukup besar terhadap peersetujuan terhadap wakaf uang. data bahwa semakin tinggi pendidikan seseorang, maka akan semakin setuju terhadap wakaf uang. pada sebaran data yang dilakukan, tingkat pendidikan yang ditamatkan oleh nazhir yang menjadi responden penelitian ini, bahwa pendidikan tertinggi adalah s3 dan yang terendah ditamatkan adalah sltp. apabila ditinjau dari komposisi tingkat pendidikan terhadap persetujuan tentang wakaf uang adalah sebagai berikut: untuk pendidikan tinggi 100% responden yang setuju, kemudian untuk pendidikan menengah 86% responden yang setuju dan 14% responden yang tidak setuju akan wakaf uang. untuk pendidikan rendah 73% responden yang setuju dan yang tidak setuju 27% responden. berdasarkan sebaran data yang diperoleh terlihat bahwa nazhir yang tidak pernah mengakses media informasi tentang wakaf uang sebanyak 18%, yang rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 313 kadang-kadang mengakses media informasi wakaf uang sebesar 75% serta yang sering mengakses media informasi wakaf uang 7%. dengan adanya undang-undang no.41 tahun 2004 tentang wakaf dan peraturan pemerintah nomor 42 tahun 2006 tentang pelaksanannya, memberikan kepastian hukum tentang bolehnya wakaf uang serta bagaimana memproduktifkan aset wakaf semaksmimal mungkin. sebanyak 50% responden adalah kelompok yang paham akan regulasi wakaf uang, yang kurang paham sebesar 7% responden dan yang tidak paham sebesar 35% responden. regresi logistik digunakan untuk menguji probabilitas terjadinya variabel terikat dapat diprediksi dengan variabel bebasnya. variabel terikat menggunakan nilai 0 dan 1, dimana bernilai 0 apabila responden tidak setuju wakaf uang dan bernilai 1 bila responden setuju wakaf uang. tabel selanjutnya menginformasikan bahwa variabel bebas yang dimasukkan pada saat pengolahan data, yaitu variabel keterlibatan dalam pelatihan wakaf, tingkat pendidikan, media informasi dan regulasi. hasilnya pada output terlihat bahwa kategori yang dibuat telah diubah sesuai dengan definisi yang diinginkan. variabel pendidikan yang menjadi referensi adalah kelompok pendidikan tinggi. variabel kategori keterlibatan dalam pelatihan wakaf yang menjadi referensi adalah kelompok yang terlibat aktif dalam pelatihan wakaf. variabel media informasi yang menjadi referensi adalah kelompok yang sering mengakses media informasi wakaf uang. variabel kategori regulasi yang menjadi refensi adalah kelompok yang paham akan regulasi wakaf uang. variabel-variabel yang ditampilkan pada tabel tersebut adalah semua variabel model yang variabelnya adalah semua variabel bebas. pada tahap selanjutnya, variabel-variabel bebas yang tersebut dimasukkan dalam pembentukan model. tabel model summary menginformasikan tentang uji untuk seluruh model yang dilakukan. model summary step -2log likelihood cox & snell r square nagelkerke r square 1 32,426a 0,494 0,501 sumber: output spss pada tabel di atas terlihat bahwa berdasarkan uji g, didapat nilai -2 log likelihood yang merupakan uji seluruh model. angka sebesar 32,426 cukup besar, apabila dibandingkan dengan nilai x2 (df = 1) sebesar 3,841. maka dapat disimpulkan bahwa semua variabel signifikan secara statistik pada α= 5 %, sehingga seluruh al-iqtishad: vol. vi no. 2, juli 2014 314 variabel dapat dimasukkan dalam model. tabel berikut merupakan penjelasan nilai estimasi. uji wald dan nilai exp (b), yang kesemuanya merupakan bentuk model yang didapat. berdasarkan hasil pengolahan yang dilakukan, maka persamaan model logistik persamaan yang didapat adalah sebagai berikut: ln (p/1-p) = 5,531 + 1,105 dummy_latih(1) – 3,136 dummy_mi(1) – 0,910 dummy_didik (1) – 2,854 dummy_regulasi (1) simpulan hasil olahan data mempunyai komposisi untuk nazhir yang setuju wakaf uang sebanyak 81,7 %, kemudian untuk nazhir yang tidak setuju wakaf uang sebanyak 18,3 %. secara umum penelitian ini menunjukkan bahwa mayoritas nazhir setuju wakaf uang. latar belakang pendidikan akan berpengaruh terhadap terbentuknya persepsi atau pemahaman nazhir, karena nazhir yang berpendidikan akan memiliki sikap terbuka terhadap informasi baru dan memandangnya secara obyektif. nazhir yang memiliki sedikit informasi tentang wakaf uang sebanyak 0,053 kali dengan yang menyatakan setuju terhadap wakaf uang dibandingkan dengan nazhir yang memiliki banyak informasi. atau dengan kata lain nazhir yang memiliki banyak informasi sebanyak 9,95 kali dengan yang menyatakan setuju terhadap wakaf uang dibandingkan dengan nazhir yang memiliki sedikit informasi. nazhir yang tidak paham regulasi sebanyak 0,060 kali dibandingkan dengan nazhir yang paham regulasi. atau dengan kata lain bahwa nazhir yang menyatakan setuju terhadap wakaf uang dan paham terhadap regulasi wakaf sebanyak 0,94 kali dibandingkan dengan nazhir yang tidak paham regulasi wakaf. pustaka acuan al arif, m. n. r. 2011. dasar-dasar ekonomi islam. surakarta: era intermedia. bamualim, c.s & i. abu bakar. 2005. revitalisasi filantropi islam, jakarta : center for the study of religion and culture (csrc). de vito, j.a. 1997. komunikasi antar manusia : kuliah dasar, alih bahasa agus maulana. jakarta: profesional books. effendi, m.i. 2007. faktorfaktor yang mempengaruhi persepsi nasabah terhadap program wakaf tunai di dompet dhuafa (tesis). jakarta : universitas indonesia. hasanah, u. 2005. menuju wakaf produktif. majalah gontor, edisi 12 tahun ii kubaisy, m.u.a. 1977. ahkam al-waqf fi syari’a al-islamiyah, jilid ii. baghdad : mathba’ah al-irsyad. rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 315 morgan, c.t. 1986. introduction to psychology. new york : mcgraw – hill mughniyah, m.j. 2007. fiqih lima mazhab ja’fari, hanafi, maliki, syafi’i dan hambali. jakarta: lentera basritama. mulyana, d. 2007. ilmu komunikasi. bandung : remaja rosdakarya. munawir, a.w. 2002. al-munawwir ( kamus arab – indonesia). surabaya : pustaka progresif. nachrowi, n.d & h. usman. 2002. penggunaan teknik ekonometri. jakarta : pt. rajagrafindo persada. najib, t.a. & r. al-makassary. 2006. wakaf, tuhan dan agenda kemanusiaan. jakarta : center for the study of religion and culture (csrc). nawawi, h. & m. hadari. 1995. instrumen penelitian bidang sosial. yogyakarta : gadjah mada university press. nasution, m.e. & h. usman. 2007. proses penelitian kuantitatif. jakarta : lembaga penerbit fakultas ekonomi universitas indonesia. nasution, m.e & u. hasanah. 2005. wakaf tunai inovasi finansial islam, peluang dan tantangan dalam mewujudkan kesejahteraan umat. jakarta : pktti – ui. pusat bahasa dan budaya uin syarif hidayatullah jakarta. 2003. berderma untuk semua. bandung: teraju. qahaf, m. 2007. al-waqfu al-islami, tathawuruh, idarasatuh wa tamiyatuh. jakarta: khalifah. qardawi, y. 2001. peran nilai dan moral dalam perekonomian islam. jakarta: rabbani press. ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 195 perbandingan kinerja instrumen investasi berbasis syariah dengan konvensional pada pasar modal di indonesia ida syafrida, indianik aminah, bambang waluyo1 abstract: the performance comparation between sharia instrument performance and conventional syariah. the main objective of investors in investment activities is to get the profit. similarly, investors in islamic investment activities want the same things. but often the performance of sharia instruments deemed lower than conventional instruments, so market share sharia-compliant investment instruments is still minimal. this research doing comparation performance index and mutual fund index between shariah based and conventional based. based on the results of research that takes samples islamic instruments of capital markets such as sharia islamic stocks and sharia mutual funds, it is concluded that the performance of sharia-based investment instruments are not significantly different from the conventional investment instruments, even during the period of research islamic investment instruments showed slightly better performance. keywords: performance, sharia islamic stocks, sharia mutual funds abstrak: perbandingan kinerja instrumen investasi berbasis syariah dengan konvensional di pasar modal indonesia. tujuan utama investor melakukan kegiatan investasi adalah untuk memperoleh keuntungan. demikian pula bagi investor kegiatan investasi berbasis syariah, tentu menginginkan hal yang sama. namun seringkali kinerja instrumen investasi berbasis syariah dipandang lebih rendah dibanding instrumen investasi konvensional, sehingga peminat instrumen investasi berbasis syariah masih minim. penelitian ini melakukan perbandingan kinerja indeks dan kinerja reksadana antara basis syariah dan basis konvensional. berdasarkan hasil penelitian yang mengambil sampel instrumen syariah pasar modal dalam bentuk saham syariah dan reksadana syariah ini diperoleh kesimpulan bahwa kinerja instrumen investasi berbasis syariah tidak berbeda signifikan dengan instrumen investasi konvensional, bahkan selama periode penelitian instrumen investasi syariah menunjukkan kinerja sedikit lebih baik. kata kunci: kinerja, saham syariah, reksadana syariah 1 diterima: 1 maret 2014, direvisi: 2 april 2014, disetujui: 16 april 2014 jurusan akuntansi, politeknik negeri jakarta, kampus ui depok -16425email: sya_frida@yahoo.com, ndianikmashuri@gmail.com, bamwaluyo@yahoo.co.id al-iqtishad: vol. vi no. 2, juli 2014 196 pendahuluan investasi sering diartikan sebagai kegiatan menyisihkan sebagian danauntuk ditempatkan pada sarana investasi dengan harapan dapat memetik nilai ekonomis di kemudian hari. pada umumnya, investor akan memilih untuk menginvestasikan dananya dengan pertimbangan-pertimbangan finansial, yaitu mempertimbangkan imbal hasil (return) dan risiko (risk) semata. secara teori, terhadap investasi yang lebih berisiko, investor akan mengharapkan return yang lebih tinggi. akan tetapi ada pula investor yang dalam kegiatan investasinya tidak semata-mata mempertimbangkan aspek finansial namun juga mempertimbangkan nilai-nilai yang dianutnya, seperti ajaran agama. investor yang demikian akan menolak berinvestasi pada perusahaan yang menghasilkan prooduk atau aktivitas bisnisnya bertentangan dengan prinsip agama. di indonesia yang mayoritas penduduknya beragama islam mulai dikembangkan investasi berbasis syariah, dimana investasi tersebut mengintegrasikan nilai-nilai agama yang dianut dalam kegiatan investasi dengan cara melakukan proses seleksi (screening) dalam memilih instrumeninstrumen investasinya. salah satu sarana dalam berinvestasi sesuai prinsip islam adalah melalui pasar modal syariah. kemunculan pasar modal syariah pertama kali di indonesia ditandai dengan diluncurkannya danareksa syariah oleh danareksa investment management pada juli 1997. danareksa syariah merupakan reksadana saham yang pertama kali secara eksplisit menyatakan investasinya bersifat syariah. pada akhir tahun 2000, pt bursa efek jakarta bekerja-sama dengan danareksa management indonesia mengeluarkan jakarta islamic index (jii) yang merupakan indeks dari 30 saham paling likuid dan memenuhi kriteria syariah sesuai ketentuan dewan syariah nasional (dsn). sedangkan indeks saham syariah indonesia (issi) yang menggambarkan kinerja seluruh saham syariah di indonesia baru diluncurkan pada 12 mei 2011. indonesia dinyatakan secara resmi memiliki pasar modal syariah pada tanggal 14 maret 2003, dimana saham-saham yang diperdagangkan adalah saham-saham yang telah melalui proses screening sesuai dengan kriteria syariah dengan batasan maksimal hutang ribawi 45% dari modal. dengan kriteria tersebut sekaligus sebagai saringan bagi kesehatan perusahaan, karena mitigasi pembiayaan dari bank syariah lebih jelas dalam menyeleksi objek pembiayaan. kemudian dari sisi modal, perusahaan yang memiliki modal sendiri lebih dominan dibanding hutangnya, maka perusahaan tersebut akan memiliki tingkat kesehatan keuangan uang lebih tinggi daripada yang tidak. dukungan (political will) dari regulator untuk mempercepat akselerasi industri keuangan syariah telah dilakukan seperti dengan disahkannya undang-undang surat berharga syariah nasional (uu sbsn). kemudian disusul dengan diterbitkannya ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 197 sukuk negara untuk pertama kali di awal semester ii tahun 2008dengan underlying asset barang milik negara. dengan adanya akselerasi instrumen syariah, membuka peluang bagi instrumen reksadana syariah sebagai instrumen portofolio investasi syariah untuk berkembang. secara keseluruhan, berdasarkan data statistik bapepamlk desember 2011 sampai dengan akhir tahun 2011 nab reksadana syariah mengalami peningkatan jumlah nab sebesar rp. 5,565 t (3,31% dari keseluruhan nab reksadana) dari 22 manajer investasi, dengan jumlah produk 50 produk (7,74%). demikian pula dengan saham, sampai dengan akhir tahun 2011 sudah terdapat 238 saham yang memenuhi kriteria saham syariah. dari data statistik bapepam desember mengenai perkembangan indeks di pasar modal indonesia (tabel 1) diketahui selama tahun 2011 saham-saham syariah memberikan keuntungan lebih rendah dibandingkan saham-saham lainnya. dimana berdasarkan perhitungan indeks saham jii memberikan return 12%, sedangkan lq 45=13%. tabel. 1. perkembangan indeks di pasar modal indonesia indeks periode mlq45 jii . 2007 599.82 493.01 2008 270.23 216.19 2009 498.29 417.18 2010 661.38 532.90 2011 673.51 537.03 januari 597.85 477.51 februari 614.02 496.87 maret 659.05 514.92 april 680.63 528.76 mei 682.25 531.38 juni 690.65 536.04 juli 729.84 567.12 agustus 676.26 529.16 september 622.64 492.30 oktober 675.57 530.19 november 656.41 520.49 desember 673.51 537.03 sumber: riset pasar modal-biro risti bapepam-lk dari data nab reksadana (tabel 2) yang diperoleh dari data statistik bapepam-lk menunjukkan return reksadana syariah selama tahun 2010 rata-rata al-iqtishad: vol. vi no. 2, juli 2014 198 3%, sedangkan return reksadana campuran konvensional rata-rata19 %. saat ini, meski instrumen investasi syariah di indonesia terus menunjukkan pertumbuhannya, namun data bapepam menunjukkan bahwa secara market share industri keuangan syariah dalam kurun waktu lima tahun terakhir masih dalam kisaran 3% dari industri keuangan nasional. salah satu cara untuk meningkatkan market share instrumen investasi berbasis syariah adalah dengan menjaga return syariah ke tingkat yang dapat diterima pasar. keunggulan prinsip ekonomi syariah yang menekankan pada prinsip keadilan, perlarangan spekulasi, serta pelarangan riba seharusnya berimbas pula pada return yang dihasilkan. tabel. 2. nilai aktiva bersih reksa dana per jenis(rp milyar) periode campuran syariah total 2007 14.232,58 0,00 92.190,63 2008 10.002,12 774,22 74.065,81 2009 15,657.72 3,671.45 116,732.41 2010 21,988.63 3,763.93 149,099.02 2011 jan 18,431.44 3,640.34 143,017.41 feb 18,924.99 3,672.07 145,423.83 mar 20,065.62 3,802.54 150,778.78 apr 20,176.60 3,842.17 153,686.52 mei 20,231.85 3,844.51 155,927.97 juni 21,297.37 3,845.46 157,059.21 juli 20,130.38 3,831.24 157,690.78 agt 32,943.59 3,701.02 180,872.12 sept 19,595.48 3,550.45 154,528.94 okt 20,923.87 3,688.89 162,484.11 nov 20,589.99 3,691.41 162,942.09 des 21,713.15 3,766.86 168,236.89 sumber: riset pasar modal-biro risti bapepam-lk berdasarkan penelitian ridho (2008), menghasilkan kesimpulan bahwa perbandingan rata-rata kinerja reksadana konvensional dengan reksadana syariah pada jangka panjang menunjukkan bahwa rata-rata kinerja ketiga indeks, terhadap kedua reksadana tersebut tidak berbeda secara signifikan. sedangkan penelitian sufianti (2003) dengan menggunakan periode data jangka pendek menunjukkan bahwa rata-rata return indeks jii tidak berbeda secara signifikan dengan rata-rata indeks lq-45. penelitian ini ingin fokus meneliti perbedaan kinerja investasi ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 199 syariah dengan investasi konvensional pada jangka menengah (3 tahun) sebagai periode investasi yang moderat. tinjauan pustaka pasar modal syariah secara sederhana dapat diartikan sebagai pasar modal yang menerapkan prinsip-prinsip syariah dalam kegiatan transaksi ekonomi dan terlepas dari hal-hal yang dilarang oleh syariat seperti: unsur riba, perjudian, bersifat spekulasi dan lain-lain. pasar modal syariah secara prinsip sangat berbeda dengan pasar modal konvensional. sejumlah instrumen syariah sudah diterbitkan di pasar modal indoneisa seperti dalam bentuk saham dan obligasi dengan kriteria tertentu yang sesuai dengan prinsip syariah (al arif, 2011) menurut fatwa dsn-mui no. 40/dsn-mui/x/2003 yang dimaksud dengan pasar modal syariah adalah pasar modal yang seluruh mekanisme kegiatannya terutama mengenai emiten, jenis efek yang diperdagangkan dan mekanisme perdagangannya telah sesuai dengan prinsip-prinsip syariah. sedangkan yang dimaksud dengan efek syariah adalah efek sebagaimana dimaksud dalam peraturan perundang-undangan di bidang pasar modal yang akad, pengelolaan perusahaan, maupun cara penerbitannya memenuhi prinsip-prinsip syariah. adapun yang dimaksud dengan prinsip-prinsip syariah adalah prinsip yang didasarkan oleh syariah ajaran islam yang penetapannya dilakukan oleh dsn-mui melalui fatwa. pasar modal syariah secara khusus memperjualbelikan efek syariah. efek syariah adalah efek yang akad, pengelolaan perusahaan, maupun cara penerbitannya memenuhi prinsip-prinsip syariah yang didasarkan atas ajaran islam yang penetapannya dilakukan oleh dsn-mui dalam bentuk fatwa. secara umum ketentuan penerbitan efek syariah haruslah sesuai dengan prinsip syariah di pasar modal. prinsip-prinsip syariah di pasar modal adalah prinsip-prinsip hukum islam dalam kegiatan di bidang pasar modal berdasarkan fatwa dewan syariah nasional majelis ulama indonesia (dsn-mui), baik fatwa dsn-mui yang ditetapkan dalam peraturan bapepam dan lk maupun fatwa dsn-mui yang telah diterbitkan sebelum ditetapkannya peraturan bapepam dan lk. sampai saat ini, efek-efek syariah menurut fatwa dsn mui no.40/dsnmui/x/2003 tentang pasar modal mencakup saham syariah, obligasi syariah, reksa dana syariah, kontrak investasi kolektif efek beragun aset (kik eba) syariah, dan surat berharga lainnya yang sesuai dengan prinsip-prinsip syariah. belakangan, instrumen keuangan syariah bertambah dalam fawa dsn-mui nomor: 65/dsn-mui/iii/2008 tentang hak memesan efek terlebih dahulu (hmetd) syariah dan fatwa dsn-mui nomor: 66/dsn-mui/iii/2008 tentang waran syariah pada tanggal 6 maret 2008. al-iqtishad: vol. vi no. 2, juli 2014 200 metode penelitian ini melakukan perbandingan kinerja indeks dan kinerja reksadana antara basis syariah dengan basis konvensional.perbandingan indeks dilakukan antara jakarta islamic indeks (jii) sebagai proxi investasi syariah dengan indeks lq 45 sebagai proxi investasi konvensional.periode pengamatan yang digunakan adalah tahun 2008 sampai dengan 2011. perbandingan indeks dilakukan dengan membandingkan total return serta rata-rata return bulanan dari masing-masing indeks, untuk kemudian dilakukan pengujian dengan menggunakan uji-t antara jii dengan lq-45. dengan demikian dapat diketahui apakah terdapat perbedaan yang signifikan antara rata-rata return bulanan jii dengan rata-rata return bulanan lq-45. return bulanan dari masingmasing indeks diperoleh dari persamaan: return bulanan = indeks t – indeks t-1 indeks t-1 indeks t = indeks pada bulan ke-t indeks t-1 = indeks pada bulan sebelumnya hipotesa yang diajukan dari perbandingan indeks ini adalah: ho : tidak terdapat perbedaan yang signifikan antara kinerja indeks saham-saham syariah dengan kinerja indeks saham-saham konvensional h1 : terdapat perbedaan yang signifikan antara kinerja indeks saham-saham syariah dengan kinerja indeks saham-saham konvensional perbandingan kinerja reksadana dilakukan terhadap satu wakil reksadana syariah dan satu wakil reksadana konvensional dan untuk menghindari bias karena perbedaan kemampuan pengelolaan dari manajer investasi, maka digunakan reksadana syariah (basis syariah) dan reksadana campuran (basis konvensional) yang dikelola oleh manajer investasi yang sama, yaitu pt danareksa. perbandingan juga dilakukan terhadap rata-rata return bulanan dari setiap reksadana dengan menggunakan persamaan berikut: return bulanan = nab t – nab t-1 + distribusi pendapatan& keuntungan modal nab t-1 nab t = nilai aktiva bersih pada bulan ke-t nab t-1= nilai aktiva bersih pada bulan sebelumnya setelah itu, kinerja reksadana diukur dengan model sharpe.menurut ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 201 sharpe, kinerja reksadana dapat diprediksi dengan menggunakan dua ukuran, yaitu expected rate of return (er) yaitu return rata-rata dan predicted variability of risk yang diekspresikan sebagai deviasi standar return (σ). reksadana layak dibeli jika memiliki excess return ((rp – rf ) yang bernilai positif. berikut rumus indeks sharpe: r/vs = (rp – rf ) σp r/vs = reward to variability ratio rp = average return portfolio rf = risk free rate σp = deviasi standar return portofolio hipotesa untuk perbandingan kinerja reksadana ini adalah: ho.1 : tidak terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional. h1.2 : terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional penelitian ini menggunakan data-data indeks jii dan indeks lq-45 yang diperoleh dari bursa efek indonesia (bei).data-data lain adalah nab reksadana syariah dan reksadana campuran dari pt danareksa. metode pengumpulan data empiris dan keterangan-keterangan yang berkaitan dengan permasalahan tersebut, dilakukan melalui studi kepustakaan dan konsultasi dengan pihak pt danareksa. data-data yang akan dianalisis menggunakan data sekunder berupa laporan publikasi pt bei dan pt danareksa pada periode 2008 sampai dengan 2011. untuk pengujian hipotesis dari data-data tersebut digunakan metode uji beda ratarata (uji-t)dengan menggunakan bantuan program spss. perbandingan kinerja indeks syariah dan indeks konvensional penilaian kinerja indeks dilakukan dengan cara menilai return investasi bulanan terhadap jii dan lq-45 selama periode 1 januari 2010 sampai dengan 31 oktober 2012 yang diperoleh dari data harian jii dan lq-45. lq-45 dan jii merupakan indeks bagi saham-saham liquid berkapitalisasi pasar besar, namun jii hanya diambil dari daftar saham syariah yang telah melalui proses screening dalam hal kehalalannya oleh dewan syariah nasional majelis ulama indonesia (dsnmui). untuk itu jii dipilih sebagai proxy mewakili investasi pada saham syariah. dari data, antara jii dengan lq-45 dapat dikatakan kedua indeks memiliki trend yang sama dalam keseluruhan periode penelitian. periode dengan return indeks tertinggi berada di bulan agustus-september 2010 dan terendah di bulan januari 2011. al-iqtishad: vol. vi no. 2, juli 2014 202 perbandingan kinerja reksadana syariah dan reksadana konvensional penilaian kinerja indeks dilakukan dengan cara menilai reward to variability berdasarkan indeks sharpe (r/vs) yang diperoleh dari return investasi bulanan reksadana syariah berimbang (rdsb) dan reksadana anggrek (rdan) selama periode 1 januari 2010 sampai dengan 31 oktober 2012 yang diperoleh dari data harian jii dan lq-45. dipilihnya kedua reksadana yang sama-sama dikelola oleh perusahaan sekuritas yang sama, yaitu pt dim dimaksudkan agar kekhawatiran adanya kesalahan (misleading) sebagai akibat dari faktor manajemen dan keputusan investasi dapat dihilangkan. kedua reksadana tersebut juga sama-sama reksadana berjenis campuran, sehingga dapat diperbandingkan secara langsung. dari data, return bulanan dari rdsb terlihat cenderung flat, artinya tidak memiliki kenaikan/penurunan yang berarti, sedangkan gambar r/vs rdsb lebih terlihat dinamisasinya dengan angka tertinggi berada pada periode oktober 2011, walaupun kecenderungan terakhir mengalami penurunan dengan angka terendah selama periode penelitian. berdasarkan data, terlihat trend return yang datar, tidak terlihat jelas kenaikan/penurunannya, sehingga dapat dikatakan return cenderung stabil. trend r/vs sangat terlihat kenaikan/penurunannya, dimana r/vs tertinggi pada periode oktober 2011 dan di akhir periode penelitian trend r/vs mengalami penurunan sampai pada posisi terendah. dari data terlihat kecenderungan trend kenaikan/penurunan kinerja yang hampir sama selama periode penelitian antara reksadana syariah berimbang dengan reksadana anggrek. namun, jika dilihat lebih cermat, maka akan nampak bahwa r/ vs rdsb lebih sering berada diatas posisi r/vs rdan. jika ingin dikatakan bahwa kinerja reksadana syariah berimbang sedikit lebih baik daripada kinerja reksadana anggrek. hal ini sesuai dengan karakteristik reksadana syariah yang merupakan portofolio efek syariah dengan proses seleksi yang lebih ketat dibandingkan efek konvensional, sehingga hasil investasi diharapkan lebih baik dari sisi kehalalan maupun imbal hasilnya. namun demikian adanya sedikit perbedaan tidak dapat langsung disimpulkan bahwa memang ada perbedaan antara kinerja investasi syariah dengan investasi konvensional, melainkan perlu dilakukan pengujian lebih lanjut dengan alat-alat statistik untuk membuktikan hipotesis yang telah dibuat sebelumnya. pengujian hipotesis terhadap perbandingan kinerja indeks adanya perbedaan terhadap cara pemilihan saham-saham yang masuk dalam kelompok indeks jii yang melalui proses penyaringan terlebih dahulu dalam hal kehalalannya dengan pemilihan saham-saham dalam kelompok indeks lq-45 ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 203 menimbulkan dugaan adanya perbedaan antara kinerja jii sebagai wakil indeks saham-saham syariah dengan kinerja lq-45 sebagai wakil indeks saham-saham konvensional dalam penelitian ini. hipotesa yang diajukan dari perbandingan indeks ini adalah: ho : tidak terdapat perbedaan yang signifikan antara kinerjaindeks saham-saham syariah dengan indeks saham-saham konvensional h1 : terdapat perbedaan yang signifikan antara kinerja indeks saham-saham syariah dengan indeks saham-saham konvensional pengujian dilakukan terhadap angka return bulanan antara jii dengan lq45 dengan testing hipotesis perbedaan dua rata-rata (two different mean) dengan significancy level 5%. setelah dilakukan pengujian dengan software spss, maka hasil output adalah sebagai berikut: hasil output spss pengujian hipotesis jii dan lq-45 group statistics group n mean std. deviation std. error mean average return bulanan jii 34 .000618 .0023309 .0003997 lq45 34 .000694 .0024279 .0004164 independent samples test levene’s test for equality of variances t-test for equality of means f sig. t df sig. (2-tailed) mean difference std. error difference 95% confidence interval of the difference lower upper lower upper lower upper lower upper lower return bulanan equal variances assumed .029 .865 -.132 66 .895 -.0000765 .0005772 -.00122 .001076 equal variances not assumed -.132 65.891 .895 -.0000765 .0005772 -.00122 .001076 al-iqtishad: vol. vi no. 2, juli 2014 204 dari tabel kelompok statistik pada tabel diatas diketahui besar sampel untuk setiap group adalah 34 dengan purata (mean) jii = 0,000618 dan lq-45 = 0,000694, simpangan baku (std deviation) jii = 0,003997 dan lq-45 = 0,004164. dari hasil levene’s test yang ditujukkan pada tabel uji t dua sampel independen (independent sample t test) terdapat p value = 0,865 lebih besar dari α = 0,05 sehingga ho tidak dapat ditolak. dengan demikian asumsi kedua varians sama besar terpenuhi, dengan kata lain tidak terdapat perbedaan yang signifikan antara kinerja jii dengan kinerja lq-45. pengujian hipotesis terhadap perbandingan kinerja reksadana adanya perbedaan terhadap cara pemilihan porofolio efek yang masuk dalam kelompok reksadana syariah berimbang yang terdiri dari efek saham syariah, sukuk, maupun surat berharga berbasis syariah lainnya dengan pemilihan portofolio efek dalam kelompok reksadana anggrek menimbulkan dugaan adanya perbedaan antara kinerja reksadana syariah berimbang (rdsb) sebagai wakil investasi pada instrumen syariah dengan kinerja reksadana anggrek (rdan) sebagai wakil investasi pada instrumen konvensional dalam penelitian ini. hipotesa yang diajukan dari perbandingan indeks ini adalah: ho : tidak terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional. h1 : terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional pengujian dilakukan terhadap angka reward to variabilityrdsb denganreward to variability rdan dengan testing hipotesis perbedaan dua rata-rata (two different mean) dengan significancy level 5%. setelah dilakukan pengujian dengan software spss, maka hasil output adalah sebagai berikut: hasil output spss pengujian hipotesis rdsb dan rdan group statistics group n mean std. deviation std. error mean reward to variability rdsb 34 -.585900 .2685860 .0460621 rdan 34 -.685541 .3296666 .0565374 ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 205 independent samples test levene’s test for equality of variances t-test for equality of means f sig. t df sig. (2-tailed) mean diff. std. error diff. 95% confidence interval of the difference lower upper lower upper lower upper lower upper lower reward to variability equal variances assumed .539 .465 1.366 66 .176 .0996412 .0729259 -.0459601 .2452425 equal variances not assumed 1.366 63.410 .177 .0996412 .0729259 -.0460712 .2453536 dari tabel kelompok statistik pada tabel diatas diketahui besar sampel untuk setiap group adalah 34 dengan purata (mean) rdsb = 0,5859 dan rdan = 0,685541, simpangan baku (standard deviation) rdsb = 0,0460621 dan rdan = 0,0565374. dari hasil levene’s test yang ditujukkan pada tabel uji t dua sampel independen(independent samples t test) terdapat p value = 0,465 lebih besar dari α = 0,05 sehingga ho tidak dapat ditolak. dengan demikian asumsi kedua varians sama besar terpenuhi, dengan kata lain tidak terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional. simpulan berdasarkan hasil yang didapat menunjukkan bahwa kinerja jii dengan kinerja lq-45 tidak terdapat perbedaan yang signifikan, demikian pula antara kinerja reksadana syariah dengan kinerja reksadana konvensional. hal ini menunjukkan bahwa instrumen berbasis syariah tidak kalah menguntungkan jika dibanding dengan instrumen berbasis konvensional. bahkan jika diamati lebih cermat selama periode pengamatan terlihat kinerja reksadana syariah sedikit lebih baik daripada kinerja reksadana konvensional. untuk itu bagi investor yang menginginkan cara berinvestasi sesuai prinsip islam yaitu menghindari produk dan transaksi haram, bathil, maisyir, gharar, dan ribasaat ini tidak perlu ragu. investor tersebut dapat menempatkan dananya pada instrument pasar modal berbasis syariah, seperti saham syariah, sukuk, dan reksadana syariah, karena dijamin kehalalan produknya dan memiliki imbal hasil yang tidak kalah dari instrumen konvensional. al-iqtishad: vol. vi no. 2, juli 2014 206 pustaka acuan achsien, i.h. 2000. investasi syariah di pasar modal menggagas praktek manajemen portofolio syariah. jakarta: gramedia pustaka utama. ahmad, k. 2004. dasar-dasar manajemen investasi dan portofolio edisi revisi. jakarta: rineka cipta. al arif, m. n. r. 2011. lembaga keuangan syariah: kajian teoritis praktis. bandung: pustaka setia. anoraga, p. & p. pakarti. 2006. pengantar pasar modal edisi revisi. jakarta: rineka cipta. anwar, t.f. 2006. kinerja investasi saham, obligasi, dan reksadana pt asuransi jasa indonesia berdasarkan metode sharpe dan optimalisasi portofolio (tesis). jakarta: universitas indonesia. darmadji, t. & h.m. fakhruddin. 2001. pasar modal indonesia pendekatan tanya jawab. jakarta: salemba empat. deniansyah, b. 2001. optimalisasi portofolio investasi reksadana syariah (tesis). jakarta: universitas indonesia. halim, a. 2005. analisis investasi edisi kedua. jakarta: salemba empat. harianto f. & s. sudomo. 1998. perangkat dan teknis analisis investasi di pasar modal indonesia. jakarta: bursa efek indonesia. huda, n. & m.e. nasution. 2007. investasi pada pasar modal syariah (edisi revisi). jakarta: kencana. husnan, s. 2001. dasar-dasar teori portofolio dan analisa sekuritas (edisi ketiga). yogyakarta: upp amp ykpn. liestyowati. 2000. analisis faktor-faktor yang mempengaruhi return saham di bej analisa periode sebelum krisis dan periode selama krisis (tesis). jakarta: universitas indonesia. nachrowi, d.n. & h. usman. 2005. penggunaan teknik ekonometri. jakarta: pt raja grafindo persada. ridho, a. 2008. perbandingan kinerja reksadana konvensional dan syariah dengan indeks sharpe, treynor, dan jensen (periode tahun 2003-2007) (tesis). jakarta: universitas indonesia. sufianti, y. 2003. analisa kinerja investasi etis di indonesia periode 2001-2002 (studi kasus perbandingan kinerja investasi konvensional dengan investasi syariah di indonesia) (tesis). jakarta: universitas indonesia. sulistiowati, i. 2004. analisis hasil investasi dan kinerja portofolio reksadana pt asuransi jasindo (tesis). jakarta: universitas indonesia. usman, m. 1997. bunga rampai reksadana. jakarta: balai pustaka. warsini, s. 2009. manajemen investasi. jakarta: semesta media. 9-hamid.indd abdul hamid: the impact of spin-off policy 117 the impact of spin-off policy to the profitability on indonesian islamic banking industry abdul hamid1 abstract. the impact of spin-off policy to the profitability on indonesian islamic banking industry. the purpose of this paper is to analyze that the spinoff policy that based on islamic banking act no. 21/2008 had an impact on the profitability ratio of islamic banking industry in indonesia. this research used ordinary least square regression. the variable used in this paper is spin-off which is used as a dummy variable, and also included the internal factor of industry such as deposit margin, non-performing financing (npf), and efficiency ratio (measured by bopo). the result showed that dummy variable of spin-off, npf and bopo had an impact on the profitability in indonesian islamic banking industry. the implication of this result is spin-off policy had a good impact on the profitability in indonesian islamic banking industry. according to this result, bank indonesia should stimulate the islamic banking unit to spin-off from their parents conventional banks. keywords: spin-off, profitability, islamic banking, regression abstrak. dampak kebijakan pemisahan terhadap profitabilitas di industri perbankan syariah. tujuan tulisan ini ialah untuk menganalisis apakah kebijakan pemisahan yang didasarkan pada undang-undang no. 21 tahun 2008 memiliki dampak terhadap tingkat profitabilitas pada industri perbankan syariah di indonesia. penelitian ini menggunakan regresi kuadrat sederhana untuk menganalisis dampak kebijakan pemisahan ini. variabel yang dipergunakan ialah variabel dummy pemisahan, serta dimasukkan beberapa faktor internal seperti marjin deposito, tingkat pembiayaan bermasalah, dan rasio efisiensi (diukur dengan bopo). hasil yang didapat menunjukkan bahwa variabel dummy pemisahan, npf dan bopo memiliki pengaruh terhadap tingkat profitabilitas pada industri perbankan syariah di indonesia. berdasarkan hasil ini, bank indonesia sebaiknya menstimulasi unit usaha syariah untuk memisahkan diri dari bank induk konvensionalnya. kata kunci: pemisahan, profitabilitas, bank syariah, regresi first draft: october, 3rd 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 syarif hidayatullah state islamic university jakarta, jl. ir. h. juanda no. 95, ciputat, south tangerang, banten email : abdul.hamid@uinjkt.ac.id al-iqtishad: vol. vii no. 1, januari 2015 118 introduction the concept of islamic banking and finance, which was originally just a theoretical discussion, has now become a reality that grows and develops as a fact. in fact, the current islamic banking industry has transformed from simply an alternative bank with a bank sharia system that is able to play its role in the world economic arena. islamic banking and financial institutions continue to experience a significant growth. according to the annual report of the islamic development bank (idb) in 2009, the islamic financial institution was expected to grow more than 15% per year, with a number of islamic financial institutions is more than 300 spread over 75 countries with an estimated total assets of 500 billion dollars, or around 4,600 trillion rupiah. in other words, the market has now reached only about 10%. from this idb report, we can conclude that the industry is still promising a remarkable development in the future. table 1 shows the development of islamic banking network in indonesia. table 1. islamic banking network 2006 2007 2008 2009 2010 2011 2012 2013 2014 islamic banking islamic commercial bank 3 3 5 6 11 11 11 11 11 islamic business unit 20 26 27 25 23 23 24 23 23 islamic rural bank 105 114 131 138 150 154 158 163 163 number of offices islamic commercial bank 349 401 581 711 1.215 1.349 1.745 1998 2139 islamic business unit 183 196 241 287 262 300 517 590 425 islamic rural bank 105 185 202 225 286 362 401 402 429 source: islamic banking statistics, bank of indonesia islamic banking has grown rapidly in indonesia. this is shown by the development of third-party funds, financing and distribution of assets in the islamic banking industry from the years before the regulations regarding the spin-off and after the rule of the spin-off. seen that from year to year, that an increase in either of assets, third-party funds, and the distribution of financing in islamic banks. table 2. the growth of third party fund, financing and asset (billion rupiah) 2006 2007 2008 2009 2010 2011 2012 2013 2014* fundraising 20.672 28.011 36.852 52.271 76.036 115.415 147.512 174.018 186.608 financing 20.444 27.944 38.194 46.886 68.181 102.655 147.505 179.284 187.886 asset 26.722 36.537 49.555 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia abdul hamid: the impact of spin-off policy 119 on july 16, 2008, has passed law no. 21 of 2008 concerning islamic banking. with the passing of this law provides the legal basis and the national islamic banking industry is expected to encourage the development of islamic banking industry for the better. one of the crucial issues in this legislation that can accelerate the development of islamic banking in indonesia is related to the separation (spin-off) islamic business units both voluntary and mandatory if the asset of islamic banking unit has reached 50% of the parent bank’s assets or after 15 years since the law no. 21 of 2008 had been applied. according tübke (2004) there are several factors that affect the separation process (spin-off). first, the factors associated with the business activity, the first factor is related to the size of the company and the business sector differences between the parent company to its subsidiaries. if the first factor is associated with the islamic business unit can be positioned as a conventional bank subsidiaries and parent company. second, the factors associated with the organization and management of the company. third, factors associated with relationships and support. there are three patterns of relationships that may be created between the parent company with subsidiaries which perform the separation, namely the relationship market (market-relatedness), the relationship of the product (product relatedness), and the relationship of technology (technology-relatedness). fourth, transfer factor or transfer such transfer of experience from the parent company to its subsidiaries. fifth, factors associated with motivation. sixth, the factors associated with the business environment in the form of the characteristics of the regional business environment and legal framework in the year of 2010 – 2011, many of islamic banking unit (uus) decided the spin-off (separate themselves from the parent bank) to establish islamic banks (bus), with a reason to promote islamic banking and more independent management. from 11 islamic banks (bus), who was born purely through the spin-off islamic banking unit are bjb syariah and bni syariah, while others have appeared islamic banks through acquisitions, such as the bank of syariah mandiri derived from the acquisition of bank of susila bakti, bank mega syariah of acquisition of tugu bank, and bca syariah through bank of jasa artha. moreover, the spin-off through the acquisition then subsequently converted, such as bank of syariah bukopin. bri syariah through bank of uib, victoria bank through swaguna bank, maybank syariah through maybank indocorp. separation initially considered beautiful, it was not as easy to do, there were islamic banks that successful in the spin off, but there were also islamic banks experience some setbacks in spin-offs when becoming full-pledge islamic banks. spin-off policies that have been implemented in 2008, are still not able al-iqtishad: vol. vii no. 1, januari 2015 120 to reach the target market share of 5% of the national banking assets as well as the phenomenon of islamic banks spinoff spin-offs are still not strong visible management of indicators financial performance displayed. accordingly, this study sought to determine the impact of policy separation (spin-off) of islamic banking unit (uus) into islamic banks (bus) to third party funds in the indonesian islamic banking industry. literature review until now there has not been a lot of theories or research found associated with the spin-off in islamic banks. this is due to the spin-off of the new islamic banks only first practiced in indonesia. therefore, theories or models of the spin-off will be done with the model of spin-offs are applied to industry in general. nasuha (2012) done the research about the performance difference on islamic banking unit that decided to spin-off, such as bni shariah, bri shariah, bjb shariah, bsb and victoria shariah. the research is done by wilcoxon match pairs test that saw the performance between before and after the spin-off decision on islamic banking units. the variables of islamic banks performance are asset, financing, third party funds, net earnings, car, npf, fdr, roa and roe. the result shown that only asset, financing and third party funds that shown a difference between before and after spin-off policies on that five banks. otherwise for other variables such as car, fdr, roa and roe shown that there were no difference on car, fdr, roa and roe in islamic banks. this result might be due to the spin-off is new practiced in the islamic banking industry, so the testing period was short on this research. al arif (2014) conducted a study about the impact of spin-off policy on the growth of islamic banking industry, which one the growth indicator is asset growth. this research uses the data on islamic banking statistics from bank of indonesia and financial service authority. the result shows that all the independent variables such as spin-off dummy variable, one-month time deposit, operational efficiency ratio (bopo), and profitability ratio (roa) had an impact on the asset growth on islamic banking industry in indonesia. according elfring and foss (1997) there are two types of spin-off, namely: first, in terms of its parent company, in which the parent company for some reason is not able or not able to exploit the opportunities that come by. the second type is related to organizational units as an individual, in this second type is the type most widely performed, in which the subsidiary is not the same as its parent company. this second type contained in the spin-off of the islamic banking units in conventional banks in indonesia. abdul hamid: the impact of spin-off policy 121 beeson and hyden (2002) stated that if a lot of company done the spinoff to increase the competitiveness of the company and create the value for the shareholders by focused on it primary business. christo and falk (2006) showed that the key factor of spin-off is the focused of the industry. from these result and we related to this research, we can stated that the spin-off decision that had been done by several islamic banking unit can give a value for the parents company and also for the shareholders. because the parents company can focused on his primary business, and the subsidiary company can focused to develop. chemmanur and yan (2004) develops a new rationale for corporate spinoffs, and for the performance and value improvements following them. the firm has two divisions, and current management has differing abilities for managing these two divisions. spin-offs can enhance firm management. in addition, on their analysis demonstrates that in addition to positive abnormal stock-price return on the announcement day, spin-offs also lead to positive long-term abnormal stock returns (on average) for parent spin-offs combination reporting subsequent takeover activity. methods to achieve the goal of this research analyzing the influence of spin-off policy on the profitability ratio of indonesian islamic banking, regression analysis is used. the mathematical equation proposed in this research is: yt = β0 + β1 dt + β2 x1t + β3 x2t + β4 x3t + ε where: yt = roa; dt =dummy variable for spin-off which is: 0 before spin-off, 1 after spin-off; x1t = non-performing financing (npf); x2t= one-month deposit margin; x3t = bopo after processing the regression analysis, to see whether the model is good or bad, we have to know the goodness of fit of the model. to see the goodness of fit of the model, we have to look at the t-statistics, f-statistics, the coefficient of determination (r2), as well as to cover classical assumption test heteroscedasticity, autocorrelation, and multicollinearity. decision to accept or reject ho was made on the basis of the value of the test statistic obtained from the existing data. under the normality assumption followed the statistical distribution of variable t with degrees of freedom n−k. a statistic is said al-iqtishad: vol. vii no. 1, januari 2015 122 to be statistically significant if the value of the test statistic is in the critical region. the aim of statistical t test is to see how big the effect of independent variables on the dependent variable individually. testing the null hypothesis is with f-statistics is necessary to test if βk = 0. the calculation of f-statistics performed by comparing the critical value f obtained from f distribution table at a certain significance level. if the null hypothesis is rejected, it means that the independent variables affect the dependent variable. in this case, the empirical treatment aims to look at the effect of independent variables on the dependent variable. the coefficient of determination or r2 is a measure of goodness of fit which explained whether the linear regression is in line with observational data. kennedy (2008) said the coefficient of determination, r2, to represent the proportion of the variation in the dependent variable explained by variation in the independent variables. if r2=1, it means perfect relationship between independent variable and dependent variable, otherwise r2=0 means no relationship between independent variable and dependent variable. discussion according to data processing based on islamic banking statistics, we get the equation from this model as follows: roa = 4.56672 + 1.44873 d_spinoff – 0.0547 npf + 0.0021 margin – 0.0511 bopo se (0.5575) (0.2434) (0.0424) (0.0045) (0.0082) where: r2 = 0.81982; adj.r2 = 0.80647; f-statistic= 61.4237. from the results obtained above, it is seen that the coefficient of the constant value is 4.56672, meaning that when all other variables are assumed to be zero; the profitability ratio will still increase every month. then for the spin-off dummy coefficient, which is zero if the period time before the enforcement of spin-off policy and 1 if the period time after the enforcement of spin-off policy, has a positive sign. it means that there is a positive relationship between the spin-off policy and the increasing of islamic banking profit. the value of t-test shown a significant result implied that there is an effect between spin-off policies based on law of 21/2008 about islamic banking to the profit of islamic banking industry in indonesia. abdul hamid: the impact of spin-off policy 123 the first control variable is the ratio of npf in islamic banks which shown that t-test value is higher than the t-table value; it means that there is a relationship between npf and profitability ratio that held by islamic banks. these results indicate that the health of banks into one of the determinants of islamic banking profits. from these result showed that the increasing of npf in islamic banks will decrease the profit in islamic banks. the second control variable is margin of one-month time deposit which shown that t-test value is lower than the t-table value; it means that there is no relationship between one-month time deposit margin and profitability ratio on islamic banks. the third control variable is efficiency ratio that measured by bopo. the result showed that there was a relationship between the bopo ratio and profitability ratio on islamic banks. these results indicate that the higher level of bopo in islamic banks, the profit will decrease. the higher level of bopo means that the islamic banks more inefficient, because the operational cost was higher rather than the operational income. this result relevant with the fact, that if islamic banking is less efficient it will make the profit of that islamic banks will be decrease. to see how much this model is influenced by the existing variable, we can use the coefficient of determination. the value of adj.r2 is 0.80647, explained that the proportion of the variation in the dependent variable explained by variation in the independent variables was 80.65 percent; the rest is explained by other variables outside of the existing models. next, to see the simultaneous effect of all independent variables to dependent variable used the f-statistics test. based on the empirical result shown the f-test value is 61.4237, it means that the existing variables have an influence on the profitability ratio contained in islamic banking. from this result we can conclude that spin-off policies that applied to islamic banking industry in indonesia had a good effect to increase the profit. this result give a some result that different by the research had done by nasuha (2013). nasuha done the research about the performance difference on islamic banking unit that decided to spin-off, such as bni shariah, bri shariah, bjb shariah, bsb and victoria shariah. the research is done by wilcoxon match pairs test that saw the performance between before and after the spin-off decision on islamic banking units. the variables of islamic banks performance are asset, financing, third party funds, net earnings, car, npf, fdr, roa and roe. the result shown that only asset, financing and third party funds that shown a difference between before and after spin-off policies on that five banks. otherwise for other variables such as car, fdr, roa and roe shown that there were no difference on car, fdr, roa and roe in islamic banks. this result might be due to the spin-off is new practiced in the islamic banking industry, so the testing period was short on this research. al-iqtishad: vol. vii no. 1, januari 2015 124 beeson and hyden (2002) stated that if a lot of company done the spinoff to increase the competitiveness of the company and create the value for the shareholders by focused on it primary business. christo and falk (2006) showed that the key factor of spin-off is the focused of the industry. from these result and we related to this research, we can stated that the spin-off decision that had been done by several islamic banking unit can give a value for the parents company and also for the shareholders. because the parents company can focused on his primary business, and the subsidiary company can focused to develop. veld and veld merkoulova (2002) doing the research in 156 spin-off in europe since 1987 until september 2000, the result showed that there is an increasing of abnormal earning is about 3.57% for company that focused on its core business, and only 0.76% for company that not focused on its core business. herzeca (1996) stated that spin-off has been successfully used to facilitate the achievement of our strategic objectives with as allow it to focus on its core business. herzeca further argued that the spin-off has been able to effectively separate the business capital of the businesses that have high growth. in addition to the spin-off can eliminate the conflicts that exist in two different businesses. agarwal et.al (2004) suggested that the separation is often formed to capitalize on the knowledge that is created by their parent company but not exploited. this explains why the company better, may create more knowledge, but it may have a higher level of separation. this model explains the reason for separation as to develop knowledge of the less exploited by its parent company. this model shows how the separation (spin-off) provides a mechanism to compensate for ability limitation of companies to evaluate new ideas. from the results obtained, then associated with several previous studies showed that the spin-off policy has a good influence on the development of the industry. this is similar to the case of the spin-off policy in the islamic banking industry in indonesia, where the spin-off policy proved to increase the growth of third party funds in the islamic banking industry. conclusion spin-off policy as contained in the law 21 in 2008 is one of the breakthroughs that aims to accelerate the growth of islamic banking in indonesia. the model proposed in this study uses regression with a dummy variable, as well as control variables in the form of internal factors such as the npf, margin, and bopo. the results showed that the dummy variable of spin-off, npf and bopo give a significant influence on the profitability ratio (measured by roa) of indonesian islamic banking industry. but, the deposit margin doesn’t have an influence on abdul hamid: the impact of spin-off policy 125 profitability ratio. so, we can conclude that the spin-off policy have a significant influence on profitability ratio on indonesian islamic banking industry. the empirical result obtained on this study indicate that the spin-off policy that pursued by the central bank is right. although there are still some policies are still needed by the islamic banking industry to grown up rapidly than the growth of conventional banks. the results of this study also helped to support the studies of spin-offs that show a positive influence on the development of the company. the model in this study still needs to be improved, because the data used in this study used data indonesian islamic banking industry in general. therefore it is recommended for future research may use data derived from each islamic banking unit who have decided spin-off into islamic banks. it is intended that the analysis obtained more sharp and accurate in giving an overview of the effect of the spin-off policy towards the islamic banking. reference al arif, m.n.r. 2014. the impact of spin-off policy on islamic banking industry in indonesia. working paper, uin syarif hidayatullah jakarta. bchini, b. 2012. spin-off: factor of growth and entrepreneurial success: the example of tunisia. international journal of business and social science, vol. 3, no. 12, june 2012, page 65-75. beeson, j. & c. hyden. 2002. corporate spin-offs: gaining focus and unleashing stockholder value. orange county business journal, sept 30 – oct 6, 2002, 39: pp 14 castello, p.m.p, et.al. 1999. the impact of corporate spin-offs on competitiveness and employment in the european union. sevilla: ipts technical report series, european comission chemmanur, t.j. & an yan. 2004. a theory of corporate spin-offs. journal of financial economics, elsevier, vol. 72, issue 2, may 2004, pages 259-290. chu, p.y, et. al. 2010. spin-off strategies and performance: a case study of taiwan’s acer group. asian business and management, 2010, vol. 9, 1, page 101-125 cristo, d.a. & r.w. falk. 2006. spinoffs and carveouts: some factors leading to successful divestiture. competition forum, vol. 4, 2. elfring, t. & n.j. foss. 1997. corporate renewal through internal venturing and spin-offs: perspectives from organizational economics. working paper 97-7, department of industrial economics and strategy copenhagen business school. elpida, et.al. 2010. the spin-off chain. journal of management and innovation, 2010, vol. 5, issue 3, pp. 51 – 68. al-iqtishad: vol. vii no. 1, januari 2015 126 herzeca, l. 1996. spin-offs: the latest divestitute fad. best’s review, vol. 97, 4 page 65. jongbloed, m. 2004. spin-offs: implication for corporate policies. vol. 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67-75 nasuha, a. 2012. the impact of spin-off policy on islamic bank’s performance. jurnal iqtishad fakultas syariah dan hukum uin syarif hidayatullah jakarta, vol. iv, no. 2juli 2012, pp. 241-258. rizqullah. 2013. the alternative methods of islamic banking unit into islamic commercial banking. (dissertation unpublished). jakarta: university of trisakti. semadeni, m.b. 2003. leaving the corporate fold: examining spin-off actions and performance. dissertation of graduate studies of texas and a & m university. thompson, peter dan steven klepper. 2005. spinoff entry in high-tech industries: motives and consequences. working papers 0503, florida international university, department of economics. veld, chris & yulia v veld-merkoulova. 2002. do spin-offs really create value? the european case. research paper, department of finance and center, tilburg university, netherlands. 59 pengaruh dana investasi melalui instrumen sun dan sbsn terhadap pertumbuhan ekonomi indonesia tya ryandini1 abstract. the influence of investment fund through national bond (sun) and national sukuk (sbsn) to economic growth in indonesia. the aims of this research is to analyze the short term and long term influence of investment fund through national bond (sun) and national sukuk (sbsn) to economic growth in indonesia in the year of 2008 – 2012.the methode which used in this research is error correction model. the result shows that economic development is positively influenced by national bond in short term and long term. but, it negatively influenced by the national sukuk both in short term and long term. keywords: national bond, national sukuk, economic growth of indonesia, error correction model. abstrak. pengaruh dana investasi melalui instrumen sun dan sbsn terhadap pertumbuhan ekonomi indonesia. penelitian ini bertujuan untuk menganalisis pengaruh dana investasi melalui instrumen surat utang negara (sun) dan surat berharga syariah negara (sbsn) terhadap pertumbuhan ekonomi di indonesia periode 2008-2012 dalam jangka pendek maupun jangka panjang. metode yang digunakan dalam penelitian ini adalah error correction model (ecm). hasil analisis menunjukkan bahwa variabel surat utang negara (sun) berpengaruh positif terhadap pertumbuhan ekonomi indonesia dalam jangka pendek maupun jangka panjang. sedangkan variabel surat berharga syariah negara (sbsn) memiliki pengaruh negatif terhadap pertumbuhan ekonomi indonesia dalam jangka pendek maupun jangka panjang. kata kunci: surat utang negara (sun), surat berharga syariah negara (sbsn), pertumbuhan ekonomi indonesia (pdb), error correction model (ecm) 1 naskah diterima: 12 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 dpp ikatan ahli ekonomi islam indonesia (iaei), jl. dr. wahidin no. 1, senen, jakarta pusat. email: tyaryandini@yahoo.com mailto:tyaryandini@yahoo.com 60 pendahuluan dalam suatu perekonomian, pemerintah memiliki peran yang sangat penting. beberapa tujuan penting dari kegiatan pemerintah adalah mengatasi masalah pengangguran, menghindari inflasi, dan mempercepat pembangunan ekonomi dalam jangka panjang. usaha seperti itu membutuhkan banyak uang, dan pendapatan dari pajak saja tidak cukup untuk membiayainya. maka, untuk memperoleh dana yang diperlukan, pemerintah dapat meminjam atau mencetak uang (sukirno, 2004). pertumbuhan ekonomi akan menjadi lebih pesat salah satunya dengan meningkatkan efisiensi penanaman modal (investasi) yang dijalankan. pertumbuhan ekonomi suatu negara baru dimungkinkan jika investasi neto lebih besar daripada nol (rahardja dan manurung, 2008). peningkatan investasi akan memberikan dampak signifikan bagi perkembangan dan pertumbuhan ekonomi negara (subagyo, 2007). dalam rangka meningkatkan nilai investasi di indonesia, pada umumnya pemerintah akan mengeluarkan berbagai instrumen atau surat berharga. instrumen tersebut akan membantu pemerintah dalam membiayai pembangunan negara melalui apbn. dalam uu no. 22 tahun 2011 tentang apbn tahun 2012, apbn dipergunakan sebesar-besarnya untuk kesejahteraan rakyat. sejalan dengan itu, belanja negara tahun 2012 sebesar rp 1.435,4 triliun terdiri dari belanja pusat sebesar rp 965 triliun dan belanja daerah sebesar rp 470,4 triliun. penerbitan sbn pada tahun 2012 meningkat dari tahun sebelumnya menjadi sebesar rp 270.419 miliar. kebijakan investasi yang dilakukan pemerintah untuk mendukung pertumbuhan ekonomi berupa penerbitan surat berharga negara terdiri dari penerbitan surat utang negara (sun) dan surat berharga syariah negara (sbsn). berdasarkan laporan pertanggungjawaban pengelolaan sbn tahun 2011 yang diterbitkan direktorat jenderal pengelolaan utang kementerian keuangan, total nilai net nominal on yang diterbitkan pada tahun 2011 sebesar rp 110,514 triliun. di samping menerbitkan on dalam denominasi rupiah, pemerintah indonesia juga melakukan penerbitan international bonds dengan total dana mencapai us$ 2,5 miliar atau setara dengan rp 21,44 triliun. kebijakan investasi yang dapat dilakukan pemerintah selain menerbitkan surat perbendaharaan negara (spn) dan obligasi negara ialah dengan menerbitkan surat berharga syariah negara (sbsn). seiring dengan sosialisasi di beberapa wilayah indonesia, persentase peningkatan sukuk cukup pesat yakni 15 persen per tahun 2011. peningkatan sukuk negara pada tahun 2011 diperkirakan mencapai sekitar rp 38 triliun (hasan, 2012). di tengah kondisi perekonomian dunia yang melambat, pertumbuhan ekonomi indonesia cenderung stabil. berdasarkan data world economic outlook yang dirilis oleh international monetary fund (imf) pada oktober 2012, pertumbuhan ekonomi dunia dinilai mencapai 3,3 persen. pada tahun yang sama, berdasarkan data badan pusat statistik (bps), perekonomian indonesia mengalami pertumbuhan sebesar 6,3 persen. menurut menteri keuangan ri agus martowardojo, hal ini menjadikan indonesia menempati posisi sebagai negara dengan perekonomian terbaik kedua di dunia setelah china yang mencapai pertumbuhan ekonomi sebesar 7,8 persen. (jawa pos national network, 2013) berdasarkan pemaparan tentang meningkatnya penghimpunan dana investasi dalam bentuk surat utang negara (sun) dan surat berharga syariah 61 negara (sbsn) serta pertumbuhan ekonomi indonesia yang dinilai stabil, peneliti tertarik untuk mengadakan penelitian yang membahas tentang “pengaruh dana investasi melalui instrumen sun dan sbsn terhadap pertumbuhan ekonomi indonesia”. tinjauan pustaka pertumbuhan ekonomi merupakan perubahan kondisi perekonomian suatu negara secara berkesinambungan menuju keadaan yang lebih baik selama periode tertentu. pertumbuhan ekonomi dapat diartikan juga sebagai proses kenaikan kapasitas produksi suatu perekonomian yang diwujudkan dalam bentuk kenaikan pendapatan nasional. adanya pertumbuhan ekonomi merupakan indikasi keberhasilan pembangunan ekonomi. infrastruktur, barang-barang modal dan kemajuan teknologi dalam suatu negara menjadi salah satu faktor penunjang bagi tumbuhnya perekonomian. dalam rangka memenuhi kebutuhan akan faktor penunjang, pemerintah tentu membutuhkan dana yang tidak sedikit. dana tersebut dapat diraih pemerintah dengan kegiatan penghimpunan dana investasi melalui instrumen pembiayaan seperti surat utang negara (sun) maupun surat berharga syariah negara (sbsn). surat utang negara (sun) diterbitkan dengan tujuan untuk membiayai defisit apbn. dana yang berhasil dihimpun dari penerbitan sun akan mempengaruhi belanja pemerintah dalam menyediakan infrastruktur dan barang modal sehingga mampu meningkatkan produktivitas perekonomian. surat utang negara (sun) terdiri dari surat perbendaharaan negara (spn) dan obligasi negara. spn berjangka waktu sampai dengan 12 bulan dengan pembayaran bunga secara diskonto, sedangkan obligasi negara berjangka waktu lebih dari 12 bulan dengan kupon dan/atau pembayaran bunga secara diskonto. tujuan penerbitan surat berharga syariah negara salah satunya ialah untuk membiayai proyek yang diselenggarakan pemerintah. berbeda dengan sun, pada sbsn terdapat underlying asset yang dapat dijadikan jaminan. pada pelaksanaannya, sbsn yang sering juga disebut dengan sukuk negara menggunakan beberapa akad yang sesuai dengan syariah, seperti mudharabah, musyarakah, murabahah, salam, istishna’ dan ijarah. dengan tambahan danayang berasal dari instrumen sbsn, pemerintah mampu menambah modal yang digunakan untuk mendanai proyek tertentu sehingga dapat berpengaruh pada pertumbuhan ekonomi. metode dalam penelitian ini, teknik analisis data yang digunakan adalah analisis model koreksi kesalahan (error correction model). salah satu asumsi dalam analisis statistika adalah data berdistribusi normal. eviews menggunakan dua cara untuk mengetahui apakah data berdistribusi normal, yakni dengan histogram dan uji jarque – bera. uji linieritas adalah pengujian yang dilakukan untuk melihat apakah spesifikasi model yang digunakan sudah benar atau tidak. untuk mendeteksi penghapusan variabel-variabel dan atau pilihan bentuk fungsional yang tak cocok, ramsey telah mengembangkan sebuah uji umum untuk kesalahan spesifikasi model (gujarari, 2007). sebelum melakukan analisis, harus diketahui terlebih dahulu apakah data runtut waktu yang digunakan sudah stasioner. untuk menguji stasioneritas data, dapat digunakan uji akar unit (unit root test) yang 62 dikembangkan oleh dickey-fuller. dalam penelitian ini, pengujian data dilakukan dengan uji augmented dickey-fuller. data yang tidak stasioner bila diregresi akan mudah menyebabkan regresi lancung. data dikatakan stasioner bila memenuhi syarat berikut: pertama, ratarata dan variannya konstan sepanjang waktu; kedua, kovarian antara dua data runtut waktu tergantung pada kelambanan antara dua periode tersebut. oleh karenanya, data yang tidak stasioner harus distasionerkan terlebih dahulu (winarno, 2009). uji derajat integrasi juga dilakukan dengan menggunakan uji augmented dickey-fuller. selanjutnya dilakukan uji kointegrasi. terdapat tiga cara untuk menguji kointegrasi, yaitu: pertama, uji kointegrasi engle-granger (eg), kedua, uji cointegrating regression durbin watson (crdw), dan ketiga, uji johansen (winarno, 2009). pada penelitian ini, uji kointegrasi dilakukan dengan uji johansen. uji asumsi klasik dilakukan untuk mengetahui apakah model estimasi telah memenuhi kriteria ekonometrika, dalam arti tidak terjadi penyimpangan yang cukup serius dari asumsi-asumsi yang harus dipenuhi dalam metode ordinary least square (ols). dalam regresi linear berganda akan dijumpai berbagai permasalahan, seperti multikolinieritas, heteroskedastisitas, dan autokorelasi (nachrowi dan usman, 2008). uji asumsi klasik dilakukan untuk melihat apakah terdapat permasalahan tersebut dalam model regresi linier ganda, sehingga model tersebut memenuhi kriteria blue (best linier unbiased estimator). penelitian dengan ecm ini digunakan untuk melihat pengaruh jangka pendek dan jangka panjang antara variabel independen terhadap variabel dependen. hubungan pertumbuhan ekonomi dan faktor-faktor yang mempengaruhi dapat diformulasikan sebagai berikut: pdbt = f (sunt, sbsnt) model ecm pada penelitian ini ialah sebagai berikut: dlnpdbt = β0 + β1 dlnsunt + β2 dlnsbsnt + β3lnsunt-1 + β4lnsbsnt-1 + β5 ect dengan: β0 = konstanta β1 – β4 = koefisien regresi β5 = koefisien ect dlnpdbt = perubahan pdb periode t dlnsunt = total penghimpunan dana investasi sun (jangka pendek) dlnsbsnt = total penghimpunan dana investasi sbsn (jangka pendek) lnsunt-1 = total penghimpunan dana investasi sun (jangka panjang) lnsbsnt-1 = total penghimpunan dana investasi sbsn (jangka panjang) ect = error correction term pembahasan utang merupakan bagian dari kebijakan fiskal dalam perekonomian yang bertujuan untuk memberikan kemakmuran dan menciptakan kenyamanan serta keamanan bagi penduduk suatu negara.berdasarkan data dari government debt profile edisi april 2013 yang diterbitkan oleh direktorat jenderal pengelolaan utang kementerian keuangan, nominal utang pemerintah meningkat dari rp 1.636,74 triliun pada tahun 2008 menjadi rp 1.975,42 triliun pada tahun 2012. 63 total utang pemerintah didominasi oleh diterbitkannya surat berharga negara (sbn) yang dananya berasal dari masyarakat tabel 1 perkembanganutangpemerintah 2008 2009 2010 2011 2012 outs % outs % outs % outs % outs % sbn 906.50 55 979.46 62 1064.41 63 1187.66 66 1361.10 69 denominasi rupiah 783.86 836.31 902.43 992.03 1096.19 denominasi valas 122.64 143.15 161.98 195.63 264.91 pinjaman 730.25 45 611.20 38 617.25 37 621.29 34 614.32 31 denominasi rupiah 0.00 0.00 0.39 1.01 1.80 denominasi valas 730.25 611.20 616.86 620.28 612.52 totalutang 1636.74 100 1590.66 100 1681.66 100 1808.95 100 1975.42 100 dalam rangka perluasan basis investor, diversifikasi sumber pembiayaan, dan pengembangan pasar keuangan dalam negeri, pemerintah telah menerbitkan surat berharga berdasarkan prinsip syariah, atau dikenal secara internasional dengan istilah sukuk. instrumen keuangan ini memiliki perbedaan pokok antara lain berupa penggunaan konsep imbalan dan bagi hasil sebagai pengganti bunga, adanya suatu transaksi pendukung (underlying transaction) berupa sejumlah tertentu aset yang menjadi dasar penerbitan sukuk, serta adanya aqad atau perjanjian antara para pihak yang disusun berdasarkan prinsip-prinsip syariah. berdasarkan data yang dihimpun, terlihat bahwa pada awal tahun penerbitannya (2008), sbsn di indonesia mampu menghimpun dana investasi sebesar rp 4.699.700.000.000. penghimpunan dana investasi melalui penerbitan sbsn mengalami kenaikan setiap tahunnya hingga mencapai rp 57.088.810.000.000,pada tahun 2012. suatu perekonomian dikatakan mengalami pertumbuhan ekonomi jika jumlah produksi barang dan jasanya meningkat. pertumbuhan ekonomi mengindikasikan bahwa suatu perekonomian memiliki faktor-faktor produksi yang bertambah, baik dalam jumlah maupun kualitasnya.untuk mengukur pertumbuhan ekonomi suatu negara dari tahun ke tahun, nilai pdb yang digunakan adalah pdb berdasarkan harga konstan. angka pdb tertinggi terjadi pada kuartal ketiga tahun 2012 sebesar rp 671.780.800.000.000,-. pertumbuhan ekonomi dunia pada tahun 2012 cenderung terus menurun dengan mencatat pertumbuhan sebesar 3,3% dibandingkan 64 dengan tahun sebelumnya sebesar 3,9%. perekonomian indonesia pada tahun 2012 masih tumbuh cukup baik sebesar 6,23% meskipun masih lebih rendah dari tahun sebelumnya yakni 6,49%. pertumbuhan ekonomi terutama masih ditopang oleh kuatnya konsumsi domestik, khususnya konsumsi rumah tangga dan investasi. berikut adalah model persamaan ecm yang digunakan dalam penelitian ini: dlnpdbt = β0 + β1 dlnsunt + β2 dlnsbsnt + β3lnsunt-1 + β4lnsbsnt-1 + β5 ect hasil pengolahan data regresi linier ecm tersebut dengan menggunakan pengolah data eviews 6.0 adalah sebagai berikut: tabel 2. uji error correction model (ecm) variable coefficient std. error t-statistic prob. c -0.965691 0.403880 -2.391034 0.0405 d(lnsun) 0.033264 0.011361 2.927982 0.0168 d(lnsbsn) -0.008050 0.003378 -2.382816 0.0410 lnsun(-1) 0.033344 0.016869 1.976605 0.0795 lnsbsn(-1) -0.002109 0.006032 -0.349690 0.7346 resid01(-1) -0.111131 0.046250 -2.402834 0.0397 r-squared 0.808943 mean dependent var 0.015072 adj r-squared 0.702801 s.d. dependent var 0.020884 s.e. of regression 0.011385 akaike info criterion -5.823822 sum squared resid 0.001167 schwarz criterion -5.540602 log likelihood 49.67866 hannan-quinn criter. -5.826838 f-statistic 7.621289 durbin-watson stat 3.235884 prob(f-statistic) 0.004672 pada pengujian kointegrasi yang telah dilakukan, ditemukan bahwa data dalam penelitian ini memiliki hubungan keseimbangan jangka panjang antara variabel independen dengan variabel dependen. walaupun terdapat keseimbangan jangka panjang, dalam jangka pendek mungkin saja terjadi ketidakseimbangan. untuk menguji apakah variabel-variabel memiliki pengaruh dalam jangka pendek, maka dilakukan analisis dengan pendekatan error correction model. untuk menyatakan apakah model yang digunakan benar atau tidak, maka koefisien error correction term harus signifikan. nilai koefisien ect pada tabel dapat dilihat pada nilai resid01(-1) sebesar 0,111131 yang berarti bahwa ketidaksesuaian pertumbuhan pdb aktual dengan pdb potensial akan dieliminasi atau dihilangkan dalam suatu periode penelitian sebesar 11,11%. dapat dilihat bahwa nilai t-statistic cukup tinggi yakni 2,402834 yang lebih tinggi dari 2 dan nilai probabilitas ect sebesar 0,0397 yang lebih kecil dari 0,05. hal ini berarti ect sudah signifikan pada tingkat kepercayaan α = 5% dan menunjukkan bahwa model dari pengujian ecm ini sudah valid. 65 tabel 3 koefisien ecm variabel coefficient jangka pendek jangka panjang konstanta -0,965691 -0,965691 surat utang negara (sun) 0,033264 0,033344 surat berharga syariah negara (sbsn) -0,008050 -0,002109 berdasarkan tabel 3, maka hasil regresi ecm dalam jangka pendek dan jangka panjang ialah sebagai berikut: dlnpdbt = -0,965691 + 0,033264*dlnsunt0,008050*dlnsbsnt + 0,033344*lnsunt-1 0,002109*lnsbsnt-1 -0.111131*ect keterangan: dlnpdbt = perubahan pdb periode t dlnsunt = total penghimpunan dana investasi sun (jangka pendek) dlnsbsnt = total penghimpunan dana investasi sbsn (jangka pendek) lnsunt-1 = total penghimpunan dana investasi sun (jangka panjang) lnsbsnt-1 = total penghimpunan dana investasi sbsn (jangka panjang) ect = error correction term berdasarkan hasil di atas, dapat dilihat dari sisi kontanta, bahwa dalam jangka pendek maupun jangka panjang, nilai konstanta (-0,965691) menunjukkan apabila nilai variabel independen konstan, maka besarnya penerimaan pdb turun sebesar 0,96 persen. pengaruh dana investasi melalui instrumen surat utang negara (sun) terhadap produk domestik bruto (pdb) dapat dilihat secara jangka pendek maupun jangka panjang. pertama, secara jangka pendek, dlnsun menunjukkan nilai probabilitasnya sebesar 0,0168 yang lebih kecil dari 0,05. hal ini menunjukkan bahwa variabel sun memiliki hubungan yang signifikan pada tingkat kepercayaan α = 0,05 pada jangka pendek sebesar 0,033264. realisasi penghimpunan dana dari penerbitan sun berpengaruh signifikan dalam jangka pendek terhadap pertumbuhan ekonomi. hal ini sesuai dengan penelitian yang dilakukan oleh adrian sutawijaya dan zulfahmi bahwa investasi memiliki pengaruh yang signifikan terhadap pertumbuhan ekonomi. peningkatan investasi akan meningkatkan kapasitas produksi yang pada akhirnya berujung pada pembukaan lapangan kerja baru yang pada tahap selanjutnya akan mendorong pertumbuhan ekonomi. kedua, secara jangka panjang, pada lnsun(-1) nilai koefisiennya sebesar 0,033344 dan memiliki probabilitas sebesar 0,0795 yang lebih besar dari 0,05. hal ini menunjukkan bahwa variabel sun memiliki pengaruh positif yang tidak signifikan pada tingkat kepercayaan α = 0,05. dapat diartikan bahwa dalam jangka 66 panjang, realisasi penerbitan sun tidak berpengaruh secara signifikan terhadap pertumbuhan ekonomi indonesia. pengaruh dana investasi melalui instrumen surat berharga syariah negara (sbsn) terhadap produk domestik bruto (pdb) dapat dilihat secara jangka pendek dan jangka panjang. dalam jangka pendek, dari tabel terlihat bahwa dlnsbsn memiliki nilai koefisien sebesar (-0,008050) dengan probabilitas 0.0410 yang lebih kecil dari 0,05. hal ini mengindikasikan bahwa penghimpunan dana investasi melalui penerbitan sbsn memiliki pengaruh negatif yang signifikan terhadap pertumbuhan ekonomi dalam jangka pendek pada tingkat kepercayaan α = 0,05. jika jumlah dana hasil penerbitan sbsn naik sebesar 1%, maka pertumbuhan ekonomi akan mengalami penurunan sebesar 0,04 persen. secara jangka panjang, lnsbsn(-1) memiliki nilai koefisien sebesar (-0,002109) dan nilai probabilitasnya sebesar 0,7346, lebih besar dari 0,05. pada jangka panjang, dana yang dihasilkan dari realisasi penerbitan sbsn memiliki pengaruh negatif yang tidak signifikan terhadap pertumbuhan ekonomi. sehingga berapapun kenaikan penghimpunan dana investasi dari penerbitan sbsn, tidak akan mempengaruhi pertumbuhan ekonomi secara signifikan. error correction model dalam tabel memperlihatkan nilai adjusted rsquared sebesar 0,702801 yang berarti 70% variabel dependen (pertumbuhan ekonomi) dapat dijelaskan oleh variabel independen (realisasi penerbitan surat utang negara dan surat berharga syariah negara). sisanya sebesar 30% dijelaskan oleh variabel lain yang tidak termasuk dalam model penelitian ini. nilai t-statistic ect pada model tersebut sebesar 2,402834 yang lebih tinggi dari 2 dan nilai probabilitas ect sebesar 0,0397 yang lebih kecil dari 0,05 menunjukkan bahwa model dari pengujian ecm ini sudah valid. dalam penelitian ini dihasilkan bahwa realisasi penerbitan sun memiliki pengaruh yang signifikan untuk jangka pendek, namun tidak berpengaruh secara signifikan dalam jangka panjang. dalam jangka pendek, variabel sun memiliki pengaruh yang signifikan sebesar 0,033264 terhadap pdb. hal ini mengindikasikan ketika jumlah dana realisasi penerbitan sun naik sebesar 1%, maka pertumbuhan ekonomi akan naik sebesar 0,033 persen. seperti telah dipaparkan sebelumnya bahwa utang dilakukan pemerintah untuk membiayai defisit apbn, pembiayaan arus kas jangka pendek, dan refinancing utang lama. pada tahun 2012, indonesia mengalami defisit apbn yang tinggi karena besarnya subsidi bbm dan sumber daya energi yang diberikan pemerintah yakni sebesar rp 241,5 triliun. pemerintah menganggap bahwa subsidi bbm tidak tepat pada sasaran dan menjadi hal yang memberatkan karena menghambat program peningkatan kesejahteraan masyarakat. pengalokasian dana untuk menutup biaya defisit ini menjadikan pembangunan infrastruktur menjadi sangat terbatas. padahal, yang menjadi tujuan utama pemerintah dalam melakukan kebijakan utang adalah untuk pembangunan infrastruktur yang diharapkan berimbas pada pertumbuhan ekonomi indonesia untuk jangka panjang. pada penelitian mengenai sbsn, realisasi penghimpunan dana investasi sbsn memiliki pengaruh negatif yang signifikan terhadap pertumbuhan ekonomi dalam jangka pendek, namun tidak berpengaruh signifikan dalam jangka panjang. pengaruh negatif ini bertentangan dengan teori maupun pendapat yang 67 mengemukakan bahwa investasi dapat menjadi pendorong pertumbuhan ekonomi suatu negara. dengan pengaruh yang negatif antara realisasi penghimpunan dana investasi melalui instrumen sbsn dengan pertumbuhan ekonomi mengindikasikan bahwa belum terserapnya dengan baik dana tersebut. tidak signifikannya pengaruh penghimpunan dana melalui instrumen sbsn ini disebabkan masih terlalu kecilnya jumlah dana yang berhasil dihimpun jika dibandingkan dengan surat utang negara (sun). simpulan utang merupakan bagian yang tidak terpisahkan dalam pelaksanaan kebijakan yang diperlukan untuk membiayai defisit apbn, penyediaan arus kas jangka pendek, dan refinancing utang lama. pemerintah juga telah menerbitkan surat berharga berdasarkan prinsip syariah, atau dikenal secara internasional dengan istilah sukuk (surat berharga syariah negara). data dari tahun ke tahun menunjukkan bahwa penghimpunan dana investasi melalui instrumen sun dan sbsn telah mengalami peningkatan. pada jangka pendek, pengaruh dana investasi melalui instrumen sun ialah sebesar 0,033264 dan pada jangka panjang pengaruhnya ialah sebesar 0,033344. instrumen sbsn memiliki pengaruh negatif dalam jangka pendek maupun jangka panjang. dalam jangka pendek, pengaruhnya ialah sebesar (-0,008050) dan pada jangka panjang, pengaruhnya ialah sebesar (-0,002109). dlnsun menunjukkan nilai probabilitasnya sebesar 0,0168 yang lebih kecil dari 0,05. hal ini menunjukkan bahwa variabel sun memiliki hubungan yang signifikan pada tingkat kepercayaan α = 0,05 pada jangka pendek sebesar 0,033264. dana investasi dari instrumen sun berpengaruh signifikan dalam jangka pendek terhadap pertumbuhan ekonomi. lnsun(-1) memiliki probabilitas sebesar 0,0795 yang lebih besar dari 0,05. hal ini menunjukkan bahwa variabel sun memiliki pengaruh positif yang tidak signifikan pada tingkat kepercayaan α = 0,05. dapat diartikan bahwa dalam jangka panjang, dana investasi melalui instrumen suntidak berpengaruh secara signifikan terhadap pertumbuhan ekonomi indonesia. pada tabel terlihat bahwa dlnsbsn memiliki probabilitas 0.0410 yang lebih kecil dari 0,05. hal ini mengindikasikan bahwa dana investasi melalui instrumen sbsn memiliki pengaruh negatif yang signifikan terhadap pertumbuhan ekonomi dalam jangka pendek pada tingkat kepercayaan α = 0,05. jika jumlah dana hasil penerbitan sbsn naik sebesar 1%, maka pertumbuhan ekonomi akan mengalami penurunan sebesar 0,04 persen.lnsbsn(-1) memiliki nilai probabilitas sebesar 0,7346, lebih besar dari 0,05. pada jangka panjang, dana yang dihasilkan dari instrumen sbsn memiliki pengaruh negatif yang tidak signifikan terhadap pertumbuhan ekonomi. sehingga berapapun kenaikan penghimpunan dana investasi dari instrumen sbsn, tidak akan mempengaruhi pertumbuhan ekonomi secara signifikan. pustaka acuan al arif, m. n. r. 2010. teori makroekonomi islam. bandung: alfabeta anoraga, pandji dan p. piji. 2008. pengantar pasar modal. 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was influenced by location, brand image, and, product and services in the amount of 31.34% and the others 68.66% was influenced by the others factor. from the paired sample t-test shown that the weekend banking services still not effective to increase the third party funds. keywords: effectiveness, weekend banking, linier regression, paired sample t-test abstrak. e fe k ti vi t a s l a y a n an w e ek e n d b a n k i n g ( s t u d i b m i k c p p i m ) . penelitian ini bertujuan untuk menganalisis tingkat efektivitas layanan layanan akhir pekan (weekend banking) di bank muamalat indonesia. metode analisis yang digunakan yaitu dengan analisis regresi linear berganda dan uji beda (paired-sample t-test). dari hasil model regresi dapat dilihat nilai adjusted r-squared sebesar 0.313409. ini menunjukkan bahwa variabel dependen (preferensi nasabah) dipengaruhi oleh variabel-variabel independen (faktor lokasi, nama baik perusahaan serta produk dan layanan) sebesar 31.34% sisanya 68.66% dipengaruhi oleh variabel lain. berdasarkan hasil statistik uji t parsial, keberadaan layanan weekend banking masih belum terlihat efektif dalam meningkatkan dana pihak ketiga. kata kunci: efektivitas, weekend banking, regresi berganda, uji t parsial 1 naskahditerima 20 oktober 2013, direvisi 15 nopember 2013, disetujui 24 nopember 2013 bank jabar banten syariah, jl. hos cokroaminoto, no. 62 d, tangerang ciledung. email: rifafarhah@yahoo.com 71 pendahuluan di tengah pesatnya persaingan dunia perbankan nasional yang menerapkan sistem bunga, perbankan syariah yang menerapkan sistem ekonomi islam saat ini mampu bersaing dan kini mencapai perkembangan yang signifikan. sejak diberlakukannya undang-undang no. 10 tahun 1998 tentang perbankan (antonio, 2001), kesempatan bagi pengembangan perbankan syariah pun lebih luas. kemunculan perbankan syariah semakin menguat ketika terjadi krisis ekonomi yang membuat bank-bank konvensional mengalami keterpurukan sementara perbankan syariah tetap bertahan. saat ini dunia perbankan menghadapi era persaingan yang sehat dan saling menonjolkan keunggulan yang dimiliki untuk menarik hati masyarakat indonesia agar menjadi nasabahnya. banyak faktor yang mempengaruhi mengapa produk dan layanan perbankan syariah saat ini bermacam-macam, salah satunya dengan tujuan memudahkan nasabah untuk lebih praktis dan menggunakan efisiensi waktu yang mereka miliki. perkembangan teknologi dan informasi yang sangat pesat telah membawa banyak perubahan terhadap pola kehidupan sebagian besar masyarakat indonesia. di kehidupan saat ini kesibukan yang sangat padat memaksa masyarakat menghabiskan waktunya sepanjang hari untuk bekerja. terlebih lagi untuk masyarakat jakarta dan sekitarnya. mereka menghabiskan separuh waktu mereka hanya untuk pekerjaan, bahkan terkadang waktu 24 jam dalam sehari masih tidak cukup untuk mereka. tingkat kesibukan yang berbeda-beda pada setiap orang memaksa perbankan melihat ini sebagai peluang yang harus dimanfaatkan dengan menciptakan layanan perbankan yang menyediakan waktu yang lebih lama untuk nasabahnya. membuka layanan perbankan sampai malam hari dan saat akhir pekan merupakan salah satu strategi yang dilakukan bank untuk memanjakan nasabahnya. sudah banyak bank yang mulai memberlakukan layanan ini yaitu bank konvensional seperti bank mandiri, bank bca, citibank, dan bank bni. bank konvensional memang lebih cepat dan tanggap dalam menerapkan strategi dan membaca peluang, terbukti mereka lebih dahulu membuka layanan perbankan di malam hari (night banking) dan akhir pekan (weekend banking). layanan akhir pekan yang lebih dulu dipraktikan oleh bank konvensional berhasil, terbukti berdasarkan pengamatan salah satu media cetak di jakarta satu tahun terakhir menunjukkan bahwa kantor layanan (kl) perbankan yang beroperasi di akhir pekan terlihat banyak didatangi nasabah. di 72 grand indonesia (gi) jalan mh thamrin jakarta pusat, kl bni yang terletak di east mall gi terlihat sibuk, bahkan di mal pondok indah jakarta selatan antrean untuk mendapatkan layanan bisa mencapai ratusan orang. setiap kl selalu siap melayani transaksi kas seperti setor, tarik tunai, pembukaan rekening dan titipan kliring. tidak mau kalah dengan bank konvensional, bank muamalat indonesia sebagai bank pertama yang menerapkan prinsip syariah mencoba menggunakan layanan night banking dan weekend banking sebagai potensi untuk mengembangkan bisnis. mereka melihat peluang bahwa saat ini masyarakat indonesia tidak sedikit yang menaruh kepercayaan kepada bank syariah, maka bank muamalat langsung menerapkan layanan night dan weekend banking dan baru membukanya di kantor cabang pembantu di jakarta dan palembang. mengambil tempat umum sebagai objek yang dituju seperti rumah sakit dan pusat perbelanjaan, bank muamalat melihat peluang yang ada dari aktivitas masyarakat ke lokasi tersebut. pusat perbelanjaan memang lokasi yang tepat dan rumah sakit yang selalu ada selama 24 jam sehingga bank muamalat memilih kedua lokasi ini sebagai potensi untuk mengembangkan bisnis. layanan night banking dan weekend banking ini baru diberlakukan bulan november 2011 di salah satu pusat perbelanjaan yang terkenal di jakarta selatan yaitu pondok indah mall dan sekitar salah satu rumah sakit di palembang. namun, menurut data yang ada dan pengamatan langsung yang dilihat ternyata layanan night banking dan weekend banking ini masih perlu beradaptasi. ini dilihat dari masih sedikitnya nasabah yang datang ke bank muamalat untuk menggunakan layanan night banking dan weekend banking. jika dilihat perbandingan jumlah nasabah yang menggunakan layanan saat work days dan weekend sedikit sekali nasabah datang di saat weekend bahkan kurang dari setengahnya dari jumlah nasabah di waktu work days. tinjauan pustaka manajemen yang baik adalah manajemen yang bisa menyeimbangkan pekerjaan agar tidak hanya berjalan efektif tetapi juga efisien. tujuan utama manajemen adalah pengelolaan secara sehat untuk mendapatkan efisiensi setinggi-tingginya dengan pengorbanan seminimal mungkin. oleh karena itu, permasalahan efisiensi dan usaha mencapainya menempati posisi sentral dalam ilmu manajemen. masalah efisiensi berkaitan dengan masalah pengendalian biaya. efisiensi yang diuraikan disini adalah perbandingan positif antara hasil yang dicapai dengan masukan yang digunakan, artinya, kemampuan menghasilkan output yang maksimal dengan input yang ada merupakan ukuran kinerja yang diharapkan. sebuah bank dituntut untuk memperhatikan masalah 73 efisiensi karena meningkatnya persaingan bisnis dan standar hidup konsumen. efektivitas berarti melakukan pekerjaan yang benar (doing the rights things) sedangkan efisiensi berarti melakukan sesuatu dengan benar (doing the rights). efektivitas dan kemampuan untuk memilih tujuan yang tepat atau peralatan yang tepat untuk pencapaian tujuan. beberapa kriteria dapat digunakan untuk menilai efektivitas perencanaan, yaitu mencakup kegunaan, ketepatan, dan obyektivitas, ruang lingkup, efektivitas biaya, akuntabilitas, dan ketepatan waktu. kegunaan, agar berguna bagi manajemen dalam pelaksanaan fungsi-fungsinya yang lain, suatu rencana harus fleksibel, stabil, berkesinambungan, dan sederhana. hal ini memerlukan analisa, peramalan, pengembangan rencana dengan mempertimbangkan segala sesuatu dan pembuatan perencanaan sebagai proses yang berkesinambungan. tujuan utama dalam manajemen adalah pengelolaan secara sehat untuk mendapatkan pencapaian sesuatu dengan efektif dan efisien. efektivitas merupakan suatu besaran atau angka untuk menunjukkan sampai seberapa jauh sasaran (target) tercapai. efisiensi adalah perbandingan yang positif antara hasil yang dicapai dengan masukan yang dipergunakan. efisiensi dalam penyelenggaraan kegiatan apabila hasil kerja yang diperoleh lebih besar dari pengorbanan yang diberikan dalam bentuk penggunaan sumber daya dan dana termasuk sumber daya insani. suatu pekerjaan dapat dilaksanakan secara tepat, efektif, dan efisien apabila pekerjaan itu tepat sesuai dengan yang telah direncanakan diawal. pencapaian hasil akhir yang sesuai dengan target waktu yang telah ditetapkan dan ukuran maupun standar yang baik mencerminkan suatu perusahaan telah mencapai efektivitasnya. oleh karena itu, efektivitas dan efisiensi saling terkait satu sama lain, suatu perusahaan terutama perbankan syariah tidak hanya dituntut untuk mengejar tujuan saja, tetapi bagaimana tujuan itu bisa tercapai dengan cara yang baik dan sesuai dengan syariah. beberapa kriteria dapat digunakan untuk menilai efektivitas perencanaan, yaitu mencakup kegunaan, ketepatan, dan obyektivitas, ruang lingkup, efektivitas biaya, akuntabilitas, dan ketepatan waktu (handoko, 1998). kegunaan, agar berguna bagi manajemen dalam pelaksanaan fungsi-fungsinya yang lain, suatu rencana harus fleksibel, stabil, berkesinambungan, dan sederhana. hal ini memerlukan analisa, peramalan, pengembangan rencana dengan mempertimbangkan segala sesuatu dan pembuatan perencanaan sebagai proses yang berkesinambungan. 74 metode menurut pendekatannya, penelitian ini termasuk penelitian kuantitatif dan kualitatif. penelitian kuantitatif yaitu suatu pendekatan penelitian yang bersifat obyektif, mencakup pengumpulan dan analisis data kuantitatif serta menggunakan metode pengujian statistik (hermawan, 2003). sedangkan penelitian kualitatif yaitu penelitian yang menghasilkan data deskriptif mengenai kata-kata lisan maupun tertulis, dan tingkah laku yang dapat diamati dari orang-orang yang diteliti (suyanto, 2005) teknik pengambilan sampel yang digunakan dalam penelitian ini adalah teknik non probability sampling, yaitu mengambil sampel yang tidak memberi peluang atau kesempatan yang sama bagi setiap unsur atau anggota populasi untuk dipilih menjadi sampel. metode non probability sampling yang digunakan adalah metode accidental sampling, yaitu semua nasabah bank muamalat yang datang mempunyai kesempatan yang sama untuk dijadikan sampel dengan kriteria nasabah yang datang ke bank di akhir pekan (weekend). populasi yang didapat dari bulan desember 2011 maret 2012 sebanyak 1127 nasabah. sehingga berdasarkan perhitungan jumlah sampel ialah sebanyak 90 orang. teknik analisis yang dipergunakan dalam penelitian ini ialah regresi linier berganda. adapun bentuk persamaan regresi linear yang akan dibentuk adalah: y = α + β1 x1 + β2 x2 + β3 x3 keterangan: y : variabel terikat (preferensi nasabah) x1 : variabel bebas (faktor lokasi bank) x2: variabel bebas (faktor nama baik perusahaan) x3 : variabel bebas (faktor produk dan layanan) selain itu, dalam penelitian ini juga menggunakan uji t-parsial (uji beda). uji ini digunakan untuk menbandingkan mean dari satu sampel yang berpasangan (winarno, 2009). analisis uji t yang digunakan dalam penelitian ini menggunakan uji beda sampel berpasangan (paired sample test). pembahasan layanan weekend banking (akhir pekan) adalah layanan perbankan yang beroperasi di saat weekend yaitu hari sabtu dan minggu dari pukul 10.00 16.00 wib. proses membuka layanan ini tidak terlepas dari managemen bank muamalat, yaitu bod (board of directur) yang mempunyai keinginan membuka bank di dalam mall. dari kantor pusat mereka mencari space, mencari lokasi, sampai melakukan tender untuk renovasi, kira-kira 80% sudah kelola oleh 75 kantor pusat dan didapatkan tempat yang tepat yaitu di dalam mall pondok indah. setelah itu baru diserahkan ke cabang fatmawati karena lokasi pondok indah dekat dengan fatmawati sehingga cabang fatmawati yang mengkoordinir. bank indonesia memberikan lampu hijau kepada bank muamalat untuk mendirikan kantor cabang ini pada tanggal 20 oktober 2011 lalu memberi waktu 30 hari untuk membuka sampai resmi dibuka pada tanggal 11 november 2011. perkembangan jumlah nasabah yang datang menunjukkan sudah banyak nasabah yang mengetahui bahwa bank muamalat membuka layanan perbankan di akhir pekan. sosialisasi dan informasi pun banyak dilakukan oleh pihak bank muamalat baik dari internet, memasang iklan di harian ibukota dan langsung dari pihak karyawan bank melalui salamuamalat. layanan weekend banking ini untuk bank syariah baru bank muamalat yang membuka layanan ini. sejak dibukanya layanan weekend banking ini jam kerja karyawan bank akan berbeda seperti biasanya karena hari sabtu dan minggu harusnya waktu untuk libur mereka. disini bank muamalat sudah memperkirakan dan mengatur dari managemen karyawan, pada saat weekend karyawan di atur bergantian masuk. cara mengaturnya karena bank muamalat cabang fatmawati memiliki 10 capem dan 8 kantor kas, sehingga karyawan di ambil dari cabang lain sebagai teller dan customer service. pengaturan pembagian jadwal karyawan yang masuk di hari sabtu dan minggu diatur oleh bagian personalia di cabang fatmawati. untuk karyawan tetap bank muamalat apabila masuk di saat weekend diberi insentif dengan hitungan lembur, sementara untuk karyawan outsorsing yang masuk kerja di saat weekend dihitung dengan tambahan bonus. layanan weekend banking ini merupakan layanan baru di bank muamalat dan hanya ada di pondok indah mall. nasabah yang datang ke bank di saaat weekend mendapatkan informasi dari beberapa sumber seperti dari iklan/internet, orang lain/teman/kerabat, dari karyawan bank muamalat, atau bahkan tahu sendiri ketika sedang jalan-jalan ke mall. nasabah mengaku lebih banyak mendapat informasi dari karyawan bank muamalat melalui salamuamalat yang online selama 24 jam dengan persentase sebanyak 35.8%. sisanya 29.9% tahu sendiri, 22.4% dari orang lain/teman/kerabat dan 11.9% melihat iklan/internet. ini dapat disimpulkan bahwa cara pihak bank muamalat memperkenalkan adanya layanan weekend banking ini tidak hanya dari internet atau iklan tetapi juga dari karyawannya langsung. nasabah datang ke bank di hari sabtu dan minggu (weekend) memiliki alasan yang bermacam-macam. sebagian dari jumlah sampel sebanyak 56.7% responden memilih alasan karena kesibukan jam kerja yang padat yang mayoritas juga nasabah yang berprofesi sebagai karyawan swasta sehingga tidak 76 sempat ke bank di hari biasa (weekdays). sebanyak 17.9% responden ada juga yang memiliki alasan karena keadaan darurat sehingga mau tidak mau harus ke bank muamalat yang hanya ada di pondok indah mall. sisanya beralasan ke bank sekaligus untuk jalan-jalan ke mall (14.9%) dan ada kesibukan lain di saat weekdays (9%). berdasarkan hasil pengolahan data, rata-rata nasabah yang datang ke bank melakukan transaksi perbankan hampir 74.6% yaitu melakukan setoran ataupun penarikan tabungan/giro/deposito. sebanyak 14.9% melakukan transfer uang dan lainnya 14.9% melakukan pembukaan rekening, mengganti kartu atm, keluhan ke costomer service, atau hanya sekedar konsultasi keuangan berdasarkan analisis regresi yang dilakukan menunjukkan persamaan sebagai berikut: y = 10.31916 + 0.346467 x1 + 0.360484 x2 + 0.227788 x3 hasil perhitungan menunjukkan bahwa koefisien regresi variabel faktor lokasi bank berpengaruh positif dan signifikan terhadap preferensi nasabah datang ke bank. pada tabel 4.6 dilihat tingkat probabilitasnya sebesar 0.0689, nilainya di atas dari tingkat signifikansi 10%. sedangkan nilai koefisien regresi lokasi dapat dilihat sebesar 0.346, yang artinya setiap penambahan satu satuan variabel lokasi maka besarnya variabel preferensi nasabah juga bertambah sebesar 0.346. hal ini menunjukkan bahwa preferensi nasabah untuk datang ke bank melihat dari lokasi bank apakah cukup strategis untuk dijangkau, dan dari hasil penelitian memang daerah pondok indah termasuk daerah yang strategis. hal ini sesuai dengan penelitian yang dilakukan oleh corina khoirunnisa (2012) mengenai faktor-faktor yang mempengaruhi preferensi dan keputusan nasabah terhadap produk tabungan haji (studi pada bank syariah mandiri), bahwa faktor lokasi juga berpengaruh positif terhadap preferensi nasabah. hasil perhitungan menunjukkan bahwa koefisien regresi variabel faktor nama baik perusahaan berpengaruh positif dan signifikan terhadap preferensi nasabah datang ke bank. dilihat di tabel 4.6 tingkat probabilitasnya sebesar 0.0569, yang artinya signifikan di atas 10%. sedangkan nilai koefisien regresi (profesionalisme) dapat dilihat sebesar 0.360, yang artinya setiap penambahan satu satuan variabel profesionalisme maka besarnya variabel preferensi nasabah juga bertambah sebesar 0.360. hal ini menunjukkan bahwa preferensi nasabah untuk datang ke bank di akhir pekan berpengaruh karena nasabah sudah percaya dengan perusahaannya yaitu bank muamalat indonesia dan bisa dikatakan sudah profesional dalam hal yang berhubungan dengan transaksi perbankan sehingga memiliki banyak nasabah. hal ini sesuai dengan penelitian yang dilakukan oleh corina khoirunnisa (2012) mengenai faktor-faktor yang mempengaruhi preferensi dan keputusan nasabah terhadap produk tabungan haji (studi pada bank syariah 77 mandiri), bahwa faktor kualitas manajemen perusahaan (profesionalisme) juga berpengaruh positif terhadap preferensi nasabah hasil perhitungan menunjukkan bahwa koefisien regresi variabel faktor produk dan layanan (x3) tidak berpengaruh secara signifikan terhadap preferensi nasabah datang ke bank. pada tabel 4.6 bisa dilihat nilai probabilitasnya yang lebih besar dari tingkat signifikansi 10% dengan nilai 0.4722. sedangkan nilai koefisien regresi (produk dan layanan) dapat dilihat sebesar -0.227, yang artinya setiap penambahan satu satuan variabel produk dan layanan maka besarnya variabel preferensi nasabah berkurang -0.227. hal ini menunjukkan bahwa preferensi nasabah untuk datang ke bank bukan karena faktor produk dan layanan bank muamalat yang mempengaruhi. hal ini dikarenakan karena produk dan layanan antara weekday dan weekend sama saja tidak ada yang berbeda, maka dari itu tidak berpengaruh signifikan. hal ini tidak sesuai dengan penelitian yang dilakukan oleh corina khoirunnisa (2012) mengenai faktor-faktor yang mempengaruhi preferensi dan keputusan nasabah terhadap produk tabungan haji (studi pada bank syariah mandiri), bahwa faktor produk juga berpengaruh positif terhadap preferensi nasabah dari hasil model regresi dapat dilihat nilai adjusted r-squared sebesar 0.313409. ini menunjukkan bahwa pengaruh variabel dependen (preferensi nasabah) terhadap variabel-variabel independen (faktor lokasi, nama baik perusahaan dan produk dan layanan) sebesar 31.34%. semakin mendekati 100% model ini akan semakin baik. dalam contoh ini, berarti masih ada banyak faktor-faktor lain yang mempengaruhi nasabah datang ke bank di akhir pekan (weekend) yang belum dimasukkan ke dalam model regresi, yaitu sebesar 68.66%. variabel yang digunakan adalah jumlah dana pihak ketiga (dpk) cabang fatmawati sebelum dan sesudah adanya cabang pembantu pondok indah mall yang khusus dibuka untuk layanan weekend banking. data selanjutnya diuji dengan alat analisis uji beda (paired sample t-test). berdasarkan tabel paired sample statistic menunjukkan ringkasan perbandingan statistik pada setiap kelompok sampel. tampak bahwa jumlah dana pihak ketiga (dpk) tahun 2011 memiliki mean 343.857 dengan rata-rata standar deviasi 87.617404 dan rata-rata standar error 33.116266016. sedangkan untuk jumlah dana pihak ketiga (dpk) tahun 2012 memiliki mean 319.142 dengan rata-rata standar deviasi 35.992724132 dan rata-rata standar error 13.603971009. hal ini berarti bahwa tidak ada tingkat kenaikan jumlah dpk di tahun 2011 dan tahun 2012, dan artinya adanya layanan weekend banking ini belum berdampak pada peningkatan jumlah dpk cabang fatmawati. selanjutnya berdasarkan tabel paired samples correlations, tampak bahwa hasil korelasi antara jumlah dana pihak ketiga (dpk) sebelum dan sesudah 78 adanya layanan weekend banking sebesar -0.190 dengan tingkat signifikansi 0.684 yang artinya tingkat hubungannya sangat lemah dan jauh lebih besar dari taraf nyata = 5% (0.05). hal ini berarti bahwa berdasarkan statistik perkembangan jumlah dpk sebelum dan sesudah adanya layanan weekend banking masih belum terlihat dikarenakan datanya masih sedikit dan memang target dpk capem pim selama satu tahun sebesar rp. 200 miliar belum tercapai, baru terpenuhi 50% . berdasarkan hasil statistik memang dilihat dari efektivitas layanan weekend banking masih belum terlihat. hal ini disebabkan karena layanan weekend banking baru satu tahun beroperasi sehingga tingkat efektivitas layanan ini belum terlihat secara signifikan. tetapi dari data penelitian tiap bulannya terlihat menunjukkan perkembangan yang positif. ini dapat dilihat dari data laporan perkembangan aset bank, dana pihak ketiga dan pembiayaan serta data nasabah yang datang ke bank muamalat kantor cabang pembantu pondok indah mall. mungkin seiring berjalannya waktu layanan ini akan menunjukkan perkembangan yang signifikan dan menambah asset bank muamalat indonesia. uji parsial atau uji statistik-t memperlihatkan bahwa faktor-faktor yang mempengaruhi persepsi nasabah memilih datang ke bank muamalat pondok indah mall secara signifikan pada taraf nyata 10% yaitu dari faktor lokasi dan nama baik perusahaan (profesionalisme). sedangkan faktor produk dan layanan tidak mempengaruhi preferensi nasabah datang ke bank karena hasil yang didapat tidak signifikan lebih besar dari taraf nyata sebesar 10%. analisis hasil estimasi persamaan regresi dapat disimpulkan bahwa persepsi nasabah datang ke bank muamalat di akhir pekan (weekend) dipengaruhi karena kebutuhan nasabah bank muamalat sehingga harus datang ke bank di hari libur sabtu dan minggu. banyaknya nasabah yang datang ke bank tidak terlepas dari pengaruh bahwa bank muamalat sebagai lembaga terpercaya yang berfungsi sebagai tempat untuk menyimpan dan menyalurkan dana nasabah yang memiliki kelebihan dan kekurangan dana. ini menunjukkan bahwa bank muamalat masih dipercaya oleh nasabahnya dalam melakukan transaksi perbankan yang berdasarkan prinsip syariah. nasabah datang ke bank muamalat di hari sabtu ataupun minggu karena mayoritas berprofesi sebagai karyawan/karyawati swasta yang sibuk bekerja sehingga tidak memiliki banyak waktu di hari biasa (weekdays). faktor lokasi juga merupakan salah satu dari ketiga faktor yang berpengaruh terhadap preferensi nasabah datang ke bank, ini menunjukkan bank muamalat cukup baik mencari tempat strategis dalam membuka cabang baru. efektivitas menurut teori memiliki arti kata efektif yang berarti tepat guna, berhasil guna usaha tindakannya atau tepat sasaran. dalam arti yang lebih mudah 79 dipahami bahwa dikatakan efektif apabila suatu pekerjaan dapat dilaksanakan secara tepat, efektif, dan efisien tepat sesuai dengan yang telah direncanakan diawal. pencapaian hasil akhir yang sesuai dengan target waktu yang telah ditetapkan dan ukuran maupun standar yang baik mencerminkan suatu perusahaan telah mencapai efektivitasnya. tujuan bank muamalat membuka layanan weekend banking ini tidak hanya untuk menambah jaringan, tetapi juga untuk memenuhi kebutuhan nasabah yang tidak memiliki waktu yang banyak di hari biasa (weekdays). seperti di bank konvensional yang sudah terlebih dulu menerapkan layanan weekend banking, bank syariah harus belajar dari bank konvensional bagaimana agar layanan ini berjalan sukses seperti menambah atau memberi variasi produk-produk yang dimiliki bank syariah khususnya disini bank muamalat agar nasabahnya semakin bertambah. simpulan dari hasil analisis pengujian variabel faktor-faktor yang mempengaruhi nasabah datang ke bank muamalat di akhir pekan (weekend) yaitu faktor lokasi bank, nama baik perusahaan (profesionalisme) dan produk dan layanan bank yang paling mempengaruhi dari ketiga faktor ini adalah dari faktor lokasi bank dan nama baik perusahaan (profesionalisme). ini dapat dilihat dari nilai χ1 dan χ2 yang memiliki nilai koefisien regresi sebesar 0.346 dan 0.360 dan nilai probabilitas sebesar 0.0689 dan 0.0569, yang artinya variabel berpengaruh positif dan signifikan dari taraf nyata (α) sebesar 10%. nilai koefisien determinasi adjusted r-squared sebesar 0.313409 yang artinya adalah bahwa hanya sebesar 31.34% pengaruh variabel-variabel independen terhadap variabel dependennya, sisanya lagi sebesar 68.66% dipengaruhi oleh variabel lain yang tidak dijelaskan pada model regresi. berdasarkan hasil statistik uji beda (paired sample t-test) menunjukkan bahwa dari nilai korelasi sebesar -0.190 dengan tingkat signifikan sebesar 0.648 lebih besar dari taraf nyata α = 5% yang berarti hubungannya masih sangat lemah. hal ini berarti efektivitas layanan weekend banking dilihat dari jumlah dana pihak ketiga (dpk) sebelum dan sesudah adanya layanan weekend banking untuk sementara masih belum efektif. untuk dpk di kantor pondok indah mall 1 ditargetkan memang selama satu tahun sebesar rp. 200 miliar, namun sampai dengan saat ini baru terpenuhi 50%. ini dikarenakan bahwa layanan ini baru berjalan selama satu tahun sehingga tingkat efektivitas layanan ini masih belum terlihat secara signifikan. seiring berjalannya waktu layanan weekend banking akan berjalan efektif karena nasabah memberikan tanggapan yang positif 80 atas keberadaan layanan ini. kelebihan layanan weekend banking dibandingkan dengan layananlayanan lain yang sebelumnya sudah ada di bank muamalat adalah layanan ini melayani nasabahnya tidak hanya di hari biasa (weekday) tetapi juga di hari libur sabtu dan minggu (weekend). di samping lokasi bank berada di tempat yang strategis nasabah yang datang ke bank juga bisa coffee break membuat teh atau kopi sendiri (self service) dan tersedia snack-snack kecil. komputer juga disediakan untuk nasabah jika ingin mengakses internet dan wifi. kekurangannya hanya baru ada satu tempat yang membuka layanan weekend banking di jakarta, jadi nasabah tidak memiliki pilihan tempat lain, selain itu juga secara keseluruhan nasabah bank muamalat belum banyak yang tahu adanya layanan ini. pustaka acuan al arif, m. n. r. 2010. dasar-dasar pemasaran bank syariah. bandung: alfabeta antonio, m. syafi’i. 2001. bank syariah dari teori ke praktik. jakarta: gema insani press arifin, zainul. 2006. dasar-dasar manajemen bank syariah. jakarta: pustaka alvabeta bungin, burhan. 2004. metodologi penelitian kualitatif. jakarta: rajagrafindo persada -----------------------. 2005. metode penelitian kuantitatif: komunikasi, ekonomi, dan kebijakan publik serta ilmu-ilmu sosial lainnya. jakarta: kencana nachrowi, n.djalal dan hardius usman. 2002. penggunaan teknik ekonometri. jakarta: pt raja grafindo persada efendy, mochtar. 1986. manajemen suatu pengantar berdasarkan ajaran islam. jakarta: bhratarakarya aksara ghozali, imam. 2011. aplikasi multivariate dengan program ibm spss 19. semarang: badan penerbit universitas diponegoro gujarati, d. n. 2006. dasar-dasar ekonometrika edisi ketiga jilid 2. jakarta: erlangga gunara, thorik dan utus hardiono sudibyo. 2007. marketing muhammad. bandung: madani a prima hafidhuddin, didin dan hendri tanjung. 2003. manajemen syariah dalam praktik. jakarta: gema insani press handoko, t. hani. 1998. manajemen. yogyakarta: bpfe yogyakarta hermawan, asep. 2003. pedoman praktis metodologi penelitian bisnis. jakarta: lpfe trisakti supranto, j. 2005. ekonometrik buku ke satu. bogor: ghalia indonesia kuncoro, mudrajad. 2009. metode riset untuk bisnis & ekonomi edisi 3. jogjakarta: erlangga 81 nasarudin, indoyama, dkk. 2008. "analisis pengaruh kualitas pelayanan terhadap kepuasan pelanggan di bank muamalat indonesia". jurnal etikonomi uin syarif hidayatullah jakarta, vol.7, desember 2008, 189-205. nisfiannoor, muhammad. 2009. pendekatan statistik modern untuk ilmu sosial. jakarta: salemba humanika. sekaran, uma. 2007. research methods for business metodologi penelitian untuk bisnis. jakarta: salemba empat. sugiyono. 2007. buku statistik nonparametris untuk penelitian. jakarta: cv alfabeta tjiptono, fandy. 1997. strategy pemasaran. yogyakarta: andi widarjono, agus. 2009. ekonometrika: pengantar dan aplikasinya (dilengkapi dengan aplikasi eviews). yogyakarta: ekonisia winarno, w. w. 2009. analisis ekonometrika dan statistika dengan eviews edisi kedua. yogyakarta: sekolah tinggi ilmu managemen ykpn 1-titi nadra.indd titi dewi warninda: mapping and correlation analysis 1 mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank in indonesia titi dewi warninda & m. nadratuzzaman hosen1 abstract. mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank in indonesia. this research aims to analyze efficiency and profitability of islamic rural banks in indonesia using variable returns to scale model of data envelopment analysis and efficiency-profitability matrix. the results of this research show that most of islamic rural banks are included in the dog quadrant (high efficiency but low profitability) and sleeper quadrant (low efficiency but high profitability). meanwhile, the result of correlation analysis between efficiency and profitability indicates that efficiency has a negative correlation with profitability. negative correlation of efficiency and profitability is in accordance with the result of efficiency-profitability matrix. the results of this research show that not all of islamic rural bank which have high efficiency are also having high profitability. keywords: efficiency, profitability, data envelopment analysis, islamic rural bank abstrak. pemetaan dan analisis hubungan antara efisiensi dan profitabilitas: studi bprs di indonesia. tujuan dari penelitian ini ialah untuk menganalisis efisiensi dan profitabilitas pada bprs di indonesia dengan menggunakan model variable returns to scale pada data envelopment analysis (dea) dan matriks efisiensi-profitabilitas, hasil penelitian menunjukkan bahwa sebagian besar bank pembiayaan rakyat syariah (bprs) termasuk dalam kuadran dog (efisiensi tinggi dan profitabilitas rendah) dan kuadran sleeper (efisiensi rendah dan profitabilitas tinggi). sementara itu, hasil analisis korelasi antara efisiensi dan profitabilitas mengindikasikan bahwa efisiensi memiliki hubungan negatif dengan profitabilitas. hubungan negatif ini sesuai dengan hasil matriks efisiensi-profitabilitas. hasil penelitian menunjukkan bahwa untuk sebagian besar bank pembiayaan rakyat syariah (bprs) di indonesia, efisiensi tinggi tidak berhubungan positif dengan profitabilitas tinggi. kata kunci: efisiensi, profitabilitas, data envelopment analysis, bprs first draft: september, 10th 2014, revision: november, 25th 2014, accepted: december, 10th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: warninda@yahoo.com; mnhosen@yahoo.com al-iqtishad: vol. vii no. 1, januari 2015 2 introduction islamic rural bank is a rural bank that operates based on the principles of islamic law. islamic rural bank is founded to serve micro and small enterprises that need fast, easy, and simple approval process. because of its role in giving services to micro and small enterprises, islamic rural bank has an important role in improving financial inclusion. islamic rural banks has a rapid growth experience in indonesia. in 2005, there were only 92 islamic rural banks and 158 in 2012. by 2012, they have 91 branch offices and 152 cash offices. in 2005, total net assets reached 585 billion rupiah, and increased up to 4.7 trillion rupiahs in 2012. they also have disbursed 417 billion rupiah total financing in 2005 and became 3 trillion rupiah in 2012. although according to islamic banking statistic published by indonesian central bank; the amount of asset and financing has increased, however, the profitability of islamic rural banks demonstrated by return on assets (roa) showed a reduction. profitability of islamic rural banks reached 4.05% in 2005, and became 2.67% in 2011. in 2012, the profitability decreased again to 2.64%. the decrease of indonesian islamic rural banks profitability becomes the background of this efficiency-profitability mapping research. based on the study of noor and ahmad (2012) about islamic bank in the world, there is a positive correlation between efficiency and profitability. it means that decision making unit (dmu) which has high level of efficiency will have high profitability. meanwhile, according to abu-alkheil, burghof, and khan (2012), not all of decision making units (dmus) which have high efficiency are also having high profitability. research on efficiency and profitability of indonesian islamic rural banks will determine whether there are a lot of inefficient islamic rural banks and whether the inefficient islamic rural banks are also having lower profitability than the more efficient islamic rural banks. so, there will be a map about efficiency-profitability of indonesian islamic rural banks. in this research, return on assets (roa) is used to mesure the profitability data envelopment analysis in non parametric approach is used to measure the efficiency. dea is a linear programming method that is used to measure the efficiency of a decision making unit (dmu). dea formed a standard of dmu that is efficient compared to other inefficient dmu (said, 2013). dea model in this research uses variable returns to scale (vrs) assumption. this assumption is used to determine the technical efficiency without scale efficiency (pure technical efficiency). this study uses intermediation approach to determine the inputs and outputs that are used in the dea model. intermediation approach is used because the main function of islamic rural banks is as intermediary between the depositors titi dewi warninda: mapping and correlation analysis 3 and those who need funds. previous research on the efficiency of islamic rural banks is still rare. most of previous researches are about efficiency of islamic banks, microfinance, and rural banks. some previous researches about efficiency of microfinance using dea are as follow. kipesha (2013) studied on technical efficiency of microfinance institutions (mfis) in tanzania, another in 2012 was about efficiency of mfis in east africa. the research of hassan and sanchez (2009) was about technical efficiency and scale efficiency of the mfis in latin american, middle east and north african, and south asian countries. haq, skully, and pathan (2010) conducted a study on the efficiency of 39 microfinance institutions (mfis) in africa, asia, and latin america. the research of babu, kasilingam, and kasilingam (2011) was about the efficiency of mfis in india. this research aims to analyze profitability and efficiency of islamic rural banks in indonesia. in using the efficiency-profitability matrix, this research will show whether islamic rural banks that have high efficiency will also have high profitability. the result of this research will enhance the literature about efficiency and profitability of islamic rural banks. this research also analyzes the correlation between efficiency and profitability and the correlation among other variables. the finding of this research will contribute in the development of islamic rural banks and support the sustainability of financial inclusion in indonesia. there are some differentiations over previous researches. first, this research uses the data of islamic rural banks in indonesia. second, this research gives analysis of efficiency-profitability mapping using efficiency-profitability matrix. third, this research analyzes the correlations between efficiency and profitability and among other variables to find the consistency with the result of efficiency-profitability matrix. literature review most of previous researches are about efficiency of conventional microfinance institutions (mfis) and rural banks. previous research on the efficiency of islamic rural bank is still rare. some previous researches about efficiency of microfinance using dea are as follows. kipesha (2013) has done research about technical efficiency of microfinance institutions in tanzania for the period of 2009-2011. the result of the research indicated a high level of production efficiency and low level of intermediation efficiency. the research of kipesha (2013) has recommended that mfis in tanzania should reduce their operation costs, increase revenues, and increase resource allocation to get higher intermediation efficiency. the research of mohindra and al-iqtishad: vol. vii no. 1, januari 2015 4 kaur (2011) was about regional rural banks efficiency in india after reformation period. the result of the research using dea showed a decrease of rural banks technical efficiency after deregulation policy. the research of khankoje and sathye aimed (2008) analyzed the impact of regional rural banks restructuring in india on production efficiency, using dea. the result of the research indicated that restructuring program on indian rural banks showed a positive impact. the study of hassan dan sanchez (2009) analysed about technical and scale efficiency of mfi in latin america countries, middle east and north africa (mena) countries, and south asia countries. the result of the study showed that formal mfis (banks and credit unions) have higher technical efficiency level than non formal mfis (non profit organization and non financial institutions). mfis in south asian have higher technical efficiency than latin american and mena mfis. haq, et.al. (2010) had a research about efficiency of mfi in africa, asia, and latin america using dea. the research showed that non government mfis had highest level of production efficiency. meanwhile, mfis that are banks have highest intermediation efficiency. babu, kasilingam, and kasilingam (2011) studied about efficiency of mfi in india. the study found that the average efficiency score was very low and more than 65 percent of the mfis have below mean efficiency level. the cost per borrower variable has significant influence in measuring efficiency of mfis. the study also revealed that non-profit microfinance institutions have shown a high efficiency compared to profit organization. jayamaha and mula (2010) studied about efficiency of cooperative rural banks in india using dea and analyze the correlations between efficiency and financial factors. the result of the study indicated that asset quality, loan portfolio yield, operational efficiency, and operational self sufficiency variables have significant correlations with technical efficiency. methods the scope of the study is islamic rural banks in indonesia. it is because the dea software for calculating efficiency only can be used in the positive input and output variables. the research only uses islamic rural banks that have a positive net income. the data is taken from 2012 financial reports of indonesian islamic rural banks. the proxy of profitability is return on assets (roa). this research uses data envelopment analysis (dea) for efficiency measurement. dea is a linear programming method that is used to measure the efficiency of a decision making unit (dmu). dea form is a standard that a dmu is efficient compared to other inefficient dmu (said, 2013). titi dewi warninda: mapping and correlation analysis 5 this research will analyze the pure technical efficiency of islamic rural banks. technical efficiency is the ability of a dmu to produce as many outputs as possible by using a particular input, or produce a certain amount of outputs using a minimum amount of inputs. this study uses the dea output-orientation. this is because islamic rural banks operate in a competitive environment and should strive for providing the best products and services to customers. islamic rural banks are more likely to have a competitive advantage by increasing the output produced rather than reducing the inputs used. the measurement of pure technical efficiency uses variable returns to scale (vrs) model. vrs models or bcc (banker, charnes, and cooper) model were made by banker, charnes, and cooper in 1984 and were an improvement of crs model by adding variable returns to scale assumptions. vrs model provides a measurement of pure technical efficiency, which is technical efficiency without scale efficiency. dea-model in this research consists of two inputs and two outputs. this research uses cost of wages and salaries, and total customer deposits (total deposits) as inputs, while the outputs using total financing and net income, as used by onour and abdalla (2011). islamic rural banks efficiency-profitability mapping uses efficiencyprofitability matrix that has a structure such as the product portfolio matrix (abualkheil, et.al, 2012). efficiency-profitability matrix consists of four quadrants as follows: first, star quadrant: consists of a dmu that has a high level of profitability and efficiency. this is the best dmu. second, sleeper quadrant: consists of a dmu that has higher profitability but lower efficiency. this is not a good sign from long-term perspective. the high profitability is due to primarily more favorable environmental conditions than good management. third, question mark quadrant: consist of a dmu that has a low level of profitability and efficiency. this dmu has the potential to achieve higher level of profitability and efficiency. fourth, dog quadrant: consists of a dmu which has a low level of profitability but high efficiency. the dmu is efficient but still make less profit. the dmu operates efficiently but has low profitability due to unfavorable environment. table 1: efficiency-profitability matrix profitability high sleeper star low question mark dog efefficiency low high al-iqtishad: vol. vii no. 1, januari 2015 6 star quadrant consists of islamic rural banks that have high efficiency and profitability. dog quadrant consists of islamic rural banks that have high level of efficiency but low profitability. sleeper quadrant consists of islamic rural banks that have low level of efficiency but high profitability. while question mark quadrant consists of islamic rural banks that have low efficiency and profitability. the criteria for high or low level of profitability and efficiency are based on the median value of the overall profitability and efficiency data. islamic rural bank which has a higher profitability or efficiency than the median value or equal with the median value is islamic rural banks with high level of profitability or efficiency. while islamic rural bank which has a lower profitability or efficiency than the median value is islamic rural bank with low level of profitability or efficiency. correlations test aims to find the correlations between efficiency and profitability, and among other variables. other variables in the correlations test are equity capital to total assets (cap), natural logarithm of total assets (sze), financing to deposits ratio (fdr), and operating expense to total assets (oxn). discussion after calculating the profitability (roa) and the efficiency based on pure technical efficiency, the profitability and efficiency are grouped into the high and low groups of efficiency and profitability. efficiency-profitability mapping in the efficiency-profitability matrix based on the high and low groups of efficiency and profitability will show which islamic rural bank that is included in the star quadrant, dog quadrant, sleeper quadrant, or question mark quadrant. some of islamic rural banks are included in the star quadrant of efficiencyprofitability matrix, means that they have high profitability and high efficiency. islamic rural banks that are included in the star quadrant are as follows. table 2. islamic rural banks in the star quadrant no islamic rural banks efficiency profitability (%) 1 bangka 1 4.350 2 dana hidayatullah 1 7.700 3 situbondo 1 5.990 4 surya sejati 1 3.780 5 harta insan karimah 0.977 4.400 6 baitul muawanah 0.937 5.100 7 dinar ashri 0.926 6.000 titi dewi warninda: mapping and correlation analysis 7 8 amanah rabbaniah 0.862 3.240 9 jabal tsur 0.848 42.070 10 barkah gemadana 0.834 5.070 11 metro madani 0.825 4.820 12 artha mas abadi 0.779 5.280 13 bumi rinjani kepanjen 0.771 7.200 14 artha pamenang 0.746 7.250 15 khasanah ummat 0.739 14.580 16 bangun drajat warga 0.734 4.210 some of islamic rural banks are included in the dog quadrant of efficiencyprofitability matrix. it means that they have high efficiency but low profitability. islamic rural banks that are included in the dog quadrant are as follows: table 3. islamic rural banks in the dog quadrant no islamic rural banks efficiency profitability (%) 1 al hijrah amanah 1 0.610 2 al ihsan 1 2.310 3 al salaam amal salman 1 2.360 4 amanah ummah 1 2.690 5 dana mulia 1 1.450 6 gunung slamet 1 2.290 7 bumi rinjani probolinggo 1 0.410 8 hareukat 1 1.440 9 indo timur 1 1.820 10 barakah nawaitul ikhlas 1 0.700 11 carana kiat andalas 1 0.180 12 barokah dana sejahtera 0.964 1.670 13 amanah sejahtera 0.947 2.880 14 insan madani 0.946 1.380 15 buana mitra perwira 0.943 2.910 16 formes 0.912 1.020 17 margirizki bahagia 0.903 2.850 18 bhakti haji 0.902 2.800 19 hikmah wakilah 0.885 2.600 al-iqtishad: vol. vii no. 1, januari 2015 8 20 danagung syariah 0.856 1.710 21 pt bprs gajah tongga kota piliang 0.847 2.260 22 berkah ramadhan 0.84 1.890 23 al ma’soem syari’ah 0.821 2.760 24 bumi artha sampang 0.816 2.490 25 lantabur 0.805 2.910 26 ikhsanul amal 0.801 1.930 27 tanggamus 0.784 2.150 28 muamalat harkat 0.776 2.730 29 amanah insani 0.752 2.400 30 arta leksana 0.748 2.390 31 karya mugi sentosa 0.703 2.940 some of islamic rural banks are included in the sleeper quadrant of efficiencyprofitability matrix. it means that they have low efficiency but high profitability. islamic rural banks that are included in the sleeper quadrant are as follows: table 4. islamic rural banks in the sleeper quadrant no islamic rural banks efficiency profitability (%) 1 artha surya barokah 0.701 9.400 2 sukowati sragen 0.653 4.780 3 mentari 0.632 7.230 4 al-yaqin 0.631 4.330 5 baktimakmur indah 0.626 3.980 6 harta insan karimah parahyangan 0.624 3.400 7 cilegon mandiri 0.622 6.740 8 al hidayah 0.614 3.210 9 mitra cahaya indonesia 0.613 3.280 10 cempaka al amin 0.612 5.430 11 safir 0.602 4.280 12 bumi rinjani 0.599 4.090 13 madinah 0.598 6.600 14 tanmiya artha 0.597 4.960 15 al mabrur 0.596 3.480 titi dewi warninda: mapping and correlation analysis 9 16 daya artha mentari 0.589 3.920 17 artha madani 0.588 4.660 18 artha amanah ummat 0.571 3.540 19 jabal nur 0.561 4.640 20 patuh beramal 0.56 7.280 21 rajasa 0.551 23.390 22 bumi rinjani batu 0.512 34.880 23 mulia berkah abadi 0.501 16.390 24 way kanan 0.492 11.850 25 baiturridha pusaka 0.479 5.610 26 al mabrur babadan 0.476 4.890 27 kotabumi 0.446 3.720 28 artha fisabilillah 0.414 5.700 29 bhakti sumekar 0.362 6.220 30 harta insan karimah cibitung 0.35 7.210 31 investama mega bakti 0.317 3.480 some of islamic rural banks are included in the question mark quadrant of efficiency-profitability matrix. it means that they have low efficiency and profitability. islamic rural banks that are included in the question mark quadrant are as follows: table 5. islamic rural banks in the question mark quadrant no islamic rural banks efficiency profitability (%) 1 bumi rinjani malang 0.700 1.390 2 mitra amal mulia 0.693 1.860 3 bina amanah satria 0.665 3.120 4 asad alif 0.660 2.300 5 suriyah 0.657 2.810 6 pnm binama 0.640 1.760 7 adeco 0.623 1.360 8 ampek angkek candung 0.621 2.500 9 puduarta insani 0.590 1.920 10 harta insan karimah bekasi 0.561 2.600 11 mandiri mitra 0.557 0.400 al-iqtishad: vol. vii no. 1, januari 2015 10 12 bina rahmah 0.529 2.530 13 bandar lampung 0.526 2.490 14 haji miskin 0.460 0.220 15 artha sinar mentari 0.338 3.130 according to tables above, there are 16 islamic rural banks included in the star quadrant and 31 islamic rural banks in the dog quadrant. there are 31 islamic rural banks included in the sleeper quadrant and 15 islamic rural banks in the question mark quadrant. efficiency-profitability matrix is as follows: figure 1: efficiency-profitability matrix four quadrants in efficiency-profitability matrix above show the most of islamic rural banks that included in the dog quadrant and sleeper quadrant. the quadrants consist of islamic rural banks which have high efficiency but low profitability and islamic rural banks which have low efficiency but high profitability, respectively. the result shows that most of islamic rural banks that have high efficiency do not have high profitability, vice versa. based on the result of efficiency-profitability matrix above, it is needed to analyze the correlations between efficiency and profitability and among other variables, especially to analyze the consistency with the result of efficiencyprofitability matrix. titi dewi warninda: mapping and correlation analysis 11 table 6. correlation test result cap eff fdr oxn roa sze cap 1.000000 eff 0.184463 1.000000 fdr -0.007775 0.000796 1.000000 oxn 0.059928 0.000636 0.931688 1.000000 roa -0.444132 -0.478985 -0.053812 -0.051274 1.000000 sze 0.029996 0.098393 -0.045359 -0.060634 0.032244 1.000000 table 6 shows that efficiency has negative correlation with profitability. it also shows the variable that has a positive correlation with profitability. however, we still need further reaseach related to other variables that have negative correlations with profitability such as equity capital, financing, and operating expenses. conclusion based on the findings and analysis of the efficiency-profitability mapping of islamic rural banks in indonesia, not all of islamic rural banks that have high efficiency are also have high profitability. most of islamic rural banks are included in the dog and sleeper quadrants it means that those islamic rural banks have high efficiency but low profitability and have low efficiency but high profitability, respectively. the result of correlations analysis shows that islamic rural banks efficiency has negative correlation with profitability. this result is in accordance with the result of efficiency-profitability mapping that most of islamic rural banks have high efficiency but low profitability (in the dog quadrant) and have low efficiency but high profitability (in the sleeper quadrant). the result of this research is in accordance with the research of abu-alkheil, burghof, and khan (2012) that not all of decision making units (dmus) which have high efficiency are also having high profitability. islamic rural banks that are in the dog quadrant should have more favorable environment to increase their profitability. meanwhile, islamic rural banks that are in the sleeper quadrant should improve their management because they have high profitability but low efficiency. some islamic rural banks are included in the question mark quadrant, means that they have the potential to achieve higher level of profitability and efficiency if they get more favorable environment and additional appropriate resources. al-iqtishad: vol. vii no. 1, januari 2015 12 references abu-alkheil, a. m., et.al. 2012. islamic commercial banking in europe: a crosscountry and inter-bank analysis of efficiency performance. international business and economics research journal, 11 (6), 2012, pp. 647-676. babu, c., et.al. 2011. technical efficiency of mfi’s and its determinants: an empirical study. tecnia journal of management studies, 6 (2), pp 40-49. hassan, m. k. & b. sanchez. 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2011. efficiency of regional rural banks in india: an application of data envelopment analysis. economic affairs, 56 (2), 187196. noor, m. a. & n.h. ahmad. 2012. the determinants of world islamic banks’ efficiency: does country income level have an impact? journal of islamic economics, banking and finance, 8 (2), pp. 9 44. onour, i. a. & a.m.a. abdalla. 2011. efficiency of islamic banks in sudan: a nonparametric approach. journal of islamic economics, banking and finance, 7 (4), pp. 79-92. said, a. 2013. risk and efficiency in the islamic banking system: the case of selected islamic banks in mena region. international journal of economics and financial issues, 3 (1), pp. 66-73. tulus suryanto & abdul razak abdul hadi: capital market integration 197 capital market integration: palestine and israeli experience tulus suryanto & abdul razak abdul hadi1 abstract. capital market integration: palestine and israeli experience. this study is driven by the motivation to examine the existence of probable equilibrium and dynamic relations between palestine stock exchange (pex) and tel aviv stock exchange (tase). within the framework of international trade theories, this study uses engle-granger co-integration procedure as an estimation model employing monthly time series data during the observed period from january 1998 till february 2012. it was discovered that there is a significant equilibrium relationship between pex and tase, but no empirical evidence was found on the presence of dynamic relations between the two stock markets using granger causality tests. meanwhile, analysis of dynamic interactions over post-sample period by impulse-response functions and variance decomposition indicate that movements in tase index do influence the performance of pex. keywords: capital market integration, granger causality test, pex, tase abstrak. integrasi pasar modal: pengalaman di palestina dan israel. kajian ini didorong motivasi untuk menguji kemungkinan terjadinya keseimbangan dan hubungan dinamis antara bursa efek palestina (pex) dan bursa efek tel aviv (tase). dengan menggunakan kerangka teori perdagangan internasional, kajian ini menggunakan prosedur ko-integrasi engle-granger sebagai model estimasi atas data bulanan yang diobservasi mulai dari januari 2008 sampai dengan pebruari 2012. hal yang ditemukan ialah terdapat hubungan keseimbangan yang signifikan antara pex dan tase, akan tetapi tidak ditemukan suatu bukti empiris atas hubungan dinamis antar dua bursa efek ini dengan uji kausalitas granger. sedangkan, analisis interaksi dinamis atas periode sampel yang ada dengan fungsi respon impuls dan dekomposisi variansi mengindikasikan bahwa pergerakan dari indek tase berpengaruh terhadap kinerja pex. kata kunci: integrasi pasar modal, uji kausalitas granger, pex, tase first draft: february, 3rd 2015, revision: macrh, 5th 2015, accepted: march, 30th 2015 1 iain raden intan lampung. jl. letkol endro suratmin, sukarame, lampung -35131university of kuala lumpur. jl. sultan islamil, kuala lumpur email : tulus_suryan70@yahoo.co.id; abdrazak@unikl.edu.my al-iqtishad: vol. vii no. 2, juli 2015 198 introduction today, the palestinian population is geographically divided and made up into four groups: 6 million palestinians live outside palestine, 3million in west bank, nearly 1.7 million in gaza and 1.5 million in israel itself. free movement of commodities and trade relations are lacking among the four groups. transfer of funds is restricted by the israeli rules, and there is neither an airport nor a seaport in the state of palestine. today, the economy of gaza heavily depends on egypt especially after the israeli siege in 2006. since 1945, the international trade activities in palestine has been reduced and controlled by israel and only 29% of palestinian imports come from egypt and jordan. meanwhile, 95% of palestine exports go to israel and some 3% find their ways to egypt and jordan. and the remaining 2% goes to the rest of the world (ministry of national economy, 2005). some informal sources stated that about $1.5 billion value of trade between gaza and egypt in 2011 was done mainly through the underground tunnels. because of the limited investment opportunities in palestine, most of the savings in the country are invested in foreign markets, especially in egypt and jordan. a recent study reveals that 75% of the six billion worth of deposits in the banks in palestine are invested overseas and just 25% are invested domestically (el-eqtesadia, 2012). the high percentages of the savings are invested in neighboring countries, particularly in their stock markets. common culture, history, language, religion and kinship facilitate personal interactions among the people. this demographic aspect reinforces the trade relations, tourism, labor mobility and investment flows. it is a general belief that many equity investors prefer to invest in other countries rather than in their neighboring countries in order to enjoy an effective diversification effect. yet this notion is opposed by arshanapalli and doukas (1993), sheng and tu (2000) and izquierdo and lafuente (2004). they postulate that the recent financial turmoil around the world was attributed to the mutual dependency of world financial markets. there are times when the effectiveness of cross-border diversification is advocated by fund managers. for this reason, regional portfolio investment among neighboring countries is still a credible strategy in maximizing portfolio returns. this study examines the capital markets integration involving palestinian and israeli stock markets with special attention given to the trend in portfolio investment. this study was mainly meant to examine the directional relationship between pex and tase, and to determine the relative strength of the relationship between the two stock exchanges. this is inspired by the well-known phenomena that economic cooperation among neighboring countries could help sustain strong economic growth in the long run. this study attempts to provide useful insights to tulus suryanto & abdul razak abdul hadi: capital market integration 199 both local and foreign investors on the prospects of the two exchanges. this study deploys econometric time series analysis, engle-granger co integration approach (1987), as an estimation model on the observed stock exchanges. hadi, yahya and shaari (2009) employed the same approach in examining market integration involving fossil fuel markets. the following are the research questions that the study attempts to answer: first, is the performance of pex affected by the movement in tase index over time? second, is there a causality effect that exists between pex and tase? third, is there a theoretical support for tase to be the leading indicator between the two stock exchanges? literature review tel aviv stock exchange (tase) was founded in 1953 and owned by a consortium of 15 banks and 12 investment houses. at present, there are 622 companies listed in the exchange whose market capitalization valued at usd 216 billion. in 1993, tase made a history by registering the third largest number of initial public offerings (ipos) of all the world stock exchanges. headed by esther levanon, tase was fully converted into computerized trading platform in 1999. since 2007, there have been a number of international agreements formalized between tase and other leading exchange around the world. those are london stock exchange, nasdaq and canadian stock exchange to name a few. there are two main market indexes normally used as barometer to measure the performance of tase. the two are ta-25 index and ta-100 index. the former is regarded as tase’s flagship index listing the top 25 largest companies by market capitalization (barak, 2012). the egyptian stock market has strong influence over the establishment of palestine stock exchange in late 1990s. established in the late 1880s, the egyptian exchange comprised of both alexandria and cairo stock exchanges. during the period from1888-1958, the stock exchange had been growing rapidly and at one point was ranked the fifth largest in the world (in terms of market capitalization) until the egyptian government put some restrictions on its trading activities in 1959 (mohie and sourial, 2000). like any other financial markets around the world, egyptian stock exchange has gone through some reforms which led to the consolidation of both alexandria and cairo stock exchanges. in 2009, egyptian capital market authority was replaced by egyptian financial supervisory authority which assumes the functions as both regulatory and governing body. with better market mechanism, the egyptian stock market had made its peak in 2009, registering transaction value of 91.2 billion egyptian dollars (hassan, 2009). in terms of informational efficiency, the egyptian stock market is found to be in weak form al-iqtishad: vol. vii no. 2, juli 2015 200 (hassan, seyed and mark, 2004). another study by daniel in 2005 on african stock markets also reveals consistent result. pex started its first trading session on 18 february 1997. in early february 2010, it was converted into a public shareholder company in conformity with good governance and transparency rules. according to the arab and international classification of financial markets, the palestinian exchange has attained advanced status in 2009. on 5 nov 2012, a total of fortyeight companies were listed on the palestinian exchange, with a market value of $2.7 billion which was the highest compared to previous years. palestinian listed companies operate in five major sectors banking and financial services, insurance, investment, industry, and services. the pex is an emerging capital market as most studies have indicated (daraghma, 2010; aburub and abusharba, 2010).these studies describe the relationship between availability of information and its relationship with the share prices. some indicate that pex is efficient in weak form. the study of zoa`rob (2005) and abu sharbeh (2009) report that the lack of informational efficiency could be the reason for the volatility in the pex. studies of the historical movement of the stock prices in the last 10 years show that unjustified fluctuations of stock prices are characterized by sharp movement in the indices’ value that occurred during the period from 2005 through 2006 (abdelkarim, 2007). from 2007 until today, high market volatility has been observed (aburub and abusharba, 2010). market efficiency and poor governance are still issues of concern to both policy makers and investors. it is widely perceived that this phenomenon has been negatively affecting the fair pricing of stocks and consequently impair investors’ confidence in the pex as a whole. abdelkarim, shahin, and arqawi (2009), comment on the issue of stock market efficiency indicating that relevance and timeliness of financial and nonfinancial information are important for both pricing and market confidence , also it supports the investors in taking their decisions and judgments about the securities values; because of that and the desire to reach an efficient securities market , the regulators are increasingly concerned about the level of disclosure and availability of financial and non-financial information. al-quds index (qi) is a market value weighted index and it was made up of 12 listed companies from different sectors in the palestine exchange. this market index provides investors with a general idea about the direction and performance of the market. it is computed by dividing the total market value of all listed companies in the market for the current period over the total market value of companies included in the index for the previous period. this index has been used in pex since the trading session in july 1997 where the closing prices in that session were used as a reference point in calculation. tulus suryanto & abdul razak abdul hadi: capital market integration 201 methods vector auto-regressive modeling (var) and granger-causality test are the main research tools in probing the equilibrium and short-run relations between the two stock exchanges pex and tase. the co-movements of these two market indexes over time are presented. pex is proxies by al-quds index, while tel aviv stock exchange is represented by ta-100index. the ta-100 index is made up of 100 largest firms listed in tase. the method used by lance and james (2006) was applied to explore theoretical relations between the two market indexes. the stationary tests were first applied to the time series variables (via augmented dickeyfuller tests), then engle-granger co integration modeling was used, and finally, granger causality test (within sample) was employed for determining the existence of short-run relation between the tested variables. monthly observations were registered for the two market indexes, during the period from january 1998 till february 2012 involving 169 data points. englegranger co integration test (1992) was applied to explore the statistical relation between the pex and tase. this statistical test was developed by granger and weiss (1981) and later re-formed by granger (1986), granger and weiss (1983) and engle and granger (1987). due to its dynamic functions, this statistical technique was met with wide acceptability among researchers who employed it in testing the validity of various theories and models. in fact co integration is essentially an econometric technique for testing the correlation between non-stationary time series variables. two time series variables are considered to be co integrated when a linear combination of them is stationary, even though each one of them is nonstationary on its own. first (or higher) differentiated data are necessary in tackling the problem of non-stationary among data series. but, one should be aware of the fact that using this differencing technique may result in a loss of precious data points on long-run characteristics of the time-series data. in fact when there is an equilibrium relationship between such variables, as engle and granger (1987) argue, the disequilibrium error should fluctuate about zero or equivalently the error terms should be stationary. hence, unit root test is important to apply in determining the stationary of time series data. any presence of unit root indicates a spurious regression relationship. this study uses the augmented dickey fuller test in dealing with the unit root problem which is formulated as follows: ∆yt = λ0 + λ1t + λ2yt-1 + σλi∆yt-i + εt where i = 1, 2, 3…k (1) the hypotheses to be tested are: h0: λ2 = 0 (the data is not stationary, it contains unit root) h1: λ2< 0 (data is stationary, it does not contain unit root) al-iqtishad: vol. vii no. 2, juli 2015 202 once the tested data series appear stationary at first difference (or higher), they are considered co integrated. then, the vector error correction model (vecm) technique can be applied. this model is a restricted vector autoregressive (var) technique. it is a unique technique that restricts the long run behavior of endogenous variables to converge to its co integrating relationship. in addition to that, it also allows for short run adjustments among the tested variables. in investigating directional relationship between pex and tase, the study assumes only one causal direction: tase affects pex. generally, a new stock exchange like pex is always under the influence of a long established exchange like tase. the case is even stronger when they are located so close to one another. the model adopted by this study is expressed as follows: pext = β0 + β1taset+ εt (2) where: pex = palestine stock exchange (proxied by al-quds index) tase = tel aviv stock exchange index εt = error terms discussion in investigating the causal-effect relationship between pex and tase, statistical tests in time-series econometric modeling are applied involving augmented dickey-fuller unit root test (adf) and bi-variate co integration tests (ecm). hypothesis testing is performed to determine the significance level of the unit root test. the result shows the p-values that indicate the level of significance. from the result, it is conclusive that both pex and tase are non-stationary at all lags, while the p-values from the result show that the first-differenced pex and tase data series are consistently stationary at all lags. the study also finds that both pex and tase are integrated at first difference. hence, the preliminary requirements in enger-granger co integration procedure have now been fulfilled. having the preliminary requirements met, the study performs long-run regression on the pex and tase data series (based on the model specification). the data shows the results of the regression analysis and rejection of the null hypothesis. this implies the presence of a statistically significant positive relationship between pex and tase. meanwhile, the data provide the descriptive statistics and the correlation matrix of the two market indexes. it is evident that there exists a moderate degree of correlation between pex and tase. in order for ols estimation to be statistically valid, engle-granger (1987) suggests that the long-run residuals derived from the long-run regression (r) must be stationary. at this point, two important tulus suryanto & abdul razak abdul hadi: capital market integration 203 implications are highlighted: first, as the long-run residuals are proven stationary, the pex and tase are considered co integrated; second, having pex and tase cointegrated, the vector error correction model (vecm) can now be deployed for further analysis. table 1. error correction model at lag 2 dependent variable : dpex variables parameter standard error t-value p-value intercept 2.1819 7.4844 0.29 0.7710 ldpex 0.1808 0.0779 2.32 0.0215 l2dpex -0.1458 0.0791 -1.84 0.0674 lr -0.1738 0.0486 -3.57 0.0005* ldtase 0.0194 0.1802 0.11 0.9143 l2dtase -0.0680 0.1798 -0.38 0.7057 note: 1. dpex is first difference in pex, ldpex is lag 1 of first difference in pex 2. lr is lag 1 residual and ldtase is lag 1 of first difference in tase by employing bi-variate error correction technique, the coefficients of pex and tase variables in the model can now be estimated. the long term and short term responses involving the two tested variables are examined. it was found through akaike results (aic) that the optimum lag-length for the tested model lies at lag 2 (vecm technique prefers lower aic value). the relevant results are summarized in table 1. the lr is a lag 1 residual derived from vecm (2). this is the key component in vecm that supports long-term or equilibrium relationship between the two stock exchanges. a statistically significant equilibrium relation is observed by lr’s p-value in table 1. given lr’s parameter value of 0.1748, this figure implies that there is approximately 17.48% speed of adjustment towards equilibrium made by pex in the system. this adjustment is considered relatively fast and implies presence of market integration between the pex and tase. theoretically, higher speed of adjustment is preferred because a statistically reliable endogenous variable should reflect high speed in its equilibrium adjustment. a statistically significant positive relationship between the two exchange markets is applied by the positive parameter value of tase (+0.5095). this means that the two exchange markets are positively correlated. the existence of long-term significant relationship between the two exchanges could support the presence of a short-term relation between them. from the f-value, the alternative hypothesis is rejected suggesting non existence of a short-term relationship between the two neighboring stock exchanges. in ensuring that the ols assumptions are put in check, diagnostic tests are carried out on the tested model. al-iqtishad: vol. vii no. 2, juli 2015 204 to examine constant variance of the error terms, lm arch test is applied. the test results are supports rejection of h0 at all levels. this clearly indicates that the residuals from the estimated model are homoscedastic or operating at constant variance. a normality test on error terms distribution should be applied before making any statistical inference. the test statistics explored by the study for normality depend on the distribution function involving kolmogorov-smirnov, cramer-von mises, and anderson-darling statistics. the results showing that the error terms from ecm (2) are not normally distributed for all four test statistics (see p-value). these findings do not detract from the whole picture, considering the study’s preliminary nature. to ensure that all residuals are independent of one another, autocorrelation test is applied to examine any existence of serial correlation among the short-term residuals. durbin-watson test results support the absence of autocorrelation among the residuals cusum analysis (or cumulative sum of residual test) is an important tool in econometric modeling. it is employed to tackle diagnostic problems related to parameter instability. from figure 1 representing cusum analysis, existence of parameter (short-run and long-run parameters) stability is confirmed, the short-run residuals lying within the lower and upper boundaries. as a whole, the predictive model developed from this study can be considered credible since no major diagnostic shortcoming were met in the tested model. figure1. cusum test (on short-run residuals of the model) c -40 -30 -20 -10 0 10 20 30 40 time 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 the results from diagnostic tests are free from major drawbacks and support the adoption of the suggested estimation model in the study. interestingly, the empirical results are also consistent with earlier studies. in a nutshell, the evidence presented here confirms the intuition that performances of regional stock markets are mutually dependent. it is strongly recommended that future research should tulus suryanto & abdul razak abdul hadi: capital market integration 205 incorporate other regional markets such as iraq and syria. the study urges both palestinian and israeli governments to review their respective foreign policy and emphasize on beefing up bilateral trades among themselves. the fact that business globalization is inevitable, devising an effective and dynamic policy is of utmost importance in maintaining regional economic prosperity. it is quite reasonable to argue the importance of an economic indicator such as stock market index in explaining the direction of an economic growth. having understood the equilibrium relationship between pex and tase, policymakers should devise an effective approach in rejuvenating economic activities in the two countries. similarly, stock traders and value investors should use this piece of information to come out with a trading strategy that can protect value of their investment portfolio. cusum analysis in depicted in chart 1 also suggests the stability of both short-run and long-run parameters in the estimated model over the study period. conclusion despite the long hostility between palestine and israel, there is one thing that they share in common. the empirical findings from this study have proved that both pex and tase are co-integrated. nevertheless, there is an absence of shortterm dynamic between the two markets indexes as revealed by granger causality test. analysis of dynamic interactions over the post-sample period indicated that pex is the most endogenous of all. analysis of variance decomposition reveals 78% variations in pex is explained by itself as compared to 92% in tase. from the analysis of impulse-response function, pex is seen more responsive towards a given shock in tase. these findings are very much in line with our model specification that performance of pex is dependent upon the movements in tase. it is now evident that the neighboring countries like egypt, jordan and israel play important roles in supporting the growth of palestinian economy. tase does influence the palestinian economy through its capital market mechanism. the results obtained from this study clearly show the mutual benefits derived from international trade and portfolio investment involving the two neighboring countries. in particular, economic prosperity in israel will undoubtedly help boost palestinian economy as the two countries share national borders, resources and relatively same market structure. hence, regional economic and political cooperation has to be improved between the two countries, which in turn help sustain long term economic growth. al-iqtishad: vol. vii no. 2, juli 2015 206 references abdelkarim, n & ijbara. 2010. evidence on corporate governance compliance by palestine securities exchange listed firms. global journal of business research. vol. 4, no. 3, pp. 73-88. abdelkarim, n. 2007. evaluation the application’s endeavors of listing and disclosure systems in palestine securities exchange (in arabic). working paper, first annual palestinian capital market forum, ramallah (sep.8-9), palestine. abdelkarim, n. et.al. 2009. investor perception of information disclosed in financial reports of palestine securities exchange listed companies. accounting & taxation vol. 1, no. 1, pp. 45-61. abusharbeh, t. 2009. assessment of financial reporting and disclosure practices of palestine securities exchange’s listed companies in the light of local legal requirements, international accounting standards and investors expectations (in arabic). (unpublished dissertation). jordan: amman arab university for graduate studies. arshanapalli, b. & doukas. 1993. international stock market linkages: evidence from the preand post-october 1987 period. journal of banking & finance, 17, pp. 193-208. bekaert, g., et.al. 2005. market integration and contagion. journal of business, 78(1), pp. 39-69. daraghma, z. 2010. board of directors, management ownership, and capital structure and its effect on performance: the case of palestine securities exchange. international journal of business and management vol.5, no.11; november, pp. 119120. hassan, a., et.al. 2004. an analysis of day-of-the-week effects in the egyptian stock market. international journal of business, 9(3), 2004, pp. 83−93. izquierdo, a.f. & j.a. lafuente. 2004. international transmission of stock exchange volatility: empirical evidence from the asian crisis. global finance journal, 15, pp. 125-37. mohammad a. & b. salomon. 1996. is mena a region?the scope for regional integration. imf working paper wp/96/30. sheng, h.c. & a. tu. 2000. a study of cointegration and variance decomposition among national equity indices before and during the period of the asian financial crisis. journal of multinational financial management, 10, pp. 345-365. zoa’rob, h. 2005. testing the operational efficiency of the palestine securities exchange. (in arabic). research paper presented to the first scientific meeting held in the islamic university (april, 0 -9), gaza, palestine. abdul wahab: komparasi efisiensi teknis bank umum konvensional 179 komparasi efisiensi teknis bank umum konvensional (buk) dan bank umum syariah (bus) di indonesia dengan metode data envelopment analysis (dea) abdul wahab, muhamad nadratuzzaman hosen & syafaat muhari1 abstract: the comparation of technical efficiency between conventional banks and islamic banks in indonesia using dea method. this research is to compare the levels of technical efficiency between buk and bus by employing non-parametric data envelopment analysis (dea). this research assigns third party funds, labor expenses and fixed assets which are input variable, meanwhile total credit and other incomes are determined as output variables. this research also examines the profitability of buk and bus by using panel regression model with car, ldr, npl and bopo as independent variables, where roa and roe are dependent variables. the result showed that the average technical efficiency of the conventional banks is better than that of the islamic banks. that is because of the inefficient utilization of input variables, namely third party funds, labor expenses and fixed assets in the islamic banks. keywords: efficiency bank, data envelopment analysis, panel regression abstrak: komparasi efisiensi teknis bank umum konvensional dan bank umum syariah di indonesia dengan metode dea. penelitian ini bertujuan untuk membandingkan efisiensi teknis bank umum konvensional dan bank umum syariah. penelitian ini menggunakan non-parametrik data envelopment analysis dengan pendekatan intemediasi. variabel inputnya dpk, biaya tenaga kerja dan harta tetap. variabel outputnya total kredit dan pendapatan lainnya. selain itu diukur juga profitabilitasnya dengan metode regresi panel. variabel independennya, car, ldr, npl dan bopo, variabel dependennya roa dan roe. hasil yang ada menunjukkan bahwa bank umum konvensional secara rata-rata memiliki efisiensi teknis yang lebih baik dari bank umum syariah. hal ini dikarenakan inefisiensi dalam penggunaan variabel input, seperti dana pihak ketiga, biaya tenaga kerja, dan aset tetap di bank syariah. kata kunci: efisiensi bank, data envelopment analysis (dea), regresi panel 1 diterima: 28 pebruari 2014 , direvisi: 4 april 2014 , disetujui: 16 april 2014 ief trisakti, jl. kyai tapa no. 1, grogol, jakarta barat. email: awahab27@yahoo.com fakultas syariah dan hukum uin syarif hidayatullah jakarta, jl. ir. h. juanda no. 95, tangerang selatan, banten. email: mnhosen@gmail.com ibfi trisakti. jl. kyai tapa no. 1, grogol, jakarta barat. email: syafaatmuhari@ymail.com al-iqtishad: vol. vi no. 2, juli 2014 180 pendahuluan lembaga keuangan bank maupun non bank merupakan tulang punggung perekonomian suatu negara, di mana keduanya mempunyai peranan penting sebagai lembaga intermediasi antara pihak yang kelebihan dana yang menyimpan kelebihan dananya di lembaga keuangan dengan pihak yang kekurangan dana yang meminjam dana ke lembaga keuangan. oleh karena itu, kepercayaan terhadap lembaga keuangan menjadi sangat penting agar fungsi intermediasi dapat berjalan sesuai dengan yang diharapkan. jika fungsi intermediasi tercapai maka penggunaan dana akan lebih optimal dan efisien yang akan berdampak pada meningkatnya aktivitas produktif dari dana yang dipinjamkan sehingga output aktifitas produksi akan meningkat dan lapangan kerja baru yang banyak bermunculan menambah taraf kemakmuran dan kesejahteraan masyarakat. tabel 1. perkembangan jumlah bank umum syariah di indonesia tahun 2006-2012 sebagai berikut: indikator 2006 2007 2008 2009 2010 2011 2012 jaringan kantor jumlah bank jumlah kantor 3 346 3 398 5 576 6 711 11 1.215 11 1.390 11 1.734 sumber: statistik perbankan syariah dalam dunia usaha termasuk lembaga keuangan, kompetisi adalah suatu hal yang sudah terjadi dan akan terus terjadi. agar survive dalam usahanya maka suatu unit usaha dapat diukur hasil kerja dalam bentuk kinerja. salah satu cara untuk mengukur kinerja adalah effisiensi, yang antara lain dapat ditingkatkan melalui penurunan biaya (reducing cost) dalam proses produksi. berger et.al (1993) dalam nurul komariyatun (2006), mengatakan jika terjadi perubahan struktur keuangan yang cepat maka penting mengidentifikasi efisiensi biaya dan pendapatan. bank yang lebih efisien diharapkan akan mendapat keuntungan yang optimal dengan kata lain tingkat profitabilitasnya akan meningkat, yang akan dapat digunakan untuk meningkatkan laba di tahan, peningkatan pelayanan kepada nasabah dengan melalui peningkatan skill para pegawainya maupun peningkatan kualitas dan kuantitas sarana dan prasarananya. dari data tersebut diatas diketahui jumlah bank umum syariah pada tahun 2007 sebanyak 3 bank terdiri dari 398 kantor, berkembang menjadi 11 bank dan 1.734 kantor pada tahun 2012. berdasarkan data selama 3 (tiga) tahun terahir yaitu dari tahun 2010 sampai dengan 2012 terjadi pertumbuhan total aset buk yaitu sebesar 19%. periode yang sama dpk dan kredit masing-masing tumbuh 18% dan 21%. sedangkan bus abdul wahab: komparasi efisiensi teknis bank umum konvensional 181 selama 3 (tiga) tahun terahir yaitu dari tahun 2010 sampai dengan 2012 terjadi pertumbuhan total aset bus yaitu sebesar 22%. periode yang sama dpk simpanan wadiah tumbuh 27%, dana investasi tidak terikat tumbuh 21% sedangkan pembiayaan tumbuh 22% . dari angka pertumbuhan selama 3 (tiga) tahun bus cukup seimbang yaitu asset tumbuh 22%, pembiayaan 22%. sedangkan kinerja keuangan yang menunjukkan tingkat ukuran efisiensi pengelolaan bank dapat dilihat dari ratio keuangan berupa return on asset (roa), return on equity (roe), loan to deposit ratio (ldr)/ financial to deposit ratio (fdr), non performing loan (npl)/non performing financing (npf), bopo, net interest margin (nim). berdasarkan data yang diperoleh dapat ditarik beberapa hal terkait dengan kinerja bank umum syariah dan bank umum konvensional. a. roa dan roe rata-rata bus pada tahun 2010 sampai dengan tahun 2012 relatif lebih rendah dibanding buk. b. fdr bus pada posisi akhir tahun 2011 dan tahun 2012 relatif lebih tinggi dibandingkan dengan ldr buk c. npf/npl gross bus rata-rata lebih rendah dibandingkan dengan buk dan 3 (tiga) tahun terakhir yang paling rendah adalah buk bca yaitu dibawah % yaitu sebesar 0,64% pada tahun 2010, sebesar 0,49% pada tahun 2011, sebesar 0,38% pada tahun 2012. bank lainnya baik kelompok buk maupun kelompok bus npl/ npf nya berkisar antara 2% sampai dengan 3% dibawah 5% sebagaimana ketentuan bank indonesia peraturan bank indonesia nomor 6/9/pbi/2004 tentang tindak lanjut pengawasan dan penetapan status bank bahwa maksimal npl/npf net adalah 5%. d. rata-rata bopo bus di luar maybank syariah lebih tinggi yaitu antara 70% 80% dibandingkan dengan kelompok buk antara 60% 70%. e. pada posisi akhir tahun 2011 rata-rata nim bus lebih tinggi dibandingkan dengan buk. nim bus yang paling tinggi adalah mega syariah yaitu 15,10%. bus lainnya antara 5% sampai dengan 8%. nim buk tertinggi adalah bri yaitu 10,77%, sedangkan buk lainnya merata antara 5 % sampai dengan 6.%. sesuai dengan permasalahan yang telah dijelaskan bahwa fenomena empiris yang muncul pada perbedaan tentang efisiensi perbankan buk dan bus yang ditemukan dalam hasil penelitian terdahulu yaitu efisiensi bus lebih baik dibandingkan dengan efisiensi buk. namun menurut analisa efisiensi teknis dari kinerja keuangan tahun 20010 – 2012 diatas yang menyimpulkan bahwa rata-rata buk lebih baik dibandingkan dengan bus. artinya efisiensi bus lebih rendah jika dibandingkan dengan buk. hal ini bertentangan dengan hasil para peneliti terdahulu yang menggunakan dea. sementara itu pertumbuhan bank syariah selama 3 (tiga) tahun terakhir cukup tinggi 22% dibandingkan dengan pertumbuhan asset al-iqtishad: vol. vi no. 2, juli 2014 182 bank konvensional 19%. saat ini share bank syariah baru 3,7%selama masa 20 tahun. apakah mungkin operasional bank syariah bus tersebut efisiensinya lebih dibandingkan dengan buk. maka muncul pertanyaan penelitian yang akan dijawab dalam penelitian ini yaitu bagaimana perbedaan nilai efisiensi dan profitabilitas antara buk dengan bus selama periode 2007-2011. tinjauan pustaka menurut ascarya et. al (2008) bahwa pengukuran efisiensi dengan menggunakan pendekatan frontier sudah digunakan selama 40 tahun lebih (coelli, 1996). metode utama yang menggunakan linier programming dan metode ekonometrika adalah: 1) data envelopment analysis; dan 2) stochastic frontier approach. pengukuran efisiensi modern ini pertama kali dirintis oleh farrell (1957), bekerja sama dengan debreu dan koopmans, dengan mendefinisikan suatu ukuran yang sederhana untuk mengukur efisiensi suatu perusahaan yang dapat memperhitungkan input yang banyak. efisiensi yang dimaksudkan oleh farrell terdiri dari efisiensi teknis (technical efficiency) yang merefleksikan kemampuan dari suatu perusahaan untuk memaksimalkan output dengan input tertentu, dan efisiensi alokatif (allocative efficiency) yang merefleksikan kemampuan dari suatu perusahaan yang memanfaatkan input secara optimal dengan tingkat harga yang telah ditetapkan. kedua ukuran efisiensi ini kemudian dikombinasikan untuk menghasilkan efisiensi ekonomis (total). pengukuran berorientasi input (input-oriented measures) pengukuran berorientasi input menunjukkan sejumlah input dapat dikurangi secara proporsional tanpa mengubah jumlah output yang dihasilkan. farrell (1957) memberikan ilustrasi dengan melibatkan perusahaan-perusahaan yang menggunakan dua input (x1 dan x2) untuk memproduksi satu output (y) dengan asumsi constant return to scale. sebuah perusahaan menggunakan dua input yaitu x1 dan x2 untuk memproduksi output sebesar y (asumsi constant return to scale). isoquant ss1 menggambarkan kombinasi input untuk menghasilkan tingkat output yang sama (efisien secara teknis). isocost aa1 menggambarkan kombinasi input yang dapat dibeli oleh produsen dengan tingkat biaya yang sama (efisien secara alokatif ). garis op menunjukkan kombinasi input yang digunakan oleh suatu perusahaan. titik q1 menunjukkan efisien secara teknikal dan alokatif. titik m menunjukkan ketidakefisienan karena tidak berada pada kurva isocost dan isoquant. titik n efisien abdul wahab: komparasi efisiensi teknis bank umum konvensional 183 secara alokatif, sedangkan titik q efisien secara teknis. efisien secara teknis diperoleh dari rasio te = oq/op. efisien secara alokatif diperoleh dari rasio ae = on/oq – selama nq merepresentasikan bahwa pengurangan biaya produksi akan terjadi jika produksi secara teknis maupun alokatif efisien pada titik q1. sehingga total efisiensi sama dengan on/op –np adalah pengurangan biaya produksi. fungsi produksi yang menunjukkan perusahaan yang efisien penuh (ss1) secara praktek tidak diketahui. oleh sebab itu, perlu diestimasi melalui sampel observasi dari perusahaan-perusahaan dalam satu industri. menurut farrell untuk mengestimasi fungsi produksi tersebut dapat dilakukan dengan dua cara, yaitu: 1) non-parametric piecewise-linear convex isoquant, dan b) fungsi parametrik, seperti bentuk cobb-douglas. sedangkan coelli menggunakan pendekatan nonparametrik dea untuk mengestimasi fungsi produksi yang efisien tersebut. dimana: x1 = input pertama, x2 = input kedua, q = output. jika rasio harga input (dalam gambar 1 diwakili oleh garis aa) juga telah diketahui, maka titik produksi yang efisien secara alokatif dapat juga dihitung. tingkat efisiensi alokatif (allocative efficiency/ae) dari suatu perusahaan yang berorientasi pada titik p dapat didefinisikan sebagai rasio dari : ae = 0n/0p ............................................................... (1) dimana jarak nq menggambarkan pengurangan dalam biaya produksi yang dapat diperoleh apabila tingkat produksi berada pada titik q1 yang efisiensi secara alokatif (dan secara teknis), berbeda dengan titik q yang efisien secara teknis (technical efficient), akan tetapi tidak-efisien secara alokatif (allocatively inefficient). total efisiensi ekonomis (total economic efficiency) didefinisikan sebagai rasio dari : ee = 0q / 0p .............................................................. (2) dimana jarak dari titik n ke titik p dapat juga diinterpretasikan dengan istilah pengurangan biaya (cost reduction). perhatikan bahwa produk yang efisien secara teknis dan secara alokatif memberikan makna telah tercapainya efisiensi ekonomis secara keseluruhan. te x ae = (0q/0p) x (0n/0p) = (0q/0p) = ee ..................... (3) dimana semua ukuran ketiganya terletak pada daerah yang bernilai antara nol dan satu. pengukuran berorientasi output (output-orientated measures) pengukuran efisien secara teknis yang berorientasi input, pada dasarnya bisa ditujukan untuk menjawab sebuah pertanyaan: “sampai seberapa banyaknya kuantitas input dapat dikurangi secara proporsional tanpa mengubah kuantitas output yang al-iqtishad: vol. vi no. 2, juli 2014 184 diproduksi dengan kata lain, sedangkan sampai seberapa banyak kuantitas dari output dapat ditambah tanpa mengubah kuantitas input yang digunakan. ini yang disebut pengukuran berorientasi output (output-oriented measure), merupakan kebalikan dari pengukuran berorientasikan input. perbedaan antara pengukuran berorientasi input dan output dapat diilustrasikan dengan menggunakan sebuah contoh sederhana yang terdiri dari satu input dan satu output, dalam gambar 2. (a), diilustrasikan mengenai sebuah fungsi produksi dengan teknologi yang bersifat decreasing return to scale yang diwakili oleh ƒ(x), dan sebuah perusahaan yang tidak efisien yang beroperasi pada titik p. farell menjelaskan pengukuran yang berorientas input dari efisiensi teknis sama dengan rasio ab/ap, sedangkan pengukuran berorientasikan output dari efisiensi teknis diwakili oleh rasio cp/cd. pengukuran yang berorientasi input dan output akan menghasilkan nilai pengukuran yang sama dari efisiensi teknis jika berada dalam kondisi constant return to scale (crs), namun jika berada dalam kondisi decreasing return to scale (drs), nilai pengukuran te tidak akan sama hasilnya. (b), bahwa ab/ ap =cp/cd, untuk titik p yang tidak efisien (farell dan lovell, 1978) dalam coelli, et al (2005). pengukuran tingkat efisiensi berorientasi output ini dapat dianalisis lebih dalam dengan sebuah contoh kasus dimana fungsi produksi melibatkan dua macam output (q1 dan q2) dan sebuah input tunggal (x). jika kita mengasumsikan kondisinya constant return to scale, maka dapat direpresentasikan tingkat teknologi dengan sebuah kurva unit kemungkinan produksi (unit production possibility curve) dalam bentuk dua dimensi. oleh sebab itu, sebuah pengukuran efisiensi teknis berorientasikan output adalah merupakan rasio te= 0a/0b dengan revenue efficiency (re) yang merupakan rasio re=0b/0c. jika diperoleh informasi tentang harga, maka dapat digambarkan sebuah kurva isorevenue yaitu garis dd1 dan mendefinisikan alokatif sebagai, ae = 0b/0c dimana mempunyai sebuah interpretasi adanya peningkatan pendapatan ( a increasing revenue interpretation ), dimana pada contoh kasus pengukuran efisiensi berorientasi input, serupa dengan interpretasi adanya pengurangan biaya (cost reducing) dalam kondisi ketidakefisienan yang bersifat alokatif. lebih lanjut dapat didefinisikan efisiensi ekonomi secara keseluruhan (overall economic efficiency) sebagai hasil dari dua pengukuran efisiensi teknis dan efisiensi alokatif. ee= (0a/0c) = (0a/0b) x (0b/0c) = te x ae abdul wahab: komparasi efisiensi teknis bank umum konvensional 185 metode sumber data dalam penelitian ini menggunakan data sekunder yaitu diperoleh dari laporan keuangan per semester buk dan bus publikasi bank yang bersangkutan dan/ atau dari bank indonesia pada periode 2010-2012. adapun data sekunder yang dibutuhkan dalam penelitian ini adalah: a. untuk data enveloptment analysis adalah: total kredit, laba operasional lainnya, total dana pihak ketiga, harta tetap, biaya tenaga kerja sebagai proksi dari jumlah tenaga kerja yang diperoleh dari laporan keuangan neraca dan laba / rugi buk dan total pembiayaan dari neraca dalam laporan keuangan bus yang bersangkutan selama periode pengamatan. b. untuk profitabilitas adalah car, ldr/fdr,bopo, npl/ npf sebagai variable independent dan roa serta roe sebagai variable dependent. metode pengumpulan data yang digunakan dalam penelitian ini dengan menggunakan metode dokumentasi, yaitu metode yang menghimpun informasi dan data melalui metode studi pustaka, eksplorasi literatur-literatur dan laporan keuangan yang dipublikasikan oleh bank indonesia atau buk dan bus yang bersangkutan. alat analisa untuk efisiensi yang digunkan adalah non parametric dea dengan pendekatan intermediasi. untuk profitabilitas alat analisanya regresi panel. data envelopment analysis (dea) merupakan metodologi untuk menganalisis tingkat efisiensi relatif dan kinerja manajerial produktif atau unit pengambilan keputusan (decision making units (dmu). teknik analisis dea membolehkan kita untuk membandingkan tingkat efisiensi relatif dari bank dengan pertama kali menenentukan tingkat efisiensi bank sebagai acuan dan kemudian mengukur inefisiensi dari kombinasi masukan atas bank lain secara relatif pada bank yang menjadi acuan (jemrić dan vujčić, 2002). teknik analisis dea merupakan pendekatan alternatif atas analisis regresi. ketika analisis regresi berdasarkan pada ukuran pemusatan, maka teknik dea berbasis pada observasi eksternal. kemudian teknik dea menggunakan dan menganalisis tiap vektor (dmu) secara terpisah untuk memproduksi pengukuran efisensi individual secara relatif pada seluruh himpunan yang sedang dilakukan evaluasi (jemrić dan vujčić, 2002). dari himpunan data yang tersedia, teknik dea mengidentifikasi titik referensi (efisiensi relatif terhadap dmus), kemudian menetapkan batasan efisiensi sebagai praktik terbaik dalam teknologi produksi, dan terakhir mengevaluasi inefisiensi pada titik interior yang lain. seluruh dmus yang mengalami inefisiensi akan berada pada batasan efisiensi tersebut. al-iqtishad: vol. vi no. 2, juli 2014 186 pembahasan hasil olahan dea hasil perhitungan analisis dea menunjukkan untuk tahun 2010 menunjukkan dari total 10 bank konvesional terbesar di indonesia yang dijadikan sampel, seluruh bank sudah mencapai tingkat efisiensi yang optimal 100%, kecuali bank mandiri dimana bank tersebut baru mencapai tingkat efisiensi sebesar 98,39%. hasil perhitungan analisis dea tahun 2011 menunjukkan terjadi penurunan jumlah bank konvensional yang sudah mencapai tingkat efisiensi yang optimal 100% dibandingkan tahun 2010. pada tahun 2011 jumlah bank yang mencapai tingkat efisiensi 100% turun menjadi 7 bank dimana tahun sebelumnya 2010 sebanyak 9 bank. bank yang mengalami penurunan tingkat efisiensi adalah bri, dimana pada tahun 2011 tingkat efisiensi turun menjadi 98,07%, bca turun menjadi 88,54% dan bni turun menjadi 78,68%. hasil perhitungan analisis dea tahun 2012 menunjukkan hasil yang membaik, dimana pada tahun ini bank yang memiliki tingkat efisiensi optimal 100% sebanyak 8 bank, selain itu terjadi peningkatan tingkat efisiensi pada bank bni dengan tingkat efisiensi sebesar 90,76% namun pada bank bii terjadi penurunan tingkat efisiensi dibandingkan tahun sebelumnya yaitu menjadi 98,37%. tabel 2. kinerja efisiensi dea masing-masing bank konvensional 2010-2012 no uke bank efisiensi (%) 2010 2011 2012 1 uke1 mandiri 98,39 100 100 2 uke2 bri 100 98,07 100 3 uke3 bca 100 88,54 100 4 uke4 bni 100 78,68 90,76 5 uke5 cimb niaga 100 100 100 6 uke6 danamon 100 100 100 7 uke7 panin 100 100 100 8 uke8 permata 100 100 100 9 uke9 bii 100 100 98,37 10 uke10 btn 100 100 100 sumber: data diolah dea hasil perhitungan analisis dea menunjukkan untuk tahun 2010 menunjukkan dari total 10 bank syariah terbesar di indonesia yang dijadikan sampel, hanya 6 bank yang sudah mencapai tingkat efisiensi yang optimal 100%, yaitu bank syariah mandiri, bank muamalat, bni syariah, bank jabar banten syariah, maybank abdul wahab: komparasi efisiensi teknis bank umum konvensional 187 syariah dan bca syariah. hasil perhitungan analisis dea tahun 2011 menunjukkan terjadi penurunan jumlah bank syariah yang sudah mencapai tingkat efisiensi yang optimal 100% dibandingkan tahun 2010. pada tahun 2011 jumlah bank yang mencapai tingkat efisiensi 100% turun menjadi 3 bank, dimana tahun sebelumnya 2010 sebanyak 6 bank. bank yang mengalami penurunan tingkat efisiensi adalah bank syariah mandiri pada tahun 2011 tingkat efisiensi turun menjadi 95,06%, bank muamalat turun menjadi 87,85% dan bca syariah turun menjadi 53,14%. hasil perhitungan analisis dea tahun 2012 menunjukkan hasil yang tidak begitu membaik, dimana pada tahun ini bank yang memiliki tingkat efisiensi optimal 100% sebanyak 4 bank. dimana terjadi peningkatan tingkat efisiensi yang optimal pada bank panin syariah dimana pada tahun 2011 tingkat efisiensi sebesar 73,08 persen. tabel 3. kinerja efisiensi dea masing-masing bank syariah 2010-2012 no uke bank efisiensi (%) 2010 2011 2012 1 uke1 syariah mandiri 100 95,06 100 2 uke2 muamalat 100 87,85 83,53 3 uke3 bri syariah 49,14 49,32 67,94 4 uke4 bni syariah 100 100 100 5 uke5 mega syariah 78,99 49,23 51,35 6 uke6 bukopin syariah 73,57 72,56 76,73 7 uke7 jabar banten syariah 100 100 55,17 8 uke8 maybank syariah 100 100 100 9 uke9 panin syariah 63,22 73,08 100 10 uke10 bca syariah 100 53,14 82,56 sumber: data diolah dea analisis regresi panel bank konvensional tabel 4. perbandingan hasil estimasi model roa konvesional variabel common effect fixed effect random effect koefisien koefisien koefisien c 9.433495 *** 6.072304 *** 6.630112 *** car 0.024302 0.095944 * 0.092509 * ldr -0.002534 -0.018431 -0.012937 npl -0.013858 -0.265993 ** -0.184432 * bopo -0.089267 *** -0.032456 ** -0.048153 *** al-iqtishad: vol. vi no. 2, juli 2014 188 r2 0.566935 0.856409 0.364764 adjusted r2 0.535440 0.815829 0.318565 f-statistik 18.00045 *** 21.10414 *** 7.895506 *** sumber: data diolah dengan eviews 7.0 pada kelompok konevensional dengan model roa, terlihat pada tabel 5 dengan melakukan pengujian menggunakan chow test dimana hipotesa nol (h0) adalah model common effect diperoleh nilai probabilitas dari chi square sebesar 0,0000 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan individual effect (fixed effect), maka pengujian selanjutnya adalah membandingkan fixed effect dengan random effect dimana pengujian menggunakan hausman test. dengan melakukan pengujian menggunakan hausman test dimana hipotesa nol (h0) adalah model random effect diperoleh nilai probabilitas dari chi square sebesar 0,00136 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan fixed effect. berdasarkan hasil uji pengaruh diketahui bahwa pada kelompok konvensional, faktor yang mampu mempengaruhi kinerja 10 buk terbesar di indonesia adalah npl dan bopo, dimana kedua variable ini memberikan pengaruh yang negatif dan signifikan terhadap kinerja buk terbesar di indonesia. tabel 5. hasil estimasi metode fixed effect model roa konvensional variabel dependent: roa variabel independent koefisien std. error probabilita c 6.072304 1.800704 0.0015 car 0.095944 0.050547 0.0640 ldr -0.018431 0.015004 0.2255 npl -0.265993 0.124478 0.0380 bopo -0.032456 0.012965 0.0159 r-squared 0.856409 adjusted r-squared 0.815829 f-stat 21.10414 prob f-stat 0.000000 sumber: data diolah, eviews 7.0 abdul wahab: komparasi efisiensi teknis bank umum konvensional 189 hasil penelitian ini sesuai dengan penelitian yang dilakukan oleh gelos (2006) dalam ahmad buyung nusantara, dalam penelitiannya menguji pengaruh npl terhadap roa bank dimana hasil penelitiannya menunjukkan hasil yang signifikan negatif berpengaruh terhadap kinerja bank artinya besarnya risiko kredit bank mempengaruhi kinerja bank. serta penelitian yang dilakukan oleh suyono (2005) dalam ahmad buyung nusantara, dalam penelitiannya yang menguji pengaruh bopo terhadap roa pada bank umum di indonesia periode tahun 20012003, menunjukkan bahwa bopo mempunyai pengaruh yang negatif terhadap roa. hasil yang didapat dalam penelitian ini didukung atau sesuai dengan penelitian yang dilakukan oleh muh. sabir. m, muhammad ali, abd. hamid habbe dalam penelitiannya yang berjudul pengaruh rasio kesehatan bank terhadap kinerja keuangan bank umum syariah dan bank konvensional di indonesia, penelitian yang dilakukan oleh yuliani dengan judul hubungan efisiensi operasional dengan kinerja profitabilitas pada sektor perbankan yang go publik di bursa efek jakarta. tabel 6. perbandingan hasil estimasi model roe konvesional variabel common effect fixed effect random effect koefisien koefisien koefisien c 84.74322 *** 49.58176 *** 53.24512 *** car -0.756543 -0.337394 -0.340556 ldr -0.168385 ** -0.155876 ** -0.175577 ** npl 0.417745 -0.196142 -0.196549 bopo -0.507891 *** -0.117317 * -0.143405 ** r2 0.498842 0.934987 0.211929 adjusted r2 0.462394 0.916614 0.154614 f-statistik 13.68643 *** 50.88849 *** 3.697657 *** sumber: data diolah dengan eviews 7.0 dengan melakukan pengujian menggunakan chow test dimana hipotesa nol (h0) adalah model common effect diperoleh nilai probabilitas dari chi square sebesar 0,0000 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan individual effect (fixed effect), maka pengujian selanjutnya adalah membandingkan fixed effect dengan random effect dimana pengujian menggunakan hausman test. dengan melakukan pengujian menggunakan hausman test dimana hipotesa nol (h0) adalah model random effect diperoleh nilai probabilitas dari chi square sebesar 0,3764 > 0,05. dengan demikian al-iqtishad: vol. vi no. 2, juli 2014 190 hipotesa nol (h0) gagal ditolak, sehingga model yang lebih baik digunakan untuk persamaan roe adalah estimasi dengan random effect. tabel 7. hasil estimasi metode random effect model roe konvensional variabel dependent: roe variabel independent koefisien std. error probabilita c 53.24512 8.395944 0.0000 car -0.340556 0.244282 0.1689 ldr -0.175577 0.066608 0.0109 npl -0.196549 0.590881 0.7407 bopo -0.143405 0.061741 0.0239 r-squared 0.211929 adjusted r-squared 0.154614 f-stat 3.697657 prob f-stat 0.000002 sumber: data diolah, eviews 7.0 pada model roe, variable yang memiliki pengaruh signifikan adalah bopo, dmana pengaruh yang diberikan bopo terhadap kinerja buk terbesar di indonesia yang diukur oleh roe adalah negatif. sedangkan ketiga variabel lainnya yaitu car, ldr dan npl tidak memiliki pengaruh yang signifikan terhadap kinerja buk yang diukur oleh roe. regresi panel bank syariah tabel 8. perbandingan hasil estimasi model roa syariah variabel common effect fixed effect random effect koefisien koefisien koefisien c 2.100982 ** 3.185110 *** 2.536657 *** car -0.002755 -0.019558 ** -0.010192 ldr 0.013372 ** 0.006289 0.010764 ** npl 0.177934 0.023117 0.049388 bopo -0.026065 *** -0.020243 *** -0.022203 *** r2 0.537893 0.745938 0.483223 adjusted r2 0.504286 0.674138 0.445639 f-statistik 16.00503 *** 10.38911 *** 12.85723 *** sumber: data diolah dengan eviews 7.0 abdul wahab: komparasi efisiensi teknis bank umum konvensional 191 dengan melakukan pengujian menggunakan chow test dimana hipotesa nol (h0) adalah model common effect diperoleh nilai probabilitas dari chi square sebesar 0,000 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan individual effect (fixed effect), maka pengujian selanjutnya adalah membandingkan fixed effect dengan random effect dimana pengujian menggunakan hausman test. dengan melakukan pengujian menggunakan hausman test dimana hipotesa nol (h0) adalah model random effect diperoleh nilai probabilitas dari chi square sebesar 0,2647 > 0,05. dengan demikian hipotesa nol (h0) gagal ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan random effect. pada kelompok bus, pada model roa variable yang mampu mempengaruhi kinerja 10 bus terbesar di indonesia adalah variable ldr dan bopo. pengaruh yang diberikan ldr adalah positif signifikan artinya semakin tinggi ldr dari bus maka semakin tinggi juga kinerja bus yang diukur oleh roa. hasil penelitian ini sesuai dengan penelitian yang dilakukan oleh restiyana dan m. kholiq mahfud, analisis pengaruh car, npl, bopo, ldr, dan nim terhadap profitabilitas perbankan (studi pada bank umum di indonesia periode 2006-2010) dan sesuai dengan dua penelitian yang sudah disebutkan diatas. selain ldr, bopo merupakan variable yang mampu mempengaruhi kinerja roa, pengaruh yang diberikan oleh bopo adalah negatif. hasil ini sesuai dengan hasil pada model roa di kelompok konvensional. dengan melakukan pengujian menggunakan chow test dimana hipotesa nol (h0) adalah model common effect diperoleh nilai probabilitas dari chi square sebesar 0,0000 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan individual effect (fixed effect), maka pengujian selanjutnya adalah membandingkan fixed effect dengan random effect dimana pengujian menggunakan hausman test. dengan melakukan pengujian menggunakan hausman test dimana hipotesa nol (h0) adalah model random effect diperoleh nilai probabilitas dari chi square sebesar 0,0858 > 0,05. dengan demikian hipotesa nol (h0) gagal ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan random effect. al-iqtishad: vol. vi no. 2, juli 2014 192 tabel 9. perbandingan hasil estimasi model roe syariah variabel common effect fixed effect random effect koefisien koefisien koefisien c 61.50642 *** 46.33671 *** 48.69024 *** car -0.175144 0.009845 -0.037361 ldr -0.111117 -0.038292 -0.056437 npl 2.539842 -2.176921 * -1.522937 bopo -0.388296 *** -0.262667 *** -0.265766 *** r2 0.455978 0.922254 0.567918 adjusted r2 0.416412 0.900283 0.536494 f-statistik 11.52469 *** 41.97481 *** 18.07267 *** sumber: data diolah dengan eviews 7.0 hasil yang sama juga terjadi pada model roe, dimana bopo mampu mempengaruhi roe 10 bus terbesar di indonesia, artinya semakin tinggi bopo 10 bus terbesar di indonesia maka semakin rendah kinerja bus tersebut yang diukur oleh roe. adapun keterbatasan dari penelitian ini: 1. dengan menggunakan metode dea nonparametrik dengan pendekatan intermediasi, sedangkan 2 (dua) pendekatan lainnya yaitu pendekatan produksi dan total asset tidak kami bahas. 2. pembahasan efisiensi dapat dilihat dari sisi input mapun dari sisi output, pembahasan dalam penelitian ini hanya dari sisi input. 3. periode sampelnya hanya 3 (tiga) tahun yaitu tahun 2010, 2011 dan tahun 2012. 4. individu obyek penelitian berupa 10 (sepuluh) buk dan bus terbesar. simpulan hasil olahan dea diketahui bahwa rata-rata efisiensi buk lebih baik dibandingkan bus. hal ini dengan ulasan pada bagian latar belakang sudah diberikan penjelasan bahwa berdasarkan analisa efisiensi teknis yaitu perbandingan ratio-ratio keuangannya kinerja buk lebih baik dibandingkan bus. hal ini dikarenakan buk sudah beroperasi cukup lama dibandingkan dengan bus, di samping itu terdapat perbedaan operasional antara buk dan bus, salah satu perbedaan yang cukup mencolok adalah pada sistem bagi hasil pada bus tidak dapat diprediksi di awal karena berdasarkan realisasi hasil usaha yang ada. sementara sistem bunga langsung ditentukan di muka. kemudian pada produk murabahah margin sudah ditentuabdul wahab: komparasi efisiensi teknis bank umum konvensional 193 kan sampai dengan jatuh tempo walaupun terhadap kredit jangka panjang seperti kpr dengan jangka waktu rata-rata di atas 10 (sepuluh) tahun. penetapan fix rate atas margin keuntungan maka ditambahkan premium risk sehingga menghasilkan pricing yang lebih tinggi dibandingkan buk, hal ini menyebabkan bus tidak bisa bersaing dengan buk. bopo berpengaruh negatif dan siginifikan baik terhadap roa maupun roe, bagi buk maupun buk. npl berpengaruh negatif signifikan terhadap roa buk. ldr berpengaruh negatif signifikan terhadap roe buk tetapi berpengaruh positif signifikan terhadap roa bus. bagi buk dan bus yang belum efisien, untuk memperoleh efifiensi yang optimal, agar mengurangi pemborosan dalam penggunaan varibel inputnya dpk, btk dan aktiva tetap atau pemanfaatannya dioptimalkan lagi. bagi bus yang tidak efisien pada varibel input dpk, agar lebih berani mengambil risiko dalam pengerahan dpk, sehingga lebih banyak penerimaan dana mudharabahnya yang mutlaqoh sehingga dapat diperoleh keuntungan yang lebih tinggi dibandingkan mudharabah muqoyyadah. bagi buk dan bus yang sudah efisien, agar mempertahankan kinerjanya dengan meminimalkan variabel input sekaligus meningkat variabel output sehingga terjadi produktivitas, namun dengan tetap memperhatikan kewajaran terutama berkaitan dengan variabel input biaya tenaga kerja. bagi regulator bank indonesia dan ojk, agar membuat aturan-aturan yang mendukung pengembangan industri keuangan terutama keuangan syariah terutama di bidang perbankan. karena keuangan perbankan syariah, adalah industri yang baru tumbuh di negara ri yang mayoritas beragama islam mempunyai potensi yang sangat besar. bagi mui/ dsn agar mengawal pertumbuhan lembaga keuangan syariah terutama di bidang perbankan agar tetap dalam koridor syar’i, sekaligus membuat aturan-aturan yang diperlukan untuk pengembangan produk maupun aturan operasional lainnya yang diperlukan. bagi lembaga pendidikan agar memperkuat bidang riset berkolaborasi dengan praktisi/ pelaku ekonomi terutama dengan lembaga perbankan maupun dengan otoritas monener seperti bank indonesia dan ojk/ kementrian keuangan sehingga dapat mendukung pengembangan lembaga keuangan, lembaga keuangan menjadi semakin sehat dan berkembang tentu efek penggandanya akan mengembangkan perekonomian negara secara keseluruhan. pustaka acuan abidin, z. 2007. kinerja efisiensi pada bank umum periode 2002-2005. proceeding pesat (psikologi, ekonomi, sastra, arsitek, sipil) vol.2. auditorium kampus gunadharma, 21-22 agustus 2007. al-iqtishad: vol. vi no. 2, juli 2014 194 amirillah, m.a. 2010. efisiensi perbankan syariah di indonesia tahun 2005-2009 (tesis). semarang: universitas diponegoro. antonio, m. s. 2001. bank syariah dari teori ke praktek. depok: gema insani press. arifin, z. 2009. dasar-dasar manajemen bank syariah. jakarta: azkia publisher. arslan, b. g & e.h. ergec. 2010. the efficiency of participation and conventional banks in turkey: using data envelopment analysis. international research journal of finance and economics issue 57. bachruddin. 2006. pengukuran tingkat efisiensi bank syariah dan bank konvensional di indonesia dengan formula david cole’s roe for bank. jurnal siasat bisnis vol. 11 no. 1, april 2006: hlm. 67-80. efendic, v. 2011. efficiency of the banking sector of bosnia–herzegovina with special reference to relative efficiency of the existing islamic bank. paper presented in 8th international conference on islamic economics and finance. iqbal, z. & a. mirakhor. 2008. pengantar keuangan islam teori dan praktek. jakarta: kencana. jemrić, i & b. vujčić. 2002. efficiency of banks in croatia: a dea approach, croatian national bank, working paper, 7 pebruari 2002. komaryatin, n. 2006. analisis efisiensi teknis industri bpr di eks karesidenan pati (tesis). semarang: universitas diponegoro. prastowo, dwi dan rifka yuliaty. 2005. analisa laporan keuangan konsep dan aplikasi. yogyakarta: amp ykpn. prasetyia, f. & k. diendtara. 2011. pengukuran efisiensi perbankan syariah berbasis manajemen risiko. jurnal keuangan dan perbankan, vol. 15, no. 1, hlm. 119-129, 2011. purwanto, r. 2011. analisis perbandingan efisiensi bank umum konvensional (buk) dan bank umum syariah (bus) di indonesia dengan metode data envelopment analysis (dea) (periode 2006-2010) (skripsi). semarang: universitas diponegoro. rahmawati, r. & m. n. hosen. 2012. efficiency of fund management of sharia banking in indonesia (based on parametric approach). international journal of academic research in economics and management sciences, vol. 1, no.2, hlm: 144-157. rosyadi, i. & fauzan. 2011. komparatif efisiensi perbankan syariah dan perbankan konvensional di indonesia. jurnal manajemen dan bisnis volume 15, nomor 2, desember 2011: hlm. 129-147. rizqon halal syah aji & kurniasih: the intellectual capital effect 181 the intellectual capital effect on financial performances at islamic insurance rizqon halal syah aji & kurniasih1 abstract. the intellectual capital effect on financial performances at islamic insurance. the research has analyzed the intellectual capital effect of the islamic insurance company’s financial performance. intellectual capital is quantified by vaictm (value added intellectual capital), for efficiency components are physical capital coefficient (vaca), human capital coefficient (vahu), and structural capital coefficient (stva). financial performance is quantified by roa and rbc. data is given from seven islamic insurance companies during 2009-2013. data analysis used is pls (partial least square). the result shows that intellectual capital factors had an affect the company’s financial performance. intellectual capital relation to financial performance parameter value estimated coefficient 0,845 with t-statistic 46,771. vaictm enables to elucidate financial performance variable 71, 6%, is by finding the r-square perf value (financial performance) 0,716. keyword: intellectual capital, financial performance, partial least square (pls) abstrak. pengaruh modal intelektual terhadap kinerja keuangan pada asuransi syariah. penelitian ini menganalisis pengaruh modal intelektual terhadap kinerja keuangan di industri asuransi syariah. modal intelektual dijelaskan dengan vaictm (value added intelectual capital), sedangkan komponen efisiensi ialah koefisien modal fisik (vaca), koefisien modal manusia (vahu), dan koefisie modal structural (stva). kinerja keuangan dikuantifikasikan dengan roa dan rbc. data yang digunakan ilah dari tujuh perusahaan asuransi syariah selama 2009 – 2013. data dianalisis dengan partial least square. hasil yang ada menunjukkan bahwa faktor modal intelektual memiliki pengaruh terhadap kinerja keuangan perusahaan. modal intelektual memiliki hubungan terhadap parameter kinerja keuangan dengan nilai estimasi sebesar 0,845 dengan nilai t-hitung sebesar 46,771. vaictm mampu mendorong variabel kinerja keuangan sebesar 71,6%, hal ini diperlihatkan dengan nilai r2 sebesar 0,716. kata kunci: modal intelektual, kinerja keuangan, partial least square first draft: january, 10th 2015, revision: february, 27th 2015, accepted: march, 20th 2015 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: risqon.hsa@gmail.com; kurniasih129@gmail.com al-iqtishad: vol. vii no. 2, juli 2015 182 introduction knowledge based industries concept leads to new business view. it exposes old paradigm of business view which is dominant on labor based business view. ambar widyaningrum (2004) figure out that knowledge based industries is transformation, capitalization and knowledge transfer process as a media to get earning. it can be new reference of knowledge based industries concept and it is crucial in uplifting company’s performance, especially in finance reporting. in this research, it will be appeared quantifying of intellectual capital by “value added intellectual coefficient” (vaictm). ante public offered a measure unit to asses value added efficiency as a result of company intellectual ability. primary components of vaictm are comprises of physical capital (vaca – value added capital employed), human capital (vahu – value added human capital) and structural capital (stva – structural capital value added). furthermore, ante public said that intellectual ability (vaictm) indicates how both of human resource (physical capital and intellectual capital) has already used by some companies efficiently. the role of human resource in islamic insurance have important role, is agent to uplift up selling. on the other research also indicating that area of information technology (it), marketing and human resource of islamic insurance are needed to develop, because it will affect company profit. those indicate that if company would invest in developing human resource, infrastructure, or marketing, those will become intellectual capital and value added of the company. indonesian insurance have no identify yet intellectual capital seriously as important factor. till know, several companies in indonesia have tend to use conventional based in forming their business. so that, products were produced meritless technology touching. some instances are human capital, structure capital and customer capital. those are indicated by many cases of fraud agent, claim matter. those are difficult to break out and technology use have not maximized yet. those matters come up a research challenge of intellectual capital problematic. based on problems above, in this research will be elucidated: first, how to do treating, measuring and exposing intellectual capital of insurance company in indonesia? second, how to report intellectual capital which is able to affect for finance performance of islamic insurance company? literature review intellectual capital has many definitions. according to sveiby (1998) (sawarjuwono and kadir, 2003) intellectual capital is the invisible intangible part of the balance sheet can be classified as a family of three, individual competence, internal structural, and external structure. kadir (2003), figure out that intellectual rizqon halal syah aji & kurniasih: the intellectual capital effect 183 capital is the results of three main organization elements (human capital, structural capital, costumer capital) have relation to knowledge and information rendering value added and eminency for company to compete. ante public submitted that efficiency measure for assessing of value added is the result company intellectual ability (ihyaul ulum, 2009). vaic™ model quantified intellectual capital to create value depend on the third relation of main components are physical capital, human capital, and structural capital. the first relation of va using physic capital (ca) is called “value added capital coefficient” (vaca). it is indicator that is va created by a physic capital. vaca draws how many value added of company created from capital used. in finance commentary, capital employed for equity accounting. if a unit of ce generating return bigger than other companies, means the company better in employing its ce. so that, ce employing for ic forming effort better. human capital coefficient (vahu) describes how much va enables to deliver through expended fund for employs. the relation between va and hc identified capability of hc to compose company value. hc is represented by employs expense in finance commentary for personnel expense. the third relations are structural capital coefficient (stva) that emerging structural capital (sc) contribution to form value. stva assesses sc total needed to yield one rupiah from va and it indicates how successful sc in creating value. value added intellectual coefficient (vaictm) ratio created from additional coefficients like vaca, vahu, and stva. according to fahmi (2006), performance is work achievements. it used for an organization or on a unit of organization. so that, if connect to the definition, it can be drawn a simple definition that finance performance can be understood as outcome of managers in accomplishing them loaded task which having relation to company finance managing. the research aimed to quantify finance performance using two ratios: a. return on asset (roa) indicates how much net profit acquired by company if quantified from active value. (harahap, 2010). firer and williams in ihyaul ulum (2009) have already verified that intellectual capital quantified with vaictm and having positive effect for company finance performance. besides that, it also demonstrates that intellectual capital has positive impact and company profitability is significance. it is indicated by roa. risk based capital (rbc) is fund sufficient risk ratio to endure and become a main indicator to quantify insurance of company finance balancing, especially relate to solvability. based on the theories, the conceptual framework of this research is to find relation between intellectual capital (vaictm) as exigent variable and company performance as endogen variable. al-iqtishad: vol. vii no. 2, juli 2015 184 figure. 1. conceptual framework company’s performance (perf) intellectual capital (vaictm) vaca vahu stva roa rbc intellectual capital (vaictm) counted from vaca, vahu and stva are exigent variable. exigent variable will affect endogen variable. company performance is quantified by roa and rbc endogen variable. the company performance will be affected by intellectual capital as exigent variable. the first time intellectual capital studies began of stewart article on 1991, brain power – how intellectual capital is becoming america’s most valuable asset. it arranged intellectual capital to being management agenda (ihyaul ulum, 2009). stewart defines intellectual capital as intellectual matters (knowledge, information, intellectual property, experiencing) are valuable to have wealth. it is a thought collective power or useful set of insight. the research of intellectual capital offered some definitions. according to moeheriono (2012), intellectual capital knowledge and ability have had by social collectivity: intellectual organizations, professionals and resource delegations of have high value and ability to run as knowledge. besides that, sveiby (1998) in sawarjuwono (2003), “the invisible intangible part of the balance sheet can be classified as a family of three, individual competence, internal structural and external structure”. kadir (2003), defines: intellectual capital as the result of three main elements of organizations: human capital, structural capital, costumer capital. they relate to knowledge and technology has more valuable for companies by privilege organization competing (sawarjuwono and kadir, 2003). one of definitions most used to describe intellectual capital is organization for economic cooperation and development (oecd) on 1999 told that intellectual capital is an economic account among two intangible asset categories: first, organizational (structural) capital refers to software system, distribution network and circle of availability. second, human capital comprises of human resource in the organization (employs) and external resources are consumer and supplier (ihyaul ulum, 2013). furthermore, edvinson and malone in ulum (2013), identified intellectual capital is hidden value of business. hidden term is defined that intellectual capital has knowledge asset. in this case, knowledge divided into three categories: employs’ knowledge (human capital), consumers’ knowledge (customer or relation capital), and companies’ knowledge (structural or organizational capital). the third categories rizqon halal syah aji & kurniasih: the intellectual capital effect 185 formed an intellectual capital for companies. human capital refers to knowledge point; skill, innovation, and experience are owned by companies’ member. many experts describe as owned knowledge of companies’ employs through training and education process. human capital has important role for intellectual capital because it is being a customer capital invention process on human capital component and it is helped by structure capital. human capital has interacted with customers to identify knowledge, skill, ability, and expected value by customers (sangkala, 2006). edvinson dan manole exposes human capital as knowledge, skill, innovation and companies members’ ability to settle up tasks. vaictm method is promoted by ante public on 1997. primary components of vaictm can be seen from companies sources based physic capital, human capital, structural capital. moreover, the model designed to provide information of value creation efficiency companies’ intangible asset. it began with companies ability to invent value added (va). va is being the most objective indicator to assess successful business and it represented companies ability in inventing value.va is accounted as deviation among output and input. in tan et al. (2007) output (out) represented revenue and included all products are sold in market. there is accounting of operational and non operational income in commentary finance. input (in) includes all expenses are used to get revenue. the important point of this model is labor expenses does not include in because has active role in processing in in, are value creation, intellectual potential (representing labor expenses) unaccounted as cost and not include in in component. therefore, the keyword of ante public’s model is to treat employs as value creating entity. va is affected by human capital efficiency (hc) and structural capital (sc). physical capital use or value added capital coefficient is being indicator that va is yielded by a unit of physic capital. vaca represented how much companies’ value added have been invented from capital used. there are accounting equities in finance commentary capital employed. if a unit of ce delivering return better from other companies, means companies better to employing their ce. thereby, ce utilization might be being efforts to form better ic. human capital coefficient (vahu) indicates how much va produced through expensed fund for employs. the relation between va and hc indentified hc ability to invent companies’ value. hc is represented by employs’ expense in personnel accounting finance commentary. structural capital is companies’ capability to reach out market, hardware, or al-iqtishad: vol. vii no. 2, juli 2015 186 software for companies supporting. simply, it is supporting tool for employs. in this case, even though employs have high intelligence, but if they do not supported by adequate tools to apply some innovation, the capability would not employing intellectual capital. the third relations are structural capital coefficient (stva) figure out structural capital in scoring. stva quantifying sc total needed to deliver one rupiah from va and it indicates how successful of sc in scoring. ante public presented that sc are not independent standard as hc. it is dependent to value creation or as big hc contribution to value creation, as small sc contribution to it. furthermore, public said that sc is va minus hc, it verified by empirical research on traditional industry sector. value added intellectual coefficient (vaictm) ratio yielded from coefficient addition of vaca, vahu and stva. public method’s has intrigue to gain data easily and lead to furthermore which will be conducted to other data resources. data are needed to get standard ratio from various finance numbers audited and usually it is from companies finance reporting. alternative ic measurement is limited to engage finance and non finance indicators are adjusted with individual companies’ profit (roos et al., 1997 in tan et al., 2007). those indicators are unavailable or unwritten by other companies, especially non finance. the impact, capability to realize alternative ic steps have various samples for comparative analysis being lack consistent (firer and williams, 2003 in tan et al., 2007). methods this research is using quantitative approach to verify intellectual capital theories which affecting to finance performance. intellectual capital is counted using vaictm method and verified using partial least square method. moreover, intellectual capital results are described and analyzed as data found and interpreted as real condition. secondary data used are finance reporting yearly, such as balance sheet, income statement and statement of funds companies financial health of the latest fund on 2009-2013 from insurance companies have being object of the research. data collection technique of the research is using documentation technique. this method covers data and information collecting through bibliofigurey study and literatures exploration. finance reporting publications are taken from companies’ website that has already being sample of the research. insurance books on 20092010 from badan pengawas pasar modal dan lembaga keuangan’s website www. bapepam.go.id, insurances books on 2011-2013 from otoritas jasa keuangan’s web www.ojk.go.id rizqon halal syah aji & kurniasih: the intellectual capital effect 187 discussion referring the table indicates that roa value growth is invented by each islamic insurance companies for 2009 until 2013, roa figures out companies management ability to draw income from asset management owned. besides that, it can be seen that roa value on 2009 until 2013 of highest to lowest: (1) prudential syariah by average of roa 0, 36%, (2) axa mandiri syariah 0, 32%, (3) avrist syariah 0, 16%, (4) bni life syaria 0 ,07%, (5) aia syariah 0, 05%, (6) allianz syariah 0,04% and (7) takaful keluarga by average of roa 0, 01%. table 1. the accounting of return on asset (roa) result of islamic insurance companies 20092013 roa tahun rata-rata 2009 2010 2011 2012 2013 aia 0.02 0.02 0.02 0.12 0.07 0.05 allianz 0.02 0.03 0.04 0.02 0.08 0.04 avrist 0.02 0.02 0.27 0.24 0.23 0.16 axa mandiri 0.04 0.06 0.42 0.50 0.58 0.32 bni life 0.01 0.11 0.05 0.09 0.09 0.07 prudential 0.09 0.09 0.65 0.55 0.43 0.36 takaful keluarga 0.01 0.02 0.01 0.01 0.01 0.01 in sum up of the table on 2009 that management of prudential syariah is best to employing asset owned. while, takaful keluarga has lowest position and it indicates less effective management company to employing asset for delivering profit. as high percentage of roa value, as effective company management is to employing asset for delivering profit. table 2. islamic insurance rbc growth (%) rbc tahun ratarata2009 2010 2011 2012 2013 aia 3.79 5.15 0.23 1.25 1.20 2.32 allianz 4.28 4.99 2.07 2.33 3.14 3.36 avrist 3.29 7.11 1.15 0.74 0.88 2.63 axa mandiri 7.91 7.18 0.47 0.81 1.11 3.50 bni life 2.10 1.72 1.84 2.14 1.50 1.86 prudential 4.20 7.66 0.72 0.82 0.85 2.85 takaful keluarga 1.20 1.21 0.14 0.26 0.53 0.67 al-iqtishad: vol. vii no. 2, juli 2015 188 the table 2 figures out that rbc value growth for each islamic insurance company during 2009 until 2013. also it indicates adequacy capital of risk is borne by insurance company. in finance ministry regulation of 11/pmk.010/2011 about finance health of insurance business and reinsurance to islamic principle, company have to maintain latest fun solvability by seeing finance health achievement ratio of latest fund the lowest 30 % from fund needed to anticipate the risk of possible loss caused of deviation in asset managing or responsibility. moreover, the table identified that islamic insurance company has already fulfilled lowest rbc standard, is 30%. the highest rbc of islamic insurance companies are (1) axa mandiri syariah 350%, (2) allianz syariah 336% (3) prudential syariah 285%, (4) avrist syariah 263%, (5) aia syariah 232%, (6) bni life syariah 186% and (7) takaful keluarga 67%. referring to the rbc value, the seven companies has already fulfilled of solvability by rbc value more 30 % table 3. vaictm value 2009 vaic (2009) vaca vahu stva vaic aia 0.55 1.68 0.41 2.64 allianz 0.92 1.36 0.27 2.55 avrist 0.32 2.29 0.56 3.17 axa mandiri 1.52 2.06 0.51 4.1 bni life 0.45 1.29 0.22 1.96 prudential 2.15 1.82 0.45 4.41 takaful keluarga 0.25 1.03 0.03 1.3 referring to the table vaic value on 2009 that top performers of islamic insurance companies category are (1) prudential syariah vaic score 4, 41, (2) axa mandiri vaic score 4, 1 dan (3) avrist syariah vaic score 3, 17. it indicates that the three islamic insurance companies quite efficient to use their concrete assets, are physic and intangible asset by agent ability to serve insurance members. islamic insurance companies which are included in good performers category are (1) aia syariah vaic 2, 64 and (2) allianz syariah vaic 2, 55. while, bni life syariah is included in common performers vaic 1, 96 and takaful vaic 1, 3 is bad performers. it is caused by structure capital value achieved of value added minimized to low human capital. in addition, low structural capital low is caused by lack of adequacy tool to apply innovation of companies’ employs. rizqon halal syah aji & kurniasih: the intellectual capital effect 189 table 4. vaictm value 2010 vaic (2010) vaca vahu stva vaic aia 0.42 1.58 0.37 2.37 allianz 0.87 1.36 0.27 2.5 avrist 0.25 2.25 0.56 3.05 axa mandiri 1.7 2.39 0.58 4.67 bni life 0.59 1.09 0.09 1.77 prudential 1.52 2 0.5 4.02 takaful keluarga 0.39 1 0.005 1.38 the vaic on 2010 stated that no significant from previous year. the islamic insurance companies are included top performers category still similar as previous year. but they are little decline and rise: (1) axa mandiri vaic 4, 67 (2) prudential syariah vaic 4, 02 and (3) avrist syariah vaic 3, 05. the islamic insurance companies are included in good performers category are (1) allianz syariah vaic 2, 5, and (2) aia syariah vaic 2, 37. then, bni life syariah is common performer category is vaic 1, 77 and takaful keluarga vaic 1, 38 is still bad performer category. it is affected by forming value of structure capital value added is structure capital has decline. on 2010 net of total income has declined but employs expenses (commission and acquisition fee) is increased. table 5. vaictm value 2011 vaic (2011) vaca vahu stva vaic aia 2.17 1.09 0.08 3.33 allianz 3.9 0.91 -0.09 4.72 avrist 0.3 1.36 0.27 1.93 axa mandiri 0.51 4.44 0.77 5.72 bni life 0.31 1.72 0.42 2.45 prudential 3.42 2.68 0.63 6.73 takaful keluarga 0.53 1.06 0.05 1.64 on 2011, government has established finances regulation of 11/pmk.010/ 2011 discussing finance health of insurance and reinsurance business. in this case, there is a rule for islamic insurance finance reporting, islamic insurance business unit must report finance reporting separated and not combined with primary company. it impacts to some changing of vaic categories. islamic insurance companies are included in top performers category are (1) prudential syariah vaic 6, 73, (2) axa al-iqtishad: vol. vii no. 2, juli 2015 190 mandiri vaic 5, 72, (3) allianz syariah vaic 4, 72. the stva of allianz syariah is -0, 09. it is caused employs expense bigger than value added (va = out-in). this is in line with ante public’s theory has stated that as big contribution of hc in value creation, as smaller sc contribution. the last is (4) aia syariah vaic 3, 33. islamic insurance companies which are included in good performers category is bni life syariah vaic 2, 45. common performers are yaitu(1) avrist syariah 1, 93 is decline from previous year in top performer category. it is caused by decline of vahu and stva value. (2)takaful vaic 1, 64 rise from vaic previous year being a common performer. tabel 6. vaictm value 2012 vaic (2012) vaca vahu stva vaic aia 2.19 1.42 0.3 3.9 allianz 4.38 0.9 -0.11 5.18 avrist 0.26 2.06 0.51 2.83 axa mandiri 0.61 4.7 0.79 6.09 bni life 0.53 1.99 0.5 3.02 prudential 1.76 2.71 0.63 5.1 takaful keluarga 0.45 0.93 -0.07 1.32 on 2012, islamic insurance companies on top performers are axa mandiri syariah, allianz syariah, prudential syariah and aia syariah. it is same as previous year and bni life rise up from good performer to be top performer. then, avrist syariah inclined being good performer from previous year as common performer. takaful keluarga has lowest vaic value from the previous years, is 1, 32 and being bad performer category. tabel 7. vaictm value on 2013 vaic (2013) vaca vahu stva vaic aia 2.27 1.25 0.2 3.72 allianz 2.92 1.02 0.02 3.97 avrist 0.15 3.97 0.75 4.87 axa mandiri 0.81 2.88 0.65 4.34 bni life 0.66 1.79 0.44 2.89 prudential 1.29 2.84 0.65 4.78 takaful keluarga 0.5 1.06 0.06 1.62 the top performers of islamic insurance companies on 2013 are avrist rizqon halal syah aji & kurniasih: the intellectual capital effect 191 syariah, prudential syariah, axa mandiri syariah, allianz syariah, aia syariah. bni life syariah is good performer and takaful keluarga is common performer. table 8. vaictm value 2009-2013 vaic tahun rata-rata2009 2010 2011 2012 2013 aia 2.64 2.37 3.33 3.9 3.72 3.192 allianz 2.55 2.5 4.72 5.18 3.97 3.784 avrist 3.17 3.05 1.93 2.83 4.87 3.17 axa mandiri 4.1 4.67 5.72 6.09 4.34 4.984 bni life 1.96 1.77 2.45 3.02 2.89 2.418 prudential 4.41 4.02 6.73 5.1 4.78 5.008 takaful keluarga 1.3 1.38 1.64 1.32 1.62 1.452 the table describes wholly vaic average for 2009-20013. the top performers of the period are (1) prudential syariah vaic 5, 008; (2) axa mandiri vaic 4, 98; (3) allianz vaic 3,784; (4) aia vaic 3, 192; and (5) avrist vaic 3, 17. while, bni life syariah vaic 2, 418 is included in god performer and takaful keluarga vaic 1,452 is bad performer. the vaic is proposed by public is a model has pointed out how companies ability to manage and to maximize their intellectual asset for creating value of companies. those figureics show up that islamic insurance vaic value every year have declined and inclined but the trends are tend to stable. prudential syariah and axa mandiri syariah are islamic insurance companies have top performer of vaic value from 2009 to 20013. in the figureic, they can be seen that vaic is 4, 0 and 7, 0. avrist syariah is included on top performer on 2009-2010 and it is in 3.0-4.0; but on 2011 has declined, is 2, 0. after that, avrist syariah has inclined trend on 2013, is 4, 87. on 2009-2010 aia syariah and allianz syariah are in 2, 0 – 3, 0; then, they have inclined from 2011-2013 and being top performers. bni life syariah and takaful keluarga in vaic 1, 0—2, 0 for 2009-2010. the next year, bni life syariah has better trend even though little, is 2, 0 – 3 ,0; meanwhile, takaful keluarga has stable trend in 1, 0 – 2, 0. there are two concealed variables in this research. they are vaic and finance performance (perf). those are formed by formative indicator. formative indicator is indicator used as exigent and endogen variable forming or dependent and independent (ghazali, 2006). vaic variable is constructed by vaca indicator and stva. finance performance is configurated by roa and rbc. al-iqtishad: vol. vii no. 2, juli 2015 192 formative indicator is assumed as among indicator have no correlation each other. so those, the standard of internal consistence of (cronbach alpha) not needed to examine formative construction of reliability (ghozali 2006). formative construction basically is regression relation from indicator to construction. to evaluate it is by seeing regression coefficient and significant of regression coefficient. the line model analysis of all concealed variables in pls is comprised of three relations set: (1) outer model is specifying relation between concealed variable and its indicator; (2) inner model is pointing out relation to concealed variable (3) weight relation is how comprehensively the case from concealed variable can be estimated. the data analysis has described with software smart pls can be seen as follow: figure 2. outer model : calculate bootstrapping according to the outer model and t statistic, it can be concluded that t statistic indicator above 1, 697 (for significant level 0, 05. one tail test) are vaca, stva, roa and rbc, with each t statistic 3, 275; 2, 687; 12, 258 and 4, 073. meanwhile, vahu indicator has t statistic 0, 369 and not significant. for outer weight pls can be seen on table below. table 9. nilai outer weight (mean, stdev, t-values) original sample (o) sample mean (m) standard deviation (stdev) standard error (sterr) t statistiks (|o/ sterr|) rbc -> perf 0.5764 0.5581 0.1415 0.1415 4.0728 roa -> perf 1.0595 1.0518 0.0864 0.0864 12.2583 stva -> vaic 0.9072 0.8254 0.3377 0.3377 2.6867 vaca -> vaic 0.3995 0.3828 0.1220 0.1220 3.2750 vahu -> vaic 0.1285 0.1945 0.3485 0.3485 0.3687 based on the table, it can be seen that rbc and roa weight have shaped finance performance 0, 5764 and 1, 0595. its t-statistic is 1, 697 (for significant level 0, 05. one tail test). the rbc and roa are significant. for stva, vaca and vahu weight are 0, 9072; 0, 0395; and 0, 1285. for the significant t-statistics level is 1, 697 (significant level 0, 05. one tail test) the vahu indicator is not significant so, vahu have to eliminated and needed to estimate back through engaging indicators significant only. rizqon halal syah aji & kurniasih: the intellectual capital effect 193 figure. 3. pls result: recalculate bootstrapping after eliciting indicators have no significant and just engaging the significant indicators or close to significant, it can be known that each variables have weight 0, 050 (positive) and significance t statistic to p <0, 05. table 10. recalculate outer weight (mean, stdev, t-values) original sample (o) sample mean (m) standard deviation (stdev) standard error (sterr) t statistiks (|o/ sterr|) rbc -> perf 0.6040 0.5948 0.1203 0.1203 5.0208 roa -> perf 1.0530 1.0435 0.0814 0.0814 12.9384 stva -> vaic 1.0237 1.0151 0.0841 0.0841 12.1763 vaca -> vaic 0.4031 0.3984 0.1086 0.1086 3.7125 referring to the table that model has already fit because each variables have weight >0, 5 and t-statistic >1, 697. pls test pointed out that all indicators forming vaic. vaca and stva are significant and both roa and rbc have significant for finance performance (perf). structural model test is committed by finding r-square value has goodness– fit model. in addition, this test finds construct relation between significant value and r-square of the research model. figure 4. the result of algoritma pls the result pointed out that r-square perf (finance performance) is 0, 716, means vaic variable is able to deliver perf variable 71, 6 %. the rest is delivered by another variable. the next test is to find significant of vaic effect of finance performance by identifying coefficient parameter and t-statistic significant. referring to the result, the big coefficient parameter is 0, 845, means there is vaic positive effect of finance performance of islamic insurance company. as al-iqtishad: vol. vii no. 2, juli 2015 194 high of vaic, the finance performance of islamic insurance is as high company by significant t-statistic 46, 771. therefore, t-statistic is bigger than t-table 1, 697. the pls test indicates that intellectual capital has affected to company’s finance performance. the relation both of them offered parameter coefficient estimation 0, 845 and significant to 0, 05 (t-significant table 0, 05 = 1, 697) with t-statistic 46, 771. vaic variable enables to present finance performance variable 71, 6%, is by finding r-square perf (finance performance) 0, 716. the analysis afforded that as high of intellectual capital value of company owned, the company performance is increase. it means that the company has managed its intellectual resource maximally, it affordable valued added that will affect to company’s finance performance increasing. the context of path power between intellectual capital and finance performance has found is in line and supporting tan and friends’ work (2007); zulianti and arya (2011), also alipour (2012). but, the research finding is inconsistent with previous finding when indentifying weight and each significant indicator. the testimonies are proposed by tan and friends (2007); zulianti and arya (2011); alipour (2012) stated out that three components of vaca, vahu and stva as significant statistic to form vaic and have influence to company’s finance performance. meanwhile, the research finding offers evidence that only vaca and stva as significantly statistic forming vaic construct for five years observation to islamic insurance companies (2009-2013). it can be explained that the research taking sampling of islamic insurance companies are running in employs service ability (agent of islamic insurance) and structural capital use like software to support insurance claim service. nevertheless, in indonesia, the progress years of growth observing to join with islamic insurance is not accompanied with insurance experts of human capital growth. the big cost incurred for employs have not inflict significant yet of company intellectual capital. it caused the total of insurance experts to handle it is still lack. furthermore, rbc and roa indicators are statistically represent islamic insurance company, because pls of both indicators are significant. intellectual capital is able to influence finance performance. finance performance of this research is pointed out by roa and rbc. the main purpose of this research is to analyze intellectual capital effect of finance performance in islamic insurance companies. intellectual capital is quantified by value added intellectual capital (vaictm). moreover, finance performance of islamic insurance is quantified by return on asset (roa) and risk based capital (rbc). sampling used are seven islamic insurance companies for 2009-2013. data analysis technique used is partial least square (pls) method. rizqon halal syah aji & kurniasih: the intellectual capital effect 195 conclusion intellectual capital has effect to company’s finance performance. intellectual capital relation to finance performance is allowing parameter coefficient estimation 0, 845 and significant 0, 05 (t-significance table 0, 05 = 1, 697) with t-statistic 46, 771. as high of intellectual capital company owned, the company finance performance is increase. it means, company has managed its intellectual capital maximally be able to create value added which impacted to inclined of company finance performance. finally, vaictm variable enabling to explain finance performance variable 71, 6 %, is by finding r-square perf (finance performance) 0, 716. the research finding offers evidence that only vaca and stva as significantly statistic forming vaic construct for five years observation to islamic insurance companies (2009-2013). it can be explained that the research taking sampling of islamic insurance companies are running in employs service ability (agent of islamic insurance) and structural capital use like software to support insurance claim service. references ainurridha. 2014. pengaruh intellectual capital terhadap profitabilitas. 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attitude, the confidence of saving ability, the saving behavior and the prosperity of poor housewives which become partners of masyarakat mandiri dompet dhuafa. this is a quantitative research using structual equation modelling. the respondents are 115 poor housewives in parung, bogor, west java; cipinang, east jakarta; tanjung pasir, tangerang, banten; and bantar gebang, bekasi, west java. the variables that used on this research are the mentoring of zakah productive, saving attitude, saving behavior, and prosperity. the result showed that the mentoring of productive zakah program has significant influence for the saving attitude and saving behavior. saving behavior also affects significantly the prosperity of poor housewives. keywords: productive zakah mentoring, saving behavior, prosperity, structural equation modeling abstrak. pengaruh pendampingan zakat produktif terhadap prilaku menabung dan kesejahteraan dari ibu rumah tangga mustahik. penelitian ini membahas pengaruh kualitas pendampingan program pendayagunaan zakah produktif masyarakat mandiri dompet dhuafa terhadap sikap menabung, keyakinan kemampuan menabung, perilaku menabung dan kesejahteraan ibu rumah tangga mustahik. penelitian ini bersifat kuantitatif dengan menggunakan metode structural equation modelling. responden penelitian ini adalah 115 ibu rumah tangga mustahik di empat lokasi yaitu parung, bogor, jawa barat; cipinang, jakarta timur; tanjung pasir, tangerang, banten; dan bantar gebang, bekasi. variabel yang dipergunakan dalam penelitian ini ialah pendampingan zakat produktif, sikap menabung, prilaku menabung, dan kesejahteraan. hasil penelitian ini menemukan bahwa kualitas pendampingan berpengaruh signifikan terhadap sikap dan perilaku menabung. perilaku menabung berpengaruh signifikan terhadap kesejahteraan. kata kunci: pendampingan zakah produktif, prilaku menabung, kesejahteraan, model persamaan struktural first draft: february, 3rd 2015, revision: macrh, 5th 2015, accepted: march, 30th 2015 1 post-graduate of university of indonesia, master of science in middle eastern and islamic studies, economy faculty of yarsi university email: rizkyandriati@gmail.com; pakhuda@yahoo.com al-iqtishad: vol. vii no. 2, juli 2015 208 introduction poverty does not only have relation with economic dimension, moreover poverty relates to many aspects such as social, culture, politics, environment, health, education, spirituality, working attitude and self value. financial aid is not enough to help them if the cause of their poverty is not solved (mintarti, 2013). productive zakah was developed since few years ago as a breakthrough to reduce poverty. it is the transformation of zakah program from cash donation into productive activities using zakah fund. zakah beneficiaries (mustahik) are not only given the donation, but they are motivated to work and become entrepreneur using the donation from zakah distribution (grandyanto, 2012). one of zakah institution which has developed the productive zakah is dompet dhuafa with the progam masyarakat mandiri that its purpose is to create the prosperity of mustahik through saving. saving is important because its benefits for life, and islam also support saving because a muslim can prepare themselves for their future plan or emergency condition (antonio, 2001). the purpose of the present study was to determine the effects of zakah institution to create prosperity of mustahik through their saving attitude, confidence of saving ability and saving behavior by seeing the aspect of mentoring. mentoring performance will be measured using service quality instrument. structual equation modelling (sem) is one of the methods that can be used to see the influence in several variables. based on the fact, the questions of this study are: first, do the program of productive zakah by masyarakat mandiri effect significantly to the saving attitude, the confidence of saving ability, the saving behavior and the prosperity of poor housewives? second, do saving behavior have effects significantly to the confidence of saving ability of poor housewives? third, do the confidence of saving ability have significant influence to the saving behavior of poor housewives? fourth, do saving behavior effect significantly to the prosperity of poor housewives? literature review from linguistic aspect, the root of the word zakah comes from zaka which means grow, clean, and good. based on fiqh terminology, zakah define as an obligation that an individual has to donate a certain proportion of wealth each year to charitable causes. in broad outline, the form of zakah distribution and utilization was divided into two ways, which is distribution for consumptive activities and productive activities. zakah distribution for consumption is only a temporary aid for urgent needs. usually this donation is purposed to give the basic need such as food, education and health. contrary, zakah distribution for productive activities is zakah donation for productive business for middle and long term (mintarti, 2013). productive zakah is zakah that is donated for mustahik as capital to run business with purpose to increase their economic level and their productivities (qadir, rizky andriati & nurul huda: the influences of productive zakah 209 2001). productive zakah is one of the community empowerment based on zakah to improve life quality of poor people using their skill, power and participation. it needs active interaction between zakah officer as program counselor and poor people as the target of the program. with the program, every poor people is seen as a personal who also has power but it is not totally used. through productive zakah, they can participate from making the plan, into evaluating the program. the zakah officer having the role as mentor becomes an agent of change who also helps to solve their problem. there are five service quality measurements that becomes satisfaction indicator for customer (kotler and keller, 2007), such as: first, tangibles, including physical facility, equipment, employee and communication tools. second, reliability, a skill to give the promised service immediately, accurately and satisfying. third, responsiveness, a willing of the employee to help the customer and give them the service with responsiveness. fourth, assurance, including knowledge, skill, politeness, trustworthiness of the employee, less of danger, risk or doubt. fifth, emphaty, including good communication and relationship, personal touch and customer understanding. besides this five indicators developed by parasuraman, othman and owen added compliances as service quality measurement, especially compliances with islamic law which was known as carter (compliance, assurance, reliability, tangible, emphaty, and responsiveness). the research was elaborated to determine the service quality of islamic bank kuwait finance house (kfh). compliance is a skill to comply with islamic law and islamic banking principles. it is developed into five aspects: the institution comply to the islamic law and principle, the institution does not take or give the interest in the saving product, product regulation and services are islamic, there’s no interest in the credit product, and there is profit sharing in the investment products (othman and owen, 2001). besides parasuraman et al, other experts also formulize other dimension or factor used by costumers to measure the quality of service. one of them is gronroos, who stated that there are three main criteria used by costumers in measuring the quality of a service, there are: outcome related, process related and image related. those three criteria can still be elaborated into six elements; two of them are (tjiptono, 2000): first, recovery, this element is included in process-related criteria. customers realized that, if there is a mistake or if they find an unexpected thing, the service provider will take immediate and appropriate action and solve the problem. second, reputation and credibility. this element is included in image-related-criteria. a person’s ability to behave is influenced by his confidence. this confidence is defined as perceived behavioral control. perceived behavioral control is somebody’s confidence in his ability to do certain behavior, whether it is easy (yasid, 2010). in al-iqtishad: vol. vii no. 2, juli 2015 210 relation to the behavior of saving, the perceived behavioral control describes the perception of somebody on his ability to save. this believe is influenced by several believes he can accept (control believe). this control believes is an individual believe on the existence of several factors that make saving easy or difficult. this believes is influenced by several accepted believes (control believes). the control believes is an individual believe about the present of many factors that makes easy or difficult in doing something. in conceptual, perceived behavioral control relates with self-efficacy. self-efficacy is a self believe about a confidence to do something in specific situation. according to the above definition of perceived behavioral control and self-efficacy, the saving behavior of a person is influenced by his confidence in saving ability in his situation. the indicators in seeing the confidence in saving ability are: first, the confidence in saving ability; second, the confidence in not withdrawing the saving immediately. in economics, the saving behavior is described as the comparison between income and the amount of funds allocated for the future, whether it is saved for daily needs according to life cycle, urgent needs or investments (yasid, 2010). there are four factors that indicate the saving behavior, that is: first, the amount of fund; second, the ratio between saving and earning, which defined as the comparison between the amount of saving and the income earned; third, the increase of saving amount, which can be defined as the perception on the increase of saving amount saved by somebody; fourth, saving frequency, defined as how often a person save in a certain period of time (yasid, 2010). methods the analysis method of this study is structural equation model (sem). structural equation modeling (sem) is a very cross-sectional, linear and general modeling technique. included in this sem are factor analysis, path analysis, and regression. the next definition states that sem is a statistical technique used to build and test statistical models which usually presented in cause-effect models. sem is actually a hybrid technique, which include the confirmatory aspects of factor analysis, path analysis and regression which can be considered as special case in sem (sarwono, 2014). the information was collected by distributing questionnaire to the respondents. the population of the study is all of poor housewives of masyarakat mandiri partner in zona madina cluster in parung, bogor, west java; cipinang, east jakarta; tanjung pasir, tangerang, banten; and bantar gebang, bekasi, west java. sample was taken using non probability sampling in form convenience sampling. the amount of respondents on this study is 115 poor housewives. the research will elaborate five latent variables, which are the service quality, the saving attitude, the rizky andriati & nurul huda: the influences of productive zakah 211 confidence of saving ability, the saving behavior and the prosperity. the statistic hypotesis of the studies are: ho: the mentoring of productive zakah program by masyarakat mandiri does not influence significantly the saving attitude or poor housewives. h1: the mentoring of productive zakah program by masyarakat mandiri influences significantly the saving attitude or poor housewives. ho: the mentoring of productive zakah by masyarakat mandiri does not influence significantly the confidence of saving ability of poor housewives. h2: the mentoring of productive zakah by masyarakat mandiri influences significantly the confidence of saving ability of poor housewives. ho: the mentoring of productive zakah by masyarakat mandiri does not influence significantly the saving behavior of poor housewives. h3: the mentoring of productive zakah by masyarakat mandiri influences significantly the saving behavior of poor housewives. ho: the saving attitude does not influence significantly the confidence of saving ability of the poor housewives. h4: the saving attitude influences significantly the confidence of saving ability of the poor housewives. ho: the confidence of saving ability does not influence significantly the saving behavior of the poor housewives. h5: the confidence of saving ability influences significantly the saving behavior of the poor housewives. ho: the saving behavior does not influence significantly the prosperity of the poor housewives. h6: the saving behavior influences significantly the prosperity of the poor housewives. ho: the mentoring quality of productive zakah by masyarakat mandiri does not influence the prosperity of the poor housewives. h7: the mentoring quality of productive zakah by masyarakat mandiri influences the prosperity of the poor housewives discussion this research used two stage approaches, where the initial analysis is conducted on the model measured to analyze the accuracy of each question on the model. the model measured which explains the relationship between indicator variables in building the latent variables. from nine measurements of gof, there are 3 gof measurements not showing good compatibility, whereas 4 other gof measurements shows good compatibility, and there are 2 measurements shows marginal compatibility, therefore it is concluded that the compatibility of the models are good. after no offending al-iqtishad: vol. vii no. 2, juli 2015 212 estimates can be found, the research can move to the next examination, the validity of measuring models. observed variables considered valid the t-value is bigger than the exact value of 1,96 (the critical t is approached by z value 95%) and the standardized loading factors more or less bigger than 0,50. but, if there is a standard factor value under 0.5 but still higher or more or less the same as 0,3, then the related variable may still be considered not to be eliminated. but, if the value of the factor is less than 0,3, the variable must be eliminated from the model. in this research, the author will maintain all variables because all of their values are higher than or the same as 0,3. figure 1. standardized solution model structural after measuring the validity, the next step is to measure the reliability. the construct of reliability measurement in sem can be measured by using composite reliability measure and variance extracted measure. hair et.al states that a construct having good reliabilities is if the value of its construct reliability (cr) is ≥ 0.70. from the reliability analysis, it is seen that the reliability coefficient, all indicators to each construct are bigger or the same as 0.7, except the believe in the ability to save. therefore, the variable will not to be included in the next data assignments. figure 2. t-values model structural essed rizky andriati & nurul huda: the influences of productive zakah 213 the causality relation in each construct becomes significant if statistically the level of α = 0,05 and t value ≥ 1,96 (critical value or t table). the evaluation of structural model includes: table 1. the evaluation of structural model coefficient relation estimation t-value information mentoring quality to saving attitude 0,71 3,46 significant mentoring quality to saving behavior 0,46 3,97 significant saving attitude to prosperity 0,84 3,58 significant mentoring quality to prosperity 0,29 -2,30 no significant source: respondent data source, processed based on the coefficient evaluation of structural model at the table, we can see that there is one coefficient which is not statistically significant. it is the coefficient describing the relation between mentoring quality and prosperity. it’s concluded that there is no significant causality relation between those factors that has been hypothesized. according to the above mention sem analysis, the h2 hypothesis (the quality of mentoring program of the productive zakah empowerment of the masyarakat mandiri influencing significantly to the believe of the ability to save of the housewives among the mustahiks), h4 (saving attitude influences significantly to the believe in saving ability and h5 (the believe in saving ability influence significantly the behavior in saving) is not included because according to reliability studies of the measuring model, the latent variable of kkm is not fulfilling the reliable value therefore do not included in the data processing. table 2. the result of hypotesis test hipotesis t-values keterangan h1 the quality of the mentoring of the empowerment program of the productive zakah of the masyarakat mandiri influence significantly the saving attitude of the housewives among the mustahiks. 3.46 data supports h1 h3 the quality of the mentoring of the empowerment program of the productive zakah of the masyarakat mandiri influence significantly the saving attitude of the housewives among the mustahiks. 3.97 data supports h3 al-iqtishad: vol. vii no. 2, juli 2015 214 h6 the saving behavior is influencing significantly to the welfare of the housewives among the mustahiks. 3.58 data supports h6 h7 the quality of mentoring the empowerment program of the productive zakah of the masyarakat mandiri is related significantly to the saving attitude of the housewives among the mustahiks. -2.30 data do not support h7 source: respondent data source, processed hypothesis 1 states: ‘the mentoring quality of the empowerment program of the .productive zakah is significantly influence the saving attitude of the housewives among the mustahiks. according to the result of the calculation of the structure model of the hypothesis 1, the t-value is 3,46. therefore the research supports the statement that states the quality mentoring program of the empowerment significantly influence the saving attitude of the housewives among mustahiks. this means that the higher the quality of the mentoring program of the masyarakat mandiri dompet dhuafa, the higher also the saving attitude of the housewives among the mustahiks. the structural equality of hypothesis 1 is: sikap_me = 0.71*kualitas, errorvar.= 0.50 r2=0.50 the structural equality shows the significant and direct influence of mentoring quality in the empowering program in of productive zakah to the saving attitude. the percentage value of influence is 50,41 percents. this shows that 50.41 percents of the changing of saving attitude of the housewives among the mustahiks are directly influenced by the improvement of mentoring quality of the empowerment program of productive zakah of the independent society. hypothesis 3 states: ‘the quality of mentoring program of productive zakah significantly influence the saving attitude of housewives among the mustahiks.” according to the result of the calculation of the structure model of the hypothesis 1, the t-value is 3,97. therefore the research supports the statement that states the quality mentoring program of the empowerment significantly influence the saving attitude of the housewives among mustahiks. this means that the higher the quality of the mentoring program the higher also the saving behavior of the housewives among the mustahiks. the structural equality of this hypothesis is: sikap_me = 0.46*kualitas, errorvar.= 0.79 r2=0.21 the structural equality shows the significant and direct influence of mentoring quality in the empowering program in of productive zakah to the saving behavior. the percentage value of influence is 21.16 percents. this shows that 21.16 percents of the changing of saving behavior of the housewives among the mustahiks are rizky andriati & nurul huda: the influences of productive zakah 215 directly influenced by the improvement of mentoring quality of the empowerment program of productive zakah of the independent society. hypothesis 6 states: ‘saving behavior significantly increase the prosperity of the housewives among mustahiks”. the research supports the statement that states the saving behavior significantly increase the prosperity of the housewives among the mustahiks. this means that the higher the saving behavior the higher also the prosperity of the housewives among the mustahiks. the structural equation of this hypothesis is : kesejaht = 0.84*perilaku – 0.29*kualitas, errorvar.= 0.43 r2=0.57 the structural equality shows that the percentage of influence of saving behavior to the prosperity of the mustahiks is 70,56 persen. this shows that 70.56 percent of the improvements of the prosperity of the housewives among the mustahiks directly caused by the improvements of saving behavior. hypothesis 7 states: mentoring quality empowerment program of productive zakah significantly influence the prosperity of the housewives among the mustahiks”. according to the result of the calculation of the structure model of the hypothesis 6, the t-value is -2.30. therefore the research do not support the statement that states the mentoring quality of the empowerment program of productive zakah significantly influence the prosperity of the housewives of the mustahiks. the structural equality of this hypothesis is : kesejaht = 0.84*perilaku – 0.29*kualitas, errorvar.= 0.43 r2=0.57 the structural equality shows the percentage amount of influence of mentoring quality of the empowerment program of productive zakah to the saving behavior is 8.41 percents (-0.292). this shows that 8.41 percents of improvements of the mustahik’s prosperity is directly influenced by the improvements of quality of the mentoring programs of the empowerment of productive zakah. conclusion the saving behavior is proven to have a major impact in increasing the prosperity of the housewives of the mustahik. in the future, masyarakat mandiri dompet dhuafa or other zakah institutions which develop the productive zakah are obliged to give more attentions to the saving behaviors of the musthik. saving programs must be developed to build the saving attitude and to push the saving behavior. one thing those institutions can do is to set a certain amount of saving target for each mustahik ,in order to achieve want they want to get. at the same time, masyarakat mandiri can give rewards to those who achieve their saving targets or those who can achieve certain saving points from time to time so they can win prizes in local or national level prepared by masyarakat mandiri dompet dhuafa. al-iqtishad: vol. vii no. 2, juli 2015 216 in this case, amil zakah institutions or other society empowerment institutions have to give more attentions to the mentoring process, because in this phase, the mustahik will receive knowledge and motivations. the mentors have to be trained periodically in progressive training to expand their horizons and increase their understandings in order to accelerate the transformation process of the mustahik. one of the knowledge and skill needed to be imparted is mass communication, which can be transferred through trainings. references qadir, a. 2001. zakah dalam dimensi mahdah dan sosial. jakarta: pt. raja grafindo persada. antonio, m.s. 2001. bank syariah dari teori ke praktek. jakarta: gema insani press. grandyanto, t. 2012. upaya peningkatan kesejahteraan masyarakat melalui pengelolaan zis. presentasi dipaparkan pada seminar masyarakat ekonomi syariah di universitas trisakti, jakarta. kotler. p & k.l. keller. 2007. manajemen pemasaran. jakarta: indeks. mintarti, n. 2013. “the development of zakah in indonesia. seminar filantropi islam asia tenggara. jakarta: imz. nasution. 2004. manajemen jasa terpadu. bogor: ghalia indonesia. othman, a.q. & l. owen. 2001. adopting and measuring customer service quality (sq) in islamic banks: a case study in kuwait finance house. international journal of islamic financial service. volume 3 nomor 1. qardawi, y. 1988. hukum zakah. bogor: pt. pustaka litera antarnusa. tjiptono, f. 2000. manajemen jasa. yogyakarta: penerbit andi yogyakarta. wijanto, s.h. 2008. structural equation modeling dengan lisrel 8.8. yogyakarta: graha ilmu. yasid, mukhamad. 2010. perilaku menabung ibu rumah tangga ‘’keluarga mustahik’’ peserta program ikhtiar lembaga keuangan mikro syariah berbasis kelompok di bogor, jawa barat. bogor: institut pertanian bogor. muniaty aisyah: peer group effects on moslem consumer’s decision 165 peer group effects on moslem consumer’s decision to purchase halal-labeled cosmetics muniaty aisyah1 abstract. peer group effects on moslem consumer’s decision to purchase halal labeled cosmetics. the purposes of this research are to analyze peer group effects on moslem consumers’decision to purchase halal-labeled cosmetics directly and indirectly which is mediated by consumers’ religious behavior. this research applies structural equation model and convenience random sampling with 215 samples who have bought halal-labeled cosmeticsand live in southern tangerang. the findings show that: first, peer groupdirectly affect consumers’ decisionto purchase halal-labeled cosmetics; second, hablumminannas behavior mediates peer group and consumers’decision to purchase halal-labeled cosmeticsindirectly, third, hablumminallah behavior has the most dominant effect on moslem consumers’ decision to purchase halal-labeled cosmetics. based on the findings, it could be concluded that the reason of consumers’ decision to purchase halal-labeled cosmetics is because their religious behavior are high. therefore, it is suggested that government and related institutions need to implement the security act of halal products immediately in order to protect the consumer from consuming non-halal products. keywords: halal label, purchase decision, consumer behavior, structural equation model abstrak. pengaruh kelompok terhadap keputusan konsumen untuk membeli produk kosmetik halal. penelitian ini bertujuan menganalisis pengaruh peer group (kelompok teman sebaya) terhadap keputusan pembelian konsumen pada produk kosmetik berlabel halal, baik secara langsung maupun tidak langsung yang dimediasi oleh perilaku religious konsumen. penelitian ini menggunak ananalisis structural equation model dan teknik convenience random sampling dengan 215 responden yang tinggal di wilayah tangerang selatan. hasil penelitian menunjukkan: pertama, peer group berpengaruh langsung terhadap keputusan konsumen membeli kosmetik berlabel halal; kedua, perilaku hablumminannas konsumen memediasi pengaruh peer group terhadap keputusan konsumen membeli kosmetik berlabel halal secara tidak langsung; ketiga, perilaku hablumminallah konsumen paling dominan mempengaruhi keputusan konsumen membeli kosmetik berlabel halal. dapat disimpulkan bahwa keputusan konsumen membeli kosmetik berlabel halal didasari oleh perilaku religiusnya karenanya, disarankan agar pemerintah dan instansi terkait segera mengimplementasikan undang-undang jaminan produk halal guna melindungi konsumen dari mengkonsumsi produk non-halal. kata kunci: label halal, keputusanpembelian, perilakukonsumen, structural equation model first draft: december, 10th 2014, revision: february, 10th 2015, accepted: march, 10th 2015 1 syarif hidayatullah state islamic university jakarta. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: munykres@gmail.com al-iqtishad: vol. vii no. 2, juli 2015 166 introduction dharmmesta and handoko (1997) explained, consumer behavior is individual’s activity that is directly involved in obtaining and use of goods or services. this is based on the concept of consumer behavior and lifestyles that are formed from the internal influences (perception, learning, memory, motivation, personality, emotions, attitudes) and external influences (demographic, social status, reference groups, family, marketing events, and culture). culture is a complex symbols and facts that created by human who handed down from generation to generation as a determinant and regulator of human behavior in society. the symbol can be tangible like home, equipment, vehicles and artworks; or intangible like attitudes, opinions, beliefs, languages and religious values. hawkins and david (2010) classify culturalvalues in three general categories: first, other-oriented values, reflect a society’s view of the appropriate relationships between individuals and groups within the society. these relationships have a major influence on marketing practice. second, environment-oriented values, prescribe a society relationships to its economic and technical as well as its physical environment. third, self-oriented values, reflect the objectives and approaches to life that the individual members of society find desirable. such as religious values that is very much determined a person behavior in performing his daily life. furthermore, hawkins and david (2010) explained that religious factor,as one of the forms of culture that is based on self-oriented values, can identify consumer behavior where the values and religious teaching affiliation will greatly influence consumers’ purchase decisions and their daily consumption patterns. thus, moslem consumers decision to purchase or to use halal-labeled cosmetics allegedly constituted by selforiented values in order to practice the islamic teachings that are derived from the holy quran and hadith. there are more than thirty verses of the holy qur’an that mention about moslem obligation to keep and pay attention on what to consume which also supported by hadiths that are explaining many things about halal (lawful) and haram (unlawful) products, as related to its substantials, materials, and processing procedures (thobieb, 2002). such as the following hadith narrated by moslem ra: “the halal (lawful) is obvious and the haram (unlawful) is also obvious; and in between there are things that musyta-bihat/syubhat (doubtful, vague, not clearly lawful illegitimate), most people do not know the law. who ever cautious about doubtful cases, indeed he had saved his religion and pride”. this hadith explains that everything that is syubhat (doubtful) should be abandoned because whoever is keeping himself away from these,then his life and religion will survive (amin, 2013). muniaty aisyah: peer group effects on moslem consumer’s decision 167 actually, there are only few things that are forbidden by allah swt to be consumed or used by human being. everything on earth is basically permissible to consumed or used, except things that are explicitly forbidden according to the quran and hadith. nevertheless, the increasing of technological developments is allowing the use of unlawful substances as raw materials, additivesor auxiliary materials in variety of processed products. consequently, the halalness of the products becomes unclear or doubtful. that is why the indonesian ulama’ assembly (majelis ulama indonesia/ mui) fatwa commission concluded that all processed products is basically doubtful and needs to be studied or explored furthermore before setting the status of its halal illegitimate, to provide certainty and reassuring moslem consumers to practice their religious teachings (lppom mui, 2013). it is government’s obligation to protect and provide independency to each resident to worship according to their religious teachings and believes. especially because the circulation of non-halal products have been occurred in indonesian markets repeatedly (abadi and team2011). in consequence, since it had been proposed in 2008, finally dpr (the house of representatives) validated the halal product guarantee (jph) act on september 25, 2014. unfortunately, jph act still only regulates sanctions for halal certificate holders who violating their obligation, whereas for those who do not apply halal certification, the regulations are still not listed in jph act. according to the ministry of religion, the details of new sanctions will be regulated in a more technical regulations, either through government regulations or ministerial regulations that will be implemented in the next five years, so the whole community businesses who produce halal products essentially require to have halal products certification(supriyanto, 2014). in other words, although jph act has been validated, the movement of halal product certification and labeling will not be implemented completely in indonesia until the next five years because the government is still responsible for issuing eight new government regulations and two new ministerial regulations to complement the jphact (ichsan, 2014). therefore, the moslem community in indonesia still have to be alert and ensure that the product they have been purchased is halal guaranteed by checking its halal label or certificate. based on this background, therefore, this research intends to analyze the moslem consumers’ purchase behavior on halallabeled cosmetics. this research intends to advance the previous research (aisyah, 2014) about the influence of external environments on consumer’s intention to purchase halallabeled products by further analyzing the influence of peer group on consumer’s actual decision to purchase halal-labeled cosmetics. kotler and keller (2012) explained, one of the reference group that can directly affect consumer’s attitudes and al-iqtishad: vol. vii no. 2, juli 2015 168 purchasing behavior is peer group. in a phase of ourlives, the agent of socialization from childhood to adulthood mainly played by the peer group (dariyo, 2004). thus, the cumulative impact of individual interaction with peer group is very likely affecting one’s purchasing behavior. based on previous research (aisyah, 2014), there are only few consumers (12.8 to 37.7%) are aware of any potential non-halal raw materials in food products, beverages, pharmaceuticals and cosmetics. therefore, the government’s efforts to implement jph act should begin with educational programs to the community, both to consumers and producers, in order to promote halal certification and labeling programs through below the line and above the line campaigns. by analyzing whether there is peer group direct or indirect effects on consumers’ purchase decision, will be known whether peer group as one of external environment can be used as medium or a place to conduct below the line activity campaigns about halal-labeled cosmetics especially among young consumers who are a long lifetime customers. the halal certification and halal labeling products’ movement will be implemented by the government in the upcoming october 2019. for moslem consumers as the majority in indonesia, the halal-haram issue is a sensitive matter because related to their religious believes. various cases of non-halal products circulation have gotten strong reactions from moslem communities which potentially causing social and economic chaos (kasali, 1998). therefore, this research aims to give a positive contribution in order to motivate government and other related institutions to be truly commited to implement the halal product guarantee (jph) act in order to protect the public from consuming or using non-halal products, especially cosmetics, by analyzing the following research questions: first, does peer group have positive effect on consumers’ hablumminallah behavior, hablumminannas behavior, and decision to purchase halal-labeled cosmetics? second, does consumers’ religious behavior mediate peer group with consumers’ decision to purchase halal-labeled cosmetics indirectly? third, which factor has the most dominant effect on consumers’ decision to purchase halallabeled cosmetics? literature review schiffman and kanuk (2011) explained that referent group’s approval or disapproval would constitute consumer’s purchasing behavior. the higher the consumer interaction with the peer group, the higher the consumer’s purchase decision on the product in question. mansoer (2008) explained, the level of individual interaction with peer group can be measured based on the reasons for choosing peers, the intensity of positive activities with peers, and the intensity of muniaty aisyah: peer group effects on moslem consumer’s decision 169 playing with peers. according to josephson et.al. (2003), peer group can influence a person attitudes and interests, how to think, how to talk, how to look, how to behave and how religious he is. dariyo (2002) explained, if a person choose to get along with peers who has strong personality, spirit of leadership, good social control, high appreciation of education, good achievement, religious, and good morals; this peer group can constitute its member with an opportunity to exchange thoughts, solving problems, and to learn how to interact with others, how to control social behavior, how to develop skills and interests. hence, this peer group became a place or medium that constitute useful activities and positive behavior for its member. on the contrary, if a person choose to get along with peers who is more concerned with social status, wealth, physical appearance and popularity only, this peer group can constitute its member with materialistic or hedonistic lifestyle and tend to behave badly, lazy and like to spend their time with less useful activities. in other words, the more positive the reasons for choosing peers, the greater the tendency of peer group toits members on performing useful activities and positive behavior. the more important the role of peer group for a person, the more frequent this person will interact with his peer group. the interaction with peer group can influence positively or negatively to one’s behavior depend on the amount of time and the type of activities he spent with peers. the more frequent he spend his time with peers who like to do positive activities, his behavior will become more positive (dariyo, 2002). positive activities in peer group that could derived positive behavior to its member are learning together, exchanging thoughts, doing exercises, doing arts, discussing social or religious issues, and many other useful activities. the higher the intensity of this person interacts with peers in positive activities, the better his behavior will be (mansoer, 2008). the more frequent a person interacts with peers who like to spent more time for playing, other less useful activities or even negative actions, it can impact negatively on the development of one’s behavior. playing activities with peers can be measured from activities like chatting, went to malls or shopping centers, hanging out, watching movies, playing games, etc. (mansoer, 2008). thus, the more positive one’s considerations or reasons in choosing peers, the higher the intensity of positive activities with peers, and the lower the intensity of playing with peers; the better the behavior will be, including his religious behavior and his intention or decision to purchase halal products. according to tawhidy string relations (tsr) methodology (choudhury, 2006), social relationship’s theme in islam is related to the main message in the holy qur’an that is the oneness of allah. the knowledge inside al qur’an is believed as an absolute truth that concludes all human needs as a comprehensive guidelines. al-iqtishad: vol. vii no. 2, juli 2015 170 al qur’an is implemented by the prophet muhammad in his daily life. in islam, the prophet muhammad behavior is recorded in hadith as the second knowledge of islam. the holy qur’an and hadith are continuously generated into world’s system which occurs into the life of human being’s through learning process called shuratic process. shuratic process shows an interactive, integrative and evolutionary learning process that interrelated with islamic law in the world system and tends to be consultative and dynamic process that will go on until hereafter (harahap, 2008). so it is clear that islam as a way of life always relates world with hereafter life. therefore, religious behavior in this research is divided into hablumminallah behavior and hablumminannas behavior. hablumminallah behavior is islamic religious behavior which formed from cognition, affection and conation behavior in faith and worship aspects of a moslem in his relationship with god, which clearly written in two islamic foundations, those are pillars of faith and pillars of islam (husaini, 2013). thus, in this research, consumers’ hablumminallah behavior is measured from three dimensions, those are knowledge, attitudes and the implementation or practice of faith (six pillars of faith) and worship (five pillars of islam). attitudes of faith and worship will be measured from one’s belief in receiving the truth of islamic teachings as the outcomes of his knowledge of faith and worship. a moslemwho has a broad knowledge of faith and worship will has positive faith and worship attitudes who truly beliefs the truth of islamic teachings. in other words, the higher the faith and worship attitudes of a moslem, the higher the hablumminallah behavior will be. on the contrary, a moslem who has limited knowledge of faith and worship will has limited or even negative faith and worship attitudes which will causing limited or negative beliefs on islamic teachings. a moslem who has limited or negative faith and worship attitudes will has limited or even negative influence on his hablumminallah behavior. attitudes or beliefs of faith is measured from one’s belief in the truth of the six pillars of faith which can be define from one’s belief in allah as the only creator who has hablumminallah behavior is not only measured from one’s knowledge and attitudes aspects of faith and worship, but also measured from practicing the faith and worship in actual actions to follow god’s commands and desist god’s prohibition by standing firmly on the pillars of faith and the pillars of islam. the practice or implementation of faith is measured from how often a moslem starting and finishing jobs by mentioning allah’s name, how hard one’s effort to maintain his/her five senses from doing the bad things, how hard one’s effort to imitate the prophet muhammad’s behavior, and how much his/her eagerness to do the good deeds and avoid him/herself from doing the bad deeds. meanwhile, practice or implementation of worship is measured from one’s obedience on carrying out the muniaty aisyah: peer group effects on moslem consumer’s decision 171 five fardhu (obligatory) prayers a day, carrying out congregation prayers, carrying out sunnah (as complement to obligatory) prayers, fasting in ramadhan month, sunnah fasting, reading al qur’an, reading shalawat to the prophet muhammad, doing zakah (tithe), helping fellow human being who have difficulties, and one’s involvement on religious social activities. the higher the knowledge, the higher the attitudes. the higher the attitudes, the higher the implementation or his/her practice of faith and worship aspects. the higher the practice, the higher the hablumminallah behavior. the higher the hablumminallah behavior, the higher the hablumminannas behavior, which will also alleviate moslem intention to purchase halal products as his/her actual action offaith and worship to allah. the concept of hablumminannas is precisely about everything in the world and hereafter that is essentiallyabout the fact of nature of human life, human personality, habit, event, and ikhwal/ causes (hidayat, 2009). according to mansoer (2008), a moslem behavior is internalized with islamic values in his daily life or habit toward himself, fellow human being and natural surroundings (mansoer, 2008). it has been mentioned before that the dimensions of islamic teaching is about faith and worship aspects which will reflect human being praiseworthy behavior (akhlakul karimah). a person who is obedient in his worship, will be a praiseworthy person. a praiseworthy person will have good relationships with himself, other human being and natural surrounding which is called as hablumminannas behavior. therefore, hablumminannas behavior is measured based on three dimensions: islamic personality towards oneself, fellow human beings and natural surroundings (mansoer, 2008). islamic personality toward oneself is measured from one’s honesty, discipline, and diligence behavior. honesty is an important manner because people is usually trying to hide their mistakes and incapable of being frankly. honesty shows from one’s courageto admit mistakes. discipline shows from one’s consistency on doing good habits in daily life, e.g. always coming on time to school or workplace, always wake up early in the morning, or always utilize his spare time by doing good thing. meanwhile, diligence behavior shows from one’s constant effort to accomplish all things that are undertaken, not easily give up when facing difficulties, try to do everything in maximum effort, not easily self-satisfied, continue to improve his achievement, and working hard. islamic personality toward fellow human being is measured from one’s sharing habit, generosity, and willing to cooperate, tolerant, caring, and respecting others. habit of sharing shows from one’s willingness to help people in need. generosity shows from one’s willingness to help people in need in the formof material, e.g. donated funds for the mosque construction, for broken bridge or road, for poor people and natural disasters victims.. tolerant shows from one’s willingness to help friends from different ethnics or religion, willing to get al-iqtishad: vol. vii no. 2, juli 2015 172 involve in social activity held by friends from different ethnics or religion, willing to attend funeral of neighbor from different ethnics or religion, and respect other worshiping activities from different religion. caring or concern for others shows from one’s willingness to looking after those who unable to take care for themselves, especially sick and elderly people. respect others shows from one’s reluctance to disturb others, e.g. reluctance to disturb friend who has not finished school tasks in the classroom, reluctance to dispose garbage offhand, and willing to clean up the jammed ditch in front of his house in order to prevent flooded road. islamic personality toward natural surrounding is measured from his concern for nature and his effort to preserve nature. concern for nature shows from one’s willingness to treat plants and animals well, e.g. feed a hungry cat, willing to watering the plant, and having a view point that a human being does not have rights to exploit the nature. meanwhile effort to preserve nature is measured from one’s willingness to save electricity, saving energy by look after his vehicle, willing to lessen the pollution by using bicycle or public transportation, willing to save water by using enough water as needed, willing to plant tree or look after the plants, and also reluctant to destroy or damaging plants and disturbing animals. the higher the islamic personality toward oneself, fellow human beings and natural surroundings, the higher the hablumminannas behavior which will also elevated moslem intention or decision to purchase halal products. from the explanation above, it is concluded that a moslem’s willingness to consume or use halal products is influence by his religious behavior toward oneself, fellow human beings and natural surroundings, which come from his/her reflection of knowledge, attitudes and implementation of his/her faith and worship to allah in order to have a secure life in the earth and hereafter. therefore, it is suspected in this research that the higher the hablumminallah and hablumminannas behavior, the higher the consumer decision to purchased halal-labeled cosmetics. figure 1. research framework peer group hablumminannas behavior intensity of positive activities reasons of choose intensity of playing hablumminallah behavior knowledge oneself fellow human attitudes purchase decision practises natural surrounding evaluation of alternatives problem recognition information search muniaty aisyah: peer group effects on moslem consumer’s decision 173 from the research framework on figure 1, the hypothesis in this research are developed as follows: first, peer group directly effects consumers’ hablumminallah behavior; second, peer group directly effects consumers’ hablumminannas behavior; third, peer group directly effects consumers’decision to purchase halal-labeled cosmetics; fourth, hablumminallah behavior mediates peer group and consumers’ hablumminannasbehavior indirectly; fifth, hablumminannas behavior mediates peer group and consumers’ decision to purchase halal-labeled cosmetics indirectly. methods this research uses explanatory research to analyze the causal relationship betweenpeer group and consumers’ decision to purchase halal-labeled cosmetics, directly and indirectly that is mediated by hablumminallah andhablumminannas behavior. considering the object is halal-labeled cosmetics, this research only selects female moslem consumers who have bought halal-labeled cosmetics and live in southern tangerang as sample, especially those over 20 to 25 years old. at this ages, they are indicated as a long lifetime customer that make them as potential target market for halal-labeled cosmetics. to be able to measure consumers’purchase decision, the respondents must have already bought halal-labeled cosmetics from any kind of brand that circulating in indonesia market such as wardah, mazaya, caring colors, la tulipe, mustika ratu,sari ayu,viva, moayu, or moslemah by sophie paris.the cosmetic variants are lipstick, face cream, foundation, lip balm, body lotion, bathgel, and many others which already put halal-labeled on its packaging. the sampling technics used in this research is convenience random sampling. this research uses primary data and questioners as instrument which distributed to 250 respondents who live in southern tangerang area. referring to therespondent criteria thathave been set, there are 215 data available to be used in this research. thequality of the data is tested using validity and reliability test. validity test result showed that items from all variables are valid with anti-image correlation value> 0.500. reliability test result also showed that all variables are reliable with coefficient of cronbach’s alpha score> 0.60. this research uses structural equation model (sem) by using amos (analysis of moment structure) application to analyze the hypothesis because there are latent (unobserved) variables which mediate dependent and independent variables that suitable to test causal relationship between variables and its dimensions. sem test can also examine the large of contributions of selected variables simultaneously toward other variable from the assessment of squared multiple correlationsscore. al-iqtishad: vol. vii no. 2, juli 2015 174 discussion the assessment of normality shows that multivariate (c.r.) score is 2.253 (in the range of -2.58< c.r.< 2.58), so the data is normal. from construct validity test showed that estimate score in standardized regression weights model or its loading factor scores are ≥ 0.5, so it is valid and able to form its construct. from convergent validity test, it is showed a critical ratio value which is greater than 2 times of standard errorvalues so that all indicators are valid and able to measure what should be measured. table 1. standardized direct effects peer group (x) hablumminallah b. (m1) hablumminannas b. (m2) purchase decision (y) hablumminallah b. (m1) 0.254 0.000 0.000 0.000 hablumminannas b. (m2) 0.239 0.478 0.000 0.000 purchase decision (y) 0.166 0.391 0.332 0.000 goodness of fit model test shows that the model has a good fit, based on the assessment criteria such as rmr (0.022< 0.10), gfi (0.913> 0.900), agfi (0.800 < 0.859 < 0.900), nfi (0.800 < 0.889< 0.900), rfi (0.800 <0.847< 0.900), ifi (0.928 > 0.900), tli (0.800 < 0.899 < 0.900), cfi (0.926 > 0.900), and pratio (0 > 0,727 > 1). after all the assumption are fulfilled, then the hypotheses proposed in this study should be tested. the result of data analysis from the regression weight structural equation model showed that this research has establish three direct causal effects. for hypothesis 1, p-value 0.005< 0.05 and coefficient value is 0.223, thus peer group significantly effects consumer’s hablumminallah behavior. it means that peer group is positively conducive as a place or medium that could constitute consumer’s hablumminallah behavior. table 2. standardized indirect effects peer group (x) hablumminallah b. (m1) hablumminannas b. (m2) purchase decision (y) hablumminallah b. (m1) 0.000 0.000 0.000 0.000 hablumminannas b. (m2) 0.122 0.000 0.000 0.000 purchase decision (y) 0.219 0.159 0.000 0.000 for hypothesis 2, p-value 0.007 < 0.05, and coefficient value is 0.178, thus, peer group significantly effects consumer’s hablumminannas behavior. it means muniaty aisyah: peer group effects on moslem consumer’s decision 175 that peer group is positively conducive as a place or medium that could constitute consumer’s hablumminannas behavior. for hypothesis 3, p-value 0.044 < 0.05, and coefficient value is 0.167, thus, peer group significantly effects consumers’ decision to purchase halal-labeled cosmetics. it means that peer group is positively conducive as a place or medium that could constitute consumer’s decision to purchase halal-labeled cosmetics. table 3. standardized total effects peer group (x) hablumminallah b. (m1) hablumminannas b. (m2) purchase decision (y) hablumminallah b. (m1) 0.254 0.000 0.000 0.000 hablumminannas b. (m2) 0.360 0.478 0.000 0.000 purchase decision (y) 0.385 0.550 0.332 0.000 for hypothesis 4, based on table 1 and 2, the value of standardized direct effects of peer group on consumers’ hablumminannas behavior (x m2) is 0.239, while the value of standardized indirect effects of peer group on hablumminannas behavior through consumers’ hablumminallah behavior (x m1 m2)is 0.122. because direct effects’ value is greater than indirect effects, it is concluded that hablumminallah behavior (m1) is not an intervening variable, so hablumminallah behavior does not mediates peer group and consumers’ hablumminannas behavior indirectly. but, for hypothesis 5, the value of standardized direct effects of peer group on consumers’decision to purchase halal-labeled cosmetics (x y) is 0.166, while the value of standardized indirect effects of peer group on consumers’ decision to purchase halal-labeled cosmetics through hablumminannas behavior (x m2 y) is 0.219. becausedirect effects’ value is lesser than indirect effects, it is concluded that hablumminannas behavior (m2) is an intervening variable, so hablumminannas behavior mediates peer group and consumers’ decision to purchase halal-labeled cosmetics indirectly. based on standardized total effects (table 3) it can be concluded that habulumminallah behavior has the most dominant effect (0.550) on consumers’ decision to purchase halal-labeled cosmetics, the second is peer group (0.385) and the lowest is hablumminannas behavior (0.332). from multiple squared correlations result shows that: first, peer group has simultaneously role of 6.5% to consumers’ hablumminallah behavior, while the rest are explained by other variables; second, peer group and hablumminallah behavior have simultaneously role of 34.4% to consumer’s hablumminannas behavior, while the rest are explained by other variables; third, peer group, hablumminallah and hablumminannas behavior have simultaneously role of 50.4% to consumers’ decision al-iqtishad: vol. vii no. 2, juli 2015 176 to purchase halal-labeled cosmetics, while the rest are explained by other variables. according to magill (1993), religious behavior is attitudes, intensity and a person way to become religious. social-culture system and religious values which develop and grow in a family, schools and societies that gain through a learning process and experiences, either deliberately or not, will slowly form one’s religious soul or behavior. in other words, religious behavior will show from someone’s personality if he grows in environments that cultivating, educating and adapting islamic teachings on their daily lives. islamasasystemof life can also be interpretedas away of lifethat is basedonsharia(law) of islamwhich is based onthe qur’anandhadith(temporal, 2011). antonio (2006) explained that islam as a way of live is a human effort to achieve welfare in his life and hereafter. allah already gave guidance through his messengers that include everything humans need in order to obtain their welfare in accordance to aqidah (faith), akhlak (manner) and sharia. aqidah and akhlak are constant and not changing from time to time. meanwhile, sharia is always changing accordance with the people needs and civilization which appropriate in every different messengers period of time. sharia in islamic teaching emphasizes on ibadat (worshiping god) and muamalat (human interaction) with a good and proper way by understanding its etiquette and implement them in everyday life in order to be a good moslem (antonio, 2006). ibadat emphasizes on islamic provisions and procedures of human interaction with god (hablumminallah behavior). meanwhile, muamalat emphasizes on islamic provisions and procedures of human interaction with others (hablumminannas behavior). consumers’ purchase decision is the final decisions of individuals or households to purchase goods/ services that need to be consumed. consumer’s purchase decision process consists of five stages: problem recognition, information search, evaluation of alternatives, purchase decision and post-purchase behavior. purchase decision process begins with problem recognition. the recognition of a need is likely to occur when consumer is faced with problem. the need may have been triggered by internal stimuli (such as hunger or thirst) or external stimuli (such as advertising or word of mouth). once the need is identified, it’s time for the consumer to search information about possible solutions to the problem. consumer will search more or less information depending on the complexity of the choices to be made and the level of consumer involvement.consumers will seek informationto guide their choices and decision-making process with internal and external information. internal information is already present in the consumer’s memory that comes from previous experiences. external information is a product or brand information received from and obtained by friends, family or reviews from other consumers, the press or advertising (kotler and keller, 2012). muniaty aisyah: peer group effects on moslem consumer’s decision 177 once the information collected, the consumers will be able to evaluate the different alternatives that offer to them, evaluate the most suitable to their needs and choose the one they think best for them. consumers will evaluate different products or brands on the basis of alternative product attributes those which have the ability to deliver the benefits that customers are seeking. two factors that intervene at this stage are attitudes of others and anticipated situational factors. the extent to which another person’s attitude reduces one’s preferred alternative depends on the intensity of the other person's negative attitude toward the consumer's preferred alternative, and the consumer's motivation to comply with other person's wishes. the anticipated situational factors may erupt to change the purchase intention. a consumer could think that some other purchase might become more urgent, or a store salesperson may turn the customer off (kotler and keller, 2012). now that consumers have evaluated the different solutions and products available for respond to their needs, they will be able to choose the product or brand that seems most appropriate to their needs. then proceed to the actual purchase itself. once the product is purchased and used, the consumer will evaluate the adequacy with his/her original needs (those who caused the buying behavior). and whether the consumer has made the right choice in buying this product or not. consumer will feel either a sense of satisfaction for the product (and the choice). or, on the contrary, a disappointment if the product has fallen far short of expectations. this experience will influence consumer future decisions and buying behavior. if the product has brought satisfaction to the consumer, he/she will then minimize stages of information search and alternative evaluation for the next purchases in order to buy the same brand which will produce customer loyalty. on the other hand, if the experience with the product was average or disappointing, the consumer will repeat the 5 stages of the consumer purchase decision process during the next purchase but by excluding the brand from his/herevoked set. positive or negative, consumer will also be able to share his/her opinion on the brand. whether in their family or by word-of-mouth. or on a much broader scale now with social networks or on consumer product review websites. a tendency not to be overlooked because now with the internet, an unhappy customer can have a strong power to harm for a brand. therefore, post-purchase evaluation may have important consequences for a brand (kotler and keller, 2012). from the explanation above, it can be concluded that consumer purchase decisionprocess is divided into two categories which are processing (including problem recognition, information search and alternative evaluation) and outcomes (including purchase decision and post-purchase behavior). in order to measured consumer’s purchase decision, this research uses the processing category as its al-iqtishad: vol. vii no. 2, juli 2015 178 dimensions.furthermore, hawkins and mothersbaugh (2010), hawkins, best and coney (2004), solomon (2011) in zickermann (2014) explained that consumers’ purchase decision depends on attribute-based and attitude-based choice process. attribute-based choice requires the knowledge of specific attributes at the time the choice is made, and it involves attribute-byattribute comparisons across brands. meanwhile, attitude-based choice involves the use of general attitudes, summary impressions, intuitions, or heuristics. there can be also be combinations of these forms. in this research, halal-labeled is the attribute that is believed and considered as an important matter by moslem consumers. islamic teachings considers food and other products that are consumed or used by humans as a matter of urgency in addition to worshiping allah. everything that is consumed or used by humans will have a major impact on human physical and spiritual development. physical impacts of consuming unlawful goods will be bad for human health, regardless of his religion. while spiritual impact of consuming unlawful goods cannot be measured from material only because the consequences of violating islamic law will have an impact on having miserable life onearth and punishment in the hereafter. thus, halal-haram issue is important for moslem consumers as related to their religious beliefs which make halal label as an attribute or element of a product which is believed and considered essentially by moslem consumers to ensure that the product they used or consumed is halal guaranteed. conclusion from the findings, it is concludedthat empirically, peer group effects consumers’ purchase decision on halal-labeled cosmetics positively, as well as consumers’hablumminallah and hablumminannas behavior. thus, peer group environment can be used as a conducive place or medium forabove and below the line campaigns of halal-labeled products socialization program, especially among young generation. the government and other relevant institutions such as indonesian ulama’ assembly (mui), together with the consumers protection agencies, islamic organizations, and business communities, could promoted the halal-labeled products campaigns through below the line campaigns in the peer group environment such as malls,shopping centers, sport stadiums, youth mosque assembly and other youth organizations, by involving active participation of ulamas, community leaders, and young public figures, in order to make the halal-labeled products campaigns successfully socialized to various levels of society, including young generations. it is also can be concluded that consumers’ hablumminallah behavior level is high and has the most dominant influence on consumers’ decision to purchase halalmuniaty aisyah: peer group effects on moslem consumer’s decision 179 labeled cosmetics. therefore, the halal product guarantee (jph) act which has been approved on 25 september 2014, is a strong legal framework that could mandate government to protect and provide independency to every citizen to embrace his own religion and its teaching. halal-labeled products is not only beneficial to protect moslem consumers, but also benefitting for non-moslem consumers who want to ensure that the product has been guaranteed as clean, healthy, high quality and safe to use or to consume. therefore, the halal certification and labeling program, which is targeted to be implemented in the upcoming 2019, is absolutely a necessary. by completing the implementation of halal product guarantee (jph) act immediately, various cases of the circulation of non-halal products in indonesian markets which always got strong reactions from the public and often potentially causing social, political and economic turmoil, is expected not to be repeated, so that the moslem community can be fully protected from consuming non-halal products in order to provide certainty and reassuring moslem consumers to worship according to their religious teachings and believes. references abadi, t. & tim kerja. 2011, pengkajian hukum tentang peran serta masyarakat dalam pemberian informasi produk halal. jakarta: kementerian hukum dan hak asasi manusia ri, badanpembinaan hukumnasional. aisyah, m. 2014. pengaruh lingkungan eksternal terhadap kecenderungan membeli produk berlabel halal yang dimediasi oleh perilaku religius konsumen. 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8-riki.indd m. sabri haron: the assesment of inclusiveness 105 the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective m. sabri haron, riki rahman & bayu t. possumah1 abstract. the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective. objective of this article is to assess how far the principles of inclusiveness in the economic new model in malaysia can fulfil the needs of maqasid syar’iyyah. the assessment is conducted through the key concepts and strategic measures of the principles of inclusiveness. this study is a qualitative which descriptive and analytical approach is used for assessing the principles of inclusiveness in the economic new model based on maqasid syar’iyyah perspective. the method of this study is using the literature review with references from secondary data. this study is expected to provide recommendations about the important role of maqasid syar’iyyah for maintaining the welfare of society and developing of a country, in this context for developing the malaysian economy, in line with the vision 2020, malaysia on par with developed countries. keywords: the inclusiveness principle, new economic model, maqashid syar’iiyah abstrak. penilaian prinsip keterangkuman dalam model ekonomi baru: perspektif maqashid syari’iyah. objektif artikel ini adalah untuk menilai sejauh mana prinsip “terangkum” dalam model baru ekonomi di malaysia dapat memenuhi kehendak maqasid syar’iyyah. penilaian dilakukan melalui konsep utama prinsip terangkum dan langkah-langkah strategis dalam prinsip tersebut. penelitian ini berbentuk kualitatif di mana pendekatan deskriptif dan analisis digunakan untuk menilai prinsip terangkum dalam model baru ekonomi berdasarkan perspektif maqasid syar’iyyah. metode yang digunakan berupa studi pustaka dengan membuat referensi dari data-data sekunder. penelitian ini diharapkan dapat memberikan saran-saran mengenai pentingnya peran maqasid syar’iyyah dalam menjaga kemaslahatan masyarakat dan memajukan negara, dalam konteks ini memajukan ekonomi malaysia, seiring dengan wawasan 2020 yang menjadikan malaysia setara dengan negara-negara maju. kata kunci: prinsip keterangkuman, new economic model, maqashid syari’iyah. first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 pusat citra universiti, universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia institut kajian malaysia dan antarabangsa (ikmas), universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia institut islam hadhari, universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia email: sabrie@ukm.edu.my, ricky84rahman@gmail.com, btaufiq@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 106 introduction open economic system which is implemented in malaysia has many positive results for the economic development of the country. however, it is not denied that such system could also bring negative effects on the economy of the country. the increase in world commodity prices as the cost of electricity, oil and food prices have provided a direct effect on domestic prices. likewise, malaysia’s economic performance is seen running slow due to the financial crisis that hit asian countries in 1997-1998 (ismail & mat nor, 2010). from the point of labor for example, malaysia is still a shortage of skilled labor and proficient in which 80% of its workforce just graduated spm (sijil pelajaran malaysia / high school) who are paid low. in addition, malaysia is still highly dependent on foreign workers. differences of growing income gap between the rich and the poor is also a problem for the economic development of the country. although deb (new economic policy) succeeded in reducing the poverty rate to 3.6% in 2007, but the income gap still remains a problem for malaysia. another important problem is the subsidy price of goods that can not be done continuously such as sugar, oil, and other items which are mostly financed by oil revenues while the oil as we know not a reneweble resource that can be updated. in case of subsidies are also only enjoyed by the rich, while the subsidy goal is to help low-income groups. as well as the problem of corruption and other problems that make the economic problems of the country increasingly complex, making the purpose of malaysia into a developed country by 2020 is rather difficult to be realized. in addition, the strategy used by the previous government to reach a stage of development is not enough to bring malaysia to step into a more advanced stage of development. even the country’s economic development is achieved by taking a large budget and do not exploit the potential of all levels of communiety. the country’s economy has the potential to re-degenerate if changes are not made. therefore, an exact formula should be formulated to build a better nation’s economy, advanced and innovative in line with the 2020 insights. to realize the objective of 2020 insight that want to make malaysia as developed country, the government formulated the four main foundations as formula country’s economic development. the four foundations have set by the economic advisory council of the state (ismail & mat nor, 2010): first, the principle that stated that people first and achievement preferably, which intends to unite all the people of malaysias multi-ethnic; second, the government transformation programme which will deliver performance as defined in the national key result areas; third, new economics models (mbe) which is born from the economic transformation programme (pte) which aims to improve the status of malaysian economy to be m. sabri haron: the assesment of inclusiveness 107 a developed country by 2020; fourth, the 10 (tenth) malaysia program (rmk10) 2011-2015 which became a major driver of policy in the government and economy transformation programme. without interfering with the other functions of the main foundations of new economic model (mbe), the third main foundation seen as the most important foundation to enhance malaysia into a developed country in line with the objective of 2020 insight. therefore, the principle of inclusiveness in new economic model (contained in the formula number three) became the focus of discussion in this paper because it is the substantial principle of the malaysian economy to become a developed country by 2020. assessment of the inclusiveness principles in the new economic model is done to see how the principle can fulfill the the objective of maqasid syar'iyyah. graph 1. four main foundation malaysia national transformation source: the economic advisory council (mpen) the principles of new economic model new economic model (mbe) encompassed three main principles, i.g. the high-income, sustainable and inclusiveness. high-income principle aims to increase the income of the people that are specified with an annual per-capita income as usd7.558 is usd17.700 within a period of 10 years. mbe focus on aspects of human development to train workers that have skills and reduce poverty. in addition, al-iqtishad: vol. vii no. 1, januari 2015 108 structured debt management system with more caution by subtracting the country’s debt to low than 30% of gdp by 2020 (ismail & mat nor, 2010). the principle of inclusiveness, which became the focus of discussion in this study, is a prerequisite to foster the spirit of unity and equality. without being given the opportunity to take advantage of economic progress, then it will lead to feelings of discontent and envy among those who feel excluded both in urban and rural areas, especially those living in inland areas in sabah and sarawak. this principle gives an opportunity to all the community to be dedicated, contribute, participate, and equally enjoy the wealth of the country. despite the excellent results it is rather impossible to achieve, but the people who inclusived will ensure this inequality problem is not going worse. new economic model supports new approaches that can be formulated as inclusiveness development. inclusiveness development is the development of propoor and gives attention not merely to the state but also the impact of inequality that has protracted in to economic development and poverty alleviation. dividing society of tribal aspects is more likely lead to the conflict. the composition of the population of the multi-ethnic malaysia is one of the characteristic advantages of this country. development that exceeds 50 years shows clearly that economic development can not by itself erode ethnic differences. however, excessive pedestal in the distribution of natural resources based on ethnicity, further would be widening the gap and bring a feeling of resentment (ismail & mat nor, 2010). graph 2. objectives and characteristics of mbe source: the economic advisory council (mpen) m. sabri haron: the assesment of inclusiveness 109 the mission of inclusiveness economic the missions of inclusiveness principle as formulated by new economic model as follows (ismail & mat nor, 2010): first, promoting economic development to expand the public opportunity to participate in economic activities. this step aims to develop the local economy. the strategy used to achieve that goal is government policies that should be pro-poor. second, providing equal and fair opportunity to participate and enjoy and economic development of the country. new economic model will focus also on more widespread competition and liberalization efforts. therefore, the concept of justice needs to be applied in carrying out the procedure of competition and liberalization. third, accelerating the development of economic liberalization in order to squirm. the government recommended to conduct a thorough preparation to face the competition in the increasing current liberalization predicted. fourth, government economic policies that use the ethnic approach to enhance the economic development of certain ethnic will be changed to the “inclusiveness development of ethnicity regardless “. new economic model will devote attention to low-income groups, including those below the poverty line. fifth, implementing affirmative program to attract the majority of the population out of poverty shackle and provide more opportunities for them to seize the opportunities in the economy and reduce inequality. sixth, play a significant role in the region’s development. new economic development will devote attention to the development of the regions corridor and sub-regions through clustering (local development) especially in sabah and sarawak to reduce inequality between provinces and between regions. seventh, giving emphasis on the education sector. education reform is needed to produce knowledge workers and reduce the income abyss. table 1. the benefit of inclusiveness principle of new economic model all people will include in inclusiveness because: 1. live and work in safety environment 2. equality and simplicity of information access 3. respect each others 4. each part of this country – wether province, city or village are important 5. poor people is unforgotable source: economic advisory council maqashid syari’iyyah in the inclusiveness context everything has created by god must be the will and purpose. humans as a caliph in the earth should understand that the intent and purpose of all creation al-iqtishad: vol. vii no. 1, januari 2015 110 allah is for the benefit of the man himself. the scholars of usul fiqh also agree that maslahah is the purpose of god as the creator of the shari’ah. the will and purpose of god in all creation is referred to as maqasid syar’iyyah. there are still many who do not understand this maqasid syar’iyyah term, even among muslims themselves. the term of maqasid syar’iyyah also still less given emphasis by muslim scholars, but it is very important that the intent and purpose of god’s creation can be understood. for those who recognize and understand maqasid syar’iyyah, certainly would not doubt that maqasid syar’yyah is the solution to all problems, even also will reveal the truth of the allah’s promise. maqasid syar’iyyah can be used as a guide in completing all the latest issue comprehensively, wether in which touches on the political, economic, and social aspect. therefore, maqasid syar’iyyah seen as an important solutionand should be understood by all muslims. imam syatibi in his book al muwafaqat categorized maqasid syar’iyyah into three levels, al-necessities, al-hajiyyat, and al-tahsiniyyat. in maqhasid sharia, there are five main things that should be kept in maslahah, i.g keeping the deen (religion and faith), the soul, the nasab (descent), the aql (mind), and maintain the property. five things must be maintained as well as possible by man as a vicegerent on earth, as it is for the benefit of the man himself. the five it can be seen in three levels maqasid syar’iyyah, al-necessities, al-hajiyyat, and al-luxuries. for example, in the case of keeping the religion, the al-dharuriyyat side is belief in allah. without true faith and belief, religion does not exist and probably will not develop because allah is not pleased religion other than the religion of tauhid (islam). therefore, shirk is a great sin and allah does not forgives the shirk. to facilitate human creed channel tauhidi to the creator, then the ritual activities (worship) should be done as prayer and fasting. in worship, the man expected to be the stronger in faith and tauhid. similarly, from the side of al-hajiyat, there is easiness given by allah almighty to his servants in certain circumstances. for example, why women are menstruating should not be praying and fasting, or why the traveler is not required to fast and may jamak (combined) and, orqasar (cut off) solatnya. these are all rukhsah given by allah in the aspect of worship in certain circumstancesas for the al-tahsiniyyat is that all matters relating to the keeping of religion (worship), as thaharah, closing the genitals, and the shadaqah (charity) will give a pleasure in worship to allah. this in turn will increase the confidence and the human-ness of the creator. the property in the context of maqashid syari’iyyah although the property is the last position in the maqasid syar’iyyah, does not mean the property is not important in islam. property must exist to maintain and m. sabri haron: the assesment of inclusiveness 111 enhance the other four main points, deen (religion and faith), the soul, the nasab (descent), the aql (mind). the absence of property will bring distress to mankind to keep four things. nevertheless, the use of property should not be based solely lust. the use of the property must be based on tauhid (haron, 2011). islamic view of propertyand economic activities is very clear, such as (ismail & mat nor, 2010): first, god is the absolute owner of everything that exists on this earth, including possessions. property owned by a man only a relative term and only to carry out the mandate to manage and use it in accordance with the provisions set forth allah (see qs 2: 107 and 284). second, the property status under human belonging is: property is amanah (mandate) from allah, and human is acting as a fiduciary only. property aspleasure that allows humans to enjoy life with good and not by excessive. humans have a strong tendency to own, control, and enjoy the property. as life pleasure, property often causes arrogance, vanity, and pride (see qs 96: 6-7). property as a test of faith. it is concerned about how to obtain and utilize the property, whether in accordance with the teachings of islam or vice versa (see qs 8: 28). property as savings of worship, to carry out his orders and execute muamalah between people, through charity, donation and charity (see qs 9: 41 & 60; qs 3: 133-134). third, property ownership can be done by a’mal (business) or ma’isyah (livelihood) is lawful and in accordance with the shari’a. many verses of the qur’an and the hadith that encourage mankind to work for a living lawfully. fourth, prohibited trying, working, or looking for treasure, which can forget about death (see qs 102: 1-2), dhikrullah forget (do not remember to god with all his provisions), forgetting prayer and zakat (see qs 24: 37). fifth, prohibited gain wealth by unlawful means such as through usury (see qs 2: 273-281), gambling, buy and sell of prohibited good (see qs 5: 90-91), stealing, robbing, cheating in wheight (see qs 83: 1-6) in ways of prohibited and harmfull (see qs 2: 188), and bribery. based on the discussion that has been described previously, this article then will assess in which the principle of maqasid syar’iyyah used as a guide in formulating the principles of inclusiveness in new economic model, as an effort to realize the hopes of malaysia’s status as a developed country by 2020. the assessment of inclusiveness principle assessment conducted on the main concepts in the principles of inclusiveness in the new economic model and also missions in these principles as previously described, then analyzed based on the concept of maqasid syar’iyyah. al-iqtishad: vol. vii no. 1, januari 2015 112 opportuniety to all community to access the wealth of country all communities can enjoy a fully sovereign wealth is a key concept in principle of inclusiveness. therefore, no one will neglect to participate and enjoy the wealth of the country. to achieve this goal, we need the concept of justice, equality and fraternity. refer to ismail & mat nor (2010) the equity categorized into the three parts, such as: social justice, economic justice, and fairly income distribution. islam considers humanity as a family. therefore, all members of the family have the same degree in the presence of allah. allah’s law does not distinguish between rich and poor, black or white, educated or bum, officials or people. socially, the value that distinguishes one another is devotion, sincerity, ability and social life with other people. the concept of brotherhood and equal treatment of each individual in society and under the law must be measured with economic justice. without that balance, social life would lose its meaning. with economic justice, each individual will get accordance with their respective contributions to the community. every individual should be free from exploitation of other individuals. islam strictly forbids a muslim to harm others. this prohibition is intended to protect the rights of individuals in society and to improve their welfare as the main objective of islam is derived. inequality of income and wealth that exists in society, contrary to the islamic commitment of brotherhood and socio-economic justice. hence, inequalities must be overcome by using a method that has been taught by islam. among the following ways: eradicate ihtikar (endeavor), hoarding goods with the intention of raising prices in the market in order to gain the manifold; guarantee the rights and opportunities of all parties to be active in the process of economic system; guarantee the basic needs of each member of the community can be met; implement the mandate at-takaaful al-ijtimai economic or social security insurance can bear and support groups who can not afford. islam justifies a person to have more wealth in accordance with the nature and needs, as long as it still is in the foundation of personality and fulfill its obligations to the welfare of society, both in the form of zakah or shadaqah (charity) infaq (donation). however, islam encourages wealthy class to be humble and do not brag about his wealth. if the entire islamic teaching (including the implementation of shariah and norms of justice) is applied, wealth inequality and high income gap will not occur in the community. pro poor when viewed from the first strategic step in principle of inclusiveness, new economic model focuses on the poor. this is a good step. poor people must be m. sabri haron: the assesment of inclusiveness 113 kept and maintained by the state because the impact of poverty causes damage of belief, thought, and society. yusuf al-qaradawi said there were five negative effects of poverty, namely: the effect on belief; the effect on the moral hazard; the effect on the human mind; the effect on household poverty; and the effect on the society (qardhawi, 1980). zakat in addition, serves to purify the property owner, and also as a solution to the problem of poverty due to its function considered as social security (see qs. 59: 7; and qs. 70: 24-25). social security intention here is the state guarantees every individual in the country where if there are indigent, sick, or elderly, then the state will guarantee it through zakat or charity. zakat can be a solution to poverty because it is sustainable and enduring of all time so that the appearance of the final day. zakat is not familiar with the term of cancellations and changes. thus, charity is a gift that has the privilege because of financial resources in the islamic financial system (ibrahim, 1998). this is not mentioned in the principles on inclusiveness in new economic model, eventhough very clearly mentioned in the qur’an that the charity was distributed to eight asnaf, and four of them are directly related to poverty, that is indigent, poor, people who owe and ibn sabil (see qs 9: 60). this proves that the charity could be the solution to today poverty happen. another solution is to eradicate, or at least reduce the symptoms of poverty through charity and donation, endowment, and probate. all of these have been mentioned and described in the qur’an and sunnah. alms and charity donation is kindness, “people who give alms as people who plant the seed of goodness”. in the afterlife, people who give alms will surely taste the fruits or results of charity in the world (muhyidin, 2009), and those who give alms will never lose, because allah has promised bountifully rewarded to those who give alms (see qs 57: 18). also, waqf and wasiyyah that is set in islam is seen able to solve all economic problems, in this case poverty (ismail and mat nor, 2005). therefore, it was concluded here that charity, donation, charity, endowments and wills should be given serious attention to enhance the concept in principle of inclusiveness in new economic model, particularly in the context of addressing poverty in malaysia. fastering liberalisasi for development in the third strategic step, it is recommended that the malaysian government did good preparation to face the competition in the current liberalization as predicted increase. here new economic model suggests merely that the government getting ready to face the current liberalization. however, the steps to be taken for the al-iqtishad: vol. vii no. 1, januari 2015 114 preparation are not described. based on the discussion above, basically there are many preparatory steps that can be taken, especially internal preparatory measures, but on the basis of simplification purposes, this article discusses only a few steps, such: first, eradicating corruption. the principle is inclusiveness in new economic model need to consider the corruption eradication in its concept. this problem must be considered and given serious intention. agencies that have authority such as spr (suruhanjaya pencegah rasuah) should be more pro-active in preventing the potential for corruption. cooperation with various parties, especially those in the economy should be tightening. moreover, in terms of capturing the perpetrators of corruption should not be indiscriminately. it is seen very important because of the implications of corruption not only be the root causes of poverty and the income gap, but also can damage the morale and morality of each nation. therefore, it is not surprising if rasululullah cursed this corrupt behavior as mentioned in a “from tsauban, he said that the prophet cursed the one who gives the bribes, receiving bribes, and intermediaries, ie the linking between the two” (hr ahmad ibn hanbal). second, modesty in life and budget. allah has said: “[he said], “joseph, o man of truth, explain to us about seven fat cows eaten by seven [that were] lean, and seven green spikes [of grain] and others [that were] dry that i may return to the people; perhaps they will know [about you]. [joseph] said, “you will plant for seven years consecutively; and what you harvest leave in its spikes, except a little from which you will eat. then will come after that a year in which the people will be given rain and in which they will press [olives and grapes” (qs 12: 46-48). the above verse tells of a kingdom or a man to always remember and downsize and make preparations to face disasters (economic crisis) that does not happens “riot” in the final moments or when the economy crashed. indirectly, this verse tells us that the state should be thriftier that government budget that does not bring benefits should be avoided. humans should be simple in spending his money. in a more macro scope, the malaysian government should also apply the concept of frugality-careful in national budget. third, encourage to borrow money (for those who need) to islamic financial institutions. the presence of poor and low-income groups in the midst of society causes them to borrow money from a lender which justifies usury to meet their ends or to pay off debt. it has been described previously that one of the solutions to overcome this problem (poverty) is to give alms to the beneficiary, donation and charity, waqf and wasiyyah. but surprisingly many of the upper and middle-income group who participates to borrows the money from that usury lender. the reason m. sabri haron: the assesment of inclusiveness 115 is much easier and faster than conventional loans from banks, though not a few of them are aware of the consequences if they fail in returning the loan and interest. as well known, that a lender from conventional financial institutions implements a usury system. riba is in addition to the specific goods (usury) and additionally as a debt due to the addition of time (rahman, 2009). in islam, interest or riba is prohibited (see, qs 2: 275-276 & qs 30: 39). essentially, borrow money along with interest is not helping the borrower out of financial problems at hand. but it adds to the difficulty and will never go out of the problemt. therefore, the solution to this problem is to eradicate the lender that justifies usury. avoid borrowing money (especially muslims) to conventional banks, and vice versa, preferring to borrow money from financial institutions based on islam in addition to ease the terms of the loan and quick process. here the more active role of the government is expected to create a society free of riba (usury activity or at least minimize). fourth, inclusiveness development of regardless ethnic. the achievement of the new economic policy-based ethnic concept admits a positive impact in minimizing the gap between ethnic groups from an economic standpoint. however, there is no denying that there are still problems in terms of implementation. for example, the rising cost of doing business due to the expensive rents, the power of patronage (patronage) and the process is not transparent government revenue as a problem of corruption, collusion and nepotism among the ruling. by that, the principles embodied formulate a formula to minimize this problem. formula was known as “inclusive development of independent ethnic” as mentioned in the fourth strategic step. however, the inclusiveness development of free ethnic somewhat seen difficult to be realized because the malaysian people consists of multi-ethnics. it is hard to deny that any definite ethnic faction fighting for its own interests, in terms of economics, politics, education and others. if connected with politic, most visionmission of the existing political parties in malaysia would be more fighting for their ethnic interests respectively. therefore, the need to be explored is not free ethnic inclusiveness development, but development based on fraternity (ukhuwah). if this sense of ukhuwah is grown, the economic development of the country is believed to be more powerful, stable, and forward because in ukhuwah there is a sense of mutual respect, affection, and belonging as well as glorify between one another. in ukhuwah also no differences in background, either he or the leader of the people, high educated or low, rich or poor, malay ethnic or non-malays and others. in islam, a person is judged only by the level of taqwa (piety) to god. al-iqtishad: vol. vii no. 1, januari 2015 116 conclusion objective of the discussion in this article is to assess the extent to which the principles summarized in the mbe can fulfill the will maqasid syar’iyyah. assessment is done through the main concepts and principles encapsulated in the strategic steps that principle. this article is expected to generate suggestions for government policy regarding the importance of the role of maqasid syar’iyyah in keeping the needs and welfare of the community and to promote a country, in this context, improving the economy of malaysia, along with insights that make malaysia 2020 on par with developed countries. to achieve that, the government must accommodate the elements maqasid syar’iyyah in taking related economic policies and development of the country. references al-‘assal, a.m & karim, f.a.a. 2010. ekonomi islam: prinsip-prinsip & matlamat, kuala lumpur: serambi timur sdn. bhd. al-qardhawi, y. 1980. the poverty problem: the islamic concept. johor baru: penamas. al-syatibi, a.i.i. 1985. al-muwafaqat fi usul al-syari’ah. beirut: dar al-ma’rifah. haq, h. 2007. al-syatibi: the theological aspect on maslahah concept in almuwafaqat. jakarta: erlangga. haron, m.s. 2011. the economic issues on islamic thought. bangi: pusat pengajian umum ibrahim, a.r.z. 1998. petunjuk amalan ekonomi islam. kuala lumpur: dewan bahasa dan pustaka ismail, a.g. & mat nor, f. 2010. the evaluation of new economic model on maqashid syari’iyah perspective. the proceding seminar on maqasid syariah sempena ijtimak harakiy pertama wadah abim-pkpim, german-malaysian institute, kajang, malaysia, 7 ogos 2010 muhyidin. m. the miracle of shadaqah: the more shadaqah the more rich. batu caves: millenia. othman, m.r. & g. din. 2005. economy on al-qur’an and as-sunnah perspective. pulau pinang: usm. zaharuddin, a.r. 2009. wang, anda & islam: halal dan haram dalam kewangan dan perbankan. petaling jaya: true wealth. 7-irfan.indd irfan syauqi beik & laily dwi arsyianti: construction of cibest model 87 construction of cibest model as measurement of poverty and welfare indices from islamic perspective irfan syauqi beik & laily dwi arsyianti1 first draft: october, 3rd 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 center of islamic business and economic studies, bogor agricultural university, jl. raya darmaga kampus ipb darmaga, bogor email : irfan_beik@ipb.ac.id, arsyianti@ipb.ac.id abstract. construction of cibest model as measurement of poverty and welfare indices from islamic perspective. one of the major challenges faced by most of the islamic countries is poverty. this paper attempts to construct the concept of poverty and welfare standards based on islamic perspective.the study tries to cover both material and spiritual dimensions. these standards are based on cibest quadrant, which is divided into four quadrants: welfare quadrant (i), material poverty quadrant (ii), spiritual poverty quadrant (iii) and absolute poverty quadrant (iv). determination of these quadrants is resulted from criteria and indicators of basic material needs and basic spiritual needs. by using household as unit of analysis, this study is able to developcibest model comprising welfare index, material poverty index, spiritual poverty index, and absolute poverty index. mathematical formula and illustration of the indices are also elaborated to strengthen the concept. keywords: basic needs approach, poverty, welfare indices abstrak. konstruksi atas model cibest sebagai pengukuran atas kemiskinan dan kesejahteraan dalam perspektif islam. salah satu permasalahan penting yang dihadapi negara-negara islam adalah kemiskinan. tulisan ini berupaya untuk mengkonstruksi konsep kemiskinan dan kesejahteraan menurut perspektif ajaran islam. penelitian yang dilakukan,berupaya untuk mengkombinasikan dimensi material dan dimensi sipiritual. alat ukur yng digunakandalam studi ini didasarkan pada kuadran cibest yang terbagi menjadi empat kuadran, yaitu : kuadran sejahtera (i), kuadran kemiskinan material (ii), kuadran kemiskinan spiritual (iii), dan kuadran kemiskinan absolut (iv).penetapan kuadran ini dibuat berdasarkan kriteria dan indikator kebutuhan dasar material dan kebutuhan dasar spiritual. dengan menggunakan rumahtangga sebagai unit analisis, penelitian ini berhasil memformulasikan model cibest yang terdiri dari indeks kesejahteraan, indeks kemiskinan material, indeks kemiskinan spiritual dan indeks kemiskinan absolut. formula matematika dan ilustrasi dari setiap indeks juga dielaborasi secara detil untuk memperkuat konsep yang ada. kata kunci: pendekatan kebutuhan dasar, kemiskinan, indeks kesejahteraan al-iqtishad: vol. vii no. 1, januari 2015 88 introduction poverty remains a major issue faced by the islamic world presently. the term ‘poverty’, however, could not be defined in a single term, which prevails across the globe. it is because of the differences in many aspects, such as demographical factors, geographical location, cultural diversity, etc., although various scholars have attempted to define poverty from different angles and perspectives. they also have tried to accommodate these differences in their definition of poverty. debate on this issue still continues including debate on measurement and criteria used to define poverty. despite these difficulties in constructing single definition of poverty, real practices taking place in different countries seem to provide the fact that poverty is always related with inability of certain group of people to fulfill their basic needs. this group of people is called the poor. definition of the poor is always connected with a standard of measurement called poverty line. it is a line that is measured in terms of minimum income, which must be earned by a person. if a person earns income below the line, he will fall under the poor category. for example, in indonesia, the national board of statistics (known as badan pusat statistik– abbreviated as bps) has determined poverty line to be equal to rp 293,000 (usd 25.04) per capita per month in 2014. the number of the poor living below the line is estimated to reach 28.55 million people (national board of statistics, 2014). this poverty line may change usually on annual basis. similarly, the world bank use usd 2 per capita per day as basic standard of absolute poverty, meaning that, earning income below the standard will put someone in the category of absolute poor. islam actually pays great concern on the issue of poverty. as a comprehensive religion covering all aspects of life, islam has clear rules and guidance regarding this matter. there are many ayah and hadith which can be made as source of reference. similarly, there are a large number of literatures discussing the concept of poverty from islamic perspective, which are written by classical as well as contemporary islamic scholars. it is interesting to note that most of the discussion on poverty from islamic perspective is based on the concept of maqasid al shariah. the term ‘maqasid’, which is the plural form of the word ‘maqsad’, reflects the basic objectives of revelation of islamic teaching. chapra (2008) states that the maqasid al shariahhave been either stated directly from the quran or inferred from these by a number of scholars. all of these address the basic objective of the shariah, which is to serve the interests of all human beings and to save them from harm (chapra, 2008). one of the most prominent classical islamic scholars in the history, imam irfan syauqi beik & laily dwi arsyianti: construction of cibest model 89 al-ghazali, has classified maqasid al shariah into five major categories. those are protection of faith (hifz al-din), protection of human self (hifz al-nafs), protection of intellect (hifz al-aql), protection of posterity (hifz al-nasl) and protection of wealth (hifz al-maal). these are basic elements in promoting the well-being of the people. imam al-shatibi furthermore classified the maqasid into three broad categories, i.e. daruriyyat (essentials), hajiyyat (supporting) and tahsiniyyat (embellishment). to alshatibi, al-ghazali’s five safeguarding fall under daruriyyat category. this paper attempts to construct this standard of measurement in the form of welfare index and poverty index. these indices will be based on certain criteria, which are derived from the quran and sunnah and compared with current practices in the contemporary islamic economies. the paper comprises five sections including introduction as the first one. second section shall elaborate overview on the conceptual framework of poverty from islamic perspective. section three discusses existing models of poverty standard and measurement by taking the case of indonesia. indonesia is purposively selected since it represents the most populous muslim country in the world. section four proposes model of welfare and poverty indices as standard of measurement combined with illustration on how to use those indices. this section will be started by elaborating conceptual foundation of the proposed model. last section concludes the paper. the poverty concep on islamic approach as mentioned in the previous section poverty basically is a multidimensional concept. shirazi (1994), narrayan (2000), and pramanik (1993, 1998) are of the view that poverty basically is an imprecise term. it is not possible to capture the idea of poverty based on unidirectional approach. they suggest that poverty is typically used to refer to a situation where individuals do not have sufficient resources to cover their basic needs to lead a reasonably comfortable life, not only by economic but also by social, psychological and even spiritual dimensions. suharto (2009) argues that while some economists discuss the concept of poverty based on subjective and comparative approach, some others favor moral and evaluative approach. poverty being mostly associated with economic dimension, it is, indeed, related to other dimensions including social, cultural, institutional, and structural. al-ghazali (1980) defines poverty as a state of not being able to fulfil one’s needs. inability to satisfy what is not needed is not poverty. if the needed items are available and affordable by a person, then he will not be treated as poor person. al-ghazali divides poverty into two parts: first, poverty in relation to material needs; and second, poverty in relation to spiritual needs. similar argument is also made by ahmed (2004). he says that poverty does not only represent deprivation of goods al-iqtishad: vol. vii no. 1, januari 2015 90 and services, but also lack of poverty in spirit. even rehman (1980) argues that in islam individuals can improve their spiritual life by improving their material life. al-ghazali further states that each and every being that exists is poor, except for the eternal being, allah. this is the meaning of the verse (47:38) “wa allah alghaniyywaantum alfuqara”, which means ‘and allah is rich and you all are poor’. to him, this is an absolute poverty (faqrmutlaq), which has both material and spiritual dimensions. in response to al-ghazali’s argument, sadeq (1992) says that the term faqrmutlaqin contemporary economics refers to two different meanings. first, it refers to a state below some absolute level of income that could purchase some minimal level of sustenance. second, it refers to poverty of the individuals or households in absolute terms without reference to their relative condition as compared to others. in this sense absolute poverty is used against relative poverty. ibn al-qayyim al-jauziyyah (1293 – 1350 ad), on the other hand, denies the relationship between poverty and zuhd, an important islamic value misconstrued as renunciation of wealth and the good things of life. he insists that zuhd is not poverty. it is an attitude of mind which purifies soul from the lust for worldly things and from making them the objectives of life. he argues that affluence is more preferable provided it accompanies gratitude to allah and the fulfilment of one’s obligations toward fellow human beings (islahi, 1992). the concept of poverty is indeed determined by the definition of the poor (faqir) and the needy (miskeen). hence, shirazi (1994) argues that the jurists from the four prominent schools have different ideas in this regard. according to shafi’ite and hanbalite schools, a person is called faqir if he possesses no wealth and earning, or earns income and wealth which satisfy less than half of his needs. a person is called miskeenif he earns income and wealth which satisfy more than half, but less than 100 percent of his needs. on the other hand, the other two schools, i.e. hanafite and malikite, have the opposite perceptions. however, shirazi (1994) argues that opinions are not much different from practical point of view. it is because both are not in a position to meet their needs without the provision of assistance provided by the society or state. hafidhuddin (2013) stated that poverty is part of god’s law in this life. as mentioned in the quran (43:32) that allah swt has determined people’s livelihood. some of them are lifted up higher than the others, so that they can synergize and help each other. islam, hence, does not discuss on how to eliminate poverty totally. rather, it discusses how to reduce the excessive gap between the rich and the poor. hafidhuddin also argues that the poor having good morals are one of important pillars of development. he cites ali bin abi thalib who states that the irfan syauqi beik & laily dwi arsyianti: construction of cibest model 91 resilience of the world and society affairs is due to five pillars: knowledge of the ulama, fair and just rulers, generosity of the rich, honesty and integrity of the employees and bureaucracy, and prayer of the poor. he concludes that poverty could not be observed only from material perspective, but also from spiritual perspective. existing model of poverty standard: case of indonesia the literatures above have demonstrated that poverty from islamic perspective covers both material and spiritual dimensions. another important issue is how to measure poverty and on what basis this poverty is determined. in this regard, some attempts have been made by various institutions and scholars. this section elaborates at least three models which have been applied, especially with the reference to indonesia. those are model of consumption or basic needs approach, model of decent living standard, and model of family welfare. the national board of statistics of indonesia uses consumption model or basic needs approach as basis for determining poverty standard. the model comprises food consumption and non-food consumption standard. food consumption is based on the consumption of 2,100 kilo calories per capita per day, and these calories are valued in terms of money. if a person consumes less than this calorie standard, then he will be categorized as poor. therefore, this standard is also called as food poverty line. in indonesia, non-food consumption for rural areas is different from urban areas. there are 47 commodities for rural areas while urban areas have 51 commodities (beik, 2013). similarly, these commodities are valued in terms of money. the standard resulted from this valuation is called non-food poverty line. summation of food poverty line and non-food poverty line forms national poverty line. according to the september 2013 data, contribution of food poverty line towards national poverty line reaches 73.43 percent. the rest is contributed by non-food poverty line (national board of statistics, 2014). unit of analysis in this approach is individual basis. however, spiritual dimension is not considered by this approach. it merely focuses on material aspect. another approach is the one that has been developed by the ministry of labor and transmigration of indonesia. the ministry has issued an index of decent living standard. initially, it is used as basis for determining minimum wage standard for labor. this minimum wage is decided by wage council which operates in every city and regency throughout the country (beik, 2012). this council consists of tripartite: government representative, labor representative and industrial representative. index of decent living standard is designed to observe capability of a person to fulfill his basic needs, such as food, clothes and housing needs. the index comprises al-iqtishad: vol. vii no. 1, januari 2015 92 seven basic elements: first, food and drink; second, clothes; third, housing; fourth, education; fifth, health; sixth, transportation; and seventh, recreation and saving. survey is always conducted annually as media of information on real prices of the basic elements. nevertheless, this index does not accommodate religiosity and freedom to express and to practice religious obligation. when the monetary value of the index has been decided by the wage council, labor office of city government must ensure that all industries obey the decision. unit of analysis of this index is individual basis. unlike the previous two standards, the national coordinating agency of family planning program of indonesia (known as badan koordinasi keluarga berencana nasional, abbreviated as bkkbn) applies the model of family welfare, which has been replicated in more than 90 countries globally (alimoeso, 2014). the model is designed on household or family basis. this is totally different from the previous two approaches, which are individual-based. bkkbn classifies family into five types: pre-prosperous family, prosperous family i, prosperous family ii, prosperous family iii, and prosperous family iii-plus. pre-prosperous family is considered as the poorest of the poor or the hardcore poor, while prosperous family i is classified as the poor. prosperous family i is used as the family poverty standard. criteria employed to determine poverty standard for family is qualitative in nature. bkkbn has determined six criteria, which are based on the basic needs approach. those are: first, food consumption at least twice a day although with minimum calories; second, family members have different clothes for school, work, travelling and during their stay at home; third, residential house has good roof, floor and wall; fourth, treatment for family member suffering illness is conducted at health facilities provided by government; fifth, when parents are still in productive age and willing to join family planning program, they consult official contraception service facilities; and sixth, all children aging between 7 to 15 years old are schooling. inability to fulfill at least one of these criteria will place a family in the category of hardcore poor or pre-prosperous family (alimoeso, 2014). bkkbn further determines the indicators of family that has been released from poverty. these indicators are used as basis to observe whether a poor family has changed their status from prosperous family i to prosperous family ii. criteria of the prosperous family ii comprise eight criteria, which are: first, family members are able to perform religious obligation; second, entire family members consume meat, egg and fish at least once in a week; third, all family members at least purchase one new clothes in a year; fourth, the floor size of the house at least 8 m2 for each family member; fifth, family members for the last three months are in a good health condition so that they are able to perform their functions and duties; sixth, at least irfan syauqi beik & laily dwi arsyianti: construction of cibest model 93 there exists one family member who work to earn sufficient income; sevent, all family members whose age are between 10-60 years old able to read and write in indonesian language; and eight, parents in productive age with 2 or more children use contraception medicine or other tools of contraception (alimoeso, 2014). cibest model on islamic poverty and welfare indices various attempts have been made in order to construct poverty and welfare standards from islamic perspective. one of the most significant efforts in the contemporary economy, which has been used in the real practice of zakat distribution, is the concept of lembaga zakat selangor (selangor zakat institution in malaysia, abbreviated as lzs). lzs has used had al-kifayahapproach as the basis to determine whether a family or a person is eligible to receive zakat or not. had al-kifayahby definition is standard of minimum needs, which must be fulfilled by a family. inability to fulfill these needs will place family in poor status and hence, that family is eligible to receive zakat fund. in this concept, lzs has divided a family into five groups: head of household, working adult, unemployed adult, children within the 7-17 years old age group, and children within the 1-6 age group (rasoolet al, 2011). the poor standard is determined by the ability of a household to satisfy their basic needs (daruriyyah), which consist of foods, clothes, houses, health, and education. thus, by applying had al-kifayah, a household is eligible to receive zakat fund only if their monthly income is less than rm 1,650 –this is 2011 data. in addition, if there were disable or people with severe illness in the family members, the minimum limit would be raised to rm 2,240/month/household (rasoolet al, 2011). the concept applied by lzs should be greatly appreciated since it attempts to go beyond poverty line income (pli) standard, which has been applied across the globe by many governments. sometimes the value of pli in many countries is too low compared to their economy condition. nevertheless, the lzs concept is still focusing on material aspect. had al-kifayahis merely translated into basic needs, which do not consider spiritual aspect. in this paper, we attempt to construct poverty and welfare standards which cover both material and spiritual aspects. these standards will be reflected in the poverty and welfare indices, which are measurable and comparable. basic spiritual needs could be defined as the needs to implement ibaadah (worship) to allah swt. bkkbn as mentioned in the third section includes capability to undertake religious obligation as an indicator of welfare family. however, bkkbn does not elaborate further criteria of this capability. this paper, hence, proposes that the concept of this ‘capability’ should be indicated by three factors, al-iqtishad: vol. vii no. 1, januari 2015 94 i.e. ability, strong will, and freedom. these three factors are strongly interrelated. the absence of one or more factors will reduce capability of a person to perform ibaadah. if this happens, a person may have poor spiritual condition. for example, the absence of willingness to pray will reduce capability to undertake worship. furthermore, there are five variables of basic spiritual needs: implementation of shalat(prayer), saum(fasting), zakat, household environment, and government policy environment. these variables will be used as basis in the calculation of spiritual poverty index, which will be discussed later. as already known, prayer, fasting and zakat are part of islamic pillars which must be fully implemented by muslims, in addition to declaration of shahadahand hajj (pilgrimage). reluctance to perform these ibaadah may reduce the quality of iman(faith). there is no excuse for all muslims, especially those who are included in the category of mukallaf, to avoid these religious obligations. pilgrimage, on the other hand, is excluded from the variables affecting spiritual poverty index. it is because pilgrimage requires certain conditions, such as availability of huge financial resources. another argument, when a person has strong awareness to undertake prayer, zakat and fasting obligations, he will automatically have awareness to perform hajj subject to his capability in removing financial constraint. spiritually, this person is rich. therefore, the focus should be directed to prayer, fasting and zakat. fourth variable is household environment. it is extremely important to have supportive household environment in fulfilling religious obligations. unsupportive household environment may create spiritually poor person. for example, when the husband has a very liberal opinion in which he disagrees with the existence of prayer, most probably the wife will face difficulty in performing prayer regularly. she may fall to spiritually poor person status. similarly, the fifth variable, i.e. government policy environment, is also affecting spiritual condition of the people. although not all ibaadah require specific government regulation, but the presence of supportive government policy environment is highly needed. this environment will determine the degree of freedom to execute islamic teaching in certain societies. unsupportive government policy environment may produce spiritually poor people. for example, although prayer act is not needed, but when government attempts to secularize the people by prohibiting prayer or by not providing sufficient prayer room in government offices, it may create spiritually poor bureaucrats. hence, this variable cannot be ignored. unit of analysis proposed is based on household rather than individual. it is because in islam, the smallest unit of society is household or family. given this reason, hence in this paper, lzs (lembaga zakat selangor)division of household is irfan syauqi beik & laily dwi arsyianti: construction of cibest model 95 adopted with modification. this modification could be observed in the presence of teenagers group. the main reason is due to different characteristic between teenagers and children, especially with respect to emotional maturity and puberty period. hence, the household is divided into six groups: head of the household, working adult, unemployed adult (>18 years old), teenagers between 15-18 years old group, children within 7-14 years old group, and children within ≤ 6 years old group. head of the household is defined as a person who is responsible to fulfill basic needs of the entire household members. the household head could be father, single mother (widow or divorced mother), or other responsible person in the absence of parents, such as elder brother or sister. working adult is defined as a person who is working but still under the responsibility of household head. this could be a working wife, son, daughter, or someone else, such as adopted son who has professional job. unemployed adult, furthermore, is defined as a person who is under the responsibility of household head but not working, such as housewife and unemployed son. teenager refers to a person attending school or school dropout teenage within the age group 15-18 and in puberty period. this group could be included in the category of mukallaf. child within the age group 7-14 is defined as the one who attend school or school dropout child. lastly, child within the age group ≤ 6 refers to the one whose age is less than or equal to 6 years old. these last two groups are not included in the category of mukallaf. from the concept of fulfillment of basic spiritual needs and material needs, we can construct typology of the household in the form of cibest quadrant. there are four typologies of household based on their ability to fulfill basic spiritual needs and basic material needs. it could be observed in the following figure 1. figure 1. cibest quadrant al-iqtishad: vol. vii no. 1, januari 2015 96 based on the figure 1, cibest quadrant is divided into four quadrants. material needs are shown by horizontal axis, while spiritual needs are represented by vertical axis. the (+) sign in the horizontal axis indicates that material needs have been sufficiently fulfilled by the household while (-) sign indicates the opposite, i.e. the household is lack of material needs. similarly, the (+) sign in the vertical axis portrays the ability of household to fulfill their spiritual needs while the (-) sign shows the opposite condition. in the first quadrant, it can be observed that the household is in the positive areas of both material needs and spiritual needs. it means that the household is spiritually and materially rich. hence, this area is called welfare quadrant. the second quadrant is combination of positive spiritual needs and negative material needs. this indicates that the household is spiritually rich but materially poor. this area is called material poverty quadrant. the third quadrant combines positive material needs and negative spiritual needs. the household in this area is found to be materially rich but spiritually poor. this area is called spiritual poverty quadrant. lastly, the fourth quadrant shows the mixture between negative spiritual needs and negative material needs. it means that the household in quadrant is spiritually and materially poor. hence, this area is called absolute poverty quadrant. the cibest quadrant has, at least, two advantages. firstly, it will be able to identify the number of households in each quadrant. secondly, it will assist government agencies to formulate precise development policy, which is needed in order to move households living in poverty quadrants towards the welfare quadrant. this model is based on the cibest quadrant. as has been discussed above, there are four cibest quadrants. cibest model is constructed from these four quadrants. the model is composed from four indices, namely, welfare index, material poverty index, spiritual poverty index, and absolute poverty index. this sub section attempts to formulate these indices mathematically. the first is the welfare index. this index is symbolized by w. formula of the index is as below: ......................................(1) whereby: w = welfare index; 0 < w < 1 w = the number of prosperous households (spiritually and materially rich) n = total number of observed households in this index, we simply calculate the number of households whom are irfan syauqi beik & laily dwi arsyianti: construction of cibest model 97 spiritually and materially rich (w). it will be then divided by the number of total population in order to get welfare index. the value of welfare index is between 0 and 1. it is because of the impossibility of having all population in the same welfare quadrant. the second index is material poverty index. this index is symbolized by pm. formula of pm can be observed below. ........................................(2) whereby: pm = material poverty index; 0 < pm < 1 mp = the number of materially poor but spiritually rich households n = total number of observed households we simply count the number of households living in the second quadrant of cibest in order to get the value of mp. furthermore, the third index is spiritual poverty index (ps). formula of this index is as follow. .......................................(3) whereby: ps = spiritual poverty index; 0 < ps < 1 sp = the number of spiritually poor but materially rich households n = total number of observed households the value of sp could be identified when the number of spiritually poor households living in the third quadrant of cibest is known. lastly, the fourth index is absolute poverty index, which is symbolized by pa. formula of this index is as below. .....................................(4) whereby: pa = absolute poverty index; 0 < pa < 1 ap = the number of absolute poor households (materially and spiritually poor) n = total number of observed households this index requires calculation of the number of absolute poor households (ap) in order to find out the value of pa. nevertheless, the values of w, mp, sp and ap cannot be computed unless we know the standard determining material poor and spiritual poor. regarding these, we will develop material line as the basis to separate materially poor and materially rich households. we will also develop spiritual line as the basis to separate spiritually poor and spiritually rich households. material line (mv) is derived from minimum standard of material needs, which must be fulfilled by a household. mathematical formula of this mv can be al-iqtishad: vol. vii no. 1, januari 2015 98 seen below. mv = ..........................(5) whereby: mv = minimum material needs standard (in terms of rp or local currency) pi = price of goods and services i (in terms of rp or local currency) mi = minimum number of goods and services needed table 1. spiritual needs indicator variables likert scale poverty standard1 2 3 4 5 prayer blocking others to pray against the concept of prayer performing obligatory prayer but not on regular basis always performing obligatory prayer but not in congregational prayer performing congregational prayer for obligatory one and perform recommended prayer average score for spiritually poor household is equal to 3 (sv = 3) fasting blocking others to undertake fasting against the concept of fasting not fully performing obligatory fasting performing only obligatory fasting performing obligatory fasting and recommendable fasting zakat and infak blocking others to pay zakat and infak against the concept of zakat and infak not paying infak at least once in a year paying zakat al-fitrand zakat al-maal paying zakat al-fitr, zakat almaal, and infak household environment forbid ibaadah against implementation of ibaadah consider ibaadahas private matter for household member support execution of ibaadah creating environment which obligates execution of ibaadah government policy environment forbid ibaadah against implementation of ibaadah consider ibaadahas private matter support execution of ibaadah creating environment which obligates execution of ibaadah based on the equation (5) above, a household is called materially poor when income of that household is less than the mv value. otherwise, the household is classified materially rich. however, the mv formula is not sufficient. we need to have spiritual line formula. irfan syauqi beik & laily dwi arsyianti: construction of cibest model 99 spiritual line (sv) is derived from five variables explained in the above sub section. it is the line showing actual spiritual condition of the households. likert scale is used to assist the evaluation of household spiritual condition. table 1 provides the indicators of the five variables of spiritual needs. based on the table 1, the likert scale used is ranging from 1 to 5. the value of 1 shows the worst indicator while that of 5 indicates the best condition. spiritual standard, which separates spiritually poor households and spiritually rich households, is determined to be equal to 3. mathematically, it can be written as follow. sv = 3 .......................................... (6) whereby: sv = absolute line (standard) for spiritual poverty the value of sv is based on three arguments. firstly, for prayer and fasting needs, the value of 3 shows that a person intentionally leaves his obligation in one time, and in other time, he performs his obligations. in islam, leaving our obligation intentionally will be considered as sinful acts, which reduce spiritual quality of a person. secondly, for zakat and infak payment, the value of 3 indicates that a person has no intention to pay infak, even once in a year. although paying infak is not obliged for the poor, but we believe that even the poorest of the poor will also have capability to pay infak. for example, a poor household should be able to pay infak usd 1 per annum. it is a very minimum amount. therefore, this score is made as spiritual line. thirdly, as for household environment and government policy environment, the score of 3 shows separation between worldly affairs and akheeraaffairs. there is no effort to encourage household members to execute ibaadahsince ibaadahis considered as private matter. it means that it is up to the household members whether they want to perform their religious obligation or not. we can also calculate general spiritual condition of households in one country. the formula to compute it is as below. ........................................(7) whereby: ss = average score of actual spiritual condition of the observed households shk = actual spiritual condition of the household k n = total number of observed households if the value of ss > sv, then generally speaking, spiritual condition of al-iqtishad: vol. vii no. 1, januari 2015 100 population in one country is in good condition. in other words, they are spiritually rich. similarly, if the value of ss ≤ sv, the residents of that country are spiritually poor. another important aspect is related on the calculation of shk. it is obtained from the score of all variables observed in the household. therefore, equation (8) below provides the formula to compute shk. .....................(8) whereby: sh = average score of actual spiritual condition of one household hh = actual spiritual score of household member h mh = total number of household members as for hi, its formula is as below: .........................(9) whereby: hi = actual spiritual score of household member i vp = prayer score vf = fasting score vz = score of zakat and infak vh = score of household environment vg = score of government policy environment determination of the number of households in each cibest quadrant is based on combination of results of mv standard and sv standard. there are four probabilities of combination between mv and sv results (vide table 2). table 2. combination of mv and sv values results ≤ mv value >mv value >sv value materially poor and spiritually rich household (quadrant ii) materially and spiritually rich household (quadrant i) ≤ sv value materially and spiritually poor household (quadrant iv) materially rich and spiritually poor household (quadrant iii) when the number of household in each quadrant is known, then calculation of all indices is easy to conduct. combining all values of welfare index, material poverty index, spiritual poverty index and absolute poverty index, we will get total values of those indices to be equal to 1. this is called as the generalized cibest model. irfan syauqi beik & laily dwi arsyianti: construction of cibest model 101 cibest model = 1 = w + pm + ps + pa............................(10) total summation of all indices must be equal to one. these indices could be utilized in mapping the population, in which quadrant that most of the population live. it will assist the government to design policy strategy that can be effectively executed. let us proceed to the following sub-section in order to understand computation of these indices. in this illustration, there are two basic assumptions which must be fulfilled. firstly, the collected data must be primary data. secondly, method of obtaining data must be census or sampling. there are four stages of calculating these indices. firstly, compute the value of mv, while that of sv is already given, i.e. 3. this mv value may be taken from official data of the observed country. in case available official data is on individual basis, we need to transform the data into household basis. for example, if usd 100 is found to be the individual poverty line and 4 person is the average size of a household, then multiplication of usd 100 and 4 person will yield household material line or mv value. secondly, calculate the value of sh and monthly income of the observed households. thirdly, put the observed households in the cibest quadrant whether they are in the first, second, third or fourth quadrant by using table 2 as reference. fourthly, calculate all indices by using available data. in order to understand deeper, let us begin with an islamic state. assume that there exist 10 households living in the country. regarding the mv value, let us assume that the mv standard is equal to usd 150. this mv standard may vary across countries. in our case, this assumption of mv value is needed in order to ease the calculation. as for sv, it is equal to 3. the actual condition of these 10 households is portrayed in the table 3. they have different number of household member. assume that we have conducted survey on them in order to find out their actual spiritual condition as well as their actual income. table 3. actual spiritual and material condition of the observed households household number household member sh household income/ month status cibest quadrant #1 5 members 3.8 usd 270 spiritually and materially rich quadrant i #2 7 members 2.9 usd 500 spiritually poor and materially rich quadrant iii al-iqtishad: vol. vii no. 1, januari 2015 102 #3 3 members 2.4 usd 100 spiritually and materially poor quadrant iv #4 4 members 1.9 usd 50 spiritually and materially poor quadrant iv #5 3 members 4.2 usd 600 spiritually and materially rich quadrant i #6 3 members 4.5 usd 100 spiritually rich and materially poor quadrant ii #7 3 members 3.7 usd 50 spiritually rich and materially poor quadrant ii #8 6 members 2.3 usd 100 spiritually and materially poor quadrant iv #9 7 members 3.6 usd 50 spiritually rich and materially poor quadrant ii #10 3 members 1.5 usd 350 spiritually poor and materially rich quadrant iii given the information provided in the table 3, we can calculate the value of each index. let us start with welfare index. total number of observed households or n is equal to 10, while the value of w is equal to 2. by using equation (1), we will obtain: w = 2/10 = 0.2 interpretation of this index is that there 20 percent of the households in the country whom are spiritually and materially rich. furthermore, the table 3 provides information on the values of mp, sp, and ap, respectively. it is known that mp = 3, sp = 2, and ap = 3. from these data, we can calculate material poverty index, spiritual poverty index and absolute poverty index. they are as below. pm = 3/10 = 0.3 ps = 2/10 = 0.2 pa = 3/10 = 0.3 it can be interpreted that 30 percent of the population live in material poverty, while 20 percent live under spiritual poverty. the remaining 30 percent live in the absolute poverty condition. general cibest model will be equal to: cibest model = w + pm + ps + pa = 0.2 + 0.3 + 0.2 + 0.3 = 1 irfan syauqi beik & laily dwi arsyianti: construction of cibest model 103 this information should be utilized by policy maker in the country. some policy implications may arise from this illustration. in the first priority, islamic government should focus on those living in the fourth quadrant as the primary target of development programs. these programs must be designed not only by targeting material progress but also spiritual progress. second priority is the second quadrant, in which the households are materially poor and spiritually rich. providing financial access and technical assistance may become the solution. third priority is the third quadrant. those who are in this quadrant can be requested to fulfil their religious obligation, such aspaying zakat, in order to purify their spiritual condition. the ultimate objective of the government is on how to move the people living in these quadrants to the first quadrant, which is welfare area. conclusion from the discussion and analysis above, some conclusions can be drawn. firstly, poverty and welfare concepts in the islamic perspective are not only seen from material dimension, but also spiritual dimension. however, various indicators prevailing in many parts of the world including islamic countries seem to focus only on material progress. lack of attention towards spiritual progress is still becoming development issue that needs to be overcome. secondly, attempts to construct various indicators determining level of poverty and prosperity in an islamic countries should be encouraged since these indicators could be used as development signal whether it is success or not. regarding this, this paper has attempted to develop four indices, namely, welfare index, material poverty index, spiritual poverty index, and absolute poverty index. these indices are based on the concept of cibest quadrant, which represents islamic concept on poverty and prosperity. thirdly, the presence of cibest quadrant and cibest model produces policy implications, which are expected to be beneficial for islamic government in providing direction of development. main target of development program is on how to mobilize households to the welfare quadrant, in which households are spiritually and materially rich. however, this study has also limitation. unless the muslim minority living in non-islamic countries attempt to use this model in order to observe their actual poverty and welfare level, cibest model may only be applied in the islamic countries. future research on the possibility to implement 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(dissertation unpublished). islamabad: international islamic university, islamabad. sudarwati, n. 2009. the povery alleviation program. malang: intimedia suharto, e. 2009. poverty and social insurance in indonesia: the idea about universal social insurance in health. bandung: alfabeta. irfan syauqi beik: pengaruh indeks harga saham syariah internasional 155 pengaruh indeks harga saham syariah internasional dan variabel makro ekonomi terhadap jakarta islamic index irfan syauqi beik & sri wulan fatmawati1 abstract: the impact of international islamic stock market and macroeconomic variables towards jakarta islamic index (jii). this research atempts to examine the impact of international islamic stock market and macroeconomic variables towards jakarta islamic index (jii). by using vector error correction model (vecm) as the method, this research utilizes time series monthly data from january 2007 to october 2012. the finding shows that jii is positively significantly affected by djieu, djimy and ipi, and it is negatively significantly affected by djijp, imus, m2 and sbis.jii reaches its stability condition fastest when dealing with money supply shock. this study recommends: strengthening coordination between monetary authority and financial services authority, strengthening real sector of the economy, minimizing the influence of interest rate towards islamic financial market, and developing early warning system to anticipate financial crises. keywords: macroeconomic variables, vecm, islamic stock, jii abstrak: pengaruh indeks harga saham syariah internasional dan variabel makroekonomi terhadap jakarta islamic indeks. penelitian ini bertujuan untuk menguji pengaruh indeks harga saham syariah internasional dan variabel makroekonomi terhadap jakarta islamic index (jii). penelitian ini menggunakan metode vector error correction model (vecm), dengan data runtut waktu bulanan dari januari 2007 sampai dengan oktober 2012. hasil studi menunjukkan bahwa jii dipengaruhi secara positif dan signifikan oleh djieu, djimy dan ipi, serta dipengaruhi secara negatif dan signifikan oleh djijp, imus, m2 dan sbis. jii paling cepat mencapai kestabilan ketika merespon guncangan terhadap jumlah uang yang beredar (m2). penelitian ini merekomendasikan penguatan koordinasi otoritas moneter dengan otoritas jasa keuangan, penguatan sektor riil, penguatan upaya meminimalisir pengaruh bunga terhadap pasar keuangan syariah, dan perlu dibangunnya sistem peringatan dini untuk mengantisipasi krisis keuangan. kata kunci: variabel makroekonomi, vecm, saham syariah, jii 1 diterima: 25 pebruari 2014, direvisi: 25 maret 2014, disetujui: 16 april 2014 fakultas ekonomi dan manajemen ipb, jl. raya darmaga kampus ipb darmaga, bogor, email: irfan_beik@ipb.ac.id; pusat studi bisnis dan ekonomi syariah (cibest) ipb, jl. raya darmaga kampus ipb darmaga, bogor. email: fatmawati.sriwulan@yahoo.co.id al-iqtishad: vol. vi no. 2, juli 2014 156 pendahuluan pasar modal memiliki peranan yang sangat penting dalam perekonomian global saat ini. sebagai negara yang pasar keuangannya tengah berkembang, pasar modal telah menjadi bagian penting dalam perekonomian indonesia, baik sebagai tempat untuk menghimpun dana, tempat alternatif investasi melalui penjualan saham dan penerbitan obligasi, maupun sebagai indikator stabilitas kondisi makroekonomi. investasi di indonesia saat ini sedang mengalami perkembangan yang cukup baik. hal ini ditandai dengan semakin baiknya kinerja indeks harga saham gabungan (ihsg), lq45, jakarta islamic index (jii), dan indeks saham syariah indonesia (issi), yang merepresentasikan kondisi aktual pasar modal syariah nasional. perkembangan pasar modal ini diharapkan mampu mendongkrak kinerja perekonomian nasional, sekaligus mengokohkan fundamental perekonomian dalam menghadapi kondisi dunia yang masih belum pulih benar akibat krisis keuangan global yang terjadi pada tahun 2008 lalu. munculnya produk syariah di pasar modal pada mulanya berawal dari keinginan untuk mengakomodasi kebutuhan umat islam yang ingin melakukan investasi dengan prinsip syariah. hal inilah yang kemudian melatarbelakangi pt danareksa investment management untuk meluncurkan danareksa syariah pada tanggal 3 juli 1997. kemudian pada tanggal 3 juli 2000, bursa efek indonesia bekerjasama dengan pt danareksa investment management meluncurkan jakarta islamic index (jii). selanjutnya, produk investasi syariah di pasar modal terus berkembang dengan kehadiran instrumen obligasi syariah (sukuk), reksadana syariah, dan daftar efek syariah (des) yang kemudian bertransformasi menjadi indeks saham syariah indonesia (issi). bahkan jumlah saham syariah yang terdaftar di bursa terus mengalami peningkatan yang signifikan, yaitu hampir dua kali lipat dalam kurun waktu lima tahun, mulai 2007 hingga 2012, sebagaimana ditunjukkan oleh tabel 1. tabel 1. perkembangan jumlah saham syariah tahun periode jumlah saham syariah 2007 i 174 ii 183 2008 i 191 ii 195 2009 i 198 irfan syauqi beik: pengaruh indeks harga saham syariah internasional 157 ii 199 2010 i 210 ii 228 2011 i 234 ii 253 2012 i 304 ii 321 sumber: bapepam lk (sekarang otoritas jasa keuangan) tabel 1 juga mengindikasikan bahwa keberadaan saham syariah sangat diminati oleh para investor. sedangkan nilai kapitalisasi saham syariah yang ditunjukkan oleh jakarta islamic index mengalami fluktuasi pada periode yang sama, dimana pada tahun 2008 sempat mengalami penurunan sebagai dampak dari subprime crisis di amerika serikat. namun, sebagaimana ditunjukkan oleh tabel 2, nilai kapitalisasi saham syariah ini kembali menunjukkan tren kenaikan secara positif mulai tahun 2009 hingga 2012. ini menunjukkan bahwa kinerja jakarta islamic index mengalami peningkatan yang cukup baik. tabel 2 tabel kapitalisasi saham syariah tahun jakarta islamic index (rp miliar) 2007 1.105.897,25 2008 428.525,74 2009 937.919,08 2010 1.134.632,00 2011 1.414.983,81 2012 1.671.004,23 sumber: bapepam lk (sekarang otoritas jasa keuangan) jika dilihat dari perspektif sejarah, negara yang pertama kali mengembangkan indeks syariah dan equity fund seperti reksadana adalah amerika serikat. hal ini ditandai dengan peluncuranthe north american islamic trust sebagai equity fund pertama di dunia pada tahun 1986 oleh the amana fund. selanjutnya pada bulan februari 1999, dow jones meluncurkan indeks pasar syariah yang pertama, yaitudow jones islamic market index (djimi) merupakan bagian dari kelompok indeks-indeks global dow jones (dow jones global index atau djgi). hal ini membuktikan al-iqtishad: vol. vi no. 2, juli 2014 158 bahwa amerika serikat adalah negara yang pertama kali melaksanakan kegiatan pasar modal syariahdi dunia (huda dan nasution, 2008). ini juga membuktikan bahwa konsep ekonomi syariah adalah konsep yang berlaku universal dan diterima oleh berbagai kalangan. dow jones islamic market index ini meliputi saham-saham dari 34 negara, serta mencakup 10 sektor ekonomi, 18 sektor pasar, 51 kelompok industri dan 89 subkelompok industri. beberapa negara yang termasuk ke dalam dow jones islamic market index diantaranya adalah dow jones islamic market index europe (djieu), dow jones islamic market index malaysia (djimy), dow jones islamic market index us (imus),dan dow jones islamic market index japan (djijp). saham-saham syariah yang ada di negara-negara tersebut merupakan saham dengan harga yang cukup tinggi dibandingkan dengan negara-negara lainnya. gambar 1 menunjukkan bagaimana pergerakan harga saham syariah yang ada di negara-negara tersebut jika dibandingkan dengan jakarta islamic index. gambar 1. indeks harga saham beberapa negara sumber: www.finance.yahoo.com dari gambar tersebut dapat dilihat bahwaharga saham syariah yang paling tinggi dimiliki oleh dow jones islamic market index europe, diikuti oleh dow jones islamic market index us, dow jones islamic market index malaysia, dow jones islamic market index japan dan jakarta islamic index. gambar tersebut juga menunjukkan bahwapada bulan september dan oktober 2008 saham-saham syariah tersebut mengalami penurunan akibat krisis keuangan global.meski demikian, menurut beik dan wardhana (2011) kinerja jakarta islamic index, yang beranggotakan 30 irfan syauqi beik: pengaruh indeks harga saham syariah internasional 159 saham yang paling likuid dan memiliki nilai kapitalisasi yang sangat besar, terbukti secara empiris lebih stabil dibandingkan dengan kinerja pasar-pasar saham lainnya. dari data dan fakta di atas, dapat dilihat bahwa kinerja pasar saham syariah sangat dipengaruhioleh gejolak yang terjadi di pasar saham internasional. hal ini terjadi sebagai akibat semakin terintegrasikannya pasar-pasar saham yang ada di dunia, sehingga gejolak yang terjadi di suatu negara, dapat memengaruhi kondisi negara lain secara signifikan. demikian pula dengan stabilitas kondisi makroekonomi. meski pasar saham syariah indonesia sempat terpukul akibat krisis 2008, namun karena kondisi makroekonomi nasional yang relatif stabil dan masih menunjukkan pertumbuhan yang positif, maka jakarta islamic index pun mampu menunjukkan kinerja recovery yang lebih baik. untuk itu, penelitian ini bertujuan untuk menganalisis pengaruh indeks harga saham syariah di beberapa negara dan variabel makroekonomi nasional terhadap kinerja jakarta islamic index. adapun pasar saham syariah negara lain yang diteliti pengaruhnya dalam studi ini adalah amerika serikat, uni eropa, jepang dan malaysia. tinjauan pustaka ada beberapa studi yang berusaha menguji pengaruh indeks harga saham dan variabel makroekonomi baik secara regional maupun global. ibrahim dan yusoff (2001), maghayereh (2003), maysami et al. (2004), menike (2006), nugraha (2007), yusof dan majid (2007), yusof dan majid (2009), asmy et al. (2010), savasa dan samiloglub (2010), syukma (2011), albaity (2011), beik dan wardhana (2011), rad (2011), kuwomu dan victor (2011), hosseini et al. (2011), istiqomah (2012), hussin et al. (2012), bekhet dan mugableh (2012), serta majid et al. (2012) adalah beberapa studi yang menguji pengaruh indeks harga saham dan variabel makroekonomi. pada studi-studi tersebut, variabel makroekonomi yang digunakan adalah industrial production index (ipi) yang terbukti memiliki hubungan yang positif dengan harga saham (maysami et al. 2004). hal ini juga sesuai dengan penelitian ibrahim dan yusoff (2001), maghayereh (2003), nugraha (2007), savasa dan samiloglub (2010), syukma (2011), hosseini et al. (2011), hussin et al. (2012), bekhet dan mugableh (2012), dan majid et al. (2012). peningkatan ipi akan memengaruhi harga saham melalui dampaknya terhadap keuntungan perusahaan. hubungan antara indeks harga konsumen atau consumer price index (cpi) dan harga saham dapat berpengaruh positif maupun negatif. menurut maghayereh (2003), syukma (2011), dan bekhet dan mugableh (2012) kedua variabel tersebut memiliki hubungan yang negatif. mereka menyatakan bahwa naiknya cpi al-iqtishad: vol. vi no. 2, juli 2014 160 mengindikasikan naiknya harga-harga barang konsumsi, yang berarti meningkatnya biaya hidup masyarakat. hal ini membuat masyarakat memilih mengalokasikan dananya untuk konsumsi daripada investasi. akibatnya, permintaan saham pada pasar modal akan mengalami penurunan. rendahnya permintaan membuat harga saham akan turun. namun demikian, beberapa penelitian lain menunjukkan bahwa kedua variabel tersebut memiliki hubungan yang positif. ibrahim dan yusoff (2001), maysami et al. (2004), menike (2006), asmy et al. (2010), kuwomu dan victor (2011), hosseini et al. (2011), hussin et al. (2012) menemukan bahwa cpi berhubungan positif dengan harga saham. selanjutnya, hubungan antara jumlah uang beredar dengan harga saham dapat berpengaruh positif maupun negatif. maysami et al. (2004), menike (2006), yusof dan majid (2009), hosseini et al. (2011), majid et al. (2012) menunjukkan bahwa ketika terjadi kenaikan jumlah uang beredar, suku bunga akan mengalami penurunan. dalam konteks ini investor akan menginvestasikan dananya pada pasar modal. peningkatan investasi yang terjadi di pasar modal akan memengaruhi permintaan saham. semakin banyak permintaan maka harga sahampun akan mengalami peningkatan. namun ibrahim dan yusoff (2001), asmy et al. (2010), hussin et al. (2012), bekhet dan mugableh (2012) menunjukkan fakta sebaliknya, dimana hubungan kedua variabel tersebut ternyata bersifat negatif. adapun nilai tukar dan harga saham dapat pula berpengaruh positif maupun negatif.studi yang dilakukan maysami et al. (2004), nugraha (2007), asmy et al. (2010) menunjukkan hubungan positif antara kedua variabel. namun menurut ibrahim dan yusoff (2001), menike (2006), yusof dan majid (2009), syukma (2011), kuwomu dan victor (2011), hussin et al. (2012), bekhet dan mugableh (2012), dan majid et al. (2012), hubungan kedua variabel tersebut negatif. hal ini mengindikasikan bahwa ketika nilai tukar rupiah mengalami depresiasi maka investor akan mengalihkan dananya ke luar negeri sehingga terjadi capital outflow. mengalirnya dana ke luar negeri menyebabkan investasi dalam negeri mengalami penurunan. penurunan ini berdampak pada berkurangnya investasi pada saham di pasar domestik sehingga harga saham pun ikut mengalami penurunan. menurut penelitian maghayereh (2003), menike (2006), kuwomu dan victor (2011), hussin et al. (2012) suku bunga berpengaruh negatif terhadap harga saham. hal ini dikarenakan oleh perilaku investor yang cenderung menanamkan dananya dalam bentuk investasi selain saham, sehingga harga saham menjadi turun. studi yang dilakukan yusof dan majid (2007) menunjukkan bahwa volatilitas tingkat suku bunga memengaruhi volatilitas pasar saham konvensional tetapi tidak memengaruhi pasar saham syariah. hal ini sejalan dengan prinsip syariah bahwa irfan syauqi beik: pengaruh indeks harga saham syariah internasional 161 suku bunga bukan merupakan variabel yang signifikan dalam menjelaskan volatilitas pasar saham. temuan ini memberikan dukungan lebih lanjut bahwa suku bunga berdampak tidak signifikan terhadap volatilitas pasar saham syariah. dalam konteks pasar modal antar negara, studi beik dan wardhana (2011), dengan menggunakan data bulan januari 2006 sampai dengan desember 2008, menunjukkan bahwa tidak ada hubungan jangka panjang antara pasar modal indonesia dengan malaysia dan amerika serikat. kemudian jakarta islamic index adalah yang paling stabil dibandingkan dengan indeks saham di malaysia dan amerika serikat. hal ini dapat dijadikan sebagai alternatif investasi bagi para investor. bagi indonesia sendiri, kondisi ini seharusnya dimanfaatkan untuk mempromosikan pasar modal dalam negeri sebagai tujuan investasi yang menguntungkan. sementara riset yang dilakukan rad (2011) menunjukkan bahwa respon indeks harga saham di iran terhadap guncangan dalam variabel ekonomi makro seperti indeks harga konsumen, nilai tukar dan jumlah uang yang beredar, sangat lemah dan membutuhkan waktu empat bulan untuk stabil. kemudian studi tersebut juga menunjukkan bahwa variabel makroekonomi seperti indeks harga konsumen, nilai tukar mata uang dan jumlah uang yang beredar berfluktuasi sekitar 12persen. metode analisis pengaruh indeks harga saham syariah di amerika serikat, uni eropa, jepang dan malaysia, dan variabel makroekonomi nasional terhadap jakarta islamic index (jii) dilihat dengan menggunakan sejumlah variabel, yaitu jakarta islamic index (jii), industrial production index (ipi), consumer price index (cpi), jumlah uang beredar (m2), nilai tukar atau exchange rate (er), suku bunga bank indonesia (bi rate), sertifikat bank indonesia syariah (sbis), dow jones islamic market index europe (djieu), dow jones islamic market index malaysia (djimy), dow jones islamic market index us (imus), dan dow jones islamic market index japan (djijp). adapun model penelitian ini adalah: tlnjiit = a 0 + = 1 ait i n / lnjii t i + = 1 bit i n / lnipi t i + = 1 cit i n / lncpi t i + = 1 dit i n / lnm2 t i + = 1 i it i n / lner t i + = 1 nit i n / birate t i + = 1 r it i n / sbis t i + = 1 t it i n / lndjieu t i + = 1 vit i n / lndjimy t i + = 1 xit i n / lnimus t i + = 1 { it i n / lndjijp t i + f t + coint eq = 1i n / lnjii t i 9 + = 1i n / lnipi t i + = 1i n / lncpi t i + = 1i n / lnm2 t i + = 1i n / lner t i + = 1i n / birate t i + = 1i n / sbis t i + = 1i n / lndjieu t i + = 1i n / lndjimy t i + = 1i n / lnimus t i + = 1i n / lndjijp t i c al-iqtishad: vol. vi no. 2, juli 2014 162 dimana: lnjii = jakarta islamic index lnipi = industrial production index (ipi) dengan tahun dasar 2010 lncpi = consumer price index (cpi) dengan tahun dasar 2007 lnm2 = jumlah uang yang beredar dalam arti luas lner = nilai tukar rupiah terhadap dolar as (rp/usd) birate = suku bunga bank indonesia sbis = sertifikat bank indonesia syariah (sbis) satu bulan lndjieu = dow jones islamic market index eropa lndjimy = dow jones islamic market index malaysia lnimus = dow jones islamic market index amerika serikat lndjijp = dow jones islamic market index jepang α0 =intersep ∈ = error term berikut ini penjelasan mengenai variabel-variabel yang digunakan dalam penelitian : a. jakarta islamic index (jii) adalah indeks saham berbasis syariah yang ada di indonesia. b. industrial production index (ipi) adalah sebuah indikator ekonomi yang mengukur produksi output riil. ipi sering digunakan sebagai representasi bagi pendapatan nasional untuk menggantikan ketiadaan data pdb bulanan. ipi yang digunakan dalam penelitian ini menggunakan tahun dasar 2010. c. consumer price index (cpi) adalah gambaran tingkat harga barang dan jasa yang dikonsumsi masyarakat. cpi ini dinyatakan dalam bentuk indeks dan berupa data bulanan. cpi juga merupakan gambaran tingkat inflasi, dan penelitian ini menggunakan cpi tahun dasar 2007. d. jumlah uang beredar (m2) merupakan jumlah uang beredar dalam arti luas. e. exchange rate (er) merupakan nilai tukar rupiah terhadap dolar as (rp/ usd). f. bi rate menggambarkan tingkat suku bunga bank indonesia. g. sbis adalah bonus sertifikat bank indonesia syariah (sbis).penelitian ini menggunakan data sbis satu bulan. h. dow jones islamic market index europe (djieu) adalah indeks harga saham berbasis syariah yang ada di eropa. i. dow jones islamic market index malaysia (djimy) adalah indeks harga saham berbasis syariah yang ada di malaysia. j. dow jones islamic market index us (imus) adalah indeks harga saham berbasis irfan syauqi beik: pengaruh indeks harga saham syariah internasional 163 syariah yang ada di amerika serikat. k. dow jones islamic market index japan (djijp) adalah indeks harga saham berbasis syariah yang ada di jepang. jenis data yang digunakan dalam penelitian ini merupakan data sekunder berupa time series bulanan dari januari 2007 sampai dengan oktober 2012. data-data untuk penelitian ini diperoleh dari berbagai sumber diantaranya: badan pengawas pasar modal lembaga keuangan (bapepam lk), bursa efek indonesia (bei), badan pusat statistik (bps), bank indonesia (bi), dan yahoofinance. adapun data yang digunakan adalah data indeks harga jakarta islamic index (jii), data industrial production index (ipi), data consumer price index (cpi), data jumlah uang beredar (m2), data exchange rate (er), data bi rate, data sertifikat bank indonesia syariah (sbis), data dow jones islamic market index europe (djieu), data dow jones islamic market index malaysia (djimy), data dow jones islamic market index us (imus), dan data dow jones islamic market index japan (djijp). penelitian ini menggunakan metode analisis yang bersifat deskriptif dan kuantitatif. alat analisis yang digunakan dalam penelitian ini adalah metode vector autoregression (var) apabila data yang digunakan stasioner pada level. namun bila data belum stasioner pada tingkat level maka dilanjutkan dengan metode vector error correction model (vecm). semua data dalam penelitian ini ditransformasikan ke dalam bentuk logaritma natural (ln) kecuali bi rate dan sbis. model vector autoregressive (var) diperkenalkan oleh christopher sims pada tahun 1980. firdaus (2011) memaparkan bahwa jika sebelumnya univariate autoregression merupakan sebuah persamaan tunggal (single equation) dengan model linier variabel tunggal (single-variable linear model), di mana nilai sekarang dari masing-masing variabel dijelaskan oleh nilai lag-nya sendiri, maka var merupakan sebuah n-persamaan dengan n-variabel, di mana masing-masing variabel dijelaskan oleh nilai lag-nya sendiri, serta nilai saat ini dan masa lampaunya (current and past values). menurut firdaus (2011), alat analisis yang disediakan oleh var bagi deskripsi data, peramalan, inferensi struktural, dan analisis kebijakan dilakukan melalui empat macam penggunaannya, yakni forecasting, impuls response function(irf), forecast error variance decomposition (fevd), dan granger causality test.adapun persamaan umum var adalah sebagai berikut (firdaus 2011): yt = a0 + a1yt-1 + a2yt-2 + ... + apyt-p + ∈t dimana: yt = vektor berukuran (n.1) yang berisikan n variabel yang terdapat dalam sebuah model var al-iqtishad: vol. vi no. 2, juli 2014 164 a0 = vektor intersep berukuran (n.1) ai = matriks koefisien/ parameter berukuran (n.n) untuk setiap i = 1,2,...,p ∈t = vektor error berukuran (n.1) vector error correction model (vecm) merupakan bentuk var yang terestriksi (firdaus, 2011). restriksi tambahan ini harus diberikan karena keberadaan bentuk data yang tidak stasioner pada level, vecm kemudian memanfaatkan informasi restriksi kointegrasi tersebut ke dalam spesifikasinya. oleh karena itu vecm sering disebut sebagai desain var bagi series nonstasioner yang memiliki hubungan kointegrasi. dengan demikian, dalam vecm terdapat speed of adjustment dari jangka pendek ke jangka panjang (firdaus 2011). adapun model vecm secara umum adalah sebagai berikut: δyt = µ0x + µ1xt + πxyt-1 + δyt-i + εt dimana: yt = vektor yang berisi variabel yang dianalisis dalam penelitian µ0x = vektor intersep µ1x = vektor koefisien regresi t = time trend πx = αx β’dimana b’ mengandung persamaan kointegrasi jangka panjang yt-1 = variabel in-level γix = matriks koefisien regresi k-1 = ordo vecm dari var εt = error term adapun tahap-tahap analisis yang dilakukan adalah sebagai berikut : uji stasionaritas data tahap pertama yang dilakukan dalam mengolah data time series adalah dengan uji akar unit (unit root test). uji akar unit ini dilakukan untuk melihat apakah data yang diamati stasioner atau tidak. data yang stasioner cenderung mendekati nilai rata-rata dan berfluktuasi di sekitar nilai rata-ratanya. data yang tidak stasioner dapat menghasilkan regresi yang lacung (spurious regression), yaitu regresi yang menggambarkan hubungan dua variabel atau lebih yang terlihat signifikan secara statistik padahal kenyatannya tidak. uji stasionaritas data dalam penelitian ini menggunakan augmented dickeyfuller (adf). dalam tes augmented dickey-fuller (adf), apabila nilai mutlak tadf lebih besar dari nilai mutlak mackinnon critical values-nya maka data telah stasioner pada taraf nyata yang telah ditentukan. selain itu dapat juga dilihat dari nilai probabilitasnya. jika data stasioner maka var dapat digunakan akan tetapi irfan syauqi beik: pengaruh indeks harga saham syariah internasional 165 jika tidak stasioner maka ada dua pilihan yaitu menggunakan var dalam bentuk first diference atau vecm. keberadaan variabel yang tidak stasioner meningkatkan kemungkinan adanya hubungan kointegrasi antar variabel. uji lag optimal lag dalam sebuah sistem var merupakan hal yang penting. di samping berguna untuk menunjukkan berapa lama reaksi suatu variabel terhadap variabel lainnya, penentuan lag optimal juga berguna untuk menghilangkan masalah autokorelasi dalam sebuah sistem var (firdaus 2011). pengujian panjang lag yang optimal dapat diidentifikasi dengan menggunakan akaike information criterion (aic), schwarz information criterion (sic), hannanquinn criterion (hq), dan sebagainya. lag yang dipilih adalah model dengan nilai aic dan sic terkecil dan nilai hq terbesar. uji stabilitas var uji stabilitas var dilakukan dengan menghitung akar-akar dari fungsi polinomial atau dikenal dengan roots of characteristic polinomial. jika semua akar dari fungsi polinomial tersebut berada di dalam unit circle maka model var tersebut dianggap stabil sehingga impuls response function (irf) dan forecast error variance decomposition (fevd) yang dihasilkan dianggap valid (firdaus 2011). uji kointegrasi uji kointegrasi bertujuan untuk menentukan apakah variabel-variabel yang tidak stasioner terkointegrasi atau tidak. konsep kointegrasi dikemukakan oleh engle dan granger (1987) sebagai kombinasi linear dari dua atau lebih variabel yang tidak stasioner akan menghasilkan variabel yang stasioner. kombinasi linear ini dikenal dengan istilah persamaan kointegrasi dan dapat diinterpretasikan sebagai hubungan keseimbangan jangka panjang di antara variabel (firdaus 2011). pengujian kointegrasi sendiri dapat dilakukan dengan uji kointegrasi englegranger, uji kointegrasi johansen, dan uji kointegrasi durbin-watson. salah satu uji kointegrasi yang dilakukan dalam penelitian ini adalah uji kointegrasi johansen. jika nilai trace statistic lebih besar dari nilai critical value, persamaan tersebut terkointegrasi, dengan h0 sama dengan non-kointegrasi dan h1 sama dengan kointegrasi. dalam konteks ini, ketika nilai trace statistic lebih besar dari nilai critical value,maka tolak h0 dan terima h1 yang artinya persamaan tersebut terkointegrasi. uji kausalitas granger uji kausalitas granger dilakukan untuk melihat hubungan kausalitas di antara variabel-variabel yang ada dalam model. uji ini untuk mengetahui apakah suatu variabel bebas (independent variable) meningkatkan kinerja forecasting dari variabel tidak bebas (dependent variable) (firdaus 2011). al-iqtishad: vol. vi no. 2, juli 2014 166 impulse response function (irf) impulse response function (irf) adalah suatu metode yang digunakan untuk menentukan respons suatu variabel endogen terhadap suatu shock tertentu. hal ini dikarenakan shock variabel, misalnya variabel ke-i, tidak hanya berpengaruh terhadap variabel ke-i itu saja tetapi ditransmisikan kepada semua variabel endogen lainnya melalui struktur dinamis atau struktur lag dalam var. dengan kata lain, irf mengukur pengaruh suatu shock pada suatu waktu kepada inovasi variabel endogen pada saat tersebut dan di masa yang akan datang. irf bertujuan untuk mengisolasi suatu guncangan agar lebih spesifik, yang artinya suatu variabel dapat dipengaruhi oleh shock atau guncangan tertentu. apabila suatu variabel tidak dapat dipengaruhi oleh shock, maka shock spesifik tersebut tidak dapat diketahui melainkan shock secara umum (firdaus 2011). forecast error variance decomposition (fevd) analisis fevd dalam model var bertujuan untuk memprediksi kontribusi prosentase varian setiap peubah karena adanya perubahan peubah tertentu dalam sistem var. pada analisis irf sebelumnya digunakan untuk melihat dampak guncangan dari satu peubah terhadap peubah lainnya, dalam analisis fevd digunakan untuk menggambarkan relatif pentingnya setiap peubah dalam sistem var karena adanya shock (juanda dan junaidi 2012). pembahasan uji stasionaritas data merupakan tahap yang penting dalam menganalisis data time series. hasil pengujian akar unit pada level dapat dilihat pada tabel 3. tabel 3 hasil pengujian akar unit pada level variabel nilai adf nilai kritis mackinnon keterangan 1% 5% 10% lnjii -1.643 -3.530 -2.905 -2.590 tidak stasioner lnipi -5.046 -4.099 -3.477 -3.166 stasioner lncpi -2.137 -4.099 -3.477 -3.166 tidak stasioner lnm2 -3.789 -4.097 -3.476 -3.166 stasioner lner -2.115 -3.530 -2.905 -2.590 tidak stasioner birate -3.041 -4.099 -3.477 -3.166 tidak stasioner sbis -2.345 -3.529 -2.904 -2.590 tidak stasioner lndjieu -1.596 -3.529 -2.904 -2.590 tidak stasioner irfan syauqi beik: pengaruh indeks harga saham syariah internasional 167 lndjimy -1.368 -3.530 -2.905 -2.590 tidak stasioner lnimus -1.014 -3.529 -2.904 -2.590 tidak stasioner lndjijp -2.102 -3.530 -2.905 -2.590 tidak stasioner hasil uji stasionaritas data pada level menunjukkan bahwa semua variabel tidak stasioner kecuali (ipi) dan (m2) yang stasioner pada taraf nyata 5%. hal ini dikarenakan nilai mutlak t-adf lebih kecil dari nilai mutlak mackinnon critical values-nya pada taraf 5%. penelitian dengan data yang tidak stasioner dapat menghasilkan regresi palsu (spurious regression). karena itu, uji stasionaritas dilanjutkan pada tingkat first difference. tabel 4 hasil pengujian akar unit pada first difference variabel nilai adf nilai kritis mackinnon keterangan 1% 5% 10% dlnjii -6.067 -3.530 -2.905 -2.590 stasioner dlnipi -6.852 -3.533 -2.906 -2.591 stasioner dlncpi -5.393 -4.101 -3.478 -3.167 stasioner dlnm2 -8.126 -3.532 -2.906 -2.590 stasioner dlner -6.203 -3.530 -3.530 -2.590 stasioner dbirate -3.603 -3.530 -2.905 -2.590 stasioner dsbis -13.004 -3.530 -2.905 -2.590 stasioner dlndjieu -6.583 -3.530 -2.905 -2.590 stasioner dlndjimy -6.422 -3.530 -2.905 -2.590 stasioner dlnimus -6.633 -3.530 -2.905 -2.590 stasioner dlndjijp -6.274 -3.530 -2.905 -2.590 stasioner hasil uji stasionaritas data pada tabel 4 menunjukkan bahwa semua data yang digunakan dalam penelitian telah stasioner pada tingkat first difference. hal ini dikarenakan nilai mutlak t-adf lebih besar dari nilai mutlak mackinnon critical values-nya pada taraf nyata 5%. dalam model var penentuan lag optimal sangat berguna untuk menghilangkan autokorelasi. hasil pengujian lag optimal dapat dilihat pada tabel 5. berdasarkan perhitungan nilai akaike information criterion (aic), lag optimal berada pada lag tiga. al-iqtishad: vol. vi no. 2, juli 2014 168 tabel 5. pengujian lag optimal lag aic 0 -25.32866 1 -41.28332 2 -42.08743 3 -42.70146* catatan: tanda * menunujukkan angka terkecil model var dianggap stabil apabila seluruh roots-nya memiliki modulus lebih kecil dari satu dan berada di dalam unit circle. nilai modulus untuk model penelitian jakarta islamic index ini berkisar antara 0.2179980.996523. berdasarkan hasil tersebut maka dapat disimpulkan bahwa model var stabil. semua variabel telah stasioner pada tingkat first difference, sehingga uji kointegrasi melalui johansen cointegration test dapat dilakukan. hasil dari uji kointegrasi ini adalah sebagaimana yang terangkum dalam tabel 6 berikut ini. tabel 6 hasil pengujian kointegrasi hypothesized no.of ce(s) eigenvalue trace statistic 5 persent critical value none * 0.757689 430.9355 263.2603 at most 1 * 0.660536 335.9607 219.4016 at most 2 * 0.612711 263.5748 179.5098 at most 3 * 0.581392 200.0198 143.6691 at most 4 * 0.494200 141.6748 111.7805 at most 5 * 0.365467 96.00665 83.93712 at most 6 * 0.305600 65.53065 60.06141 at most 7 * 0.260460 41.09533 40.17493 at most 8 0.184656 20.87958 24.27596 at most 9 0.090104 7.201838 12.32090 at most 10 0.012980 0.875343 4.129906 catatan: tanda * menunjukkan signifikan pada taraf 5% hasil pengujian pada tabel 6 menunjukkan bahwa dengan menggunakan taraf nyata 5%, terdapat delapan persamaan yang terkointegrasi. hal tersebut dapat dilihat saat nilai trace statistic > critical value. informasi mengenai terdapatnya persamaan yang terkointegrasi ini akan dilanjutkan dengan menggunakan model irfan syauqi beik: pengaruh indeks harga saham syariah internasional 169 vector error correction model (vecm). hasil uji kausalitas granger adalah sebagaimana terangkum pada tabel 7. hasil uji ini menunjukkan bahwa tidak terdapat hubungan hubungan dua arah diantara variabel. dapat diketahui bahwa secara granger cpi memengaruhi bi rate, bi rate memengaruhi djimy, bi rate memengaruhi jii, bi rate memengaruhi sbis, ipi memengaruhi cpi, cpi memengaruhi jii, dan m2 memengaruhi cpi. sementara itu, djieu memengaruhi er, djijp memengaruhi er, djimy memengaruhi er, djimy memengaruhi m2, imus memengaruhi er, dan jii memengaruhi er. tabel 7 hasil kausalitas granger hipotesis probability dlncpi does not granger cause dbirate 0.0089 dbirate does not granger cause dlndjimy 0.0364 dbirate does not granger cause dlnjii 0.002 dbirate does not granger cause dsbis 0.0001 dlnipi does not granger cause dlncpi 0.0113 dlncpi does not granger cause dlnjii 0.0267 dlnm2 does not granger cause dlncpi 0.0004 dlndjieu does not granger cause dlner 4.e-06 dlndjijp does not granger cause dlner 4.e-05 dlndjimy does not granger cause dlner 7.e-05 dlndjimy does not granger cause dlnm2 0.0279 dlnimus does not granger cause dlner 3.e-05 dlnjii does not granger cause dlner 8.e-09 estimasi vecm dilakukan untuk melihat adanya hubungan jangka pendek dan jangka panjang. pada jangka pendek terdapat koreksi kesalahan sebesar 0.74657, hal ini mengindikasikan untuk menuju keseimbangan jangka panjang diperlukan koreksi sebesar 0.74657 persen . tabel 8 hasil vecm jangka panjang variabel koefisien t-statistic birate(-1) -0.01154 -1.20634 lncpi(-1) 0.45827 1.12589 lndjieu(-1) 0.63652 5.56779 al-iqtishad: vol. vi no. 2, juli 2014 170 lndjijp(-1) -0.53719 -5.56169 lndjimy(-1) 1.04431 28.32000 lner(-1) -0.18877 -1.65012 lnimus(-1) -0.82999 -6.08749 lnipi(-1) 1.64438 10.52420 lnm2(-1) -0.42506 -2.43573 sbis(-1) -0.03183 -5.25776 c -0.64856 jangka pendek variabel koefisien t-statistic cointeq1 -0.74657 -1.97657 d(lnjii(-1)) 0.18710 0.56180 d(lnjii (-2)) 0.05910 0.17288 d(lnjii (-3)) 0.42413 1.33743 d(birate(-1)) 0.11791 0.89603 d(birate(-2)) -0.08831 -0.67981 d(birate(-3)) -0.08339 -0.88808 d(lncpi(-1)) -4.78917 -1.23061 d(lncpi (-2)) -0.97027 -0.19623 d(lncpi (-3)) -6.44818 -1.78322 d(lndjieu(-1)) -0.55385 -0.83121 d(lndjieu(-2)) 0.18203 0.26207 d(lndjieu(-3)) -0.70540 -1.12677 d(lndjijp(-1)) 0.45205 0.95687 d(lndjijp(-2)) -0.35314 -0.73910 d(lndjijp(-3)) 1.11652 2.12999* d(lndjimy(-1)) -0.21360 -0.47448 d(lndjimy(-2)) 0.21777 0.56826 d(lndjimy(-3)) -0.11112 -0.27233 d(lner(-1)) 0.75505 1.07020 d(lner(-2)) 0.55772 0.81596 d(lner(-3)) 0.05373 0.11670 d(lnimus(-1)) 1.13044 1.32693 d(lnimus(-2)) 0.07766 0.10314 d(lnimus(-3)) -0.12892 -0.21590 irfan syauqi beik: pengaruh indeks harga saham syariah internasional 171 d(lnipi(-1)) -1.47684 -1.95938 d(lnipi(-2)) -1.36728 -2.02174* d(lnipi(-3)) -0.81425 -1.64192 d(lnm2(-1)) 0.43578 0.54009 d(lnm2(-2)) 0.24299 0.30263 d(lnm2(-3)) 0.41502 0.46026 d(sbis(-1)) 0.00940 0.42952 d(sbis(-2)) 0.03116 1.18580 d(sbis(-3)) 0.02621 1.19119 c 0.05260 1.60846 catatan: tanda * menunjukkan signifikan pada taraf 5% hasil estimasi vecm pada jangka pendek menunjukkan bahwa djijp pada lag ketiga memengaruhi jii secara signifikan yaitu sebesar 1.11652.artinya, apabila terjadi kenaikan djijp sebesar satu persen maka jii naik sebesar 1.11652 persen. ipi pada lag kedua memengaruhi jii secara signifikan yaitu sebesar -1.36728. artinya, apabila terjadi kenaikan ipi sebesar satu persen maka jii menurun sebesar 1.36728 persen. hasil estimasi vecm pada jangka panjang menunjukkan bahwa bi rate tidak mempengaruhi jii secara signifikan, meski tanda hubungan keduanya adalah negatif. hasil ini berbeda dengan temuan hussin et al. (2012) yang menyatakan bahwa suku bunga berpengaruh negatif signifikan terhadap harga saham. terjadinya perbedaan ini dikarenakan prinsip dasar jii yang berlandaskan syariah, dimana suku bunga adalah instrumen yang tidak sesuai syariah. demikian pula dengan hubungan antara inflasi dengan jii, dimana cpi tidak memengaruhi jii secara signifikan. artinya, kenaikan inflasi tidak otomatis akan menaikkan harga saham yang terdaftar di jii. variabel berikutnya adalah nilai tukar rupiah terhadap dolar as (er). hasil riset menunjukkan bahwa er tidak berpengaruh signifikan terhadap jii, meskipun tanda hubungan keduanya adalah negatif. berbeda dengan penelitian ibrahim dan yusoff (2001), menike (2006), yusof dan majid (2009), syukma (2011), kuwomu dan victor (2011), hussin et al. (2012), bekhet dan mugableh (2012), dan majid et al. (2012) yang menunjukkan bahwa er dan harga saham memiliki hubungan signifikan dan negatif. tidak signifikannya pengaruh er terhadap jii mengindikasikan bahwa jumlah investor asing yang menginvestasikan dananya di jii tidak terlalu banyak. al-iqtishad: vol. vi no. 2, juli 2014 172 variabel makro lainnya, yaitu ipi terbukti berpengaruh signifikan dan positif terhadap jii. hasil studi menunjukkan bahwa peningkatan ipi sebesar satu persen akan meningkatkan jii sebesar 1.64438 persen. peningkatan ipi akan memengaruhi harga saham melalui dampaknya terhadap keuntungan perusahaan. ketika nilai ipi naik, maka kondisi sektor riil mengalami pertumbuhan positif. ini berarti kinerja perusahaan mengalami peningkatan. baiknya kinerja perusahaan, terutama perusahaan yang listed di bursa, akan memicu kenaikan harga saham perusahaan tersebut. ini membuktikan adanya korelasi yang kuat antara kinerja sektor riil dengan indeks harga di pasar saham syariah. jumlah uang yang beredar (m2) terbukti berpengaruh secara signifikan dan negatif terhadap jii. peningkatan m2 sebesar satu persen diketahui akan menurunkanjii sebesar 0.42506 persen. selain m2,sbis juga diketahui memengaruhi jii secara signifikan dan negatif. kenaikan sbis sebesar satu persen akan menyebabkan penurunan jii sebesar 0.03183 persen. hal ini sangat menarik karena sbis dan jii adalah dua instrumen yang berada di pasar yang berbeda. hasil ini mengindikasikan bahwa sbis di mata investor merupakan instrumen substitusi bagi jii, sehingga kenaikan di salah satu instrumen akan menyebabkan penurunan pada instrumen yang lain. selanjutnya, dalam konteks hubungan antar pasar saham syariah internasional dengan jii, hasil penelitian menunjukkan bahwa pasar saham syariah eropa memengaruhi jii secara positif dan signifikan. dari tabel 8 di atas dapat diketahui bahwa kenaikan djieu sebesar satu persen akan meningkatkan jii sebesar 0.63652 persen. demikian pula halnya dengan pasar saham syariah malaysia yang memengaruhi jii secara positif dan signifikan. kenaikan djimy sebesar satu persen akan meningkatkan jii sebesar 1.04431 persen. berbeda dengan kedua pasar di atas, pasar saham syariah jepang dan amerika serikat justru berkorelasi negatif dan signifikan dengan jii. peningkatan indeks djijp sebesar satu persen akan menurunkan jii sebesar 0.53719 persen. sedangkan kenaikan imus sebesar satu persen akan menyebabkan penurunan jii sebesar 0.82999 persen. hasil riset ini mengindikasikan bahwa para investor lebih memilih untuk menginvestasikan dananya di pasar saham syariah jepang dan amerika serikat dibandingkan dengan jii, jika pergerakan indeks di kedua negara tersebut menunjukkan tren yang positif. ini menunjukkan bahwa pasar saham syariah kedua negara tersebut adalah kompetitor bagi pasar saham syariah domestik. disinilah kemampuan indonesia diuji, bagaimana pasar saham syariah negeri ini mampu menarik sebanyak-banyaknya dana investasi bagi kemajuan dan stabilitas perekonomian nasional. dari gambar 2 di bawah ini, yang menunjukkan hasil impulse response function irfan syauqi beik: pengaruh indeks harga saham syariah internasional 173 (irf), dapat diketahui bahwa ketika terjadi guncangan pada bi rate, maka jii akan merespon secara negatif pada bulan kedua, dan kemudian menurun secara drastis hingga bulan kesembilan. setelah itu mengalami fluktuasi hingga bulan ke-35, dan baru kemudian mencapai kestabilan. -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lnjii -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to birate -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lncpi -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lndjieu -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lndjijp -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lndjimy -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lner -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lnimus -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lnipi -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lnm2 -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to sbis response to cholesky one s.d. innovations gambar 2. hasil impulse response function ketika terjadi guncangan terhadap cpi, jii akan merespon negatif mulai bulan kedua hingga bulan kesembilan, kemudian berfluktuasi dan kembali stabil mulai bulan ke-35 hingga akhir periode pengamatan. demikian pula halnya dengan er. ketika terjadi guncangan pada nilai tukar rupiah terhadap dolar as, maka jii akan merespon secara positif pada bulan kesebelas, kemudian setelah itu kondisi relatif stabil, meski masih terdapat fluktuasi yang relatif sangat kecil. variabel makroekonomi selanjutnya adalah ipi. jii merespon secara negatif terhadap gejolak yang terjadi pada ipi atau sektor riil hingga bulan kesebelas. kemudian naik dan mengalami fluktuasi hingga bulan ke-30. setelah itu jii kembali stabil di respon negatif. adapun terhadap guncangan yang menimpa jumlah uang yang beredar (m2), jii relatif tidak terlalu merespon secara drastis. dengan kata lain, tingkat fluktuasinya sangat kecil. jii merespon negatif pada bulan kedua, kemudian direspon positif pada bulan keempat. pada bulan kelima, jii kembali meresponnya secara negatif. respon positif muncul pada bulan ke-10 dan setelah itu kembali stabil hingga akhir periode pengamatan. sedangkan guncangan terhadap sbis akan direspon secara negatif oleh jii pada bulan kedua. setelah itu kondisi kembali stabil al-iqtishad: vol. vi no. 2, juli 2014 174 direspon negatif hingga akhir periode pengamatan. dalam konteks keterkaitan dengan pasar saham syariah eropa, jii akan merespon secara positif guncangan terhadap djieu pada bulan kedua hingga bulan kelima. namun demikian, respon jii ini menjadi negatif pada bulan keenam, dan selanjutnya stabil di respon negatif hingga akhir periode pengamatan. ketika pasar saham syariah jepang mengalami shock, jii akan merespon secara negatif terhadap djijp pada bulan kedua, kemudian direspon positif pada bulan kedelapan, setelah itu stabil di respon positif. terhadap pasar malaysia, gambar 2 juga menunjukkan bahwa ketika terjadi gejolak pada pasar saham syariah malaysia, maka jii akan merespon positif djimy pada bulan kedua. setelah itu mengalami kestabilan di respon positif, meski sempat mengalami fluktuasi. sedangkan terkait pasar saham syariah amerika serikat, maka guncangan pada imus pada mulanya akan direspon secara positif di bulan kedua, kemudian respon negatif di bulan ketiga hingga bulan kedelapan. setelah itu imus pun stabil di respon negatif, meski sempat terjadi fluktuasi. dari penjelasan di atas, dapat disimpulkan bahwa jii paling cepat mencapai kestabilan ketika merespon guncangan yang terjadi terhadap jumlah uang yang beredar, dibandingkan dengan variabel-variabel lainnya. dari hasil fevd terhadap jii terlihat bahwa pada bulan pertama, kontribusi terhadap keragaman (variability) indeks jii 100 persen berasal dari jii itu sendiri. prosentase ini kemudian mengalami penurunan secara bertahap hingga akhir periode pengamatan. kemudian pada bulan ke-11 cpi adalah variabel yang paling besar kontribusinya terhadap keragaman jii, yaitu sebesar 25.99 persen.kondisi ini bertahan hingga bulan ke-50 dimana cpi ini tetap menjadi variabel yang paling besar kontribusinya terhadap keragaman jii, yaitu sebesar 26.11 persen. variabel-variabel lain di luar cpi juga berkontribusi terhadap keragaman jii dengan nilai yang berbeda-beda menunjukkan bahwa di akhir periode pengamatan, atau pada bulan ke-50, bi rate memberikan kontribusi sebesar 17.81 persen, er sebesar 2.39 persen,ipi sebesar 14.63 persen, m2 sebesar 0.04 persen dan sbis 0.38 persen. hal menarik dari hasil ini adalah masih besarnya kontribusi suku bunga bank indonesia terhadap keragaman jii. ini menunjukkan perilaku investor yang tidak sepenuhnya loyalis syariah, sehingga mereka masih membandingkan keuntungan berinvestasi di pasar modal syariah dengan di pasar uang konvensional. sementara itu, kontribusi pasar saham syariah internasional terhadap keragaman jii juga bervariasi. djieu memberikan kontribusi sebesar 4.73 persen, djijp sebesar 1.64 persen, djimy sebesar 7.67 persen, dan imus sebesar 1.94 persen. hasil ini mengindikasikan bahwa pasar saham syariah malaysia, sebagai negara tetangga irfan syauqi beik: pengaruh indeks harga saham syariah internasional 175 terdekat indonesia, memiliki kontribusi yang paling besar terhadap keragaman jii dibandingkan dengan ketiga negara lainnya. simpulan berdasarkan hasil penelitian maka diperoleh beberapa kesimpulan. pertama, hasil analisis vecm menunjukkan bahwa pada jangka pendek, hanya djijp dan ipi yang memengaruhi jii secara signifikan. sedangkan pada jangka panjang, djieu, djimy dan ipi memiliki hubungan positif secara signifikan terhadap jii. adapun djijp, imus, m2 dan sbis memiliki hubungan yang negatif signifikan terhadap jii. sementara itu, cpi, bi rate dan er tidak memiliki hubungan yang signifikan dengan jii. kedua, hasil irf menunjukkan bahwa jii mengalami fluktuasi dalam merespon guncangan atau shock yang terjadi terhadap seluruh variabel makroekonomi dan pasar saham syariah internasional yang diamati, sebelum kemudian mencapai kestabilan. waktu yang diperlukan untuk mencapai kondisi stabil ini berbeda-beda di antara variabel tersebut. jii paling cepat mencapai kestabilan ketika merespon guncangan pada jumlah uang yang beredar. ketiga, hasil analisis fevd menunjukkan bahwa setiap variabel memiliki kontribusi yang berbeda-beda terhadap keragaman jii. di akhir periode pengamatan, cpi adalah variabel yang memiliki kontribusi paling besar, sementara m2 adalah variabel yang memiliki kontribusi yang paling kecil. dari hasil penelitian di atas, ada empat rekomendasi kebijakan yang dapat diambil. pertama, dari hasil vecm diketahui bahwa instrumen moneter syariah ternyata memiliki hubungan jangka panjang dengan pasar saham syariah, dimana sbis berhubungan negatif dan signifikan dengan jii. dengan fakta seperti ini, maka koordinasi antara otoritas moneter dengan otoritas jasa keuangan yang mensupervisi pasar saham syariah, menjadi sangat krusial. kedua otoritas ini perlu melakukan edukasi yang tepat dan efektif kepada para investor bahwa instrumen sbis dan jii ini bukan instrumen yang saling mensubstitusi sehingga berpotensi untuk saling melemahkan. sehingga, diharapkanpara investor akan menjadikan sbis dan jii ini sebagai alat investasi yang bersifat komplementer, atau saling melengkapi dan memperkuat satu sama lain. kedua, perlunya penguatan sektor riil perekonomian. hasil vecm dan fevd menjadi bukti bahwa variabel ipi memiliki posisi yang sangat strategis karena ipi memiliki hubungan jangka panjang yang signifikan dengan jii, dan berkontribusi terhadap keragaman jii sebesar 14.63 persen. oleh karena itu, pemerintah harus dapat menjaga momentum pertumbuhan sektor riil ini, karena akan sangat memengaruhi kinerja pasar saham syariah nasional. al-iqtishad: vol. vi no. 2, juli 2014 176 ketiga, perlu dirumuskan formulasi yang efektif untuk meminimalisir pengaruh suku bunga terhadap pasar modal syariah, karena hasil riset menunjukkan bahwa bi rate masih memiliki kontribusi terhadap keragaman jii sebesar 17.81 persen, meski tidak memiliki hubungan signifikan dengan jii pada jangka panjang. formulasi ini sangat penting sehingga baik pasar saham syariah maupun pasar keuangan syariah secara umum, bisa terbebas sepenuhnya dari pengaruh suku bunga. keempat, perlu dibangun early warning system atau sistem peringatan dini untuk mendeteksi dan mengatasi dampak dari gejolak yang terjadi di pasar saham syariah negara lain. tujuannya agar daya tahan pasar saham syariah indonesia bisa semakin kuat sehingga dapat ikut terlibat menjaga stabilitas perekonomian nasional. pustaka acuan abidin, z. 2008. analisis keterkaitan antara indeks saham syariah di beberapa negara dan indeks saham jakarta islamic index (jii) di indonesia [skripsi]. bogor: institut pertanian bogor. albaity, ms. 2011. impact of the monetary policy instruments on islamic stock market index return. discussion paper, no. 2011-26. asmy, m, et al. 2010. effects of macroeconomic variables on stock prices in malaysia: an approach of error correction model. mpra paper. no.20970. beik, i.s & w. wardhana. 2011. the relationship between jakarta islamic index and other selected markets: evidence from impulse response function. majalah ekonomi. vol.xxi no.2. bekhet, h.a. & m.i. mugableh. 2012. investigating equilibrium relationship between macroeconomic variables and malaysian stock market index through bounds tests approach. international journal of economics and finance. vol.4 no.10. brooks, c. 2002. introductory econometrics for finance. cambridge: cambridge university press. darmadji, t & h.m. fakhrudin. 2001. pasar modal indonesia pendekatan tanya jawab. jakarta: salemba empat. firdaus, m. 2011. aplikasi ekonometrika untuk data panel dan time series. bogor: ipb press. heykal m & n. huda. 2010. lembaga keuangan islam tinjauan teoritis dan praktis. jakarta: kencana prenada media group. hosseini, sm, et.al. 2011. the role of macroeconomic variables on stock market index in china and india. international journal of economics and finance. vol.3 no.6. huda, n & me nasution. 2008. investasi pada pasar modal syariah. jakarta: irfan syauqi beik: pengaruh indeks harga saham syariah internasional 177 kencana prenada media group. hussin, m.y.m, et.al. 2012. macroeconomic variable and malaysian islamic stock market: a time series analysis. journal of business studies quarterly. vol.3 no.4, pp.1-13. ibrahim, m.h. & w.s.w. yussoff. 2001. macroeconomic variables, exchange rate and stock price: a malaysian perspective. journal of economics and management. vol.9 no.2, pp. 141-164. istiqomah. 2012. dinamika 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stock market indices: cointegration evidence from stock exchange of singapore’s all-s sector indices. jurnal pengurusan. vol.24, pp. 47-77. menike, l.m.c.s. 2006. the effect of macroeconomic variables on stock prices in emerging sri lankan stock market. sabaragamuwa university journal. vol.6 no.1, pp 50-67. nugraha, g.p. 2007. analisis pengaruh perkembangan pasar modal terhadap pertumbuhan ekonomi indonesia [skripsi]. bogor: institut pertanian bogor. rad, a.a. 2011. macroeonomic variables and stock market: evidence from iran. international journal of economics and finance studies. vol. 3 no. 1. savasa, b & f. samiloglub. 2010. the impact of macroeconomic variables on stock returns in turkey: an ardl bounds testing approach. afyon kocatepe universitesi. vol ii. syukma, n.h. 2011. faktor-faktor makroekonomi yang mempengaruhi return saham batubara dalam kelompok jakarta islamic index [skripsi]. bogor: al-iqtishad: vol. vi no. 2, juli 2014 178 institut pertanian bogor. widoatmodjo, s. 2009. pasar modal indonesia: pengantar dan studi kasus. bogor: ghalia indonesia. yusof, r.m, et.al. 2006. macroeconomic variables and stock returns in the post 1997 financial crisis: an application of the ardl model. global conference on business and economics, gutman conference center, usa, oktober 2006. yusof, r.m & majid, m.s.a. 2007. stock market volatility transmission in malaysia:islamic versus conventional stock market. journal islamic economics. vol. 20 no. 2, pp. 17-35. 82 pengelolaan likuiditas bank syariah nurul ichsan1 abstract. islamic banking liquidity management. this article is about management of liquidity which discuss about the position of cash money in the company and its ability to fulfill the obligation (pay the debt) on time. management of liquidity is one of the essential function which is done by banking institution and inside its efficient management, is needed instrument and finance market which is taking not only short term but also long term, and not only conventional banking but also syariat. through that natural necessity (placement and fulfillment of short term need), for islamic banking in indonesia has been availabled some instruments such as (ima) certificate of mudhorobah investment between bank, (puas) market banking regulations between syariat bank, (swbi) bank of indonesia wadiah certificate, (fpjps) provision about short term cost facility for islamic banks keywords: liquidity, islamic banking, instruments abstrak. pengelolaan likuiditas bank syariah. tulisan ini berkenaan dengan manajemen likuiditas yang membahas mengenai posisi uang kas suatu perusahaan dan kemampuannya untuk memenuhi kewajiban (membayar utang) tepat waktu. manajemen likuiditas merupakan salah satu fungsi terpenting yang dilaksanakan oleh lembaga perbankan, dan di dalam pengelolaannya yang secara efisien ini diperlukan adanya instrumen dan pasar keuangan baik yang bersifat jangka pendek maupun jangka panjang, baik itu untuk perbankan konvensional maupun syariah. untuk keperluan yang bersifat mendasar itu, (yaitu penempatan dan pemenuhan kebutuhan jangka pendek) bagi perbankan syariah di indonesia telah tersedia beberapa instrumen seperti (ima) sertifikat investasi mudharabah antar bank, (puas) aturan-aturan tentang pasar keuangan antar bank dengan prinsip syariah, (swbi) sertifikat wadiah bank indonesia, serta (fpjps) ketentuan tentang fasilitas pembiayaan jangka pendek bagi bank syariah. kata kunci: likuiditas, bank syariah, instrumen 1 naskah diterima: 12 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 fakultas agama islam universitas prof. dr. hamka (uhamka), jl. limau ii, kebayoran baru, jakarta e-mail:nurulichsanaan@yahoo.co.id 83 pendahuluan kesadaran umat islam akhir-akhir ini terhadap sektor ekonomi yang berdasarkan syari'at islam mulai tumbuh dan berkembang. ajaran syari'at islam bidang muamalah atau bidang hukum ekonomi yang biasanya disebut dengan fiqh muamalah pada awalnya hanya dikenal dan diajarkan pada sekolah/madrasah/perguruan tinggi pada fakultas agama islam dan tidak menyentuh sektor perbankan, aplikasinya pun masih terbatas pada kegiatan ekonomi sederhana yang dilakukan pada masyarakat kelas bawah. begitu pula para ahli atau para ekonomi yang dapat dijadikan acuan bagi para bankir dan ahli praktisi lembaga keuangan belumlah banyak yang bisa dijadikan sumber rujukan dalam membahas perbankan syariah. kini tahun 2014 m telah muncul tanda tanda awal kebangkitan sistem ekonomi islam yang ditandai dengan berdirinya perbankan syari'ah di hampir semua negara berpenduduk muslim. tak luput indonesia sebagai negara dengan penduduk muslim terbesar di seluruh dunia telah pula berusaha untuk menjalankan sistem ekonomi islam yang ditandai dengan didirikannya bank muamalat indonesia (bmi) pada tahun 1992 m dan persyarikatan takaful indonesia pada tahun 1994 m. sejak saat itulah perkembangan lembaga keuangan syariah (lks) menjadi salah satu pilar penyangga ekonomi bangsa dan negara yang berfalsafahkan pancasila, disamping tetap menjaga eksistensi ekonomi konvensional yang telah berjalan pada bank konvensional yang ada selama ini. kebangkitan ekonomi syariah ini tentu saja tidak hanya berkaitan dengan sektor-sektor perekonomian yang semakin meluas melebar ke berbagai ranah kehidupan. tetapi yang lebih penting juga terjadinya peningkatan kesadaran masyarakat dalam berekonomi dan berbisnis dari yang ribawi beralih menuju kebisnis yang berbasis islami (syariah). dalam berjalannya waktu banyak sekali terjadinya atau munculnya persoalan baru, dalam prakteknya sering terjadi sengketa ekonomi para pihak dalam transaksi yang menimbulkan masalah hukum yang tidak dapat dihindarkan lagi. lembaga keuangan perbankan itu sendiri melaksanakan tiga fungsi utama yaitu menghimpun dana dari masyarakat sebagai pemilik dana, menyalurkan dana kepada masyarakat sebagai pengguna dana dan memberikan jasa, dan juga sebagai alat kesejahteraan masyarakat luas. dalam menjalankan fungsi bank tersebut, sebagian kalangan masyarakat memandang bahwa dengan sistem konvensional ada hal-hal yang tidak sesuai dengan keyakinan masyaraskat indonesia yang mayoritas beragama islam khususnya yang menolak adanya penetapan imbalan dan penetapan beban yang dikenal dengan "bunga". praktek bunga yang diterapkan pada bank konvensional ternyata bisa merugikan, baik bagi pihak bank sendiri maupun pihak nasabah. sejak itulah sistem perbankan syariah mulai banyak dibicarakan karena dianggap lebih tahan menghadapi krisis. 84 sejalan dengan perkembangan sektor perekonomian syariah tersebut, banyaknya jumlah bank konvensional yang dilikuidasi menunjukkan bahwa tingkat likuiditas sangat berperan penting bagi bank. walaupun dalam hal ini belum ada kasus mengelola likuiditasnya dengan sebaik mungkin. risiko yang mungkin dihadapi suatu bank terhadap kondisi likuiditasnya bisa disebut dengan resiko likuiditas. kondisi perbankan yang mengalami kesulitan likuiditas mendorong dunia perbankan menaikkan suku bunga yang tinggi guna menarik dana dari masyarakat seperti kasus moneter 1997 lalu, bahkan perbankan menawarkan kepada peminjam kredit dengan suku bunga mencapai lebih dari 60%. hal ini mengakibatkan bagi pelaku usaha yang ingin meminjam dana sehingga banyak bank yang mudah diguncang isu yang menyebabkan rush dan berkurangnya kepercayaan rakyat terhadap bank. guna menjamin dan memulihkan kepercayaan tersebut banyak bank yang ditutup atau diambilalih oleh pemerintah. karenanya dibutuhkan biaya yang besar melalui program restrukturisasi dan rekapitalisasi perbankan seperti (blbi) bantual likuiditas bank indonesia. keberadaan sistem perbankan syariah ini sejalan dengan diundangkannya undang-undang nomor 10 tahun 1998 tentang perubahan atas undang-undang nomor 7 tahun 1992 tentang perbankan, yang menentukan kegiatan usaha bank harus disempurnakan dan menerapkan prinsip kehati-hatian. landasan operasional sistem perbankan syariah semakin kuat dengan dikeluarkannya peraturan pemerintah no. 72 tahun 1992 yang telah diganti dengan peraturan pemerintah no. 30 tahun 1999 tentang bank berdasarkan prinsip bagi hasil. sejak saat itulah diberi kesempatan seluas-luasnya bagi masyarakat untuk mendirikan bank yang menyelenggarakan kegiatan usaha berdasarkan prinsip syariah, termasuk memberi kesempatan kepada bank umum untuk membuka kantor cabangnya yang khusus melakukan kegiatan berdasarkan prinsip syariah. kemudian dengan diberlakukannya undang-undang nomor 3 tahun 2004 tentang perubahan atas undang-undang nomor 23 tahun 1999 tentang bank indonesia, berlakulah dua sistim dalam perbankan yang dilakukan secara konvensional dan atau berdasarkan prinsip syariah ( dual banking syistem ), dan khusus bagi bank syariah hanya menggunakan prinsip syariah. bahkan ditambah lagi dengan adanya undang undang no. 21 tahun 2008 tentang perbankan syariah maka arah menuju perbankan bebas riba diharapkan lebih cepat tercapai di bumi nusantara. konsep likuiditas dalam pengembangan sektor ekonomi pembangunan sekarang ditemui banyak metode dalam manajemen dana khususnya pengelolaan likuiditas pada lembaga lembaga keuangan, baik itu bank maupun non bank, baik itu syariah maupun konvensional. pengelolaan likuiditas ini sangatlah berpengaruh pada perkembangan lembaga itu sendiri dan perekonomian negara secara luas. seperti krisis sektor keuangan di tahun 1997 (krismon), yang terjadi pada waktu itu 85 merupakan salah satu dampak dari masalah likuiditas suatu lembaga keuangan dalam menangani aliran sumber dana dan pengarunya secara luas terlihat pada perkembangan pasar surat-surat berharga, sektor perbankan dan lebih jauh lagi pada sektor riil, dan berdampak krisis ekonomi global. masalah pengelolan likuiditas adalah masalah yang berhubungan dengan kemampuan suatu perusahaan untuk memenuhi kewajiban finansialnya yang segera harus dipenuhi. jumlah alat-alat pembayaran (alat likuid) yang dimiliki oleh suatu perusahaan pada suatu saat merupakan kekuatan membayar dari perusahaan yang bersangkutan. suatu perusahaan yang mempunyai kekuatan membayar belum tentu dapat memenuhi segala kewajiban finansialnya yang segera harus dipenuhi atau dengan kata lain perusahaan tersebut belum tentu memiliki kemampuan membayar. kemampuan membayar baru terdapat pada perusahaan apabila kekuatan membayarnya adalah demikian besarnya sehingga dapat memenuhi semua kewajiban finansialnya yang segera harus dipenuhi (riyanto, 2001). dengan demikian, maka kemampuan membayar itu dapat diketahui setelah membandingkan kekuatan membayarnya di satu pihak dengan kewajibankewajiban finansialnya yang segera harus dipenuhi di lain pihak. secara umum, pengertian likuditas adalah kemampuan untuk memenuhi kebutuhan dana (cash flow) dengan segera dan dengan biaya yang sesuai, dimana fungsi dari likuditas secara umum untuk (riyanto, 2001): pertama, enjalankan transaksi bisnisnya sehari-hari. kedua, mengatasi kebutuhan dana yang mendesak. ketiga, memuaskan permintaan nasabah akan pinjaman dan memberikan fleksibiltas dalam meraih kesempatan investasi menarik yang menguntungkan. sedangkan menurut kamus besar bahasa indonesia pengertian likuiditas pada umumnya adalah mengenai posisi uang kas suatu perusahaan dan kemampuannya untuk memenuhi kewajiban (membayar utang) yang jatuh tempo tepat pada waktunya. apabila dikaitkan dengan lembaga bank, berarti kemampuan bank setiap waktu umtuk membayar utang jangka pendeknya apabila tiba-tiba ditagih oleh nasabah atau pihak-pihak terkait. jadi, yang dimaksud likuiditas disini adalah kemudahan mengubah aset menjadi uang tunai dari masing-masing bank yang bersangkutan. konsep likuiditas ini juga diperluas dengan memasukan unsur pinjaman, yaitu kemampuan untuk mendapatkan likuiditas baik tunai maupun non tunai melalui pinjaman dari sumber-sumber ekstern perusahaan. kemudahan mendapatkan likuiditas adalah merupakan hal yang sangat penting bagi manajemen keuangan, semua jenis kegiatan bisnis, namun pada lembaga keuangan bank penyedian llikuiditas merupakan hal yang lebih penting karena untuk memenuhi adanya permintaan penarikan dana sewaktu-waktu para nasabah. selain menjaga ketersediaan likuiditas, setiap bank juga harus mematuhi ketentuan atau syarat yang diterapkan oleh bi yakni giro wajib minimum (gwm). 86 pengelolaan likuiditas bagi suatu bank mengacu pada kemampuan bank menyediakan dana dalam jumlah cukup, tepat waktu untuk memenuhi kewajiban kewajibannya terutama memenuhi ketentuan bank sentral atau pemerintah, terbinanya hubungan baik dengan bank koresponden agar saldo seimbang, memenuhi kebutuhan penarikan dana oleh penabung, pemilik rekening giro maupun debitur dan membayar kewajiban jangka panjang yang telah jatuh tempo (leon dan ericson, 2007). manajemen likuiditas bank dapat diartikan sebagai suatu proses pengendalian dari alat-alat likuid yang mudah ditunaikan guna memenuhi semua kewajiban bank yang segera harus dibayar. pengendalian likuiditas bank setiap hari berupa penjagaan agar semua alat alat likuid yang dapat dikuasai oleh bank (uang tunai kas, saldo bank pada bank sentral) dapat dipergunakan untuk memenuhi munculnya tagihan dari nasabah atau masyarakat yang datang setiap saat atau sewaktu waktu (sinungan, 1993). dengan demikian dapat disimpulkan bahwa manajemen likuiditas bank adalah kemampuan dari suatu bank untuk membiayai peningkatan aset yang sesuai dengan kewajibannya pada saat jatuh tempo. likuiditas sangat penting bagi keberlangsungan operasi bank karena itu di perlu manajemen dan pengelolaan yang efektif untuk menghindari terjadinya permasalahan yang serius dikemudian hari. kekurangan likuiditas pada suatu bank dapat mengakibatkan pengaruh yang lebih luas dan berdampak negatif pada sistem perbankan. pengelolaan likuiditas adalah kegiatan yang rutin dalam operasi bank dimana dana yang dikelola sebagian besar adalah dana pihak ketiga yang sifatnya sangat berfluktuasi. bank harus memperhitungkan dengan cermat kebutuhan likuiditas untuk suatu jangka waktu tertentu karena kebutuhan likuiditas sangat dipengaruhi oleh perilaku nasabah dan jenis sumber dana yang dikelola bank. manajemen likuiditas bank kesulitan likuiditas seringkali menjadi tanda-tanda awal bahwa suatu bank akan mengalami kesulitan finansial yang lebih serius. kesulitan ini biasanya diawali dengan turunnya simpanan (depposite) masyarakat yang menyebabkan kekurangan alat likuid sehingga terpaksa harus melakukan pinjaman antar bank dan menjual aktiva cadangannya. kesulitan itu akan bertambah parah jika bankbank lain mulai menolak memberikan bantuan atau pinjaman kepada bank-bank yang bermasalah. dalam keadaan sulit bank cenderung akan berusaha memperoleh pinjaman dana dengan biaya berapapun untuk menjaga citranya. kemampuan ini berarti bank mengorbankan profit untuk kepentingan likuiditas. kemampuan bank dalam mengelola likuiditasnya secara baik dapat menjamin terpenuhinya kewajiban secara tertib sehingga bank itu akan terhindar dari resiko biaya pinjaman yang tinggi. adapun tujuan manajemen likuiditas adalah untuk (leon dan ericson, 2007): pertama, menjaga posisi likuiditas bank agar selalu berada pada posisi yang 87 ditentukan oleh otoritas moneter yaitu bank indonesia. kedua, mengelola alat alat likuid agar selalu memenuhi semua kebutuhan arus kas termasuk kebutuhan yang tidak diperkirakan, misalnya penarikan yang tiba-tiba terhadap sejumlah giro atau deposito berjangka yang belum jatuh tempo. ketiga, meminimalkan idle fund (dana yang menganggur). keempat, menjaga posisi likuiditas dan proyeksi arus kas agar selalu dalam posisi aman terutama dalam tingkat bunga berfluktuatif. selain tujuan di atas, menurut sinkey ada lima fungsi utama manajemen likuiditas bank, yaitu (latumaerisa: 1999): 1. menunjukan dirinya sebagai tempat yang aman untuk menyimpan uang. mampu memberikan rasa aman kepada para nasabah deposan, penabung, maupun kreditor lainnya. fungsi utama likuiditas adalah jaminan bahwa uang yang disimpan/dipinjamkan kepada bank dapat dibayar kembali oleh bank tersebut pada saat jatuh tempo. 2. memungkinkan bank memenuhi komitmen pinjamannya. menjamin tersedianya dana bagi setiap pemohon kredit yang telah disetujui. jika bank menolak untuk menyediakan dana atas permohonan kredit yang telah disetujui, mungkin debitor akan lari ke bank lain. sebaiknya bank mampu mengantisipasi kebutuhan-kebutuhan para debitor di masa mendatang. 3. untuk menghindari penjualan aktiva yang tidak menguntungkan mencegah penjualan asset secara terpaksa. apabila bank tidak dapat memperpanjang pinjaman yang diterima dari bank lain, salah satu cara untuk mengatasi masalah tersebut adalah dengan terpaksa menjual surat berharga yang umumnya dengan harga rendah. hal itu jelas akan memperburuk tingkat modal bank tersebut. 4. untuk menghindarkan diri dari penyalahgunaan kemudahan atau kesan “negative” dari penguasa moneter karena meminjam dana likuiditas dari bank sentral. menghindari diri dari kewajiban membayar suku bunga yang tinggi atas dana yang diperoleh di pasar uang. pemilik dana menganggap bahwa menempatkan/meminjamkan dana pada bank beresiko tinggi. oleh karena itu, pemilik dana akan selektif dan mungkin akan menempatkan dananya dengan suku bunga yang tinggi. 5. memperkecil penilaian risiko ketidakmampuan membayar kewajiban penarikan dana. menghindarkan diri dari penggunaan fasilitas discount window secara terpaksa. semakin sering suatu bank menggunakan fasilitas discount window, semakin tidak bebas manajemen bank tersebut menentukan dan melaksanakan kebijakan usahanya. hal itu karena bank sentral akan mendikte manajemen bank tersebut untuk memperbaiki tingkat kesehatan banknya. 88 dengan demikian ada beberapa hal yang harus diperhatikan dalam mengelola likuiditas, yaitu: a) posisi likuiditas harian/mingguan harus dapat dijaga sesuai dengan ketentuan bank sentral. b) memelihara alat likuiditas secukupnya agar bank selalu dapat melindungi kebutuhan kas keluar yang tidak terduga sebelumnya. c) mengoperasikan kelebihan likuiditas secara efektif agar bank selalu dapat melindungi kebutuhan kas keluar yang tidak terduga sebelumnya. d) menentukan besarnya reserve yang diperlukan dalam primary reserve dan secondary reserve. teori manajemen likuiditas pada dasarnya adalah teori yang berkaitan dengan bagaimana mengelola dana dan sumber-sumber dana bank agar dapat memelihara posisi likuiditas dan memenuhi segala kebutuhan likuiditas dalam kegiatan operasional bank sehari-sehari. beberapa teori manajemen likuiditas yang dikenal dalam dunia perbankan antara lain dibawah ini (sinungan, 1993): 1. commercial loan theory. teori ini beranggapan bahwa bank-bank hanya boleh memberikan pinjaman dengan surat dagang jangka pendek yang dapat dicairkan dengan sendirinya (self liquidating). teori ini dikenal juga dengan istilah productive theory of credit, atau sering disebut real bills doctrine yang diperkenalkan sejak abad 18. teori ini cukup dominan sampai tahun 1920-an. pada prinsipnya teori ini menitikberatkan sisi aktiva dari neraca bank dalam memenuhi kebutuhan likuiditas bank. likuiditas bank menurut teori ini akan dapat terjamin apabila aktiva produktif bank yang terdiri dari kredit jangka pendek dicairkan dalam kegiatan usaha yang berjalan secara normal. dan apabila bank yang bersangkutan akan memberikan kredit yang lebih panjang, hendaknya sumber data diambil dari modal bank dan sumber dana jangka panjang. secara khusus teori menyatakan bahwa bank harus memberikan kredit jangka pendek atau selfliquidating loans, seperti kredit yang digunakan untuk modal kerja usaha untuk memproses suatu produksi secara musiman atau yang bersifat sementara, misalnya pertanian. sebelum tahun 1920an bank-bank menitikberatkan portofolio kreditnya sebagai sumber tambahan likuiditas karena saat itu tidak banyak alternative lain sebagai sumbersumber likuiditas. surat-surat berharga jangka pendek yang dapat dijual kembali bila bank membutuhkan likuiditas jumlahnya belum memadai untuk dapat dijadikan sebagai cadangan likuiditas (siamat, 2005). kelemahan commercial loan theory ini sebagai sumber likuiditas bank adalah: a) banyak kredit bukan jangka pendek dan tidak self liquidating 89 b) dalam situasi ekonomi yang sedang lesu, kredit modal kerja,yang pelunasannya berasal dari arus kas nasabah debitur, akan menjadi tidak lancar. c) kredit jangka pendek dapat menjadi jangka panjang melalui perpanjangan waktu secara terus menerus d) dalam perekonomian yang semakin maju, kredit jangka menengah/panjang akan menjadi semakin penting dan dibutuhkan e) teori ini mengabaikan kenyataan bahwa dalam keadaan normal atau stabil, sumber-sumber dana bank, misalnya : giro, deposito, tabungan dan sebagainya, memungkinkan untuk disalurkan sebagai kredit yang jangka waktunya lebih panjang. secara implisit teori ini menganggap bahwa likuiditas dapat terpenuhi dengan hanya mengandalakan sumber dari pelunasan dan atau pembayaran kredit oleh nasabah. padahal penarikan simpanan dan pencairan kredit dapat melebihi likuiditas yang hanya bersumber dari pelunasan kredit. 2. shiftability theory. teori ini beranggapan bahwa likuiditas sebuah bank tergantung pada kemampuan bank untuk memindahkan aktivanya ke orang lain dengan harga yang dapat diramalkan. pada tahun 1920-an, bank mengembangkan teori likuiditas sebagai reaksi dari banyaknya kelemahan pada teori commercial loan, yaitu doctrine of asset shiftability. menurut teori ini, bank dapat segera memenuhi kebutuhan likuiditasnya dengan memberikan shiftable loan atau call loan, yaitu pinjaman yang harus dibayar dengan pemberitahuan satu atau beberapa hari sebelumnya dengan jaminan surat surat berharga. oleh karena itu, apabila bank membutuhkan likuiditas pada suatu waktu, maka kebutuhan tersebut dapat dipenuhi dengan melakukan penagihan kepada peminjam atau debitur. peminjam kemudian dapat melunasi pinjaman tersebut baik secara langsung maupun tidak langsung dengan cara mengalihkan (shifting) pinjamannya tersebut kepada bank lain. apabila karena satu dan lain alasan pinjaman tersebut tidak dapat dibayar kembali, maka bank dapat menjual barang jaminan berupa surat-surat berharga untuk pelunasannya. doktrin ini akan dapat berfungsi apabila pasar keuangan sudah berkembang dan cukup aktif (likuid), dengan pengertian bahwa berapapun jumlah permintaan dan penawaran dapat diserap oleh pasar. kelemahan teori ini adalah apabila dalam waktu yang bersamaan bankbank membutuhkan likuiditas dan menjual jaminan surat-surat berharga tersebut untuk memenuhi kebutuhan likuiditasnya. dalam situasi seperti ini, bukan saja akan menyebabkan kredit tersebut tidak dapat dialihkan, 90 tapi juga akan menyebabkan turunya harga surat berharga karena bankbank menjual jaminannya (surat berharga) dalam waktu yang bersamaan. 3. anticipated income theory. disebut juga teori pendapatan yang diharapkan. teori ini berkesimpulan bahwa sama sekali benar bagi sebuah bank untuk memberikan pinjamanpinjaman jangka panjang dan pinjaman-pinjaman bukan untuk dagang. pada decade 1930 an dan 1940 an bank-bank mengembangkan teori baru yang disebut dengan anticipated income theory. teori ini menyatakan bahwa bank-bank seharusnya dapat memberikan kredit jangka panjang dimana pelunasannya, yaitu cicilan pokok pinjaman ditambah bunga, dapat diharapkan dan dijadwalkan pembayarannya pada waktu yang akan datang sesuai dengan jangka waktu yang telah ditetapkan. jadwal pembayaran kembali nasabah berupa angsuran pokok dan bunga akan memberikan cash flow secara teratur yang dapat digunakan untuk memenuhi kebutuhan likuiditas bank. timbulnya teori ini diawali oleh rendahnya permohonan kredit kepada bank yang mengakibatkan terjadinya kelebihan likuiditas dan rendahnya keuntungan yang diperoleh bank , khususnya pada saat terjadi depresi ekonomi. dengan diperkenalkannya anticipated theory, bank-bank terdorong untuk lebih agresif dengan berani memberikan kredit yang berjangka panjang, misalnya: kredit real etate, kredit investasi dan kredit konsumsi. kelemahan anticipated income theory yaitu, teori ini menganggap semua kredit dapat ditagih sesuai dengan waktu yang dijadwalkan tanpa memperhatikan kemungkinan terjadinya kegagalan pengembalian kredit oleh debitur akibat factor ekstrern dan atau intern. factor – factor ekstern terjadi diluar kendali nasabah, misalnya terjadi resesi ekonomi yang berkepanjangan dan kebijakan pemerintah yang kurang mendukung. factor intern antara lain terjadinya mismanagement atau karena kurangnya tenaga yang berpengalaman dan terampil dalam perusahaan. teori likuiditas ini sulit diharapkan sebagai sumber likuiditas minimum dan memenuhi kebutuhan permintaan kredit yang segera harus dipenuhi. 4. liabilty management theory. teori ini melihat struktur aktiva bank mempunyai peran mencolok yang harus dimainkan dalam menyediakan likuiditas untuk bank. teori ini juga terus melampaui cara pendekatan dengan satu dimensi dan menyatakan bahwa bank juga dapat menggunakan aktivanya untuk tujuan-tujuan likuiditas. rasio likuiditas bank kasmir (2003) menyatakan bahwa rasio likuiditas merupakan rasio untuk mengukur kemampuan bank dalam memenuhi kewajiban jangka pendeknya pada saat ditagih. dengan kata lain dapat membayar kembali pencairan dana deposannya pada saat ditagih beserta dapat mencukupi permintaan kredit yang 91 telah diajukan. semakin besar rasio inis semakin likuid. untuk melakukan pengukuran rasio ini memiliki beberapa jenis rasio yang masing-masing memiliki maksud dan tujuan tersendiri. adapun jenis-jenis rasio likuiditas antara lain quick ratio, investing policy ratio, banking ratio, assets to loan ratio, invesment portofolio ratio, cash ratio, loan to deposit ratio (ldr) adapun judiseno (2005) menulis rasio likuiditas hampr sama dengan diatas yaitu meliputi beberapa alat pengukuran seperti: 1. pengukuran kemampuan bank membayar kembali kewajibannya dengan harta lancar (kas asset) yang dimilikinya, disebut dengan istilah quick ratio. 2. pengukuran kemampuan bank membayar kembali kewajibannya dengan mencairkan surat-surat berharga, disebut dengan istilah investing policy ratio. 3. pengukuran kemampuan untuk membayar kembali kewajibannya dengan menarik kembali kredit-kredit yang pernah dicairkan oleh bank, disebut dengan istilah banking ratio. 4. pengukuran kemampuan bank untuk memenuhi permintaan kredit dengan harta bank yang tersedia, disebut dengan istilah loan to asset ratio. 5. pengukuran tingkat likuiditas penanaman dana dalam surat-surat berharga, disebut dengan istilah investment portfolio ratio. 6. pengukuran kemampuan bank membayar kembali kewajibannya yang sudah jatuh tempo dengan harta lancar yang dimilikinya disebut dengan istilah cash ratio. besar kecilnya masing-masing rasio menentukan likuid dan tidak likuidnya suatu bank. namun, bukan berarti semakin besar rasio likuiditas otomatis menunjukan hasil yang baik, melainkan tergantung kepada masingmasing pengukuran dan kepentingan rasio itu sendiri pada pengukuran loan to asset ratio, hasil yang semakin rendah menunjukkan tingkat yang lebih baik. secara umum penetapan rasio likuiditas yang baik adalah lebih dari 100%, dengan kata lain harta lancar adalah sama dengan atau lebih besar dari hutang lancarnya. sedangkan menurut dahlan siamat (2005), rasio-rasio yang umum digunakan untuk mengukur likuiditas bank antara lain sebagai berikut: 1. rasio alat likuid terhadap dana pihak ketiga. rasio ini dapat dijadikan ukuran untuk menilai kemampuan bank dalam memenuhi kebutuhan likuiditas akibat penarikan dana oleh pihak ketiga dengan menggunakan alat-alat likuid bank yang tersedia. alat likuid bank tersedia atas: uang kas, saldo giro pada bank sentral dan bank-bank koresponden. semakin besar rasio ini semakin baik pula posisi likuiditas bank yang bersangkutan. 92 2. rasio kredit terhadap total dana pihak ketiga. rasio likuiditas ini juga sering disebut dengan loan to deposit ratio atau ldr. rasio ini memberikan indikasi mengenai jumlah dana pihak ketiga yang disalurkan dalam bentuk kredit. rasio yang tinggi menggambarkan kurang baiknya posisi likuiditas bank. umumnya, rasio sampai dengan 100% memberikan gambaran yang cukup baik atas keadaan likuiditas bank. namun berdasarkan ketentuan bank indonesia, rasio likuiditas yang digunakan untuk menilai tingkat kesehatan bank adalah rasio kredit terhadap dana yang diterima bank dalam rupiah dan valas. dana yang diterima bank meliputi: kredit likuiditas bi; giro, deposit, dan tabungan masyarakat; pinjaman bukan dari bank yang berjangka waktu lebih dari 3 bulan dan tidak termasuk pinjaman subordinasi; deposito dan pinjaman dari bank lain yang berjangka waktu lebih 3 bulan; surat berharga yang diterbitkan bank yang berjangka waktu lebih dari 3 bulan; modal lain; dan modal pinjaman. semakin tinggi rasio ini semakin buruk kondisi likuiditas bank. bank indonesia memberi nilai kredit (0) bagi bank yang memiliki rasio sebesar 115% atau lebih berdasarkan ketentuan penilaian tingkat kesehatan bank untuk faktor likuiditas. 3. rasio kewajiban bersih call money terhadap aktiva lancar, dalam rupiah. rasio ini menunjukkan besarnya call money bank terhadap total aktiva lancar yang meliputi: kas, giro pada bank indonesia, sbi dan spbu yang telah di-endos bank lain. menurut ketentuan bank indonesia maksimum rasio adalah 100%. 4. rasio surat-surat berharga jangka pendek terhadap total portfolio suratsurat berharga. rasio ini memberikan informasi bahwa semakin besar porsi penanaman dana dalam surat-surat berharga yang jatuh temponya kurang dari satu tahun terhadap total portfolio surat-surat berharga semakin baik pula posisi likuiditas bank. 5. total kredit terhadap total asset. rasio ini mengukur kemampuan bank memenuhi permintaan kredit dengan menggunakan asset bank. kenaikan rasio ini menunjukan rendahnya likuiditas bank. manajemen likuditas bank syariah manajemen likuiditas bank adalah mengelola bagaimana bank dapat memenuhi baik kewajiban yang sekarang maupun kewajiban yang akan datang bila terjadi penarikan atau pelunasan asset liability yang sesuai perjanjian ataupun yang belum diperjanjikan (tidak terduga). pengelolaan likuiditas bank juga merupakan bagian dari pengelolaan liabilitas (liability management). melalui pengelolaan likuiditas yang baik, bank dapat memberikan keyakinan pada para penyimpan dana bahwa mereka dapat mengambil dananya sewaktu-waktu atau pada saat jatuh tempo. oleh karena itu, bank harus mempertahankan sejumlah alat likuid guna memastikan bahwa bank sewaktu-waktu dapat memenuhi kewajiban 93 jangka pendeknya. suatu bank syari’ah dikatakan likuid apabila (muhammad, 2004): a. dapat memelihara gwm di bank indonesia sesuai dengan ketentuan yang berlaku. b. dapat memelihara giro di bank koresponden. giro di bank koresponden adalah rekening yang dipelihara di bank koresponden yang besarnya ditetapkan berdasarkan saldo minimum. c. dapat memelihara sejumlah kas secukupnya untuk memenuhi pengambilan uang tunai. dalam pengelolaan dana, bank akan mengalami salah satu dari tiga hal di bawah ini : 1. posisi seimbang (squere) dimana persedian dana sama dengan kebutuhan dana yang tersedia 2. posisi lebih (long) dimana persediaan dana lebih dari kebutuhan dana yang tersedia. 3. posisi kurang (short) dimana persediaan dana kurang dari kebutuhan dana. dalam kegiatan operasional, bank dapat mengalami kelebihan atau kekurangan likuiditas. apabila terjadi kelebihan maka hal itu dianggap sebagai keuntungan bank. sedangkan jika terjadi kekurangan likuiditas, maka bank memerlukan sarana untuk menutupi kekurangan tersebut (widyaningsih, 2005). a. mekanisme pengelolaan likuiditas bank syariah transaksi pembayaran dalam aktivitas perbankan dilakukan melalui mekanisme kliring dengan membebankan rekening giro bank yang bersangkutan pada bank indonesia (bi). apabila dalam pelaksanaan saldo bank menjadi kurang dari giro wajib minimum (gwm), maka bank atau kantor cabangnya dikenakan kewajiban membayar. untuk ketentuan mengenai besarnya mata uang dan mekanisme gwm bagi bank umum syariah, kini telah ada pengaturan tersendiri yaitu pbi no. 6/21/pbi/2004 tentang giro wajib minimum dalam rupiah dan valuta asing bagi bank umum yang melaksanakan kegiatan usaha bagi yang menjalankan usaha berdasarkan prinsip syariah. bagi bank syariah yang mengalami kekurangan dana dapat menerbitkan sertifikat investasi mudharabah antarbank (ima) yang merupakan sarana penanaman modal bagi bank syariah maupun bank konvensional. berdasarkan ketentuan pasal 3 pbi no.2/8/pbi/2000, sertifikat ima adalah satu-satunya piranti yang digunakan dalam operational pasar uang antar bank berdasarkan prinsip syariah. dalam aktivitas puas, transaksi pembayaran juga dilakukan melalui mekanisme kliring dengan membebankan rekening giro bank syariah yang bersangkutan di bi. ketentuan mengenai kliring ini diatur dalam pbi no 2/4/pbi/2000 tanggal 11 februari 2000 bagi bank umum syariah dan unit usaha syariah bank umum konvensional. 94 kliring bagi bank umum syariah (bus) dan unit usaha syariah bank umum konvensional (uus buk) dan wgm intinya mengatur teknik pendukung mekanisme puas, mialnya mengenai jumlah rekening yang harus ada di bi bagi masing-masing bus maupun uus buk dan penanganan saldo giro negatif untuk kegiatan usaha konvensional dan usaha syariah. sedangkan untuk menjaga kestabilan moneter bank syariah peserta puas, bi menyerap kelebihan likuiditas bank-bank syariah melalui penerbitan sertifikat wadiah (titipan). untuk mengatasi mismatch (kekurangan arus dana masuk dari arus dana keluar) pada aktivitas bank syariah kesehariannya dapat diatasi dengan melalui fasilitas pembiayaan jangka pendek bagi bank syariah (fpjps). karim (2010) menjelaskan mekanisme manajemen likuiditas bank syariah dengan mengklasifikasikannya dengan tiga macam yaitu manajemen likuiditas sisi penghimpunan dana, manajemen likuiditas sisi penyaluran dana dan manajemen gap likuiditas. 1. manajemen likuiditas sisi penghimpunan dana sebagian besar dana masyarakat yang diterima bank sifatnya jangka pendek seperti giro, tabungan dan deposito, penjelasannya sebagai berikut (karim, 2010): a. produk giro, misalnya, dengan media penarikan berupa cek atau bilyet giro, memang dimaksudkan untuk kegunaan nasabah melakukan transaksi, baik menerima uang atau membayar uang kepada kepada mitranya. sehingga periode waktu pengendapan dana-dana di bank bersifat sangat jangka pendek. salah satu ukuran yang digunakan untuk melihat berapa banyak dana-dana giro yang benar-benar mengendap di bank adalah floating rate (fr). fr = (rata-rata jumlah dana yang mutasi atau rata-rata dana) x 100% bila rasio fr untuk dana giro berkisar 70-80%, berarti hanya 20-30 persen dari dana giro yang benar benar menghadap di bank. b. produk tabungan relatif lebih lama mengendap di bank karena tidak menggunakan alat tarik cek dan bilyet giro. di masa lalu, nasabah harus datang ke kantor bank untuk menarik atau menyetor uangnya ke rekening tabungan. namun, dengan semakin luasnya jaringan atm (anjungan tunai mandiri/ automatic teller machine), maka nasabah menjadi semakin mudah menarik dana tabungannya. semakin luasnya akses atm yang dilengkapi pula dengan electronic debit card (edc), yaitu alat pembayaran elektronik kartu tabungan, membuat fr produk tabungan, membuat fr produk tabungan meningkat signifikan. biasanya ada dua cara yang dilakukan bank untuk menurunkan fr tabungan, yaitu dengan : 95 1) mendorong nasabah melakukan transaksi non tunai, misalnya transfer dana dari satu rekening ke rekening lainnya, sehingga dananya tetap mengendap di bank. 2) menyediakan atm yang dapat menerima setoran sehingga dana yang di tarik tergantikan oleh dana yang di setor. c. produk deposito relatif lebih dapat diprediksi waktu mengendapnya karena telah jelas tenornya. saat ini tenor deposito di indonesia terdiri dari 1 bulan, 3 bulan, 6 bulan, dan 12 bulan. untuk mengurangi dorongan nasabah mencairkan depositonya sebelum waktu yang diperjanjikan, biasanya bank mengenakan “denda pencairan sebelum jatuh tempo”. secara statistik, fr untuk produk deposito mendekati nihil. 2. manajemen sisi penyaluran dana sebagian besar dana yang disalurkan bank kepada masyarakat sifatnya jangka menengah panjang. a. pembiayaan konsumer biasanya ditawarkan dengan menggunakan akad murabahah atau akad ijarah. b. pembiayaan modal kerja biasanya ditawsrkan dengan akad murabahah untuk pengadaan barang, ijarah untuk pengadaan jaa, mudharabah untuk membiayai bisnis c. pembiayan investasi biasanya ditawarkan dengan menggunakan akad murabahah, imbt, musyarokah mutanaqisah. dari uraian ini tampak sebagian besar dana yang disalurkan bank kepada masyarakat sifatnya jangka menengah panjang. 3. manajemen gap likuiditas penghimpunan dana merupakan sisi liabilities, sedangkan penyaluran dana merupakan sisi aset dari suatu bank. gap likuiditas adalah selisih antara outstanding east dengan liabilities, atau secara dinami, selisih antara perubahan aset dan liabilities. gap positif terjadi ketika aset lebih besar daripada liabilities, sedangkan gap negatif adalah kebalikannya (karim, 2010). secara umum manajemen likuiditas dilakukan dengan : 1. bila terjadi kekurangan likuiditas, bank syariah mencari dana antara lain dengan : a. menjual aset likuidnya agar mendapat likuiditas dalam hal bank syariah memiliki aset likuid. b. menerima penempatan dana atau likuiditas dari bank syariah lain atau institusi/ individu lain secara syariah dalam hal : 1) bank syariah tidak memilik aset likuid yang dapat dijual. 2) secara ekonomis lebih menguntungkan melakukan (b) daripada (a) 3) secara ekonomis lebih menguntunkan melakukan kombinasi (a) dan (b) 2. bila terjadi kelebihan likuiditas, bank syariah menempatkan dana antara lain dengan : 96 a. membeli aset likuid agar likuiditasnya produktif b. menempatkan dana ke bank syariah lain atau institusi lain secara syariah dalam hal : 1) tidak tersedia aset likuid syariah di pasar, atau 2) secara ekonomis lebih menguntungkan melakukan (b) daripada (a), atau, 3) secara ekonimis lebih menguntungkan melakukan kombinasi (a) dan (b). b. ciri-ciri bank syariah yang memiliki likuiditas sehat dengan melakukan manajemen likuiditas maka bank akan dapat memelihara likuiditas yang dianggap sehat dengan ciri-ciri sebagai berikut: 1) memiliki sejumlah alat likuid, cash asset (uang kas, rekening pada bank sentral dan bank lainnya) setara dengan kebutuhan likuiditas yang diperkirakan, 2) memiliki likuiditas kurang dari kebutuhan, tetapi memiliki surat-surat berharga yang segera dapat dialihkan menjadi kas, tanpa harus mengalami kerugian baik sebelum atau sesudah jatuh tempo, 3) memiliki kemampuan untuk memperoleh likuiditas dengan cara menciptakan uang, misalnya dengan menjual surat berharga dengan repurchase agreement. 4) memenuhi ratio pengukuran likuiditas yang sehat yaitu : a. rasio alat likuid terhadap dana pihak ketiga: 1) merupakan ukuran untuk menilai kemampuan bank dalam memenuhi kebutuhan likuiditas akibat penarikan dana oleh pihak ketiga dengan menggunakan alat likuid bank yang tersedia, 2) alat likuid bank terdiri atas uang kas, saldo giro pada bank sentral dan bank koresponden 3) semakin besar rasio ini semakin besar kemampuan bank memenuhi kewajiban jangka pendeknya, tetapi disisi lain mengidentifikasikan semakin besarnya idle money. b. rasio pembiayaan terhadap total dana pihak ketiga (fdr) 1) finance to deposit ratio (fdr), yang menggambarkan perbandingan pembiayaan yang disalurkan dengan jumlah dpk yang disalurkan, 2) ratio ini harus dipelihara pada posisi tertentu yaitu 75-100%. jika ratio di bawah 75% maka bank dalam kondisi kelebihan likuididitas, dan jika ratio diatas 100% maka bank dalam kondisi kurang likuid, 3) menurut kriteria bank indonesia, ratio sebesar 115% keatas nilai kesehatan likuiditas bank adalah nol c. instrumen manajemen likuiditas bank syari’ah ada instrumen-instrumen likuiditas yang dapat dijalankan bank syari’ah dalam rangka memenuhi kewajiban likuiditas, yaitu : giro wajib minimum (gwm), 97 kliring dan bantuan likuiditas bank indonesia (blbi), penjelasan ketiga hal ini sebagai berikut: 1) giro wajib minimum (gwm) giro wajib minimum adalah simpanan minimum bank umum dalam giro pada bank indonesia yang besarnya ditetapkan olah bi berdasarkan persentase tertentu dari dana pihak ketiga (dpk). perhitungan ini berlaku baik untuk gwm dalam rupiah maupun valuta asing. 2) kliring kliring adalah sarana perhitungan utang-piutang antar bank dengan cara saling menyerahkan surat-surat berharga dan surat-surat dagang guna memperlancar lalu lintas pembayaran yang terdiri dari pengiriman uang, inkaso, dan pembukaan letter of credit. ketentuan mengenai kliring yang berlaku bagi bank umum konvensional berlaku pula bagi bank umum yng berdasarkan prinsip syariah, dengan beberapa perbedaan dan tambahan. ketentuan yang berlaku bagi bank berdasarkan prinsip syariah antara lain meliputi ukuran besarnya sanksi pelanggaran saldo giro negatif dan tatacara pengenaan sanksi untuk bank-bank bersaldo negatif. 3) blbi blbi bantuan likuiditas bank indonesia (blbi) adalah skema bantuan (pinjaman) yang diberikan bank indonesia kepada bank-bank yang mengalami masalah likuiditas pada saat terjadinya krisis moneter 1998 di indonesia. skema ini dilakukan berdasarkan perjanjian indonesia dengan imf dalam mengatasi masalah krisis. pada bulan desember 1998, bi telah menyalurkan blbi sebesar rp 147,7 triliun kepada 48 bank. selain instrumen diatas juga ada instrumen yang saat ini tersedia untuk melakukan manajemen likuiditas bank syariah melalui pasar uang antarbank syariah, antara lain (karim, 2010), yaitu: 1) sertifikat bank indonesia syariah (sbis) sertifikat bank indonesia syariah adalah surat berharga berdasarkan prinsip syariah berjangka waktu pendek dalam mata uang rupiah yang diterbitkan oleh bank indonesia. karakteristik sertifikat bank indonesia syariah adalah : menggunakan akad jua’alah, satuan unit sebesar rp.1.000.000,-, berjangka waktu paling kurang 1 bulan dan paling lama 12 bulan, diterbitkan tanpa warkat (scripless), dapat digunakan kepada bank indonesia, dan tidak dapat diperdagangkan di pasar sekunder akad jua’alah adalah janji atau komitmen (iltijam) untuk memberikan imbalan tertentu (iwadh/ ju’l) atas pencapaian hasil (natijah) yang ditentukan dari suatu pekerjaan. dalam hal ini bank indonesia menegaskan pada bankbank syariah “carikan dana sejumlah sekian untuk jangka waktu sekian lama bila berhasil maka akan aku beri imbalan atas keberhasilan itu”. 98 2) deposito antar bank syariah sebagai sarana pengelolaan likuiditas, bank syariah dapat menggunakan sarana deposito antarbank, bail dalam penempatan dananya maupun dalam memenuhi kebutuhan dananya. deposito antarbank ini menggunakan prinsip mudharabah. mudharabah adalah perjanjian antara penanam dana dan penge-lola dana untuk melakukan kegiatan usaha guna memperoleh keuntungan, dan keuntungan tersebut akan dibagikan kepada kedua belah pihak berdasarkan nisbahyang telah disepakati sebelumnya. 3) sertifikat investasi mudharabah antarbank (sima) sertifikat investasi mudharabah antar bank yang selanjutnya disebut sima adalah sertifikat yang diterbitkan oleh bank syariah atau uus yang digunakan sebagai sarana investasi jangka pendek di puas dengan akad mudharabah. sima diterbitkan oleh bank pengelola dana (bank syariah atau unit usaha syariah) dengan jangka waktu paling lama 365 hari dan dapat diperjualbelikan (treadable), sepanjang sebelum jatuh tempo. 4) fasilitas simpanan bank indonesia syariah (fasbis) merupakan fasilitas yang diberikan bank indonesia kepada bank untuk menempatkan dananya di bank indonesia dalam rangka kegiatan operasi pasar terbuka (opt). jangka waktu fasbis maksimum 7 hari dengan sistem imbalan berupa fee, dan diterbitkan tanpa bukti kepemilikan (warkat) melainkan bukti pendebatan atau pengkreditan rekening giro bank brupa confirmation advice pada sistem bi-rtgs. fasbis tidak dapat diperdagangkan, tidak dapat digunakan, dam tidak dapat dicairkan sebelum jatuh waktu. 5) fasilitas pembiayaan jangka pendek bagi bank syariah (fpjps) fasilitas pembiayaan jangka pendek bagi bank syraiah atau sering disebut dengan fpjps merupakan instrumen dari bank indonesia sebagai the lender of last resort bagi bank-bank syariah yang mengalami kesulitan likuiditas atau kesulitan pendanaan jangka pendek yang disebabkan oleh tergantungnya arus dana masuk yang lebih kecil dibandingkan dengan arus dan keluar (mismatch). tujuan dari diberlakukan fpjps ini adalah umtuk mebantu bank syariah yang mengalami kesulitan pendanaan jangka pendek, namun memenuhi persyaratan tingkat kesehatan dan permodalan (illiquid but solvent). 6) fasilitas likuiditas intrahari bagi bank umum berdasarkan prinsip syariah (flis) untuk mengatasi kemacetan dalam sistem pembayaran dalam implementasi bi-rtgs maka bani indonesia memandang perlu untuk menyediakan fasilitas pendanaan dalam jangka waktu yang sangat pendek berdasarkan prinsip syariah selama waktu operasional sistem bi-rtgs dalam bentuk flis-rtgs yang wajib dilunasi oleh bank pada akhir hari yang sama. selain itu untuk mengatasi mangantisipasi kemungkinan kegagalan bank dalam memenuhi kewajibannya sebagai peserta dalam sknbi, bank indonesia 99 juga memandang perlu untuk menyediakan fasilitas pendanaan untuk jangka waktu yang sangat pendek berdasarkan prinsip syariah selama waktu operasional berupa flis kliring yang wajib dilunasi pada waktu akhir yang sama. masalah manajemen likuiditas bank syariah kendala operasional yang dihadapi oleh perbankan syariah adalah kesulitan dalam mengendalikan likuiditasnya secara efisien, hal itu terlihat pada beberapa gejala, antara lain (arifin, 2009): 1. tidak tersedianya kesempatan investasi segera atas dana dana yang diterimanya. dana dana tersebut terakumulasi dan menganggur untuk beberapa hari sehingga mengurangi rata rata pendapatan mereka 2. kesulitan mencairkan dana investasi yang sedang berjalan, pada saat ada penarikan dana dalam situasi kritis. akibatnya bank bank syariah menahan alat likuidnya dalam jumlah yang lebih besar daripada rata rata perbankan konvensional. pada umumnya bank syariah mengalami dua macam kendala bila dibandingkan dengan bank konvensional, yaitu: kurangnya akses untuk memperoleh pendanaan jangka pendek, khususnya dari bi sebagai bank sentral, dan kurangnya akses ke pasar uang sehingga bank syariah hanya dapat memelihara likuiditas dalam bentuk kas. untuk mengantisipasi masalah tersebut, ada beberapa pilihan yang kebanyakan dilakuan oleh pengelola bank-bank syariah yang bersifat darurat yaitu: menolak mengambil bunga, mengambil uang dan menggunakannnya untuk tujuan sosial yang berdasarkan fatwa, menginvestasikan dalam bentuk emas dan atau logam mulia lainnya secara tunai dengan kontrak berjangka, dan membiarkan diri kehilangan kesempatan di pasar uang dan menyimpan dananya di bank konvensional tanpa menerima bunga sebagai imbangan dari servis yang diperolehnya. melakukan analisis perencanaan likuiditas bank syari’ah adalah mengidentifikasi kebutuhan utama terhadap likuiditas kemudian membandingkan kebutuhan tersebut dengan jumlah aktiva lancar yang dimiliki bank pada saat itu. analisis ini dilakukan dengan 3 tahap sebagai berikut: 1) tahap pertama : klasifikasikan sumber-sumber dana utama bank berdasarkan tingkat kecepatan berputarnya. kelompokkan dana yang sifatnya stabil atau tetap dan dana yang berfluktuasi. estimasikan persentase pada masing-masing kelompok pada dana tersebut dilihat dari waktu penarikannya, maka terdapat dua jenis dana yaitu dana yang dapat ditarik sewaktu-waktu meliputi tabungan dan giro wadiah serta dana yang ditarik pada saat jatuh tempo meliputi investasi mudharabah. untuk memperkirakan jumlah penarikan pada tabungan dan giro wadiah, bank 100 syariah harus menganalisis dari pengalaman penarikan dana harian pada masamasa sebelumnya (historical data), 2) tahap kedua : kelompokkan jenis aktiva yang likuid maupun yang tidak likuid. pengelompokkan ini dimaksudkan untuk mengukur kemampuan bank dalam memenuhi kebutuhan likuiditasnya dari aktiva lancar yang dimilikinya. 3) tahap ketiga : bandingkan total aktiva lancar dengan dana yang dianggap berubah-ubah (volatile). apabila perbandingan tersebut hasilnya sama dengan satu berarti posisi kebutuhan likuiditas persis sama dengan jumlah aktiva lancar yang dimiliki bank saat itu (balance liquidity position). 4) tahap ke empat: kebutuhan likuiditas bank yang biasanya dipengaruhi oleh faktor-faktor berikut ini: pertama, kewajiban reserve yang ditetapkan oleh bank sentral, yaitu merupakan giro wajib minimum (gwm) yang merupakan ketentuan bank indonesia. giro wajib minimum merupakan kewajiban cadangan (reserve requirement) yang ditetapkan oleh oleh bank indonesia sebesar prosentase dari dana pihak ketiga (dpk). dana pihak ketiga meliputi seluruh dpk dalam rupiah maupun valuta asing pada seluruh kantor bank yang bersangkutan di indonesia. kedua, kebutuhan dana operasional. ketiga, rencana penyaluran pembiayaan termasuk komitment bank kepada nasabah atau pihak lain untuk memberikan fasilitas pembiayaan atau melakukan investasi. bisnis di perbankan merupakan bisnis kepercayaan, oleh karenanya pemenuhan komitmen harus menjadi fokus bank syariah. keempat, estimasi penarikan dana oleh nasabah, baik yang reguler maupun irreguler. kelima, saldo minimum pada bank koresponden harus disadari bahwa perbankan syariah adalah industri yang masih dalam tahap permulaan sehingga belum mampu menjadi pemimpin dalam industri perbankan khususnya di indonesia. berdasarkan kenyataan tersebut maka di dalam issue likuiditas ini, disamping bersaing dengan sesama bank syariah, persaingan juga terjadi dengan bank konvensional yang sudah mapan. untuk mengantisipasi dan mengatasi masalah likuiditas dikaitkan dengan upaya pengembangan bank syariah, tuntutan deposan, profesionalitas, tingkat profitabilitas dan kepatuhan terhadap sistem syariah, bank syariah harus melakukan strategi antara lain berikut ini: 1. menggiatkan pendidikan dan sosialisasi bank islam khususnya menjelaskan tentang aspek-aspek ekonomi dan sistem nilai keislaman kepada masyarakat. diharapkan dengan cara ini akan memberikan dampak positif berikut : a) deposan/investor baru akan datang mendeposit dananya ke bank islam, b) peningkatan dana baru yang masuk akan meningkatkan kemampuan ekspansi bisnis bank islam dan suatu saat diharapkan mampu mewarnai industri perbankan. 101 c) deposan tidak terpengaruh dengan return tinggi yang tidak halal yang ditawarkan oleh lembaga keuangan konvensional. 2. terus memperbaiki dan meningkatkan kinerja bank islam. mengintensifkan dan fokus pada equity based financing daripada debt based financing akan menyebabkan meningkatnya profit jangka pendek dan panjang. saat ini terbuka kesempatan untuk menyalurkan equity based financing seperti joint financing untuk membiayai proyek-proyek pemerintah dan swasta, membeli sukuk pemerintah atau perusahaan, dll. menawarkan return tinggi dan kompetitif adalah salah satu cara memelihara loyalitas segmen deposan rasional juga untuk menarik deposan baru. 3. memperkuat koordinasi, komunikasi dan pengertian dengan deposan/investor dan patner bisnis. terkait dengan pendekatan syariah terhadap risiko likuiditas, proses mobilisasi dana dan proses penyaluran dana menyangkut tiga komponen penting yaitu : a) tingkah laku masyarakat karena operasional bank syariah didasarkan pada amanah dan berbagi risiko dengan patner bisnis b) harmonisasi asset dan liability c) pengukuran dan monitoring dana 4. mengidentifikasi berapa banyak deposan rational yang dimiliki bank. salah satu cara untuk mengidentifikasi rational deposan adalah dengan mengamati berapa banyak dari mereka yang menarik dananya dan memindahkan ke bank konvensional ketika tingkat suku bunga dari bank konvensional lebih tinggi dari return yang dihasilkan oleh bank islam. 5. membentuk satuan tugas atau team khusus untuk memonitor, mengevaluasi dan mendeteksi kemungkinan terjadinya kesulitan likuiditas yang akan menimpa bank. hal pertama yang harus dilakukan adalah meneliti aliran dana untuk mengantisipasi mismatch asset – likuiditas, menetapkan kebijakan internal mengenai ukuran default dari partner bisnis, mendesain strategi menghadapi masalah likuiditas sekaligus struktur birokrasi pengambilan keputusan di dalam memenuhi kebutuhan likuiditas yang mendesak. 6. menyiapkan kas dan cadangan likuiditas untuk kondisi tertentu. bank membutuhkan likuiditas untuk transaksi reguler maupun irreguler. transaksi reguler adalah operasional sehari-hari, sementara transaksi irreguler terdiri dari 2 hal ; a) irreguler tetapi dapat diprediksi b) irreguler dan tidak dapat diprediksi, kebutuhan likuiditas irreguler yang dapat diprediksi diantaranya adalah kewajiban menyediakan dana untuk kebutuhan keuangan untuk operasional pemerintah yang biasanya sangat besar. tetapi kebutuhan likuiditas irreguler adalah penarikan yang tiba-tiba oleh deposan dalam jumlah besar yang disebabkan keadaan tertentu. 102 7. mendisain portofolio bank termasuk instrumen yang likuid. likuid instrumen tersebut siap setiap saat untuk dicairkan kapanpun dibutuhkan. alternatif lain adalah dengan mencari likuiditas dari pasar uang syariah atau didalam keadaan yang sangat mendesak bank dapat memohon bantuan likuiditas dari bank sentral. simpulan likuiditas merupakan suatu hal yang sangat penting bagi bank untuk dikelola dengan baik karena akan berdampak kepada profiitabililitas serta business sustainibility dan continuity. hal itu juga tercermin dari peraturan bank indonesia yang menetapkan likuiditas sebagai salah satu dari delapan risiko yang harus dikelola oleh bank. konsep likuiditas di dalam dunia bisnis diartikan sebagai kemampuan menjual aset dalam waktu singkat dengan kerugian yang paling minimal. tetapi pengertian likuiditas dalam dunia perbankan lebih kompleks dibanding dengan dunia bisnis secara umum. dari sudut aktiva, likuiditas adalah kemampuan untuk mengubah seluruh aset menjadi bentuk tunai (cash), sedangkan dari sudut pasiva, likuiditas adalah kemampuan bank memenuhi kebutuhan dana melalui peningkatan portofolio liabilitas. pengelolaan likuiditas dilakukan tidak saja untuk mengukur posisi likuiditas pada bank sedang berjalan, tetapi juga dipergunakan untuk memeriksa kebutuhan dana pada berbagai skenario jika terjadi kondisi yang berbeda. pemberian pinjaman kepada nasabah, dalam hal jangka watu pinjaman, juga tidak mutlak dalam kendali bank. pinjaman juga dapat menentukan apakah akan meminjam untuk jangka pendek atau panjang. pinjaman mempunyai strategi sendiri untuk mengelola dananya. sebagian besar dana pada bank diperoleh dengan membuat perjanjian dengan para nasabah, yakni dana tersebut dapat segera ditarik saat dibutuhkan oleh nasabah giro, tabungan, atau saat jatuh tempo deposito. dengan demikian hubungan antara dana yang dihimpun dan dala bentuk apa dana tersebut akan diinvestasikan sebaiknya saling terkait. secara garis besar manajemen likuiditas terdiri dari dua bagian, yaitu; pertama, memperkirakan kebutuhan dana, yang berasal dari penghimpunan dana (deposit inflow) dan untuk penyaluran dana (fund out flow) dan berbagai komitmen pembiayaan (finance commitments). secara garis besar kondisi likuiditas bank dipengaruhi oleh faktor eksternal dan internal. faktor eksternal adalah faktor yang bisa dikendalikan oleh bank, sedangkan faktor internal pada umumnya adalah yang bisa dikendalikan oleh bank. faktor eksternal antara lain kondisi ekonomi dan moneter, karakteristik deposan, kondisi pasar uang, peraturan, dll. sedangkan faktor internal sangat tergantung kepada kemampuan manajemen mengatur setiap instrumen likuiditas bank. contohnya adalah pemilihan strategi penerapan asset-liabities manajemen. kondisi perekonomian, dinamika perbankan konvensional dan keberpihakan 103 masyarakat islam terhadap bank syariah sangat mempengaruhi strategi pengelolaan likuiditas bank syariah. manajemen likuiditas di bank syariah atau unit usaha syariah merupakan bagian dari asset dan liability management yang secara umum bertujuan untuk menjaga likuiditas suatu bank syariah atau unit usaha syariah agar kegiatan operasional tetap berjalan dan kepercayaan masyarakat terjaga. ruang lingkup dalam pengelolaan likuiditas adalah mengoptimalisasi penggunaan dana agar tidak terjadi idle fund yang besar dan tidak terjebak dalam kesulitan likuiditas. untuk itu estimasi kebutuhan dana likuiditas yang diperoleh melalui proyeksi arus kas menjadi sangat penting. pustaka acuan al arif, m. n. r. 2012. lembaga keuangan syariah: kajian teoritis praktis. bandung: alfabeta arifin, zainul. 2000. memahami bank syariah. jakarta :pustaka alfabet -----------------. 2009. dasar dasar manajemen bank syariah. jakarta: azkia publisher bidabad, bijan and mahmoud allahyarifard. 2008. asset and liability management in islamic banking. paper prepared to be presented 3rd international conference on islamic banking and finance, karachi, pakistan, 24-25 march, 2008. hadisoewito, selamat. 1987. dasar-dasar perbankan indonesia. jakarta: upn veteran hadori, hlb, dkk. 2002. studi keuangan bantuan likuiditas bank indonesia. jakarta: bank indonesia judiseno, rimsky k. 2005. sistem moneter dan perbankan di indonesia. jakarta : pt.gramedia pustaka utama karim, adiwarman. a. 2010. bank islam analisi fiqih dan keuangan. jakarta: pt.grafindo persada kasmir. 2003. manajemen perbankan. jakarta: rajawali pers latumaerissa, julius r. 1999. mengenal aspek-aspek operasi bank umum. jakarta: bumi aksara. muhammad. 2004. manajemen dana bank syari’ah. yogyakarta: jalasutra peraturan bank indonesia no. 11/25/pbi/2009, tanggal 1 juli 2009 tentang perubahan atas peraturan bank indonesia no. 5/8/pbi/2003 tentang penerapan manajemen risiko bagi bank umum. riyanto, bambang. 2001. dasar-dasar pembelanjaan perusahaan. yogyakarta:bpfe yogyakarta siamat, dahlan. 2005. manajemen lembaga keuangan kebijakan moneter dan perbankan. jakarta: lembaga penerbit fakultas ekonomi universitas indonesia. sinungan, muchdarsyah. 1997. manajemen dana bank. jakarta:bumi aksara. pengelolaan likuiditas bank syariah al arif, m. n. r. 2012. lembaga keuangan syariah: kajian teoritis praktis. bandung: alfabeta arifin, zainul. 2000. memahami bank syariah. jakarta :pustaka alfabet al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 125 142 received: march 14, 2016; revised: september 21, 2016; accepted: november 21, 2016 state islamic university (uin) syarif hidayatullah jakarta, jl. ir. h. juanda no. 95, south tangerang e-mail: muniaty.aisyah@uinjkt.ac.id doi: 10.15408/aiq.v9i1.1867 abstract. consumers demand on halal cosmetics and personal care products in indonesian. this research aims to analyze the influential factors involved in moslem consumers’ decision to purchase halal cosmetics and personal care products in indonesia by using the theory of planned behavior. 100 questionnaires were analyzed using structural equation modeling, collected from respondents of female consumers who purchased wardah cosmetics and personal care products in south jakarta and south tangerang. the findings show that attitude, subjective norm, perceived behavioral control and purchase intention are positively related to the consumers’ decision to purchase halal cosmetics and personal care products. by addressing the consumers’ traits that can predict halal cosmetics and personal care products necessity, marketers could generate proper marketing strategies to validate consumers’ demand which in turn will stimulate the growth of halal products industry in indonesia. keywords: halal, cosmetics, personal care products, consumers purchase behavior, theory of planned behavior abstrak. permintaan konsumen pada kosmetik halal dan produk perawatan pribadi di indonesia. penelitian ini bermaksud menganalisis faktor-faktor yang mempengaruhi keputusan konsumen moslem membeli kosmetik dan produk perawatan tubuh berlabel halal di indonesia. 100 kuesioner dianalisis menggunakan structural equation model yang dikumpulkan dari para responden khususnya konsumen wanita yang telah membeli kosmetik dan produk perawatan tubuh halal bermerek wardah di jakarta selatan dan tangerang selatan. hasil penelitian ini menunjukkan bahwa sikap, norma subyektif, kontrol perilaku yang dirasakan, dan niat beli konsumen berpengaruh positif terhadap keputusan konsumen membeli kosmetik dan produk perawatan tubuh berlabel halal. dengan mempelajari perilaku pembelian konsumen yang dapat memprediksi kebutuhan akan kosmetik dan produk perawatan tubuh berlabel halal, pemasar dapat merancang strategi pemasaran yang tepat, guna memenuhi kebutuhan konsumen yang pada gilirannya akan dapat merangsang pertumbuhan industri produk halal di indonesia. kata kunci: halal, kosmetik, produk perawatan tubuh, perilaku pembelian konsumen, teori planned behavior consumers demand on halal cosmetics and personal care products in indonesian muniaty aisyah 126 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 introduction since the dawn of civilization, food and pharmaceutical products (drugs, cosmetics and personal care products) have been some of the earliest human needs (mursidi, 2013). however, moslems have strict religious guidelines with regard to consumption and use. allah commands moslems to consume only things that are halal (i.e. religiously permissible) and good (al qur’an, 23:51). thus, it is an obligation for moslem to consume and use only halal products (rezai et.al, 2009; salehudin and luthfi, 2011; rahim and junos, 2012). in the arabic language, halal refers to anything that is permissible under islamic law (sharia). it is usually used to describe activities that a moslem is permitted to engage in, i.e. eat, drink or use. the antithesis of halal is haram, which in the arabic language refers to anything prohibited under islamic law. accordingly, halal products are those that are sharia compliant, i.e. do not involve the use of haram (prohibited) ingredients, exploitation of labor or environment, and are not harmful or intended to harm (omar et.al, 2012). the prophet muhammad, also forbids moslem to avoid consuming things are ambiguous whether it is halal or haram (imam nawawi, hadist by bukhari and muslim). these commandments regulate the lives of moslems worldwide and its compliance are mandatory (soesilowati, 2010; salehudin and luthfi, 2011). the realm of halal may extend to all consumables such as pharmaceuticals, cosmetics, personal care products, toiletries, etc. the halal label or certificate not only guarantees moslems what they consume or use is in accordance to islamic law, but also encourages manufacturers to meet the halal standard. in the scope of halal cosmetics and personal care products, the concept covers critical aspects of production such as halal ingredients and usage of permissible substances which must be manufactured, stored, packaged and delivered in conformity with sharia requirements (elasrag, 2016). thus, halal labeling and certification can play an important role to assure moslem consumers that the products they purchase meet the necessary religious requirements and conditions (omar et.al, 2012). currently, there are numerous food, pharmaceuticals, cosmetics and personal care products available with nonspecific labeling. therefore, the halal verification and authentication of these products is urgently required (mursyidi, 2013). from a moslem perspective, knowing the origin of raw materials and production process of consumer items is essential due to the sharia obligation stating that any moslem must consume only halal and wholesome products. this situation is increasingly important since the verification and authentication of halal products is paramount in order to maintain the sanctity of the islamic religion (mursyidi, 2013). in order to protect the rights of moslem consumers and their efforts to 127 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics follow their commandments in consuming only halal products, halal certification institutions have emerged in several countries to provide certification for food, beverages, pharmaceuticals, cosmetics and personal care products that are halal or not containing haram (prohibited) components (salehudin and luthfi, 2011). malaysia has taken a serious approach towards developing halal products since 2009 because it realized that halal considerations is the new attraction for the country’s moslem customers. for cosmetics firms that operate in competitive markets, achieving satisfaction for their customers is particularly important if they want to survive in those markets. satisfied customers will repeat their purchases and they will be more loyal to the firm (yoe et.al, 2016). the malaysia external trade development corporation halal unit informed that halal cosmetics and personal care products as well as halal food and beverages were the only segments that reported an increase in exports during in the first half of 2015 while other halal ingredients, palm oil derivatives and industrial chemicals recorded a decrease (rasid, 2016). according to a thomson reuters report, global moslem spending on cosmetics increased one per cent to us$46 billion globally in 2013. this spending was 6.78 percent of the global sector expenditure and is expected to reach us$73 billion by 2019. based on 2013 estimates, top countries with moslem cosmetics consumers are the united arab emirates (us$4.9 billion), turkey (us$4.4 billion), india (us$3.5 billion), and russia (us$3.4 billion) (rasid, 2016). another study in 2015, conducted by the institute of personal care science of australia, calculated that the global cosmetic industry was worth approximately us$334 billion, with halal cosmetics contributing to us$13 billion of this amount a year (ramli, 2015). according to malaysian halal industry development corp (hdc), moslems have begun to look for halal cosmetics and personal care products. moslem consumers, with global population of nearly two billion, are increasingly aware that some cosmetics contain ingredients derived from animal origins and are thus concerned about the halal status (rasid, 2016). the increasing awareness among moslem consumers regarding halal cosmetics and personal care products has attracted the attention of the cosmetics retailers (abd jabar et.al, 2012). indonesia, country with the largest number of moslems in the world, is a large potential market for consumables such halal cosmetics and personal care products. the increasing preference for halal cosmetics and personal care products in indonesia is evident from markplus insight women survey in 2015 which shows that wardah—which positions itself as a moslem-friendly, halal cosmetics brand— was named the most popular cosmetics brand for women. the survey conducted in mid-2015 included 1,183 female respondents across 18 cities in indonesia, aged between 15 and 59 years. according to the result, 37.8% of the respondents claimed 128 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 wardah to be their favorite cosmetics brand, followed by pixy (10.1) and sari ayu (8.7%). ponds and viva were at fourth and fifth spot, with negligible margin. apart from wardah, sari ayu too is certified halal (markplus, 2016). the increasing preference of local halal brand cosmetics like wardah, sari ayu and many other products from overseas with halal certification indicates consumers demand on halal cosmetics and personal care products in indonesia is increasing. consumer demand is the willingness and ability of consumers to purchase a quantity of products in a given period of time, or at a given point in time (economicsonline, 2016). as the largest moslem population in the world, it is no surprise that halal cosmetics have caught on in indonesia. to set up business plan to penetrate the potential market, local and foreign marketers must have proper understanding of the consumers and operate carefully in order to avoid offending moslem consumers and obtain good and halal foothold in the market like indonesia. for a product to be halal, it should not contain alcohol, should not be tested on animals, and should not contain ingredients from animals. the desire to comply with the commandment in consuming only halal products could create consumers’ involvement and influence in purchasing or choosing what product they consume (salehudin and luthfi, 2011). by discovering the influential factors involved in consumers’ decision to purchase halal cosmetics and personal care products enables marketers to extend their production in indonesia as well as in global halal market. in order to understand how cosmetics and personal care products with halal labeling or certification influence the purchase decision of moslem consumers, a theoretical framework is necessary. lada et.al. (2009) discovered that the theory of reasoned action (tra) is applicable to describe moslem consumers’ intention to choose product with halal label. tra suggests that the best predictor of behavior is intention. intention is a function of a person’s attitude and subjective norm toward the behavior. intention is the cognitive representation of a person’s readiness to perform a given behavior, and it is considered to be the immediate antecedent of behavior. tra was further developed into the theory of planned behavior (tpb) by ajzen (1985, 1991, 2006) by adding a third belief, perceived behavioral control, to increase its domain of explanation which is the self-efficacy of the individual regarding certain behavior (salehudin and luthfi, 2011). this research aims to test the applicability of theory of planned behavior in explaining how halal labeling influence moslem consumers to purchase cosmetics and personal care products especially in indonesia, as a potential market for halal products. by analyzing consumers purchase behavior using the theory of planned behavior, this research could predict the consumers demand on halal cosmetics and personal care products and its influential factors in indonesian market. there are 129 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics two behavior of the moslem consumers in which the model will be tested, first is the purchase intention, and the second is the purchase decision on halal cosmetics and personal care products. in particular, this research has three specific objectives. first, to test whether the theory of planned behavior is applicable to explain the influential factors involved in consumers’ decision to purchase halal cosmetics and personal care products. second, to identify whether consumers’ attitude, subjective norm, perceived behavioral control and purchase intention influence consumers’ purchase decision. third, to identify whether purchase intention is an intervening variable, which indirectly influences or mediates consumers’ attitude, subjective norm, and perceived behavioral control toward their purchase decision on cosmetics and personal care products with halal label. this research is structured as follows: first, introduction; second, the literature review; third, research method; fourth, result and discussion; and the last is conclusion. literature review according to the theory of planned behavior (tpb) model by ajzen (1985, 1991), an individual’s performance of certain behavior is determined by his or her intention to perform that behavior. intention defines as an immediate antecedents of behavior (ajzen and fishbein, 1975). thus, it assumes that the probability of performing an act is a function of intention to perform the act (chang and cheung, 2001). there are three components in theory of planned behavior that explain further intention to behave and thus behavior itself (ajzen, 2006), such as: attitude, subjective norm and perceived behavioral control (see figure 1). attitude subjective norm intention behavior perceived behavioral control figure 1. theory of planned behavior (tpb) model (ajzen, 1985, 1991) attitude is the psychological tendency that is expressed by evaluating a particular entity with some degree of favor or disfavor (eagly and chaiken, 1995). attitude towards the behavior refers to the degree to which a person has a favorable or unfavorable evaluation or appraisal of the behavior in question. the tpb model determined that the more favorable the attitude with respect to a behavior, the 130 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 stronger is the individual’s intention to perform the behavior under consideration. the stronger the attitude, the stronger the intention will be, thus this will show in the purchase decision behavior and vice versa (ajzen, 2008). in many societies, religion plays an influential role shaping product purchase behaviors. considerable evidence indicates that religion can influence consumer attitude and behavior in general, and product purchasing or consuming habits in particular (rahim and junos, 2012). according to salehudin and luthfi (2011), attitude indicates individual belief about the personal evaluation regarding the good compliance to the commandment about halal consumption. the stronger the attitude, the stronger the consumer’s intention and decision to purchase halal products. subjective norm refers to the perceived social pressure to perform or not to perform the behavior (ajzen, 1991). the tpb model holds subjective norm as a function of belief. it is the function of how consumer’s referent others (i.e. parents, family, and friends) and view the regarding behavior and how motivated the consumer is to comply with those beliefs (miller, 2005). beliefs play important roles in performing the intention of consumers (ajzen and fishbein, 1985). in the context of islam, a religious society adheres to the teachings of their prophet muhammad who embraced and displayed exemplary behavior to his followers. as a result, the influence of prophet muhammad will have a positive effect on subjective norm thus affecting the intention to behave accordingly (rahim and junos, 2012). subjective norm deals with consumers’ motivation and behavior, which is constructed to incorporate the expectations of the approval or disapproval of others important to him or her (chen, 2008). according to rahim and junos (2012), if consumers believe those people important to them think that products with halal label is essential, they will have a higher intention of purchasing such products. the influence of significant others will have a positive effect on subjective norm thus affecting the intention and behavior accordingly. based on the tpb model, perceived behavioral control describes perceptions of the extent to which the behavior is considered to be controlled. it can account for considerable variance in behavioral intention and decision (ajzen, 1991). the link between perceived behavioral control and behavior suggests that consumers are more likely to engage in behavior they feel they have control over and prevented from carrying out behavior over which they feel they have no control (rezai et.al, 2009; rahim and junos, 2012). moslem’s intention to accept halal products is also determined by the control they feel they have over such behavior. perceived behavioral control positively influence consumers’ intention toward accepting products by the religious society. for the religious society, accepting halal products is something that should be within their control. consumers who consider themselves to be more or less moslems, are 131 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics sometimes also primarily guided by the important factors attached to halal products such as whether it is easy or difficult to purchase or get the product and the ease or difficulty to consume the product (rahim and junos, 2012). providing that when consumers believe they have more resources and opportunities needed such as time, money, skills, and control to perform religious obligation and the availability of the products (ajzen, 1991; miller, 2005; rezai et.al, 2009; rahim and junos, 2012; omar et.al, 2012). high perceived availability of halal products in a country may hinder consumers in that country from consuming other products (rezai et.al, 2009). intention and decision to purchase halal products is higher when consumers perceive more control over purchasing these products (omar et.al, 2012). therefore, it can be concluded that a positive personal attitude towards the consumption of halal cosmetics and personal care products, the positive influence of other important people, the positive perceived behavioral control over consuming halal cosmetics and personal care products, will predict the consumers’ intention and their decision to purchase halal cosmetics and personal care products. methods the method of analysis employed to the hypotheses in this research is structural equation modeling (sem). sem is an analysis method employed to test structural models that depicts structural relationships between latent constructs. when this research is translated into the hypotheses model (see figure 2), observed variables are drawn with the error terms for each latent variable. for the exogenous variables, attitude (x1) contains ten observed variables, while subjective norm (x2) and perceived behavioral control (x3) each one contains eight observed variables. for endogenous latent variables, halal cosmetics and personal care products purchase intention (y1) and purchase decision (y2), the observed variables of each, contains two variables. for structural equation model, the error of each item is drawn as unobserved variables in round circles. this research used convenience sampling method. respondents were female moslem consumers who live in south jakarta and south tangerang who already purchased and used wardah brand as the halal cosmetics and personal care products. wardah is one of the most popular halal cosmetics and personal care pro ducts brand in indonesia. for cosmetics are included compact powder, two way cake powder, face powder, lipsticks, lip gloss, foundation, eyeliner, eye shadow, and make up remover. for personal care products are included lip balm, hand and body lotion, body butter, eau de toilette, body mist, roll on, facial wash, facial scrub, face toner, sun screen gel, oil massage, cream moisturizer and acne gel. each respondents use minimum two items of these products for daily need. 132 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 this research used questionnaires as instrument to obtain the primary data needed. the questionnaire consists of 5 point of likert scale to evaluate the level of agreement of the respondents. there were 154 questionnaires distributed during the data collection period to target the respondents. the data was analyzed using structural equation model (sem), amos 22 version. from 154 observation number, there were 54 data profile causing outliers. after removing the outliers, there were 100 data used for this research. the next step was to see the level of normality data used. the result shows that the value of critical ratio (cr) of data multivariate is 2.484, which is in the range of -2.58 and 2.58, hence the data is normal. figure 2. hypotheses model figure 3. modification model result and discussion result respondents are female moslem consumers who live in south jakarta and south tangerang area who already purchased wardah brand as halal cosmetics and personal care products which are one of the most popular halal cosmetics and personal care products brand in indonesia. their age range averages is between 20 to 35 years old (55%), above 35 years old is 40%, and only 5% under the age of 20. respondents’ expenditure per month mostly average rp.1,000,001 to rp.2,500,000 (61%), followed by rp.2,500,001 to rp.5,000,000 (16%), 9% above rp.5,000,000, and 14% are under rp.1,000,000. this research also characterized the religious orientation of the respondents which consists of: (1) ignorant: i do not know how to pray; (2) less obedient: sometimes i forget to pray; (3) moderate: i carry out my religious obligation as long 133 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics as able to do so; (4) obedient: i always try to perform my religious obligations; (5) very obedient: i always perform my religious obligations. the distribution shows that 40% of the respondents are obedient, 36% are moderate, and 22% are less obedient, and 2% very obedient. in the scope of halal cosmetics and personal care products, the critical aspects comes from the production especially the sourcing of halal ingredients and the usage of permissible substances such as gelatin, placenta, collagen, etc. halal cosmetics and personal care products must also be manufactured, stored, packaged, and delivered in conformity with islamic religious requirements. according to the survey, 42% of the respondents do not understand the existence of potential non-halal ingredients and the usage of permissible substances in cosmetics and personal care products. moreover, the survey also shows that 30% of the respondents often inspect the halal label on cosmetics and personal care products packaging before buying, while 41% rarely inspect the halal label, and 29% of them never inspect the halal label before buying. confirmatory factor analysis (cfa) was conducted on every measurement model. the goodness of fit is the decision to see the model fit into the variancecovariance matrix of the dataset. the cfa of measurement model has a good fit with the data based on assessment criteria such as statistic chi-square (x2), cmin/ df, p-value goodness fit index (gfi), normed fit index (nfi), comparative fit index (cfi), pratio, root mean square error approximation (rmsea), and root mean square residual (rmr). table 1. goodness of fit model goodness of fit index cut-off value* indicator status revised indicator status (after modification) chi-square (x2) closed to 0 1048.852 poor fit 675.926 poor fit cmin/ df <2 2.669 poor fit 1.827 goodness of fit p-value > 0,05 0.000 poor fit 0.000 poor fit gfi > 0.90 0.623 poor fit 0.740 poor fit cfi > 0.90 0,788 poor fit 0.901 goodness of fit nfi > 0.90 0,703 poor fit 0.809 marginal fit pratio > 0.90 0,903 goodness of fit 0.851 marginal fit rmsea < 0,10 0,142 poor fit 0.091 goodness of fit rmr < 0,10 0.130 poor fit 0.021 goodness of fit *source: hair et.al (2006), haryono and parwoto (2012) 134 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 after several modification indices verifications (see figure 3), the confirmatory factor analysis of measurement model in this research indicates four adequate goodness of fit model and two marginal fit (see table 1). thus, it means that the theory of planned behavior model is fit and applicable to explain the influential factors involved in consumers’ decision to purchase halal cosmetics and personal care products. table 2. construct validity measurement variable indicator slf variable indicator slf variable indicator slf attitude (x1) x11 .549 subjective norm (x2) x21 .575 control (x3) x33 .866 x12 .739 x22 .547 x34 .827 x13 .672 x23 .549 x35 .825 x14 .813 x24 .567 x36 .906 x15 .859 x25 .908 x37 .823 x16 .843 x26 .926 x38 .816 x17 .843 x27 .842 purchase intention (y1) y11 .929 x18 .838 x28 .831 y12 .927 x19 .870 perceived behavioral x31 .714 purchase decision (y2) y21 .750 x110 .659 x32 .754 y22 .826 slf: standardized loading factor before the hypotheses can be tested, another step of analysis required is testing the construct validity of the measurement used in this research. good construct validity of the instrument must be established before any conclusion about the causal relationship among constructs can be determined. the result showed a construct validity measurement model with all standardized loading factors greater than 0.5 (see table 2). it means that construct validity of all items are established. before discussing the hypotheses result, this research also used descriptive statistics test to describe the consumers’ behavior level by using mean value as the type of estimate of central tendency (ghozali, 2011; morgan et.al., 1999). table 3 below shows that consumers have high level of attitude, subjective norm, perceived behavioral control, intention and decision to purchase halal cosmetics and personal care products with mean value from 4.22 to 4.32. 135 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics table 3. descriptive statistics n min. max. mean* std. dev. attitude 100 3.80 5.00 4.3190 .39764 sub. norm. 100 3.47 5.00 4.2247 .36222 pbc 100 3.62 5.00 4.2262 .35864 intention 100 3.65 5.00 4.2255 .35460 decision 100 3.64 5.00 4.2219 .35707 valid n (listw.) 100 *level: 1 – 2 = very low, 2.1 3 = low, 3.1 – 3.5 = average, 3.6 – 4.5 = high, 4.6 – 5 = very high after all assumptions are fulfilled, the hypotheses proposed in this research can be tested. the result of data analysis from the regression weight structural equation model (table 4) shows that this research has established five direct causal effects: perceived behavioral control and purchase intention, attitude and purchase decision, subjective norm and purchase decision, perceived behavioral control and purchase decision, purchase intention and purchase decision. table 4. regression weight estimate s.e. c.r. p status y1 <--x1 .165 .151 1.092 .275 not significant y1 <--x2 .080 .075 1.072 .284 not significant y1 <--x3 .578 .102 5.672 *** significant y2 <--x1 .374 .114 3.270 .001 significant y2 <--x2 .208 .051 4.115 *** significant y2 <--x3 .365 .089 4.108 *** significant y2 <--y1 .228 .085 2.674 .008 significant this research also presents three indirect effects (see table 5). however, compare with the result in table 6, each direct effect of attitude, subjective norm and perceived behavioral control is greater than its indirect effect. thus indirectly, purchase intention is not an intervening variable. it does not mediate each relationship between attitude, subjective norm, nor perceived behavioral control with consumers’ purchase decision. 136 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 table 5. standardized direct effects table 6. standardized indirect effects direct effect indirect effect x1 x2 x3 y1 y2 x1 x2 x3 y1 y2 y1 .111 .100 .661 .000 .000 y1 .000 .000 .000 .000 .000 y2 .260 .269 .430 .235 .000 y2 .026 .023 .155 .000 .000 discussion the result shows that the theory of planned behavior is applicable to explain the influential factors involved in consumers’ decision to purchase halal cosmetics and personal care products. since consumer demand is defined as consumers’ willingness and ability to purchase a quantity of products in a given period of time (economicsonline, 2016), hence this research can predict consumers demand on halal cosmetics and personal care products in indonesia market as in line with the influential factors involved in consumers’ purchase decision on halal cosmetics and personal care products. the result indicates that attitude, subjective norm, perceived behavioral control and intention directly affect consumers’ decision to purchase halal cosmetics and personal care products. however, indirectly, consumers’ purchase intention is not an intervening variable. it implies that even though consumers have the intention to purchase halal cosmetics and personal care products, but that do not necessarily mean they really going to purchase the products. only perceived behavioral control directly affect both consumers’ intention and consumers’ decision to purchase. it is also the most dominant one. thus, marketers should focus on the motivational factors driving the product acceptance process which primarily are guided whether it is easy or difficult to purchase or get the product. it means that intention and decision to purchase halal cosmetics and personal care products will be higher if consumers perceive more control to perform their religious obligation over purchasing or consuming only halal products, if consumers have sufficient resources and opportunities needed, like money, time and the availability of the products. the intention and decision to purchase the products will be higher if consumers have enough money to buy the products or the products are affordable for them. it is suggested that manufacturers and marketers need to enhance their market segmentation by dividing a broader target market into subsets of consumers so that consumers from lower economy class are able to purchase the products at affordable prices. the intention and decision to purchase the products will also be higher if consumers have enough and convenient time to get the products or the products are available in many stores. it is suggested that suppliers need to expand their distribution channel. the products should be easily available to consumers in 137 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics various types of shops, not only in malls or drugstores but also in convenient stores or minimarkets nearby the consumers’ homes, offices or colleges. for the religious society like indonesia, accepting halal products is something that should be within their control. halal-haram issue is important for moslem consumers as related to their religious beliefs because islamic teachings considers food and other products that are consumed or used by humans as a matter of urgency in addition to worshiping god. the higher the consumers’ religious behavior, the higher the intention to purchase halal-labeled products (aisyah, 2014). consumers who consider themselves to be more or less moslems, are primarily guided by the important factors attached to a product like halal label. halal label is the attribute that is believed and considered as an important matter by moslem consumers. empirically, consumers’ religious behavior which consists of hablumminallah behavior (relationship with god) and hablumminannas behavior (relationship among human beings) positively affect consumers’ decision to purchase halal-labeled cosmetics (aisyah, 2015). islamic teachings considers everything that is consumed or used by humans will have a major impact on human physical and spiritual development. physical impacts of consuming unlawful goods will be bad for human health, regardless of his religion. while spiritual impact of consuming unlawful goods cannot be measured from material only because the consequences of violating islamic law will have an impact on having miserable life on earth and punishment in the hereafter. hence, halal label as an attribute or element of a product is believed and considered essentially by moslem consumers to ensure that the product they used or consumed is halal guaranteed. in this research, since consumers have high level of attitude, subjective norm and perceived behavioral control to perform their religious obligation which have highly influenced to their intention and decision to purchase halal cosmetics and personal care products, marketers should focus on promoting various below the line campaigns to moslems community such as in islamic colleges and women’s majelis taklim. majelis taklim are regular gatherings for religious learning and performance that have become widespread among moslems in contemporary indonesia, gaining prominence also in public discourse about national religiosity. the rapid increase of majelis taklim over the last decade, particularly among moslem women, has been linked to the islamic revival in indonesia as a global trend involving moslem populations worldwide engaging more overtly with issues of religious identity and practice (winn, 2012). therefore, women’s majelis taklim or many other religious gathering from different economic classes in moslem societies are potential locations for marketers to promote their new halal cosmetics and personal care products line. the increasing global demand in halal cosmetics and personal care products is in trail with the growing interest and concerns of moslems relating to the halal status. 138 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 many of them are challenging the industry on the origins of the ingredients of these products and whether they are compliant with an islamic lifestyle. halal cosmetics and personal care products should not only be free from haram constituents, but they should also be tayyib which is a term given to goods and products which meet quality standards. in general, tayyib refers to products that are clean, pure and produced based on standard processes and procedures. thus, cosmetics and personal care products should not only be halal, but should also be judged clean according to sharia law (elasrag, 2016). the phenomenon of legalizing halal product does not only become the local and national business trend but also international one. based on the findings, the more favorable the consumers’ attitude, subjective norm, perceived behavioral control, and consumers’ intention, the greater their decision to purchase halal cosmetics and personal care products. thus, it is recommended for renowned local and international brands to consider adding halal label in to their cosmetics and personal care products line, so that moslem consumers in indonesia, from upper or middle economy class as their target markets, could ensure that the products they use, despite manufactured from non-moslem countries, remain guaranteed its halalness or permissible accordingly to islamic law. the establishment of codex, ifanca and aqis is the real manifestation of halal product legalization (said and elangkovan, 2013). according to elasrag (2016), the global halal market has emerged as a new growth sector in the global economy and is creating a strong presence in developed countries. the most promising halal markets are the fast–growing economies of the asia, middle east, europe and america. with a growing consumer base, and increasing growth in many parts of the world, the industry is set to become a competitive force in world international trade. the halal industry has now expanded well beyond the food sector further widening the economic potentials for halal. the emerging halal cosmetic and personal care market is seen as the next in line for growth after the lucrative halal food sector. according to a thomson reuters report, state of the global islamic economy 2014-2015, the global expenditure of moslem consumers on food and lifestyle sectors grew 9.5 per cent from previous years’ estimates to us$2 trillion (rm8.3 trillion) in 2013 and is expected to reach us$3.7 trillion by 2019, at a compound annual growth rate of 10.8 per cent (rasid, 2016). the main driver for this huge demand in halal cosmetics and beauty products stems from the demographic of young, religiously conscious, and dynamic professional moslem population. in the scope of halal cosmetics, the concept covers critical aspects of production such as halal ingredients and usage of permissible substances which must be manufactured, stored, packaged and delivered in conformity with 139 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics sharia requirements. interestingly, halal cosmetics has also gained momentum amongst modern consumers who are eco-ethical conscious and are willing to pay a premium for organic, natural and earthy cosmetics products to suit their modern lifestyle. halal products have developed far beyond a novelty. capitalizing on the burgeoning halal cosmetics market, a number of cosmetic companies are beginning to develop this market by producing halal-certified product lines that contain no animal ingredients, and not tested on animals to meet the growing demand of consumers who simply want more assurance that the cosmetics they are using are healthy and sustainably sourced (elasrag, 2016). in indonesia, halal certification is provided by mui (indonesia ulama’ assembly). mui halal certification is recognized internationally (salehudin and luthfi, 2011). according to mui, the increasing of technological developments is allowing the use of unlawful substances as raw materials, additives or auxiliary materials in variety of processed products. consequently, the halalness of the products becomes unclear or doubtful. that is why mui fatwa commission concluded that all processed products is basically doubtful and needs to be studied or explored furthermore before setting the status of its halal illegitimate, to provide certainty and reassuring moslem consumers to practice their religious teachings (amin, 2013). based on indonesian halal product protection act, only products that have halal certificates are allowed to put halal labeling on their packaging. therefore, in order to penetrate indonesia market it is important for local companies and overseas to label and certify their cosmetics and personal care products line with mui halal label and certification. conclusion it can be concluded that the theory of planned behavior can be applied to predict consumers demand on halal cosmetics and personal care products in indonesia as well as in global halal market. consumers’ attitude, subjective norm, perceived behavioral control and intention directly affect consumers’ decision to purchase halal cosmetics and personal care products. indirectly, consumers’ purchase intention is not an intervening variable, thus even though consumers have the intention to purchase halal cosmetics and personal care products, but that do not necessarily mean they really going to purchase the products. the more favorable the attitude, the stronger the subjective norm, the greater the perceived behavioral control, the stronger the consumers’ intention, will influencing consumers to have a strong decision to purchase halal cosmetics and personal care products. since consumers have high levels of attitude, subjective norm, perceived behavioral control, intention and decision to purchase, it implies that consumers in indonesia have a high demand of halal cosmetics and personal care products. 140 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 halal cosmetics have become a global need. according to elasrag (2016) and rasid (2016), the market for halal cosmetics is booming in the middle east and asia. across the middle east, halal cosmetics are registering a 12% annual growth reaching usd12 billion in total value of cosmetic related sales. markets in asia, particularly malaysia and indonesia as well as europe, have seen a surge in interest in halal cosmetics. however, the global cosmetics industry is dominated, and to a certain degree monopolized, by non-moslems companies. this poses serious challenges to the issue of halal ingredients in cosmetic products manufactured by the companies. hence, it is important for local companies to enhance and provide their cosmetics and personal care products lines with halal label and certification, as this segment has high potential growth in indonesia (196 million moslems), as well as at overseas markets such as india (133 million moslems), pakistan (125 million moslems), bangladesh (104 million moslems) and china (133 million moslems). a challenge to further develop this halal sector is on how to best integrate halal cosmetics into the framework of the global beauty industry. according to elasrag (2016), active collaboration with key parallel interest groups such as organic, vegan, ethical and environmental rights may be key to further strengthen the value of halal cosmetic products in the global market. hence, indonesia could potentially become the global halal hub for the cosmetics and personal care 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(2016). study of malaysian customers purchase motivation of halal cosmetics retail products: examining theory of consumption value and customer satisfaction. procedia economics and finance, no.37: 176 – 182. 2-euis.indd euis amalia: evaluating the models of sharia microfinance 13 evaluating the models of sharia microfinance in indonesia: an analytical network process (anp) approach euis amalia & mahmudah atiqah1 abstract. evaluating the models of sharia microfinance in indonesia: an analytical network process (anp) approach. this study focuses on evaluating the performances of three sharia microfinance models, i.e. cooperative model represented by bmt al fath, grameen model represented by mbk, ltd.co, and mixed model represented by baytul amanah ikhtiar cooperative. anp approach is used to evaluate the performances of those models from five important aspects (clusters) as the determiners, such as human resource, finance, management, sharia compliance, and marketing. the findings of this research show that the most important aspect (priority) among the clusters is human resource. thus, the best strategy is the mixed-based; the model which integrates the cooperative system with grameen system. it becomes the best model inasmuch as it implements values of both co ownership and co responsibility, in addition to power of collectivity resulting in no cash collateral. keywords: sharia microfinance, performance, anp, strategy abstrak. evaluasi model keuangan mikro syariah di indonesia: suatu pendekatan anp. fokus dari kajian ini ialah untuk melakukan evaluasi atas tiga model keuangan mikro syariah, yaitu model koperasi yang direpresentasikan oleh bmt al-fath, model grameen yang direpresentasikan oleh mbk, ltd. co, dan model campuran yang direpresentasikan oleh koperasi baytul amanah ikhtiar. pendekatan anp dipergunakan untuk evaluasi atas kinerja dalam model ini pada lima aspek utama yaitu sumber daya manusia, keuangan, manajemen, kepatuhan syariah, dan pemasaran. temuan dari kajian ini menunjukkan bahwa aspek yang paling penting antar kluster ialah sumber daya manusia, dan strategi terbaik yang dipergunakan strategi campuran, yaitu yang mengintegrasikan sistem koperasi dengan sistem grameen. hal ini menjadi model yang terbaik untuk diimplementasikan dalam keuangan mikro syariah. kata kunci: keuangan mikro syariah, kinerja, anp, strategi first draft: september, 12th 2014, revision: november, 5th 2014, accepted: december, 5th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. euis.amalia@uinjkt.ac.id; ach.blue@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 14 introduction economic activity will not be separated from human life. from the point of view of the jurisprudence science, economic activities not included chapter worships, but muamalah chapter. national economic conditions are still recovering today that have an impact on the difficulty or fear in the form of bank financial institutions for lending, especially for the development of the real sector in small land medium scale. currently, the most dominating economic problem is poverty. one of the main causes of poverty indeveloping countries is the lack of access to productive capital (todaro, 2009). indonesian economy not only face structural imbalances in the acquisition of value-added and employment among sectors but also face the added value inequality between actors or between group scale economic activities and sectors (amalia, 2008). indonesia must find a way out quicly in some strategies, one of them is the reinforcement various aspects of the micro sector and small enterprises (smes) which have important role as a major source of employment and income in developing countries (arsyad, 2008). in addition to proven current global crisis sometimes ago, smes present as a solution of the system. a healthy economy is when the industrial sector little or not at all affected by the global crisis sweeping the world. with this evidence, it is clear that smes can be taken into account in increasing competition in the market and stabilization of the existing economic systems in indonesia. smes development is the main priority of the government in indonesia (hill, 2001). difficulty capital became a major issue in the developmentof smes. community under almost untouchable (underserved) and it is not considered to have potential funding by formal financial institutions like banks, so it causes an stunted economic acceleration. one strategy in many countries have grown in overcoming the problems that have been focused on improving access to credit facilities with the establishment of a microfinance institution (mfi) that offer credit to the poor (haryati, 2007). alternative financial institutions fund agencies rooted in the midst of a society where the distribution process funds is done in a simple, expensive, and fast with the principle of alignments to small communities and fair (lestiadi, 2008). indonesia with various forms of existing mfis, was expected by the agency can be run in accordance with the expectations. so any type of institutional microsharia is still varieted, like legal entities and cooperatives around 30 percent are cooperatives or other legal entities are not even incorporated. in connection to this problem the authors need to do research about the model of microfinance institutions in indonesia, which has opportunities to develop operations with sharia system, both of the financial and non-financial related to the strengthening of the role of business small micro. euis amalia: evaluating the models of sharia microfinance 15 literature review microfinance institution is indicated by regulations, innovation, and flexibility designed on the basis of social environment and local economy. microfinance is a phenomenon, that complicated and dynamic economic and socio-cultural dimensions. the definition is used by microcredit summit 1997 and microcredit summit in new york 2002 stated that: “programmes extend small loans to very poor for self employment project to generate income, allowing them to care for themselves and their families (amalia, 2008). another definition is used by the european banking federation stated that microcredit in european banking industries refers to small loans and micro entities, and small commercial customer groups (rohmatulajija, 2010). microfinance is committed to serve people ignored by formal banking sector “unbankable”. the development of microfinance sector is based on the assumption that poor people have economic capacity to conduct their own project to get return. but unfortunately, they have limited access to some banking products such as saving accounts, credits, and insurance facilities. world bank predicts that the general condition of market and demands to microfinance come from households and small companies that unregulated operating in informal economic sector. world bank predicts that potential market for micro credit around the world today is less than 100 million customers. table 1. proportion of size business in indonesia year 2012 category number of smes (%) small and micro 94% medium 3% large 3% source: ministry of cooperation and smes, republic of indonesia based on that data, it is clear that small medium enterprises or smes are very potential in economic world. the general condition of informal sectors are often described as an institution that has a limited access to capital. it is owned or managed by a family, which is usually small scale and no legals, is running in unregulated markets that is easy to escape from the market, employs tons of people who usually have lower education and limited skills (edratna, 2013). therefore, it can be classified that smes are based on the number of employees, the rate of income, and the size of asset. according to hubeis (2009), smes are defined in many different ways depending on the countries and other aspects. in general, the microfinance in indonesia operates either sharia-based or al-iqtishad: vol. vii no. 1, januari 2015 16 conventional-based model. the sharia-based microfinance is mostly set up in the form of baitul maal wa tamwil (bmt) operating normaly like other sharia banks. however, it is running legally under the cooperative regulation on the basis of act no 25 year 1992 about cooperative rules and pp no. 9 year 1995 which rules the saving and credit cooperative businesses. therefore, bmt has similar products to the ones that sharia banks have. yet it is different from the amount of financing that away less than the sharia banks can provide (baihaqi, 2000). in some cases, there is another kind of bmt operating with totally pure cooperative system. all the cooperative terms are used for its products such as basic contribution/deposit, obligatory deposit, and voluntary deposit. this is of course the kind of bmt also runs under the same cooperative regulations. on the other hand, microfinance in indonesia either conventional or sharia also can operate grameen model under a venture capital company legally running under no.18/pmk 010/2012. recently, a brand new regulation has just been released in act no. 1 year 2013 about microfinance institutions. it regulates that all microfinance models must have an operation licence from the financial services authority, both in running with cooperative legals or company. nevertheless, the position of microfinance nowadays in indonesia is still debatable depending on the interests, needs, motives, and purposes of stakeholders. consequently, it is not focusing on regulation issue only. shariah microfinance institutions appeared in reality as a social business model movement which rapidly develops in indonesia. there are at least three models of this microfinance; firstly bmt running with a cooperative model, secondly microfinance institution operating with a grameen model, and thirdly the one operating with both cooperative and grameen model, called mixed microfinance model.in practice,those three models operate with shariah principles such as fairness (amalia, 2008), cooperation (alma, 2005), transparency (daniri, 2005), and, universal values such as prohibition of interest, gambling, speculation activities, and other harmfull activities. in operating this microfinance,those institutions are similar to the banks in terms of funding, financing and other kinds of services offered to their customers. table 2. the comparison of three sharia microfinace models no specification sharia microfinace models grameen cooperative mixed 1. legals co. ltd (pt) cooperative cooperative 2. customers financing for small groups of poor women financing for individuals (anyone can be a member) financing for small groups of poor women euis amalia: evaluating the models of sharia microfinance 17 3. products profit sharing financing, no saving saving and financing products (using cooperative terminologies) saving and financing products (using cooperative terminologies) 4. financing purposes productive activities productive activities, housing, education, investment, others productive activities, housing, education, investment, others 5. transaction system profit sharing (mudharabah) profit sharing (mudharabahmusyarakah), soft loan (qardhulhasan), sales &purchaces (murabahah), lease (ijarah), the transfer of debt (hiwalah) profit sharing (mudharabahmusyarakah), soft loan (qardhulhasan), sales &purchaces (murabahah), lease (ijarah),the transfer of debt (hiwalah). 6. first amount of financing rp. 500.000 – rp. 1.000.000 rp. 300.000 – rp. 500.000 rp. 300.000 – rp. 500.000 7. mentoring no no/yes yes the following are the three models of microfinance, which become the object of research in this paper: first, sharia microfinance as cooperative represented by bmt al fath. besides implementing the sharia principles, this model uses special cooperative terms for its products and management. in terms of financing, this model provides the credits to individuals, not groups. second, sharia microfinance operating with grameen model.this model which has been succesful in bangladesh is triggered and led by muhammad yunuswho has won an a nobel awards. the basic principle of grameen model is financing the small groups particularly groups of lower-income or poor women who have the ability to conduct any productive economic activity. in indonesia, pt mbk ventura is one sample that totally adopts this grameen system eventhough it integrates this grameen system with sharia principles. third, mixed-model microfinance is a combination between cooperative and grameen model. koperasi baytul ikhtiar (baik) is a shariah microfinance institution which is implemented this model; on one side, it operates using the terms and management of cooperative. however, it also implements the financing program for small groups of women as it is developed by grameen system. there are several variables that can be compared between the model of microfinance with grameen system, cooperative model, and mixed model, i.e. legal al-iqtishad: vol. vii no. 1, januari 2015 18 aspects, target of customers, products, size of financing, operation systems or type of financing transaction, first amount of financing, and monitoring programs. those three models have both differences and similiraties. furthermore, in term of performance, any institutionshould have a certain standard as indicators to measure its development and sustainability. this study elaborates some factors that may affect the performance of a microfinance institution, as well as the indicators found for evaluating the models. the factors are human resource, finance (robbin and coulter, 2012), management (robbin and coulter, 2012), sharia compliance, and marketing, including both spiritual aspect and material aspect. methods to evaluate and analyze the finding of research, analytic network process (anp) is used as the study approachment and measurement of some criteria (ascarya and cahyono, 2010). the approace will identify and classify three models of sharia microfinance into 5 clusters that each of them has 4 main aspects of category. the criteria of clusters are divided into human resources, finance, management, sharia compliance, and marketing. in human resource, there are have 4 main aspects such as cooperation, solidarity sharia principles knowledge and division of the obligations including the rights of officer and reward for the empoloyee. in finance cluster, there are source of fund, effiency of cost, rate of late payment or non-performing loan, and financing service. the third cluster is management which has the followingfour main aspects: first, institution; second, standard operating management; third, standard operating procedures; fourth, technology. in the cluster of sharia compliance, the 4 main aspects comprise include; collateral type of transactions regulation and product. the last cluster is marketing that consists of these main aspects: first, price; second, communication; third, assistancy of the customers; fourth, quality of the products. overall, the tendency of all respondents toward the problems and strategies found in the sharia microfinance institutions can be shown by the value of geometric mean. the degree of rater agreement between respondents in term of problems and strategies can be represented by value or score of kendall’s coefficient of concordance (w). the result of each respondent can be found by using the anp analysis software called “superdecision”. to obtain the desired findings of geometric agreement from all respondents, the data are collected from respondents and later will at first need to beexported to the microsoft excel program, calculated, and then imported to the “superdecision” of anp network. the next phase is to euis amalia: evaluating the models of sharia microfinance 19 ensure that all the results are correct by validating every single procedure. at this stage, the concordance of kendall’s coeffeciency is possible to be calculated to see the aggrement among respondents. eventually, either the specific interpretation (individuals) or overall interpretation (geometric mean) can obviously be identified and concluded. geometric mean describes the priority of results from respective clusters and criteria or nodes. these results are in the form of the most important priority of others. the calculating the geometric mean is used to find out the individual judgment among respondents and to determine the results of group’s evaluation or perception (rusydiana and devi, 2010). the questions from respondents will be combined and compared to the form an agreement. geometric mean is an average scoring system showing tendencies or certain scores with the following formulation (ascarya, 2012): gmk = (r1*r2*...*rn) 1n gm = geometric mean r = responden n = number ofrespondens after counting the geometric mean, agreement rater can be calculated. value of rater agreement as a measure shows asuitable degree among respondents (r1rn) toward problem in a cluster. the measure formula to get the rater agreement is kendall’s cofficient of concordance (w; 0< w < 1). w=1. w=1 which shows the perfect suitability. the next step is finding rater agreements such as, transpose ranking counted by ordering normalized value from the biggest to the smallest and then to sum, to count w. if the score of appraisal w is 1 (w=1), it means that perception or opinion from respondents is perfect suitability. nevertheless, when the score w is 0 or is closed to 0, it means that there is no suitability among the answers from respondents or more various answer. discussion based on the findings of research, it can be concluded that the three models of sharia microfinance institutions (i.e. sharia cooperative model, grameen model, and mixed model) have their own operating systems and prosedures. bmt al fath and baytul amanah ikhtiar with cooperative legals declare that the ownership and responsibility of the institution belong to all of members, while the grameen model of mbk ventura ltd.co with corporation legals declares that the ownership and responsibility of the company belong to shareholders. the following are geometric mean scores of respective clusters: al-iqtishad: vol. vii no. 1, januari 2015 20 table 3. score of rater agreement (w) in all of clusters of anp no cluster w (rater agreement) 1. alternative 0.40 2. criteria 0.32 3. human resource 0,612 4. finance 0,27 5. management 0,54 6. sharia compliant 0,628 7. marketing 0,24 from the aspect of customer target, there are some differences among the three models of this microfinance. bmt al fath focuses on customers individually, while baytul amanah ikhtiar cooperative focuses on cutomers not only in individuals but also in groups by providing ample financing for women who have productive businesses or economic activites. however, mbk ventura ltd.co, the third model, only focuses on providing some financing to the groups of women. priority of supported criteria of the models sharia microfinance can be shown in the picture below: figure 1. the priority of the problems from the aspect of product, both bmt al fath and baytulamanah cooperative offer the same products like saving and financing, yet the latter has additional product namely qard al hasan or benevolent loan. unlike the two previously mentioned models, mbk ventura ltd.co just provides a financing for customers’ businesses under profit sharing principles. in relation with financing products, the first two models also actually provide such services with specific purposes, for example housing, education, and other kinds of investment, besides basic financing. the similarities of all models are that all their financing products apply the shariaeuis amalia: evaluating the models of sharia microfinance 21 based transactions such as profit sharing (mudaharabah and musyarakah), sales (bay’ murabahah), and others that embrace sharia principles. in addition, bmt baytul ikhtiar and mbk ventura provide special assistance, guidance, or mentoring for their customers or members. the highest priority assessment of each respondent on supporting existing criteria on aspects of human resources in accordance with the order of ranking are, the value of human resources geo mean 0.29; 0.24 geo mean financial value; value management geo mean is 0.19; sharia compliance and marketing the value of geo mean are the same, namely 0.12. in total, the first priority of supported criteria is human resource aspect with rater agreement w= 0.27. second, priority of criteria problems is finance, third is management, fourth is shariah compliance, and the fifth is the aspect of marketing. figure 2. priority of human resource problem in human resource clusters it has priority value the highest of the assessment of each respondent contained on cooperation and solidarity and division of tasks in order to rank is, the cooperation/team work and solidarity and job description. this value geo mean 0.30, comprehension islamic principles geo mean value of 0.22. finally rights managers and the award geomean value of 0.17.the first supporting criterion is human resource. they are cooperation or team work, solidarity, job description according to expert and practicioners with rater agreement w= 0.612, in supporting priority in human resource aspect there are two similarities aspects about cooperation and solidarity (chapra, 2008). the most important value of this rater agreement (w) is team work. it is needed for the sustainability of the institutions as well as the same score in the division of job. in the standardof operational procedures of sharia cooperative services finance models stated that the division of job is important to avoid double burden or double job in one division al-iqtishad: vol. vii no. 1, januari 2015 22 or in one officer than others (sop kjks, 2012). according to the experts and praticioners the second priority is human resources or their employee perception of sharia principles. knowing of officer of microfinance institutions should be best in sharia pinciples knowledge otherwise it influences the institution’s reputation and lack of participation of all members. in the last priority is the rights and award for the employees. all employees of the institutions need to receive proper wage or salary for their welfare and prosperity as well as important to give award for the officer or employee who has a good performance or achieve of the targets. this way can be encouraging for themselves and other persons in work and influencing for the creative thinking and skill in marketing strategy. figure 3. priority of financial aspect on the financial aspects of the cluster mentioned that the highest priority value to the assessment of each respondent that is found in the service financing in accordance with the order of ranking. the service financing has a value geo mean of 0.27, the second of the ranking arrears have value geo mean 0.26, the next order of business efficiency with the value geo mean of 0.25, and the last of the financial cluster source of funds to have a value of 0.21 geo mean. the first priority criteria of finance in general is service of financing aspect with the rater agreement score of w= 0.27. according to nurmanaf, financing services such as a complex administration in microfinancial institutions cause of users or customers problem to get money soon for their business continuity (nurmanaf, 2007). furthermore according to the experts and practitioners the second priority is a number of non-performing loan or performing financing in sharia term. the npl or npf needs to reduce continuesly from time to time because of this in a large number make the institutions cannot be running well or stop the operation. the third priority is efficiency of the business activities. every microfinance institution must have efficient cost including the reduction of expenditure. the last priority is source of fund. it is needed for the institutions to get fund from the external to help the healthty cash condition and make more products to serve for the society as well as customers (ascarya, 2012). euis amalia: evaluating the models of sharia microfinance 23 figure 4. priority management elements in the cluster management aspects, the highest priority value to the assessment of each respondent is found in the standard operational procedures in accordance with the order of ranking, the standard operating procedure value is 0.30 geo mean, the second order of the operational standards of management geo mean value of 0.27, next institutional geo mean value of 0.23, the last of the cluster management technology with a value of 0.19 geo mean. on the management element, the first priority is problem criteria which discusses the aspect of standard of operating procedure (sop) with rater agreement w = 0.54. exellent and detailed sop will assist an organization in operation and will be a guide in operating various policies and regulations related to the management of the institution, as described on the standard of operating management (som) (sop kjks, 2012). furthermore, practitioners and experts agree that the second priority is standard of operating management (som). according to the sop of islamic financial services cooperative, som is a task structure, working procedures, management systems and standards of work that can be used as a guide for the management to provide good services. the third priority is the institution. an institution with social capital has an enormous influence on the environment. hence, the institution needs to be strengthened. the last priority is technology. better technology will make the operations easier and faster. figure 5. priority elements of sharia compliance al-iqtishad: vol. vii no. 1, januari 2015 24 incompliance aspects of sharia cluster has the highest priority value to the assessment of each respondent that is found in the contract of financial institutions in accordance with the value of the priority ranking order is, on aspects of the contract has a value of 0.30 geo mean, the second order of the views of the product given a value of 0.26 geo mean, the regulation with geo mean value of 0.25, the last of the collateral cluster sharia compliance with geo mean value of 0.18. in complying with elements of sharia, the first priority is the ratio of rater agreement contract with w = 0.628. every contract was made by the islamic microfinance institutions should be based on sharia. the first contract agreed will determine whether it is a sharia or non-islamic sharia based transaction (afandi, 2009). figure 6. priority elements of marketing furthermore, according to practitioners and experts of priorities, the second supporting element is products. the products offered by the islamic financial institutions must comply with the shariah aspects and will be supervised by a shariah supervisory board (dps). the third priority is regulation. a clear legal basis is highly important for an agency to develop and progress more easily (amalia, 2008). the last priority is the collateral. angela said that the collateral is burdensome requirements for micro businesses. the absence of collateral in the financing will ease smes. on the cluster marketing aspect, the highest priority value of the respondent is communication. it has a value of 0.27 geo mean, the second order of the views of the product to the customer has a value of 0.26 geo mean, the price of the product geo mean valueof 0.25, last of cluster marketing the guidance to customers with value geo mean 0.2.1. the last element is marketing. the top priority lies in the aspect of communication with rater agreement w=0.24. good communication between islamic microfinance institutions and customers should be maintained. furthermore, according to practitioners and experts of priorities, there is only a euis amalia: evaluating the models of sharia microfinance 25 slight difference among the priorities.the first priority is product quality that should always be customized by the customers’ needs. the third priority is that the price of the product offered must be appropriate and affordable for customers. the last priority is providing guidance especially for clients who have been able to sustain their bussinesses. supporting the statement, m. asdar said that customers who have been recruited are not supposed to be left alone running their own businesses by themselves, but they must be fostered in order to keep their businesses running well. if the overall opinions of experts and practitioners have rater agreement for 0.27 on the aspect of the problem, then their opinions on the aspect of strategy, as a whole, have a rater agreement which is equal to w = 0.40 as shown in the figure below: figure 7. priority elements of alternatives in the alternative cluster has the highest priority value to assessment of each respondent is found in the model agencies islamic microfinance namely the mixed model, the value corresponding priority with the order of ranking is, the mixed model has value geo mean 0.34, the second sequence with the grameen model has value geomean 0.33, the last node on the cooperative model of sharia with geo mean value of 0.31. the last priority of strategyis on a model of sharia islamic microfinance institutions that is cooperative-based. gaining the rater agreement with w = 0.40, those three models (mixed-based, grameen-based, andcooperativebased) are the models of sharia microfinance institutions, that have been successfully implemented in indonesia. priority of strategy toward thethree models of islamic microfinance institutions was selected by experts and practitioners as a whole. it puts on the mixed model of islamic microfinance institutions. the second priority strategy is on the model of islamic microfinance institutionsthat are grameen-based. the strategy of the islamic microfinance institutions that apply mixed model is actually a fairly new system introduced in indonesia. in fact, the grameen model has existed for a long al-iqtishad: vol. vii no. 1, januari 2015 26 time in community, especially in bangladesh. for the very first time, this system was introduced in bangladesh by muhammad yunus. according to mahmud toha, the role and effectiveness of the grameen bank model have their own appeal in the ease of the procedures and installment loans, relatively low interest rate, and last but not least, the convenience, attention, guidance, and marketing support given to the whole members (toha, 2000). consequently, it is more than just cooperative model that has long been in society and that applies the concept of cooperative savings and loans, and more than just the grameen model that only applies its finance concept. microfinance becomes the most important factor in poverty reduction, especially in indonesia. the number of small and micro enterprises reaches around 99.39 %. it is very significant compared to the large and medium-sized businesses. from those data, it can clearly be seen that small and micro enterprises have an important role in the development and the growth of economy, not only in developing countries but also in developed countries. many institutions provide microfinance services for small enterprises, not only islamic banking but also followed by many non-bank islamic financial institutions operating in the micro sectors. islamic microfinance institutions based on profit and loss sharing or based on sharia is a reality that has been growing rapidly in indonesia. in support of the development of sharia microfinance institutions, the presence of an appropriate model of institution is required for strengthening the micro sector in indonesia. based on the findings of research conducted with the approach of the analytic network process (anp) toward the practitioners and experts of micro enterprises, strategic prioritiesof every element have been identified, namely: first, mixed-based models of sharia microfinance institutions; second, grameen-based models of islamic microfinance institution; and third, models of islamic microfinance institutions in the form sharia cooperatives. the findings of anp show that the mixed-based model of islamic microfinance institutions is the most appropriate model to encourage the real sector in indonesia. the model integrates two systems in operation; sharia cooperative system and grameensystem (group financing). ascarya’s research compares microfinance institutions in indonesia to conventional and sharia types, concludes that the cooperative model like baitul maalwa tamwil (bmt) is a model of sharia microfinance institution, that can be a sustainable and balanced business which operates as a social institution (ascarya and cahyono, 2010). meanwhile, the research in this paper shows that the mixed model of microfinance institutions embracing sharia system along with its several advantages is the most appropriate alternative model of microfinance institutions to euis amalia: evaluating the models of sharia microfinance 27 be applied in indonesia, in comparisonto the grameen model and sharia cooperative model. based on the anp, the mixed-based model of sharia microfinance institutions is encouraged by various aspects of supporting priorities. first: human resources (hr). the core of rater agreement is (w) = 0.088 with the first priority elements i.e. cooperation, solidarity, and division of tasks. according to experts and practitioners,human resource is the most important aspect in a microfinance institution because having a strong and good human resource will be a positive influence on the institution, and of course it is supported by good cooperation and solidarity among employeesbased on anp results, in addition to cooperation and solidarity,the division of tasks between hr has the same level of priority, score of rater agreement (w) =0.612.clear and well organized division of tasks is expected to be able to avoidthe human resources having multiple responsibilities (sop kjks, 2012). human resources should be given responsibilities in accordance with the skills and abilities of each individual. second: finance. the highest priority element that supports the financial aspect is financial services with rater agreement (w) = 0.048. for instance, a longtime process of administration in a microfinance institution will also make the micro business doers wait for a long time to receive the financing while they are in need of the funds fast (nurmanaf, 2007). having a maximum service in providing financing for customers will lead to a positive value of financial institutions. third: management. the highest element of priority in management aspects is the standard operating procedures (sop) with rater agreement score (w) = 0.54. good and detailed sop will assist an organization to operate and will a guidance to implement the policies and regulations related to the management of the institution, which contains detailed procedures outlined on the standard operations management (som) (pinbuk, 2000). the guidelines containing standard operating procedures within an organization are used to ensure that all decisions and actions, as well as the facilities used in the organization can be efficient, effective, consistent, standardized, and systematic. fourth: sharia compliance. the highest element of priority that supports sharia compliance aspects is the contract (akad) with rater agreement (w) = 0.628. the beginning of the contract agreed in the beginning will determine the type of transaction whether it is sharia and non sharia. the purpose of the contract is the pillar of the establishment of a contract so that once the contract is made, the goal is reached. fifth: marketing. the aspect which has the highest supporting priority al-iqtishad: vol. vii no. 1, januari 2015 28 element is communication with rater agreement (w) = 0.24. communication can meet the company’s goals with the outcomes to be achieved. communication can function to adapt the changes in the organization as well as the external influences. communication can also maintain the relationships between members of the organization so that they can perform the task well. an islamic microfinance institution with baitulmaalwatamwil model has two products; savings and loans. in contrast, mfis which is grameen-based offering only one product is working capital reserved just for women. on the distribution of funding, bmt applies a guarantee for customers who want to have the financing, in contrast to mbk ventura that does not require any collateral in financing its clients. instead, mbk implements joint responsibility concept to help each other among groups that do not have the ability to pay. thus, the strategic choice based on the anp approach necessitates the existence of a model of islamic microfinance institution which applies sharia aspects either in the collection or in the distribution of funding as applied by bmt with the cooperative system. unfortunately, people still objection to bmt’s policy which still applies cash collateral or physical assets as the guarantee for instance, certificates or other sorts of securities. while in the grameen system, a group its self is the warranty, which is called as ‘collective responsibility’, so this system never makes any type of physical assets as the warranty. facts show that grameen system has been successful in terms of maximum financial returns with a minimum level of bad loans, almost 0 %. islamic microfinance institutions with a mixed model will be more sustainable with the support of five aspects; human resource that is competent and professional, finance that is accessible and adequate, management which is effective and efficient, sharia compliance that is consistent either in the operational or in the product and marketing that is communicative. evaluations conducted on islamic microfinance institutions baitul maal watamwil, gramen models, and mixed models based approach analytical network process (anp) found that islamic microfinance institutions have decisive factors in the performance of the supporting activities that, in terms of evaluations conducted on the three models of islamic microfinance institutions; bmt, grameen, and mixed model, using the anp approach explain that the islamic microfinance institutions have decisive elements which support their performances in five important aspects or clusters. every single cluster has four elements and indicators as follow: first, elements of human resource cluster are cooperation and solidarity, understanding of islamic principles, division of duties and responsibilities, and awards. second, elements of finance cluster are the source of funding, business efficiency, ranking of arrears, euis amalia: evaluating the models of sharia microfinance 29 and financing services. third, elements of management cluster are institutional matter, standard operating procedures, standard of operational management, and technology. fourth, elements of sharia compliance cluster are collateral, contract (akad), regulation, and products. fifth, elements of marketing cluster are product pricing, communication, coaching, and product quality. the solution in the development of models of islamic microfinance institutions for strengthening the real sector in indonesia is applying a mixed model in its process. mixed model is a model of islamic microfinance institution, which implements two systems i.e sharia cooperative system and grameen system. this mixed model is a good strategy and has a better performance supported by five aspects: first, human resource a support in the area of cooperation and solidarity. second, finance a support for financing services-. third, management is a support in the area of standard operating procedure-. fourth, shariah compliance is a support in the area of contracts. fifth, marketing is a support in the area of communication. conclusion based on the foundings, it can be concluded that islamic microfinance institutions with the cooperative model of sharia baitul maal wat tamwil, gramen models,and mixed models (combining cooperative model of sharia and gramen) have each system and procedures in operation. in bmt al-fath and bmt baytul legal based on cooperative endeavor where responsibility the company is shared. in contrast to mbk ventura -foundation law based venture limited liability companywhere responsibility fully held by shareholders. evaluations were conducted on islamic microfinance institutions baitul maalwatamwil, gramen models, and models based on the mixture approach analytical network process (anp) found that the agency islamic microfinance has a determining factor in the performance of the supporting activities which, in terms of human resources has four indicators, cooperation and solidarity, understanding of islamic principles, the division of duties and rights managers and awards. from the financial side have four indicators, namely the source of funding, business efficiency, ranking arrears, financing services. the deciding factor supporting performance the next of the management side, there are four indicators, namely, institutional, standard operating procedures, operational standards, management, and technology. furthermore, based on adherence factor shariah is based on indicators of collateral, contract, regulation and products given. last factors supporting performance in terms of marketing institutions based on product price indicators, communication, coaching customers, and the quality of the product. al-iqtishad: vol. vii no. 1, januari 2015 30 solutions in the development of a shariah microfinance institutions model to the strengthening ofthe real sector in indonesia, namely by applying a model mixing the process. mixed model is a model agency islamic microfinance that applying two systems in operation. the first system is based on sharia and second cooperative gramen system. model-based islamic microfinance institutions have amixture of strategies to support better performance, which is supported based on five aspects of the operation, namely: first, resource human strengthening of the cooperation and solidarity; second, financial strengthening of the financial services; third, strengthening management standard operating procedures of the institution; fourth, compliance sharia of the contract; fifth, marketing aspects are supported strengthening of the communication. references baihaqi, a.m. 2007. guidelines for the establishment, development and supervision toward lkm bmt. jakarta: laznas bmt. alma, b. 2009. sharia business management. bandung: alfabeta. amalia, euis. 2008. policy reforms for strengthening microfinance institutions and micro small enterprises in indonesia. (dissertation unpublished). jakarta: uin jakarta. ascarya & w. cahyono. 2010. in search of sustainable conventional and islamic microfinance model for micro enterprises. working paper. jakarta: bank indonesia. daniri, a. 2005. good corporate governance: concept and its application in the context of indonesia. jakarta: pt.triexstrimacindo. edratna. 2013. how can microfinance support the economy of low class people?. fromhttp://edratna.wordpress.com. accessed on may 3, 2013 , fitchett, d.a & d.adam. 1992. informal finance in low income countries. boulder: westview press. hubeis, m. 2009. small business prospects in the containers of business incubator. jakarta: ghalia indonesia. robbin, s & m. coulter. 2012. management. new jersey: person education. rohmatulajija, s. 2011. the effectiveness of baitulmaalwatamwil in reducing poverty. (thesis unpublished). kuala lumpur: international islamic university malaysia. tambunan, t. 2002. small and medium enterprises in indonesia: some key issues. jakarta: salemba. jamaluddin majid: the critical aspect on fair value accounting 283 the critical aspect on fair value accounting and its implication to islamic financial institutions jamaluddin majid & safri haliding1 abstract: the critical aspect on fair value accounting and its implication to islamic financial institutions. fair value accounting (fva) paradigm replaced the historical cost accounting (hca) in the development of accounting standards that fva is more relevant that hca probably did not provide the real financial and income information. this paper tries to explore critical aspects of the fair value accounting and its implications to islamic financial institutions implications. this study concludes that that fair value accounting measurement provides many critical aspects to be implemented to islamic financial institutions (ifis). aaoifi proposed cash equivalent value as respond to fair value measurement that cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information. keywords: fair value accounting, islamic financial institutions, ifrs, aaoifi abstrak: tinjauan kritis terhadap nilai wajar akuntansi serta implikasinya terhadap institusi keuangan islam. paradigma nilai wajar akuntansi telah menggantikan penilaian histori akuntansi dalam pengembangan standar akuntansi dimana nilai wajar akuntansi lebih relevan daripada nilai histori akuntansi yang tidak memberikan pembaharuan informasi keuangan dan pendapatan. penelitian ini mencoba mendalami aspek kritik pada nilai wajar akuntansi dan bagaimana implikasinya pada lembaga keuangan islam. penelitian ini menyimpulkan bahwa pengukuran nilai wajar memiliki kekurangan apabila digunakan pada lembaga keuangan islam. aaoifi telah menyediakan cash equivalent value (cev) untuk merespon pengukuran nilai wajar, dimana cash equivalent value lebih memberikan informasi yang relevan, lebih dapat dipercaya dan lebih mudah dipahami. kata kunci: nilai wajar akuntansi, institusi keuangan islam, ifrs, aaoifi 1 diterima: 12 april 2014, direvisi: 25 mei 2014, disetujui: 3 juni 2014 jamaluddinmajid is an accounting lecturer at universitas islam negeri (uin) alauddin, makassar, email: jamal_majid55@yahoo.com safri haliding, lecturer at faculty of economics, muhammadiyah university of makassar, indonesia and part time lecturer at uin alauddin makassar and doing his master in accounting at international islamic university malaysia (iium). email: safrihaliding@yahoo.com and safrihaliding@gmail.com al-iqtishad: vol. vi no. 2, juli 2014 284 introduction recently, the fair value measurement and its implication in accounting standards have been increasing (ramanna, 2006). in around the world, including the united states, the united kingdom, australia, and the european union, many jurisdictions of accounting standards have issued standards that fair value is primary recognition of balance sheet and income (landsman,2006). one of the important aspects of financial reporting is measurement (barth, 2007). barlev and haddad (2003) state that the fair value accounting (fva) paradigm replaced the historical cost accounting (hca) in the development of accounting standards that fva is more value relevant that hca probably did not provide the real financial information and income. therefore, barlev and haddad (2003) argue that the measurement of financial reporting should be relevance in regard to some issues in financial reporting such as the stewardship function, agency costs, managementefficiency, and relevant information to stakeholders and workers in terms of social conflict. however, previously studies mention that fair value accounting suffers from some serious limitations and disadvantages such as issues in market approach, income approach, and cost approach, (for instance: ball, 2006; barth, 2007; deans, 2007; penman, 2007; benston, 2008;ramanna, 2008; barth and taylor, 2009; holban (oncioiu),and oncioiu, 2009; so and smith, 2009; xia and monroe, 2010; jr, 2011).therefore, penman (2007) is questioning that whether fair value accounting is really measuring the economic value and market value of businesses activities. in addition, al-yassen and al-khadash (2011) argue that accounting standard setters such as the international accounting standards board (iasb) uk and the financial accounting standards board (fasb) u.s as well as other national accounting standard setters provide high attention and long-term ambition to use fair value accounting as full measurement in all financial instruments.however, regarding to islamic financial institutions (ifis) that have different objectives and principles as well as have different financial products with conventional financial institution. therefore, abdul rahman (2012) argues that fully adopting international financial reporting standards (ifrs) issued by ifrs-iasb probably there will no specific standards for unique functions of islamic financial institutions. this argument supports previous paper that ibrahim (2007) states that islamic financial institutions cannot fully comply with ifrs in their financial reporting because islamic financial institutions have some unique requirement. this paper tries to explore critical aspects of the fair value accounting and its implications to islamic financial institutions implications. the paper is organized jamaluddin majid: the critical aspect on fair value accounting 285 into four sections. the first section provides the information on fair value accounting and the primary drives of international accounting standard setters. the second section highlights the pros and cons on fair value accounting. this section discusses the critical aspect on fair value accounting. additionally, this section reviews some implication to financial institutions. the third section reviews the fair value accounting implication to islamic financial institutions. this section also highlights the islamic accounting standards namely accounting and auditing organizations for islamic financial institutions (aaoifi) and some related issues with regard to islamic finance products. the next section will focus on the conclusion remarks. overview of fair value accounting the development of fair value paradigm may take many steps and a number of avenues by accounting profession and the standard setting bodies that probably using a sociological approach and an economic viewpoint regarding to the demand and supply of accounting principles(berlev and haddad, 2003). therefore, when regulatory bodies adopts a financial reporting paradigm that it becomes the guiding principle for regulation in accounting standards (hitz, 2007). in terms of the definition of fair value that both us gaap and ifrs have own explanation with regard to term of fair value accounting.the definitions of fair value based on accounting standard setters’ view areas follows: us gaap fair value accounting perspective bragg (2010) published a book that “gaap 2011, interpretation and application generally accepted accounting principles”. bragg (2010) highlights the overview of fva under gaap. moreover, the definition of fair value according to gaap,asc 820 that “the price that would be received to sell an assets or paid to transfer a liability in an orderly transaction between market participants at the measurement date”. in this definition also mentioned that “although gaap literature has primarily focused on fair value in the context assets and liabilities, the definition also applies to instruments classified in equity” (bragg, 2010).regarding to this definition chea (2011) argues that fair value is market based that in fair value also takes consideration with other market participants for pricing an asset and liability. in order to understand the concept of fair value that bragg (2010) highlights the measurement principles and process under asc 820 into series of steps. the key measurement steps can be listed as follows: 1. identify the item to be valued and unit account. al-iqtishad: vol. vi no. 2, juli 2014 286 “specifically identify the asset or liabilities, including the unit of account to be used for the measurement”. 2. determine the principle or most advantageous market and the relevant market participants. “from the reporting entity’s perspective, determine the principle market in which it would sell the assets or transfer the liabilities”. 3. select the valuation premise to be used for asset measurements. “if the item being measured is an asset, determine the valuation premise to be used by evaluating whether the market place participants would judge the highest and best use of the asset utilizing an “in-use” valuation premise or an “in-exchange” valuation premise”. 4. consider the risk assumptions applicable to liability measurements. “if the item being measured is a liability, identify the assumptions that market participants would make regarding nonperformance risk including”. 5. identify available inputs. “identify the key assumptions that market participants would use in pricing the asset or liabilities, including assumptions about risk”. 6. select the appropriate valuation technique(s). “based on the nature assets or liability being valued, the types and and reliability of inputs available, determine the appropriate valuation technique or combination of technique to use in valuing the asset or liability”. 7. make the measurement. “measure the asset or liability”. 8. determine amounts to be recognized and information to be disclosed. “determine the amounts and information to be recorded, classified, and disclosed in intern and annual financial statements”. according to shaffer (2011) describes that there are several rules under gaap that applying fair value accounting. for instance, investment securities and derivative contracts on statement financial accounting standards (sfas) no. 115 and sfas no. 133. moreover, shaffer (2011) mentions that the expansion of fair value such as sfas 195 on hybrid instruments and sfas 156 on servicing rights in 2006; and fair value option (sfas 159), business acquisitions (sfas 141r), and no controlling interests (sfas 160) in 2007. in addition, regarding to the purpose of fair value measurement that bragg (2010) mentions that inputs are the indicators of assumptions, in pricing asset or liabilities is used the market participant as well as assumption with regard to the risk. the inputs are described in hierarchy as follow: 1. level i inputs (directly observable): quoted prices in active markets for identical jamaluddin majid: the critical aspect on fair value accounting 287 assets or liabilities that the reporting entity has the ability to access at the measurement date. such prices are not adjusted for the effects, if any, of the reporting entity holding a large block relative to the overall trading volume (referred to as a “blockage factor”). 2. level ii inputs (indirectly observable): directly or indirectly observable prices in active markets for similar assets or liabilities; quoted pricesfor identical or similar items in markets that are notactive; inputs other than quoted prices (e.g., interest rates, yield curves, credit risks, volatilities); or “marketcorroborated inputs. 3. level iii inputs (unobservable): inputs that are unobservable; that reflect management’s own assumptions about the assumptions market participants would make. ifrs fair value accounting perspective ifrs is one of accounting standard issued by the international accounting standards board as independent organization based in london, uk. regarding to definition fair value that based on ifrs (2010) fair value is “the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. regarding to the definition of fair value that cairns (2006) criticizes ifrs fair value that there are inconsistency in understanding of the definition and what is and what is not fair value with regard to uncertainties about the application ifrs’s fair value definition. for instance, ifrs are entry price or exit price of an asset, liability and equity instrument. it is not clear to determine ifrs. therefore, cairns’ study (2006) suggests that when the fair value is used to determine the cost and exit price and impairment purpose, entry price should be used. ball (2006) states that both iasb and fasb increased over the time the list of implementation of fair value accounting. moreover, cairns (2006) indicate that in order to use the fair value, ifrs allow in four steps. the steps as follows: 1. for the measurement of transactions (and the resulting assets, liabilities and equity items) at initial recognition in the financial statements; 2. for the allocation of the initial amount at which a transaction is recognized among its constituent parts; 3. for the subsequent measurement of assets and liabilities; and 4. in the determination of the recoverable amount of assets. according to cairns (2006) that it is important to recognize these steps which for the first, second and fourth uses are essential even in the financial statement and for the three uses it is not necessary for using the fair value at the subsequent sheet date. additionally, cairns (2006) argues that for all assets, liabilities, and equity al-iqtishad: vol. vi no. 2, juli 2014 288 instruments irrespective, ifrs use the fair value as a generic term whether those are trade on active market or quoted. therefore, fair value is a subset market value that in active market, it is fair value as determined (cairns, 2006). however, regarding to the asset, liabilities, or equity which are not traded in active markets, cairns (2006) argues that it is likely very difficult, possibly and unreliable to be implemented fair value. indeed, cairns (2006) highlights that there is a flexibility in using fair value under ifrs, if the circumstance is less reliable fair value in the initial measurement of an asset or liabilities that ifrs-standards prohibit to use fair value in unreliable circumstance (see: ias 38 intangible assets and ias 39 equity instrument). recently, standard setters accounting both us gaap and ifrs are continuing to develop for expanding the use of fair value (shaffer, 2011). interestingly, international accounting standard board (iasb) releases the proposal on accounting for financial instrument that this proposal uses the approach of fair value by mixing the measurement of u.s gaap and ifrs that iasb and fasb tried to provide the new fair value as mixed measurement between us gaap-fasb and ifrs-iasb (shaffer, 2011). in addition, the new development of fair value between fasb and iasb takes many attentions and responses among practitioners, investors, academics and regulator. therefore, the fasb and iasb continue their proposals to re-deliberate as response from feedback and reconcile the differences between fair value under iasb and fasb (shaffer, 2011). penman (2007) argues that since both iasb and fasb standards provide fair value as mandatory for measure the assets and liabilities, the issues in fair value probably are when and how should be applied that fair value is far from resolved. shaffer’ study (2011) finds that in the approach of fasb closely mirrors the iasb’s proposed measurement model. for instance, firms are allowed to amortized cost to measure the instruments principally of cash flowwhich being held for collection or payment such as loans, deposits and debt). the debating in fair value accounting this section discusses the critical aspect on fair value accounting both us gaap and ifrs. additionally, this section reviews some implication to financial institutions. regarding to the issues in fair value that penman (2007) indicates some preliminaries with regard to what is fair value? and fair value to whom? regarding to fair value to whom that penman identifies some notions in fair value.the notions jamaluddin majid: the critical aspect on fair value accounting 289 of what is fair value as follows (penman s.h, 2007): 1. fair value variously applied in a ‘mixed attribute model’: fair value is used alternatively with historical cost for the same asset and liability but at different time. 2. fair value continually applied as entry value: asset are revalued at their replacement cost, with current costs then recorded in the income statements, with unrealized (holding) gains and losses also recognized. 3. fair value continually applied as exit value: asset and liability are remarked each period to current exit price, with unrealized gains and losses from remarking recorded a part of income. in this light, penman (2007) argues that for the notions 1 and 2 in application could be debated due to both are really modified cost accounting, standard revenue recognition and applying exit price on actual exit of the product to the market, however, notion 3 applies exit prices values but with-out actual exit (realization). in addition to fair value to whom,penman (2007) indicates that the demand probably plays important that different users may different demand for accounting report. for instance, in the case of a creditworthiness deteriorates the shareholder probably use the value a fall in the market value in order to recognize the gain, but not the creditor that the bank may use the bank deposits at fair value, not the deposits (penman, 2007). moreover, in bank regulator perspective that if the reporting affected the depositors’ confidence in the banking system, the bank regulator may use the value is less than face value while investor uses the fair value information with regard to volatility, not so a central banker focuses on feedback effects on systematic risk that during the speculative times the a bank regulator focuses on marking up banks’ capital (penman, 2007). therefore, fair value provides different demand with different perspective depend on its perspective of users. fair value under sfas 157 us gaap regarding to fair value definition under us gaap, benston (2008) identifies that the new definition of fair value as stated in 5 of sfas 157 provides two issues: firstly, fair value is the exit value of asset and liability, secondly, fair value is often not based on actual market transactions. similarly, penman (2007) states that there are two questions with regard to the fasb and iasb fair value: firstly, whether exit value measures value to shareholders and at the level aggregate whether fair value is applicable. regarding to the shortcoming of sfas 157 fair value measurement that benston (2008) highlights the shortcomings of us gaap fair value. the following al-iqtishad: vol. vi no. 2, juli 2014 290 shortcomings are: 1. fair values not based on actual market prices are costly to determine and verify. 2. value in use and entrance value are used, contrary to sfas 157-specifieds exit values. 3. transaction costs are used, contrary to sfas 157. 4. fair value for inventories and fixed assets that may be included in business combinations present problems that are not recognized. 5. fair value other than level 1 could be readily manipulated and difficult to verify. therefore, based on the above shortcomings of sfas 157 benston (2008) asserts that there are some problems and cost of constructing, recording, and presenting the required numbers in implementing the guideline sfas 157 us gaap fair value measurement. moreover, benston (2008) concludes that fasb uses the fair value in order to make the relevance of the numbers presented in financial statements to satisfy the users. this is supported in the statement of sfas 157 that‘‘should provide users of financial statements (present and potentialinvestors, creditors and others) with information that is useful in making investment,credit, and similar decisions” (benston, 2008). sfas 157 provides the hierarchy inputs in order to measure from the most to least reliable into fair value measurement (ryan, 2008). in addition to the level inputs that penman (2007) identifies the pluses and minuses regarding to the implementation of inputs lever 1, 2, and level 3.the pluses and minuses of level inputs as follows: pluses and minuses of level 1 fair value measurement penman (2007) argues that there is a subjective estimate of fair value of asset and liability for shareholders with regard to the idea of accounting information probably is based on the objective, reliable evidence. therefore, penman provides the plus and minus with regard to level 1: the plus: “fair (market) values are a plus when value to shareholders is determined solely by exposure to market price; that is, shareholder value is one-to-one with market prices”. the minus: “fair (market) values are a minus when the firm arbitrages market prices that is, fair value is not appropriate when the firm adds value (for shareholders) by buying at (input) market prices and selling at (output) market prices”. pluses and minuses of level 2 and 3 fair value measurement level 2 and 3 provide the estimates of hypothetical market price which there is a subjective estimate in this objectivity of those levels (penman, 2007). jamaluddin majid: the critical aspect on fair value accounting 291 for this level 2 and 3 penman highlights how important the integrity of managers with regard to the potential their subjective biases in using this levels as well as the effectiveness of the control is very important such as the independence and competence of monitors-auditors, assessor and corporate boards. with regard to the estimated fair value that penman (2007) provides that plus and minuses of level 2 and 3 fair value measurement. those are as follows: 1. fair value accounting applies only when shareholder value is solely determined by exposure to market prices means that, in most cases, there will be an active market where level 1 measurements are available. 2. one must question whether level 3 really enforces a discipline in estimating market prices. 3. fair value estimation errors introduce error into the balance sheet but also the income statement (which reports the change in fair value). 4. historical cost involves estimates and estimated fair values are nodifferent. 5. historical cost estimates true up against the actual transaction record, and usually fairly quickly. 6. an analyst will have difficulty in carrying out a quality analysis on fair value accounting. 7. the observed market behavior is instructive. 8. the informative of fair values declines as estimates are introduced. to sum up, based on the discussion, my opinion to fair value implications that fair value accounting provide pros and cons among researchers that the main weakness of the fair value is not indicating as the value of the measurement date at large that measurement probably could be manipulate due to subjective estimates. therefore, it provides the bad implication to economics decision regarding to substantial uncertainty in fair value measurement. fair value accounting ifrs regarding to fair value accounting that iasb provides conceptual framework as guidance. however, barth (2007) states that with regard to accounting measurement, iasb’s framework is not providing much guidance such as historical cost and settlement value, measurement technique, such as present value that there is no properly guidance to choose among. in terms of the objective of financial reporting that barth (2007) quoted from iasb in 2006, para. ob2 as ‘to provide information that is useful to present and potential investors and creditors and others in making investment, credit, and similar resource allocation decisions’. in this light, barth (2007) argues that the objective of financial reporting as al-iqtishad: vol. vi no. 2, juli 2014 292 provided in iasb seems focus on investors or investing decision that the terms of ‘investor’ in objective of financial reporting refers to present and potential equity holders and their advisers, the term ‘creditor’ refers to present and potential lenders and their advisers. the implementation of iasb seems providing some misunderstandings with regard to decision due to accounting measurement in the real-world economic phenomena do not specify how to measure the real economics. for instance, not all expected inflow and outflows are assets and liabilities in real economics for financial statements purposes (barth, 2007). therefore, barth highlights some common misunderstandings about the iasb approach. the misunderstandings as follows (barth, 2007): 1. the framework does not identify conservatism as a qualitative characteristic of decision-useful financial information. “conservative amounts are not neutral, which is a qualitative characteristic that neutralitymeans freedom from bias. conservatism implies a negative bias for assets and income and a positive bias for liabilities and expenses” 2. matching is not a separate concept in the framework. “matching is not an objective of accounting recognition or measurement that the framework is based on the notion that if assets and liabilities are appropriately recognized and measured, profit or loss will be too, which obviates the need for a separate concept of matching. however, the application of the matching concept under this framework does notallow the recognition of items in the balance sheet which do not meet the definition of assets or liabilities”. 3. the term reliability as used in the current framework is neither limited to verifiability, as some interpret it, nor does it mean precision. “this common misunderstanding is why the preliminary views document (iasb, 2006a) uses the term ‘faithful representation’ rather than ‘reliability’ and explains that just because an amount can be calculated precisely, it is not necessarily a faithful representation of the real-world economic phenomenon it purports to represent. faithful representation implies neither absolute precision in theestimate nor certainty about the outcome” 4. the objective of financial reporting does not include providing accounting information for management to use in managing the business or for contracting parties to include in contracts. “this is because these users can directly specify the information they want and need. iasb standards are designed for general purpose financial reports, whose objective stems from the information needs of external users who lack the ability jamaluddin majid: the critical aspect on fair value accounting 293 to prescribe all the financial information they need from the entity”. 5. the framework focuses on defining financial position elements, i.e., assets and liabilities, not because financial position is more important than profit or loss. ”it is because profit or loss is important. defining financial position elements is the only way standard setters have been able to determine how to measure revenues and expenses, which comprise profit or loss”. 6. the iasb does not have an objective to measure all assets and liabilities at fair value. “as explained in section 3, there are reasons why fair value is a candidate measurement basis in many situations, and the iasb and fasb have a stated long-term objective to measure all financial assets and liabilities at fair value”. the advantages fair value accountingof ifrs for investors with regard to advantages fair value to investors that ball (2006) highlights the potential advantages. these are as follows: 1. ifrs promise more accurate, comprehensive and timely financial statement information, relativeto the national standards they replace for public financial reporting in mo.st of the countries adopting them. “financial statementinformation is not known from other sources,this should lead to more-informed valuation in the equity markets and hence lower risk to investors”. 2. small investors are less likely than investment professionals to be able to anticipate financial statement information from other sources. “improving financial reporting quality allows them to compete better with professionals, andhence reduces the risk they are trading with a better-informed professional (known as ‘adverse selection’)”. 3. by eliminating many international differencesin accounting standards, and standardizing reportingformats, ifrs eliminate many of the adjustments analysts historically have made in order to make companies” financials morecomparable internationally. “ifrs adoption therefore could reduce the cost to investors of processing financial information. the gainwould be greatest for institutions that create large, standardised-format financial databases” 4. a bonus is that reducing the cost of processing financial information most likely increases the efficiency with which the stock market incorporates it in prices. “most investors can be expected to gain from increased market efficiency”. 5. reducing international differences in accounting standards assists to some degree in removing barriers to cross-border acquisitions and divestitures, which al-iqtishad: vol. vi no. 2, juli 2014 294 in theory will reward investors with increased takeover premiums. the disadvantages fair value accountingof ifrs for investors regarding to the potential problems of fair value to investors that ball (2006) highlights the potential problems.these are as follows: 1. market liquidity is a potentially important issue in practice. spreads can be large enough to cause substantial uncertainty about fair valueand hence introduce noise in the financial statements. 2. in illiquid markets, trading by managers can influencetraded as well as quoted prices, and hence allows them to manipulate fair value estimates. 3. worse, companies tend to have positively correlatedpositions in commodities and financial instruments, and cannot all cash out simultaneouslyat the bid price, let alone at the ask. fair value accounting has not yet been tested by amajor financial crisis, when lenders in particularly could discover that ‘fair value’ means ‘fairweather value”. 4. when liquid market prices are not available,fair value accounting becomes ‘mark to model’accounting 5. if liquid market prices are available, fair valueaccounting reduces opportunities for self-interestedmanagers to influence the financial statementsby exercising their discretion overrealizing gains and losses through the timing ofasset sales. to summary, based on the above discussion, my opinion to fair value implications that fair value with regard to ifrs that may bring accurate to business decision with more attention and advantages to investor as supported in objective of iasb. however, fair value of ifrs fails to fully acknowledge the significance between liquid and illiquid marker similarly to us gaap fair value that provides uncertainty (gharar) and leading to subjective estimates as well. islamic perpective of accounting measurement since, islamic financial institutions (ifis) established that have different objectives and principles as well as have different financial products with conventional financial institution. therefore, abdul rahman (2012) argues that fully adopting international financial reporting standards (ifrs) issued by ifrsiasb probably there will no specific standards for unique functions of islamic financial institutions. indeed, in 1992, the accounting and auditing organization for islamic bank and financial institution (aao-ibfi) now called accounting and jamaluddin majid: the critical aspect on fair value accounting 295 auditing organization for islamic financial institution (aaoifi) was established as respond to the establishment of islamic banks and islamic financial institutions (karim, 1995). first of all, aaoifi developed the objective of financial reporting. the objective is different compared to the accounting standard-setting bodies such fasb us gaap and iasb-ifrs. based on the aaofi (2010) one of main objectives as follows: “to determine the rights and obligations of all interested parties, including those rights and obligations resulting from incomplete transactions and other events, in accordance with the principles of islamic shariah its concepts of fairness, charity and compliance with islamic business values” and one of main objectives with regard to financial reports “information about islamic bank’s compliance with the islamic shariah and its objectives and to establish such compliance and information establishing the separation of prohibited earning and expenditures, if any which occurred, and of the manner in which these were disposed of ” regarding to objective of ifis, rasid, abdul rahman and ismail (2011) point out that the main differences between ifis and conventional financial institutions is the principles as objectives which need to be compliance based on shariah (jurisprudence and islamic ethics). the principles such as 1.prohibition of riba, 2.application of al-bay (trade and commerce), 3.avoidance of gharar (ambiguities) in contractual agreements, prohibition of maisir (gambling), 4.prohibition of conducting business involving prohibition commodities. since, islamic financial institutions have differences objectives and principles as compared to conventional counterpart. therefore, ifis come up with specifically accounting for islamic institutions. for instance, accounting for islamic banks with regard to zakat, murabahah, mudahrabah, ijarah and other islamic banking contracts. however, yaya (2004) argues that in terms of islamic accounting’s objectives of the aaoifi, the contents and goals are likely the same with currently conventional accounting that focus on providing information system for users. abdul rahman (2003) argues that accounting on islamic perspective in muslim society, in way of accountant to provide the financial information to user is not only as service to the users and public at large, but information is provided to society must take consideration to accountability in order to follow the god’s commandments.lewis (2001) argues that islamic accounting may follow the shariah law in terms of theaccounting principles and postulates in order to develop the proper accounting theory. in my point of view that fair value accounting provides benefit to economic al-iqtishad: vol. vi no. 2, juli 2014 296 decision for shareholders. however, in essence to islamic financial institutions those economics decisions is not the main objective to islamic financial institutions, compliance to shariah and bringmaslahah to society need to notice before making economic decisions. therefore,islamic principles are crucial issues in islamic financial institutions. regarding to accounting principles from islamic perspective, ahmed (1994) states that accounting in islamic principles should govern with financial dealing and contracts based on islamic objective such as realization of fairness and justice, preservation of the rights and dues of all parties, paying zakat (that necessitates having accurate and just financial statements which represent accurately and truly the financial position of the entity). in this light, aaoifi (2010) under sfa no. 2 with regard to the concepts of financial accounting for islamic banks and financial institutions states that “concepts of accounting measurement in measurement attributes refer to the attributes of assets and liabilities that should be measured for financial accounting purposes”. in addition to measurement attributes that aaoifi indicates to “the cash equivalent value expected to be realized is the number of monetary units that would be realized if an asset was sold for cash in the normal course of business as of the current date” (aaoifi,2010,para. 89). however,sfa no. 2 aaoifi (2010, para.89) refers to cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information. in this regard, sfa, no. 2 aaoifi (2010, para.89) states that cash equivalent value specifically would be suitable as basis for accounting measurement for an islamic banks as the condition for islamic banks’ products such as mudarabah and investment accounts. in addition to cash equivalent value that fas no. 2 aaoifi (2010) argues that reliable and comparable information are very important to unsure the measurement of cash equivalent value. therefore, sfa no. 2 aaoifi (2010) indicates some principlesduring the revaluation assets, liabilities and restricted investments. the principles are as follows: a. to the extent available, outside indicators (such as market prices) should be used. b. all relevant information whether positive or negative should be utilized. c. logical and relevant valuation method methods should be utilized. d. consistency in the use of valuation methods should be adhered to. e. to the extent appropriate, experts in valuation should be utilized. f. conservatism in the valuation process by adhering to objectivity and neutrality in the choice of value (sfa no.2. aaoifi, para. 95). jamaluddin majid: the critical aspect on fair value accounting 297 in light this, al-sadah (2000, p.42) points out as quoted in napier (2007) that “the majority of islamic banks represented on the aaoifi accounting standards board strongly rejected adopting the cash equivalent value approach, since this accounting treatment would exert pressure on the banks to pay out a higher level of profits to shareholders and investment account holders if the bank recognized the unrealized gains”. however, aaoifi provides historical cost as a recommendation to alternative measurement attribute to the cash equivalent value. particularly, aaoifi refers to its fair value at the date of its acquisition including amounts incurred to make it usable or ready for disposition (sfa no. 2. aaoifi para.98; abdul rahman, 2010. page. 31). the implication to islamic financial institutions islamic financial institutions (ifis) and islamic banking (ib) have special characteristics. for instance, islamic banks are not using interest on lending and borrowing money(karim, 2001). moreover, napier (2007) indicates that islamic banks provides profit-loss sharing instruments such mudarabahah and musharakah and mark-up instruments such as murabahah, ijarah and salam. since, the islamic banks and ifis have different characteristic to counterpart of conventional banks. therefore, probably ifis and (ib) have different consequence to accounting principles and regulation to govern the financial transaction based on the islamic objectives and principles. issues in gharar in fair value as noted on previously discussion to fair value accounting problems. ball (2006) points out that “market liquidity is a potentially important issue in practice. spreads can be large enough to cause substantial uncertainty about fair value and hence introduce noise in the financial statements”. in islamic perspective, uncertainty means as a gharar that one of the principles of islamic financial institutions is to avoid of gharar (ambiguities) in contractual agreements or no gharar involve business transactions(rasid et al 2011). lewis (2001) argues that in business terms, gharar means “to undertake a venture blindly without sufficient knowledge or to undertake an excessively risky transaction”. additionally, gharar transaction provides a potential speculation in business terms. for instance, investment trading for futures on stock markets (lewis, 2001). in addition, malia, casson and napier (2006) note that unlawful transaction in islamic financial institutions violates islamic principles such hedging or optional transaction which contains excessive risk (gharar). therefore, malia et al (2006) al-iqtishad: vol. vi no. 2, juli 2014 298 suggest that islamic banks should not enter into unlawful transaction in order to compliance to shariah and follow islamic principles. according to alquran al baqarah 2:282 “o ye who believe! when ye deal with each other, in transactions involving future obligations in a fixed period of time, reduce them to writing; let a scribe write down faithfully as between the parties…”. based on this verses that all muslims transaction must be recorded as to show the importance of fulfill rights and obligationsin order to reduce the doubt and uncertainty (gharar) in inter-personal arrangements(napier, 2007). based on above discussion regarding to gharar in fair value. therefore, my argument that when fair value provides uncertainty or gharar in measuring the asset and liabilities in certainty conditions. for instance, level 2 and level 3 of fair value which provides subjective estimates (see, penman, 2007) that violate islamic principles, meaning that fair value is not shariah compliance at certain circumstance. therefore, islamic banks or islamic financial institutions need to reduce in adopting fully fair value. otherwise, cash equivalent value is the best choice for islamic banks as recommended by aaoifi. issues in zakat many studies argue that the implication of accounting measurement to islamic financial institutions refers to zakat valuation (for instance:ahmed, 1994; adnan and graffikin, 1997;mirza and baydoun, 2000;lewis, 2001; abdul rahman, 2003;yaya, 2004;lewis, 2006). moreover, yaya (2004) argue that islamic accountability in accounting is crucial and zakat as a primary objective in islamic accounting and accountability. his argument supported by such as adnan and graffikin(1997); lewis (2006) and abdul rahman (2007;2010). in this regard, mirza and baydoun (2000) argue that the measurement of assets with regard to zakat is important issue from islamic perspective. hence, according to mirza and baydoun (2000) in order to measure the amount of zakat, need to use the contemporary time not in historical cost.mirza and baydoun (2000) suggest that re-value the assets regularly is needed and islamic accounting system probably uses both historical and market selling prices with regard to enable firms to accommodate contracts and to discharge with social responsibility. in addition, adnan and gaffikin (1997) argue as quoted in yaya (2004) that there is no room in islamic financial institutions to use the concept of historical cost and conservatism due to the issues in misleading and quality of justice and honesty of financial information. abdul rahman (2007) argues that fair measurement of zakat paid by jamaluddin majid: the critical aspect on fair value accounting 299 corporation is one important issue as zakat for business wealth. in addition, abdul rahman (2007) mentions that business wealth should pay the zakat including in business activities which involves such as trade goods (or stock on trade), cash in hand or at bank, debt or credit extended to customers or others. regarding to zakat, abdulrahman’s study (2007) found that in case of zakat in the malaysia context, ifis should reports: 1. the amount of zakat due or paid; 2. the method of zakat measurement used; 3. the ruling of shariah supervisory board in matters to pertaining zakat; and 4. the obligation on zakat due from the subsidiaries, the equity investment account, and other investment account (in case of islamic banks). moreover, abdul rahman (2007) points out with regard to zakat practices that there is a lack of information provided to the users of the annual reports. regarding to zakat that aaoifi provides in fas no.9 that discussing issues in standard accounting treatment of zakat base and disclosure requirement.regarding to determination of zakat aaoifi fas no. 9. para.2 states that “the zakat base shall be determined by using 2.5% for a lunar calendar year and 2.5775% for a solar calendar year based on either of the following two methods: net assets, net invested funds”. moreover, zakat should be measured at cash equivalent value as recommend by aaoifi fas no.9. para. 5. however, abdulrahman (2007)asserts that aaoifi under fas no.9 did not provide the specific regarding to charge the net receivables. in addition, in terms of the treatment of zakat in financial statements fas no.9.para. 9 aaoifi: case in which the islamic bank is obligated to pay zakat: “in any of the following cases, zakat shall be treated as a (non-operating) expense of the islamic bank and shall be included in the determination of the income statement: (a). when the law requires the islamic bank to satisfy the zakat obligation. (b). when the islamic bank is required by its charter or by-law to satisfy the zakat obligation. (c). when the general assembly of shareholders has passed a resolution requiring the islamic bank to satisfy the zakat obligation. abdul rahman (2007) states that issues in fairness in zakat are very important such as providing justice to both zakat payer and zakat recipient respectively. wahab and abdul rahman (2011) indicate that due to distribution of zakat fund that there are many shortcomings that influence significantly payment to zakat institutions. therefore, islamic accountability on accounting is important as well as al-iqtishad: vol. vi no. 2, juli 2014 300 transparency in islamic financial institutions.additionally, abdul rahman (2007) indicates that in islamic perspective the preparation of financial information need to take consideration to zakat purpose. ifrs vs. aaoifi: the competition of accounting standards? abdul rahman (2012) argues that fully adopting international financial reporting standards (ifrs) issued by ifrs-iasb probably there will no specific standards for unique functions of islamic financial institutions2. this argument supports previous paper that ibrahim (2007) states that islamic financial institutions cannot fully comply with ifrs in their financial reporting because islamic financial institutions have some unique requirement. karim (2001) points out that there is increasing interest to provide the harmonization of accounting and financial reporting by banks. for instance, international accounting standards committee (iasc) to issue international accounting standard (ias), basle committee and united nation regarding to issues in transparency and comparability. in terms of banking regulation of islamic banks that karim (2001) argues that the implication of the unique characteristic of islamic banks seems that did not get higher support from the supervisory bodies in the countries in which islamic banks operated. for instance, due banking system, the system is same both islamic and conventional banks that there is no particular standard or regulation to apply to islamic banks (karim, 2001). with regard to ifrs that many countries as well as muslim countries in which islamic banks operated seem to be consistent to adopt the ifrs. for instance indonesia, malaysia use ifrs as a future core accounting standards. concerning to issues in ifrs vs. aaoifi,ibrahim (2007) claims that there are many issues relate to conflict in convergence with the global international reporting standards that may not appropriate with the spirit of global accounting standards convergence. additionally, ibrahim (2007) indicates that the issues currently move to seriously debate on convergence of accounting standards from harmonization to hegemonic tone of standardization. ibrahim argues that ifrs seems to be arrogant as ibrahim states “the preface to the recent international financial reporting standards which states that financial statements cannot state that they comply with international 2 this argument is taken from slides in class for subject islamic accounting and finance (acc 6810) on subtopic islamic accounting practice-accounting for islamic finance prepared by professor dr.abdul rahim abdul rahman in 2012, professor accounting at international islamic university malaysia (iium). jamaluddin majid: the critical aspect on fair value accounting 301 financial reporting standards unless they comply with all the applicable standards and not some of them. hence, ifrs permits no exceptions and is busherian in tone, “either you are with me or are against me!” in light this, aaoifi provides promulgate accounting, auditing and governance standards that there are 14 accounting standards as well as the statements which provide a conceptual framework that guides the preparation standards (karim, 2001). however, aaoifi’s standards seems tobe failin implementing in which islamic banks operated that there is lack of appreciation by agencies (karim, 2001). probably, many issues involved with regard to accounting standard-setting. karim (2001) indicates that the acceptance for aaoifi for worldwide may tend to challenge the adherence to iass to achieve international harmonization in financial reporting regardless of cultural differences that probably there is no collaborative productively among regulatory bodies. in terms of the growth of islamic finance that kpmc-audit firm (member of big 4) and the association of chartered certified accountants (acca) (2010) report for potential development of harmonizing financial reporting of islamic finance that the report provides possible approaches. the approaches as follows: 1. ifrsby default “ifrs could be used as the default reporting framework, although guidance based on existing islamic financial reporting models would need to be used to supplement the standards for those if transactions that do not fit simply into the framework”. 2. islamic accounting standards by default “alternatively, a set of globally recognized islamic accounting standards could be used by ifis. where possible these would be based on ifrs, but would include specific recognition, measurement, presentation and disclosure requirements relevant to islamic finance products and transactions”. to sum up, my personal opinion that probably, the collaboration productively among regulatory bodies is the best way to produce harmonizing financial reporting of islamic finance and implication to islamic financial institutions because the successfully of harmonizing islamic finance’s financial reporting needs supports from international bodies such as business organizations and professional organizations as well as governments that ifrs has been proved how to get international recognition. therefore, aaoifi may need to learn from ifrs’ experiences as accounting standards-setting. al-iqtishad: vol. vi no. 2, juli 2014 302 conclusion the paper indicates that fair value accounting measurement provides many critical aspects to be implemented to islamic financial institutions (ifis) that islamic bank do not provide interest on business transaction that considered as unique characteristics with profit loss sharing schemes. additionally, aaoifi proposed cash equivalent value as respond to fair value measurement that cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information. regarding to aaoifi’s standards that karim (2001) argues aaoifi’s standards seems to be fail in implementing in which islamic banks operated that there is lack of appreciation by agencies. therefore, abdul rahman (2012) argues that fully adopting international financial reporting standards (ifrs) issued by ifrs-iasb probably there will no specific standards for unique functions of islamic financial institutions. in addition, the paper may be recommended to work together among muslim countries to unity the potential harmonizing one set accounting standards for islamic financial 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pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi: studi di ajb bumiputera 1912 divisi syariah salamudin1 abstract. the influence of promotion cost to the increasing of number participants: study at ajb bumiputera 1912 shariah division. the purpose of this study was to analyze the effect of promotion costs to increase in the number of insurance participants. the analysis technique used is linear regression. the results indicate that there are significant show promotion costs to increase in the number of participants who use the benefits of insurance products iqro partner 'of ajb bumiputera 1912 division sharia. in promotional activities the joint life insurance company (ajb) bumiputera 1912 sharia to attract people is through media advertising and sales activities of the agent, of all existing forms of promotion joint life insurance company (ajb) prefers sharia bumiputera 1912 even most promotional activities performed by private sale (personal selling) because it is considered more effective way to increase the amount of insurance participants. keywords: promotion cost, insurance customer, linier regression abstrak. pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi: studi di ajb bumiputera 1912 divisi syariah. tujuan dari penelitian ini ialah untuk menganalisis pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi. teknik analisis yang dipergunakan ialah regresi linier. hasil yang didapat menunjukkan menunjukan bahwa terdapat pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi yang menggunakan manfaat produk mitra iqro' dari ajb bumiputera 1912 divisi syariah. dalam kegiatan promosi perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah untuk menarik minat masyarakat adalah melalui media periklanan dan kegiatan penjualan para agen, dari semua bentuk promosi yang ada perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah lebih mengutamakan bahkan sebagian besar kegiatan promosi dilakukan oleh penjualan pribadi (personal selling) karena cara ini dipandang lebih efektif dalam meningkatkan jumlah peserta asuransi. kata kunci: biaya promosi, peserta asuransi, regresi linier 1 naskah diterima: 12 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 home credit, graha paramita, jl. denpasar raya blok d2, jakarta. email:salam_lagi@yahoo.com 105 pendahuluan asuransi syariah telah hadir di indonesia ditandai dengan berdirinya asuransi takaful umum pada 1994. asuransi syariah memiliki dua jenis asuransi yaitu asuransi jiwa syariah dan asuransi umum syariah. kedua jenis produk asuransi tersebut memiliki produk yang beraneka ragam. dalam pengelolaannya, perusahaan asuransi syariah bertindak sebagai pengelola yang harus bersifat amanah dan cerdas supaya hasil yang diperoleh menguntungkan bagi semua pihak. dana dari peserta asuransi dikelola dengan hati-hati dan cermat agar dapat memenuhi kebutuhan asuransi sesama peserta yang mengalami musibah dan hasil investasi yang optimal. dasar hukum yang berkaitan dengan asuransi syariah yaitu fatwa majelis ulama indonesia. majelis ulama indonesia telah mengeluarkan fatwa untuk dijadikan pedoman umum bagi perusahaan asuransi syariah di indonesia yang tertuang dalam himpunan fatwa dewan syariah nasional mui edisi revisi tahun 2006 no. 21 /dsn-mui/x/2001 tentang pedoman umum asuransi syariah. dari tahun ke tahun bisnis asuransi syariah semakin diminati. sejak adanya keputusan menteri keuangan republik indonesia nomor 426/kmk.06/2003 tentang perjanjian usaha dan kelembagaan perusahaan asuransi dan perusahaan reasuransi. peraturan ini yang dapat dijadikan dasar oleh perusahaan asuransi konvensional untuk mendirikan perusahaan asuransi syariah. sebagaimana ketentuan dalam pasal 3 yang menyebutkan bahwa "setiap pihak dapat melakukan usaha asuransi atau usaha reasuransi berdasarkan prinsip syariah" dalam perkembangannya asuransi syariah menghadapi kendala, seperti banyaknya pesaing dari sesama perusahaan asuransi syariah dan bank syariah yang menyediakan produk asuransi. masyarakat muslim sendiri banyak yang belum mengetahui apa itu asuransi syariah dan asuransi syariah belum dianggap menjadi sebuah kebutuhan untuk mengelola resiko yang akan terjadi di masa yang akan datang. hal ini sudah menjadi pekerjaan rumah dan ini sebagai tantangan yang harus dihadapi dan dipecahkan bagi industri asuransi syariah dalam usaha meningkatkan pendapatan jumlah nasabah. para pengusaha juga dituntut tidak hanya menguasai dalam membuat produk tetapi juga dituntut untuk menyusun strategi yang baik untuk bisa mengomunikasikan produknya sehingga bisa dikenal oleh masyarakat dan bisa mencapai target yang direncanakan. promosi adalah salah satu cara yang dapat digunakan untuk dapat memperkenalkan perusahaan, produk dan jasa asuransi syariah kepada masyarakat umum. dengan promosi masyarakat dapat mengetahui dan memiliki 106 minat untuk membeli manfaat dari produk yang ditawarkan oleh perusahaan. promosi adalah kegiatan yang ditujukan untuk mempengaruhi konsumen agar mereka mengenal produk atau jasa yang ditawarkan oleh suatu perusahaan kepada masyarakat. dalam teorinya pemasaran mempunyai empat prinsip dasar yang dikenal dengan sebutan marketing mix atau 4p, yang terdiri dari price, product, place, promotion. salah satu strategi pemasaran yang efektif yang harus dijalankan oleh perusahaan asuransi adalah strategi promosi. promosi adalah mengembangkan dan menyebarluaskan komunikasi persuasif berkenaan dengan suatu penawaran. begitu pula yang dilakukan oleh perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah, perusahaan harus bisa menentukan media apa yang cocok dan efektif sebagai alat untuk promosi serta dituntut harus cermat dalam menentukan berapa besaran biaya yang harus dikeluarkan untuk promosi, sehingga masyarakat tertarik unuk menggunakan manfaat dari salah satu produk perusahaan, salah satunya adalah produk asuransi mitra iqro'. berdasarkan data yang didapat dari ajb bumiputera syariah pada data biaya promosi dan jumlah nasabah terdapat sesuatu yang menarik. pada teorinya jika biaya promosi naik maka jumlah nasabah akan naik, dan sebaliknya apabila biaya promosi turun maka jumlah nasabah akan mengalami penurunan. tetapi terdapat periode dimana biaya promosi turun namun jumlah peserta asuransi meningkat, atau sebaliknya. atas dasar permasalahan diatas maka penulis tertarik untuk melakukan penelitian tentang pengaruh biaya promosi terhadap jumlah peserta asuransi tinjauan pustaka setiap perusahaan berusaha mempromosikan seluruh produk dan jasa yang dimiliki baik langsung maupun tidak langsung, karena tanpa promosi jangan diharapkan nasabah dapat mengenal produk dan jasa perusahaan tersebut. promosi merupakan arus informasi satu arah yang dibuat untuk mengarahkan seseorang atau organisasi kepada tindakan yang menciptakan pertukaran dalam pemasaran (swastha, 1999). promosi adalah sarana paling ampuh dalam menarik dan mempertahankan pemasaran modern, tidak hanya memerlukan pengembangan produk atau jasa yang baik, penetapan harga atau setiap tarif jasa yang menarik serta lancarnya arus barang atau jasa menuju pelanggan harus menjadi prioritas utama. promosi merupakan salah satu faktor penentu keberhasilan suatu program pemasaran. walaupun kualitas suatu produk sangat baik, hila konsumen belum pernah mendengar dan tidak yakin kalau produk itu akan berguna bagi mereka, maka mereka tidak akan pernah membelinya (tjiptono, 1997). 107 kotler mendefinisikan promosi "semua kegiatan yang dilakukan perusahaan untuk mengomunikasikan dan mempromosikan produknya kepada pasar sasaran” (suryadi, 2006). promosi juga merupakan semua jenis kegiatan pemasaran yang ditujukan untuk mendorong permintaan. promosi adalah pengomunikasian informasi antara penjual dan pembeli potensial atau pihak-pihak lainnya dalarn saluran distribusi guna mempengaruhi sikap dan prilakunya (simamora, 2000). promosi merupakan salah satu variabel dalam bauran pemasaran yang sangat penting dilaksanakan oleh perusahaan dalam memasarkan produk dan jasa. kegiatan promosi bukan saja berfungsi sebagai alat komunikasi antara perusahaan dengan konsumen, melainkan juga sebagai alat untuk mempengaruhi konsumen dalam kegiatan pembelian atau penggunaan jasa sesuai dengan keinginan dan kebutuhannya. hal ini dilakukan dengan menggunakan alat promosi. perangkat promosi yang dikenal mencakup aktivitas periklanan (advertising), penjualan pribadi (personal selling), promosi penjualan (sales promotion), hubungan masyarakat (public relation). periklanan juga merupakan salah satu bentuk dari komunikasi impersonal (impersonal comunication) yang digunakan oleh perusahaan baik jasa atau barang. peranan periklanan dalam pemasaran jasa adalah untuk membangun kesadaran (awareness) terhadap keberadaan jasa yang ditawarkan, untuk menambah pengetahuan komsumen tentang jasa yang ditawarkan, untuk membujuk calon customer, membeli atau menggunakan jasa tersebut, dan untuk membedakan diri perusahaan satu dengan perusahaan lainnya. pada dasarnya tujuan pengiklanan adalah komunikasi yang efektif dalam rangka mengubah sikap dan prilaku konsumen. pada bisnis jasa perasuransian misalnya, sasaran pengiklanan adalah memperkenalkan produk baru perusahaan asuransi syariah, menarik kelompok pengguna jasa baru, membangun atau memperbaiki citra perusahaan dan menjelaskan keadaan perusahaan secara umum. untuk itu ada beberapa pilihan media yang dapat digunakan untuk melakukan pengiklanan, antara lain melalui: surat kabar, majalah, radio, televisi, papan reklame (outdoor advertising), internet dan jenis media perilanan lainya promosi penjualan adalah intensif yang cepat atau lambat menggerakan orang untuk membeli atau mendapatkan, umumnya dalam jangka pendek, baik dalam bentuk uang maupun barang, sebuah produk atau jasa. rencana promosi penjualan digunakan oleh bermacam-macam organisasi termasuk pabrik, distribusi, pengecer dan asosiasi perdagangan. promosi penjualan dapat diarahkan pada tiga golongan utama: pelanggan, dunia perdagangan dan pegawai, setiap golongan mempunyai intensif promosi sendiri 108 untuk membangkitkan tanggapan dan tindakan. masing-masing harus dirancang khusus untuk memastikan bahwa investasi uang, manajemen dan sumber lain menghasilkan usaha ekstern yang mendatangkan laba. dalam dunia penjualan pribadi secara umum dilakukan oleh seluruh pegawai perusahaan, mulai dari cleaning service, satpam, sampai dengan pejabat perusahaan. secara khusus kegiatan penjualan pribadi (personal selling) dapat diwakili oleh account officer dan financial advisor. namun personal selling juga dapat dilakukan dengan merekrut tenaga-tenaga wiraniaga (salesman atau sales girl) untuk melakukan penjualan door to door. hubungan masyarakat yaitu membina hubungan baik dengan berbagai kelompok masyarakat yang berhubungan dengan perusahaan melalui publisitas yang mendukung, membina citra perusahaan yang baik, dan menangani atau menangkal desas-desus, cerita, dan peristiwa yang dapat merugikan perusahaan. dasar yang lebih sehat untuk menetapkan anggaran biaya promosi adalah menetapkan tugas-tugas apa yang harus dilaksanakan dalam program promosi dan kemudian menetapkan berapa biaya promosinya. berbagai variasi dari metode ini digunakan sekarang. metode tugas memaksa untuk menggambarkan realitis tujuan program promosi dan penyediaan dana promosi dibangun dengan menjumlah biaya tugas-tugas promosi satu persatu, yang diperlukan untuk melaksanakan tujuan memasuki daerah pemasaran baru. setelah menentukan alat promosi apa yang akan digunakan dan melaksanakan rencana promosi, perusahaan harus mengukur dampaknya pada target audience, apakah mereka mengenal atau mengingat pesan-pesan yang telah diberikan. berapa kali melihat pesan tersebut, apa saja yang masih diingat dan bagaimana sikap mereka terhadap produk atau jasa tersebut. penjualan dapat dianggarkan dengan menganalisis produk, wilayah, pelanggan dan tentu saja pola musiman perkiraan penjualan. anggaran harus dikompilasi oleh manajer penjualan. ia akan meminta pendapat para wiraniaga dan menggunakan teknik perarnalan statistik dalam riset pemasaran. misalnya setelah perusahaan melakukan riset pasaran dan perusahaan telah menentukan media apa saja media yang cocok dan efektif untuk promosi, ternyata pada bulan juli media promosi yang efektif dan cocok yang harus digunakan adalah tv, surat kabar dan personal selling. dari data tersebut, barulah perusahaan menentukan anggaran biaya promosi sesuai dengan kebutukan media promosi tersebut. mengingat manajemen penjualan merupakan fungsi yang terpenting dalam menentukan strategi pemasaran, penting sekali bagi seorang manajer penjualan untuk sedikit menyadari taktik pemasaran lain, sehingga ia dapat berkontribusi dan 109 mengarnbil manfaat dari berbagai taktik itu. dalam hal ini salah satunya adalah bagian promosi. manajer penjualan harus menginteraksikan kegiatannya dengan upaya pemasaran yang lain, dengan demikian biaya pemasaran dimaksimalkan semaksimal muangkin sehingga akan menghasilkan pendapatan peserta asuransi yang maksimal. pada prinsipnya dalam islam mempromosikan suatu barang diperbolehkan. hanya saja dalam promosi tersebut mengedepankan faktor kejujuran dan menjauhi penipuan. konsep promosi yang digunakan oleh rasulullah saw. ketika menjual, beliau tidak pernah melebih-lebihkan produk dengan maksud untuk memikat pembeli. rasulullah saw. menyatakan dengan tegas bahwa seorang penjual harus menjauhi diri dari sumpah-sumpah yang berlebihan dalam menjual suatu barang. rasulullah saw pun tidak pernah melakukan sumpah untuk melariskan dangangannya. sumpah yang berlebihan dalam promosi telah sejak dulu dianjurkan untuk dijauhi. metode penelitian ini merupakan jenis penelitian kuantitatif, yakni penelitian yang berupaya menarik faktor-faktor dan informasi-informasi yang ditemui secara angka dengan melihat inti objek penelitian berdasarkan tingkat homogenitas yang terungkap dalam data lapangan yang didapat secara akurat, tepat, dimana teknik yang akan digunakan adalah analisis regresi linier sederhana. dalam penelitian ini menggunakan analisa kualitatif deskriptif yang bertujuan untuk mengolah dan menafsirkan data yang diperoleh berdasarkan temuan di lapangan, sehingga dapat memberikan gambaran mengenai keadaan yang diteliti dan menjelaskan gambaran mengenai efektifitas kegiatan promosi yang dilaksanakan oleh perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah dalam meningkatkan jumlah peserta asuransi. dalam penelitian ini juga menggunakan metode analaisa kuantitatif statistik yang merupakan metode analisa data yang dilakukan untuk menjelaskan metode analisa regresi sederhana tentang pengaruh besaran biaya promosi terhadap peningkatan jumlah peserta asuransi. alasan menggunakan regresi linier sederhana adalah untuk mendapatkan tingkat akurasi dan untuk mengetahui apakah terdapat pengaruh yang signifikan. analisa regresi linier adalah hubungan secara linier antara satu variabel independent (xt) yaitu biaya promosi dengan variabel dependen (yt) yaitu jumlah peserta asuransi. analisis ini bertujuan untuk memprediksi nilai dari variabel dependent apabila nilai veriabel independent mengalami kenaikan atau penurunan, dan untuk mengetahui arah hubungan antara variabel dependen terhadap variabel independent apakah positif atau negatif. 110 suatu perhitungan statistik disebut signifikan secara statistik apabila nilai uji statistiknya berada dalam daerah kritis (daerah dimana ho ditolak). sebaliknya, disebut tidak signifikan bila nilai uji statistiknya berada dalam daerah dimana ho diterima. dalam penelitian analisis regresi ini terdapat tiga jenis kriteria pengujian yaitu: uji koefisien determinasi, uji t, dan uji f. pembahasan perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah setiap bulannya telah menganggarkan biaya untuk promosi, hal ini dilakukan ole perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah guna menunjukan keberadaan dan konsistensi perusahaan kepada masyarakat bahwa perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah adalah salah satu asuransi syariah yang kompeten dan patut diperhitungkan oleh masyarakat. promosi harus dilakukan secara benar guna tercapainya tujuan yang telah direncanakan. jika promosi yang dilakukan tidak tepat maka hal itu hanya mengeluarkan biaya yang besar tetapi tidak mendapatkan hasil yang maksimal. untuk itu maka penerapannya harus benar-benar direncanakan serta dikelola sedemikian rupa guna mencapai target yang diharapkan. jumlah dana yang tersedia merupakan faktor penting yang mempengaruhi promotion mix, perusahaan yang memiliki anggaran biaya yang lebih besar dan konsisten untuk promosi, kegiatan promosinya akan lebih efektif. dari variabel-variabel promotion mix yang ada, promosi melalui personal selling yang menjadi prioritas utama dalam kegiatan promosi yang dilakukan oleh perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah. pelaksanaan suatu kegiatan promosi memerlukan anggaran atau dana yang m emadai. begitu juga dengan yang dilakukan perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah, untuk melaksanakan kegiatan promosinya tidak terlepas dari anggaran yang dikeluarkan perbulan agar promosi tersebut dapat berjalan dengan lancar dan sesuai rencana sehingga mempero1eh hasil yang maksimal. untuk biaya promosi pada perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah sudah ada anggaran khusus setiap bulannya yang diarnbil dari dana operasional perusahaan. jumlah biaya promosi yang dikeluarkan oleh perusahaan asuransi bumiputera 1912 syariah sangat fluktuatif. data biaya promosi dimulai dari bulan januari 2009 sampai bulan september 2011. perkembangan biaya promosi perusahaan asuransi bumiputera 1912 syariah dari bulan januari 2009 hingga bulan september 2011 terlihat adanya peningkatan dan penurunan. grafik menunjukan bahwa pada bulan agustus dan november 2009 perusahaan asuransi bumiputera 1912 syariah mengalami penurunan biaya promosi sangat drastis sebesar -64% sampai -81%. untuk bulan januari 2010 sampai bulan september 2011 terlihat bahwa perkembangan 111 perusahaan asuransi bumiputera 1912 syariah melaju pesat dengan semakin meningkatnya angka pengeluaran biaya promosi setiap bulannya, pengeluaran biaya promosi terbesar terjadi pada bulan maret 2011 dan bulan september 2011 yaitu 768,3% dan 281%. jumlah kenaikan dan penurunan peserta asuransi di perusahaan asuransi bumiputera 1912 syariah yang menggunakan manfaat produk mitra iqro' pada periode januari 2009 sampai september 2011 juga mengalami fluktuatif. di bulan pertama yaitu januari 2009 jumlah peserta yang diperoleh sebesar 1.336 orang. pada bulan januari 2009 sampai bulan mei 2010 mengalami stabilitas perolehan jumlah peserta asuransi, namun pada kurun waktu itu juga perusahaan asuransi bumiputera 1912 syariah memperoleh peserta paling sedikit yaitu hanya 1028 orang. walaupun pada bulan mei 2010 sampai september 2011 perusahaan asuransi bumiputera 1912 syariah mengalami mengalami fluktuasi perolehan jumlah peserta asuransi peningkatan jumlah peserta asuransi yang menggunakan manfaat produk mitra iqro' secara signifikan terjadi pada bulan juni 2010 yaitu sebanyak 4960 dan bulan september 2011 yaitu sebanyak 5.938 orang. dan perolehan jumlah peserta asuransi yang paling banyak terjadi pada bulan september 2011 yaitu sebesar 5.938 orang atau 417,2%. nilai koefisien regresi (xt) biaya promosi sebesar 2.522, menyatakan bahwa setiap penambahan (karena tanda positif +) sebesar 1 juta rupiah untuk promosi maka akan meningkatkan jumlah peserta asuransi sebesar 2,522. artinya terjadi hubungan yang positif antara biaya promosi dengan jumlah peserta asuransi, semakin meningkat jumlah biaya promosi yang dikeluarkan maka akan semakin meningkatkan jumlah peserta asuransi. dan sebaliknya apabila setiap pengurangan (karena tanda negatif) sebesar 1 juta rupiah untuk promosi maka jumlah peserta asuransi akan mengalami penurunan sebesar -2,522. artinya terjadi hubungan yang negatif antara biaya promosi dengan jumlah peserta asuransi, apabila biaya untuk promosi mengalami penurunan maka jumlah peserta akan ikut mengalami penurunan. dapat diketahui bahwa nilai r sebesar 0,896 menunjukan bahwa korelasi antara jumlah peserta asuransi dengan variabel independen yaitu biaya promosi mempunyai hubungan yang sangat kuat. artinya jika variabel independent biaya promosi ditingkatkan, maka jumlah peserta asuransi akan ikut meningkat. nilai adjusted r square atau koefisien determinasi yang disesuaikan sebesar 0,797 adalah sebuah statistik yang berusaha untuk mengoreksi koefisien determinasi untuk mendekati ketepatan model dalam populasi. pada penelitian ini dapat disimpulkan bahwa variabel independent (biaya promosi) mampu menjelaskan variabel dependen (peserta asuransi) 112 sebesar 79,7% sedangkan sisanya 20,3% dijelaskan oleh faktor lain di luar regresi ini. terlihat bahwa thitung untuk variabel biaya promosi (xt) adalah 11.624 oleh karena thitung > ttabel (11.264>2.037), maka ho ditolak, sehingga dapat disimpulkan bahwa biaya promosi berpengaruh terhadap peningkatan jumlah peserta asuransi. berdasarkan hasil perhitungan didapat fhitung sebesar 126.879 dengan tingkat signifikansi atau tingkat keyakinan 95%, a=5%, df 1(dengan variabel-1) dan df 2 (n-k-1 ) atau 33-1-1=31, didapat nilai f tabel=4.160. karena nilai f hitung lebih besar dari f tabel (126.879>4.160) maka ho ditolak dan ha diterima, ini menunjukan bahwa secara bersama-sama variabel independen (biaya promosi) berpengaruh terhadap variabel dependen yaitu jumlah peserta asuransi dalam teori ekonomi,permintaan adalah keinginan konsumen dalarn membeli suatu barang atau jasa pada berbagai tingkat harga selama priode waktu tertentu. faktor-faktor yang harus diperharikan antara lain adalah harga barang itu sendiri, harga barang lain atau saingan, selera atau kebiasaan, perkiraan harga dimasa mendatang, distribusi pendapatan atau usaha produsen meningkatkan penjualan (promosi). fungsi permintaan adalah permintaan yang dinyatakan dengan hubungan matematis dengan faktor yang mempengaruhinya. perubahan permintaan terjadi karena dua faktor yaitu: perubahan harga dan perubahan faktor non harga, misalnya pendapatan, selera, usaha produsen dan sebagainya. dapat dinyatakan: perbandingan lurus antara permintaan terhadap harga yaitu apabila permintaan naik, maka harga relatif akan naik, dan sebaliknya hila permintaan turun, maka relatif harga akan turun. perbandingan lurus juga terjadi pada hasil penelitian yang penulis lakukan yaitu perbandingan lurus antara biaya yang dikeluarkan untuk promosi terhadap peningkatan jumlah peserta asuransi, apabila biaya promosi mengalami kenaikan maka jumlah peserta asuransi akan relatif bertambah, dan sebaliknya apabila biaya promosi mengalami penurunan maka peserta asuransi juga relatif akan mengalami penurunan. artinya terdapat adanya pengaruh yang signifikan antara besaran biaya promosi dengan pendapatan jumlah peserta asuransi. dapat diinterprestasikan bahwa salah satu faktor yang berpengaruh terhadap peningkatan jumlah peserta asuransi adalah jumlah besaran biaya promosi. dalam hal ini dapat dilihat bahwa besar dan kecilnya biaya promosi dapat mempengaruhi jumlah peserta asuransi. 113 simpulan kegiatan promosi perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah secara umum dilakukan oleh seluruh pegawai perusahaan, mulai dari cleaning service, satpam, sampai dengan pejabat perusahaan. secara khusus dan sebagian besar kegiatan promosi menggunakan jasa penjualan pribadi (personal selling) atau agen. bentuk promosi melalui personal selling lebih diutamakan karena sebagai tuntutan pasar indonesia dan dipandang lebih efektif, maksudnya langsung tepat sasaran serta mudah dikenal oleh masyarakat. dengan menggunakan bentuk promosi seperti ini agen dapat langsung bertatap muka dengan nasabah atau calon nasabah, sehingga dapat langsung menjelaskan tentang produk perusahaan kepada nasabah secara terperinci dan memahami dengan benar kebutuhan pembeli. media yang paling efektif untuk bisnis asuransi adalah penjualan pribadi yang dilakukan oleh agen. media periklanan yang digunakan perusahaan asuransi jiwa bersarna (ajb) bumiputera 1912 syariah adalah media massa, separti televisi. perusahaan dalarn menyusun strategi promosinya menetapkan bahwa iklan tidak menjadi prioritas utama dalam promosi. dari hasil wawancara dengan bapak syafwan selaku staf akutansi di perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah mengungkapkan bahwa hal itu karena untuk produk jasa seperti asuransi merupakan barang atau jasa yang belum menjadi kebutuhan dan kurang dicari oleh orang, iklan bukan cara yang efektif untuk mempromosikan jasa tersebut. asuransi jiwa bersama (ajb) bumiputera 1912 syariah memilih iklan sebagai salah satu dari sebagian kecil alat promosinya dengan maksud agar perusahaan dapat menginformasikan produkproduk yang ditawarkan kepada masyarakat luas. penggunaan majalah sebagai media periklanan juga dimanfaatkan oleh perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah. pada umumnya majalah memiliki segmen pembaca yang berasal dari kelas menengah ke atas. latar belakang para pembaca tersebut umumnya adalah kalangan profesi, bisnis dan politik. dengan melihat jatar belakang para pembaca diharapkan media ini dapat meningkatkan penjualan produk produk perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah. media elektronik (internet). iklan luar ruangan (papan nama perusabaan, spanduk). publisitas : koran, payung, kaos, kalender dan lain lain. distribusi yang digunakan oleh perusahaan perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah adalah distribusi secara langsung biasa dari pihak perusahaan yaitu agen atau supervisor (unit manajer) mendatangi calon nasabah yang akan diprospek. kegiatan promosi yang dilakukan perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah belum secara mandiri dan besar-besaran 114 (masih menginduk dengan kantor pusat konvesional). dalam kegiatan promosi perusahaau asuransi jiwa bersama (ajb) bumiputera 1912 syariah untuk menarik minat masyarakat adalah melalui media periklauan dan kegiatan penjualan para agen, dari semua bentuk promosi yang ada perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah lebih mengutamakan bahkan sebagian besar kegiatan promosi dilakukan oleh penjualan pribadi (personal selling) karena cara ini dipandang lebih efektif dalam meningkatkan jumlah peserta asuransi. berdasarkan hasil analisa statistik nilai r menunjukan hubungan biaya promosi dengan peningkatan jumlah peserta asuransi yang menggunakan manfaat produk mitra iqro' bahwa adanya hubungan yang sangat kuat dan positif. ini dapat dibuktikan dari nilai koefisien korelasi (r) 0,896 yang diperkuat dengan nilai adjusted r square atau koefisien determinasi yang disesuaikan sebesar 0,797 atau menunjukan angka 79,7% artinya variansi jumlah peserta asuransi dipengaruhi oleh variabel biaya promosi, sedangkan sisanya 20,3% dipengaruhi oleh faktor lain yang tidak dijelaskan dalam variabel penelitian ini. berdasarkan pengujian hipotesis koefisien regresi didapat nilai thitung 11.264 lebih besar dari nilai t tabel yaitu 2.037 artinya ho ditolak, berarti perubahan variabel (xt) yaitu biaya promosi mempengaruhi perubahan variabel (yt) yaitu jumlah peserta asuransi, berarti ada pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi. nilai probabilitas pada kolom sig adalah 0,000 atau probabilitas dibawah 0,05 (0,000<0,05) dengan demikian ho ditolak, yang artinya biaya promosi berpengaruh secara signifikan terhadap peningkatan jumlah peserta asuransi. artinya apabila biaya promosi bertambah maka pendapatan jumlah peserta asuransi akan ikut bertambah. dan sebaliknya apabila biaya promosi mengalami penurunan maka jumlah peserta asuransi juga akan mengalami penurunan. pustaka acuan al-arif, m. n. r. 2 0 1 0 . dasar-dasar 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skripsi. yogyakarta: andi stanton, w. j. 1993. prinsip-prinsip pemasaran. jakarta: erlangga sudibyo, h, dkk. 2007. strategi handal dan jitu praktik bisnis nabi muhammad saw. bandung: madania prima susanto, ab dan p. kotler. 2 0 0 1 . manajemen pemasaran di indonesia. jilid 2. jakarta: salemba empat suryadi, d. 2006. promosi efektif menggugah minat dan loyalitas pelanggan. yogyakarta: tugu publiser swukotjo, ibnu dan b. swasta. 1998. azas-azas marketing. yogyakarta:erlangga sula, m. s. 2004. asuransi syariah (life and general) konsep dan sistem operasional. jakarta: gema insani press simamora, h. 2000. manajemen pemasaran internasional. jakarta: salemba empat tjiptono, f. 1997. strategi pemasaran. yogyakarta: andi press umar, h. 2004. metode penelitian untuk skripsi dan tesis bisnis. jakarta: pt rajagrafindo persada 116 etika bisnis islam: konsep dan implementasi pada pelaku usaha kecil fitri amalia1 abstract. islamic business ethics: concept and implementation on medium small enterprise. this study is aimed at determining how the concept and application of islamic business ethics for small businesses (smes). the purpose of this study is to determine how the concept of islamic business ethics and how its implementation for smes in which the results of this study might be used as a resume of a framework or model for other entrepreneurs. research conducted in the form of descriptive literature and resume using the results of previous research. the results showed that kampoeng creative, bazar medina and smes in the environment of uin jakarta has implemented a business ethics of islam, both by employers and employees. in conducting its business and activities, entrepreneurs have to understand and implement the principles or values based on islam values acoming from the qur'an and hadith. the implementation of islamic business ethics comprises four aspects : principles, management, marketing/advertising and product / price. keywords : islamic business ethics, small business, descriptive analysis abstrak. etika bisnis islam: konsep dan implementasi pada pelaku usaha kecil. penelitian ini bertujuan mengetahui bagaimana konsep dan penerapan etika bisnis islam bagi pelaku usaha kecil. tujuan dari penelitian ini adalah untuk mengetahui bagaimana konsep etika bisnis islam serta bagaimana implementasinya bagi para pelaku usaha kecil sehingga nantinya diharapkan hasil resume penelitian ini dapat dijadikan sebuah framework atau model bagi para pelaku usaha lainnya. penelitian yang dilakukan berupa deskriptif menggunakan studi literatur serta meresume hasil riset sebelumnya.hasilnya menunjukkan bahwa kampoeng kreati, bazar madinah dan usaha kecil di lingkungan uin jakarta telah menerapkan etika bisnis islam, baik oleh pengusaha maupun karyawannya. dalam menjalankan usaha dan kegiatan, para pelaku usaha telah memahami dan mengimplementasikan prinsip atau nilai-nilai islam dengan berlandaskan pada al qur’an dan hadits. implementasi etika bisnis islam ini meliputi empat aspek: prinsip, manajemen, marketing/iklan dan produk/harga. kata kunci: etikabisnis islam, usaha kecil, analisis deskriptif 1naskah diterima: 10 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 feb uin syarifhidayatullah jakarta, jl. ir. h. juanda no. 95, ciputat, tangerang selatan. email: v3amalia@gmail.com 117 pendahuluan perkembangan ilmu ekonomi dewasa ini semakin marak dengan penerapan system perekonomian yang berbeda pada setiap negara. pada pelaksanaan dan penerapan perekonomian ini hendaknya memberikan tanggung jawab dan kewajiban yang seimbang pada kelestarian dan kesetaraan seluruh manusia. penerapan etika dalam pelaksanaan perekonomian pun dirasakan perlu lebih ditingkatkan. ini didasarkan pada kenyataan bahwa sejak awal tahun 1980’an, etika bisnis memasuki wacana amerika serikat sebelum akhirnya meluas ke seluruh dunia. bisnis dipengaruhi bukan hanya oleh situasi dan kondisi ekonomi semata, namun juga oleh perubahan-perubahan sosial, politik, ekonomi dan teknologi serta pergeseran-pergeseran sikap dan cara pandang para stakeholdersnya. bahkan jika tujuan bisnis dipandang secara sempit, yakni sebagai maksimalisasi nilai (ekonomis) bagi pemiliknya, bisnis harus tetap mempertimbang akan segala sesuatu yang mempengaruhi pencapaian tujuan terbatas tersebut. islam tidak membiarkan begitu saja seseorang bekerja sesuka hati untuk mencapai tujuan dan keinginannya dengan menghalalkan segala cara seperti melakukan penipuan, kecurangan, sumpah palsu, riba, menyuap dan perbuatan batil lainnya. tetapi dalam islam diberikan suatu batasan atau garis pemisah antara yang boleh dan yang tidak boleh, yang benar dan salah serta yang halal dan yang haram. batasan atau garis pemisah inilah yang dikenal dengan istilah etika. prilaku dalam berbisnis atau berdagang juga tidak luput dari adanya nilai moral atau nilai etika bisnis. penting bagi para pelaku bisnis untuk mengintegrasikan dimensi moral ke dalam kerangka/ ruang lingkup bisnis. bersama dengan semakin besarnya kesadaran etika dalam berbisnis, orang mulai menekankan pentingnya keterkaitan faktor-faktor etika dalam bisnis. sesungguhnya dalam hal seluruh pelaksanaan kehidupan telah di atur dalam pandangan ajaran agama islam untuk mengatur seluruh kehidupan manusia termasuk dalam kaitannya pelaksanaan perekonomian dan bisnis. dalam ajaran islam memberikan kewajiban bagi setiap muslim untuk berusaha semaksimal mungkin untuk melaksanakan syariah (aturan). islam di segala aspek kehidupan termasuk di dalamnya aturan bermuamalah (usaha dan bisnis) yang merupakan jalan dalam rangka mencari kehidupan. pada hakikatnya tujuan penerapan aturan (syariah) dalam ajaran islam di bidang muamalah tersebut khususnya perilaku bisnis adalah agar terciptanya pendapatan (rizki) yang berkah dan mulia, sehingga akan mewujudkan pembangunan manusia yang berkeadilan dan stabilisasi untuk mencapai pemenuhan kebutuhan, kesempatan kerja penuh dan distribusi pendapatan yang merata tanpa harus mengalami ketidakseimbangan yang berkepanjangan di masyarakat penerapan etika bisnis islam tersebut juga harus mampu dilaksanakan dalam setiap aspek perekonomian termasuk dalam penyelenggaraan produksi, konsumsi maupun distribusi. hal inilah yang sudah dilakukan pada beberapa pelaku usaha kecil dengan menerapkan etika bisnis islam dalam kegiatan mereka. penelitian ini merupakan suatu resume dari hasil penelitian yang penah dilakukan sebelumnya sehingga nantinya konsep etika bisnis islam ini dapat menjadi sebuah frameworkbagi pelaku usaha lainnya. 118 tinjauan pustaka etika berasal dari bahasa yunani yang berarti karakter, kebiasaan atau sekumpulan perilaku moral yang diterima secara luas. menurut solomon (1984) yang dikutip dalam abdul jalil (2010), etimologi dari etika menunjukkan dasar karakter individu untuk melakukan hal-hal yang baik, aturan sosial yang membatasi seseorang atas sesuatu yang benar atau yang salah yang dikenal juga dengan istilah moralitas. etika adalah bagian dari filsafat yang membahas secara rasional dan kritis tentang nilai, norma atau moralitas. terminologi yang paling dekat dengan pengertian etika dalam islam disebut sebagai akhlak (bentuk jama’nya khuluq). menurut k. bertens (2000) dalam buku etika, merumuskan pengertian etika kepada tiga pengertian juga. pertama, etika digunakan dalam pengertian nilai-niai dan norma-norma moral yang menjadi pegangan bagi seseorang atau suatu kelompok dalam mengatur tingkah lakunya. kedua, etika dalam pengertian kumpulan asas atau nilai-nilai moral atau kode etik. ketiga, etika sebagai ilmu tentang baik dan buruk. rafik issak beekum (2004) mengatakan etika adalah bidang ilmu yang bersifat normatif karena ia berperan menentukan apa yang harus dilakukan atau tidak boleh dilakukan oleh seorang individu. etika bisnis merupakan prinsip-prinsip moral atau aturan tingkah laku atau kaidah-kaidah etik yang dianut dalam berbisnis (dochak latief, 2006). menurut ernawan (2007) yang dikutip dalam ernani (2009), etika bisnis adalah aturan main prinsip dalam organisasi yang menjadi pedoman membuat keputusan dan tingkah laku etika bisnis dalam islam adalah sejumlah perilaku etis bisnis (akhlaq al islamiyah) yang dibungkus dengan nilai-nilai syariah yang mengedepankan halal dan haram. jadi perilaku yang etis itu ialah perilaku yang mengikuti perintah allah dan menjauhi larangnya. dalam islam etika bisnis ini sudah banyak dibahas dalam berbagai literatur dan sumber utamanya adalah al-quran dan sunnaturrasul. pelaku-pelaku bisnis diharapkan bertindak secara etis dalam berbagai aktivitasnya. kepercayaan, keadilan dan kejujuran adalah elemen pokok dalam mencapai suksesnya suatu bisnis di kemudian hari. bisnis dipengaruhi bukan hanya oleh situasi dan kondisi ekonomi, melainkan juga oleh perubahan-perubahan sosial, politik, ekonomi dan teknologi serta pergeseran-pergeseran sikap dan cara pandang para stakeholdersnya. bisnis tidak dipandang secara sempit dengan tujuan memaksimalkan nilai (ekonomi) bagi pemiliknya, tetapi bisnis harus tetap mempertimbangkan segala sesuatu yang mempengaruhi pencapaian tujuan tersebut. tujuan bisnis untuk memaksimumkan keuntungan bagi pemilik perusahaan dapat dicapai secara lebih baik yaitu dengan memperhatikan manusia, memanusiakan manusia dan melakukan langkahlangkah yang harmonis dengan seluruh stake holders, seluruh partisipan dan lingkungan tempat perusahaan berada. istilah bisnis dalam al-qur’an yaitu al-tijarah dan dalam bahasa arab tijaraha, berawal dari kata dasar t-j-r, tajara, tajranwatijarata, yang bermakna berdagang atau berniaga. at-tijaratunwalmutjar yaitu perdagangan, perniagaan (menurut kamus al-munawwir). menurut ar-raghib al-asfahani dalam al-mufradat fi gharib al-qur’an , at-tijarah bermakna pengelolaan harta benda untuk mencari keuntungan. menurut ibnu farabi, yang dikutip ar-raghib, fulanuntajirun bi kadza, 119 berarti seseorang yang mahir dan cakap yang mengetahui arah dan tujuan yang diupayakan dalam usahanya. bisnis secara islam padadasarnyasama dengan bisnis secara umum, hanyasaja harus tunduk dan patuh atas dasar ajaran al-qur’an, as-sunnah, al-ijma dan qiyas (ijtihad) serta memperhatikan batasan-batasan yang tertuang dalam sumber-sumber tersebut. ada beberapa ayat di dalam al qur’an yang berbicara mengenai bisnis, diantaranya: al-baqarah (282); an-nisaa (29); at-taubah (24); an-nur (37); fatir (29); as-shaff (10) dan al-jum’ah (11). islam memberikan kebebasan kepada pemeluknya untuk melakukan usaha (bisnis), namun dalam islam ada beberapa prinsip dasar yang menjadi etika normatif yang harus ditaati ketika seorang muslim akan dan sedang menjalankan usaha, diantaranya: 1. proses mencari rezeki bagi seorang muslim merupakan suatu tugas wajib. 2. rezeki yang dicari haruslah rizki yang halal. 3. bersikap jujur dalam menjalankan usaha. 4. semua proses yang dilakukan dalam rangka mencari rezeki haruslah dijadikan sebagai sarana untuk mendekatkan diri kepada allah swt. 5. bisnis yang akan dan sedang dijalankan jangan sampai menimbulkan kerusakan lingkungan hidup. 6. persaingan dalam bisnis dijadikan sebagai sarana untuk berprestasi secara fair dan sehat (fastabikul al-khayrat). 7. tidak boleh berpuas diri dengan apa yang sudah didapatkan. 8. menyerahkan setiap amanah kepada ahlinya, bukan kepada sembarang orang, sekalipun keluarga sendiri. dan dalam bertransaksi secarasyari’ah, ada beberapa prinsip yang harus dipegang, yakni: saling ridha (‘an taradhin), bebas manupulasi (ghoror), aman/tidak membahayakan (mudharat), tidak spekulasi (maysir), tidak ada monopoli dan menimbun (ihtikar), bebas riba, dan halalan thayyiban. para pelaku bisnis atau disebut juga sebagai pelaku usaha ataupun wirausaha merupakan orang ataupun sekelompok orang yang berjiwa berani mengambil risiko untuk membuka usaha dalam berbagai kesempatan. cara berpikir seorang wirausaha adalah selalu berusaha mencari, memanfaatkan peluang usaha yang dapat memberi keuntungan. dalam al qur’an, semangat kewirausahaan ada dalam qs. hud: 61, qs. almulk: 15, dan qs. al jumuah: 10, qs. al-anbiya: 125, qs. ar-ra’du:11) dimana manusia diperintahkan untuk memakmurkan bumi dan membawanya ke arah yang lebih baik serta diperintahkan berusaha untuk mencari rizki. sedangkan dalam hadits semangat kewirausahaan juga tercermin sebagai berikut: hr. bukhari; hr. tirmidzi dan ibnu majah; hr. ahmad; hr. al-bazzar. dalam etika bisnis islam,tentunya setiap pelaku usaha harus memegang prinsip-prinsip-prinsip bisnis islami. menurut imam ghazali yang dikutip dalam sofyan, ada beberapa prinsip bisnis islami: 1. jika seseorang memerlukan sesuatu, kita harus memberikan dengan laba yang minimal. jika perlu tanpa keuntungan. 2. jika seseorang membeli barang dari orang miskin, harga sewajarnya dilebihkan. 120 3. jika ada orang yang berhutang dan tidak mampu membayar, maka diperpanjang, tidak memberatkan dan sebaiknya dibebaskan. 4. bagi mereka yang sudah membeli, tidak puas dan ingin mengembalikannya, maka harus diterima kembali. 5. pengutang dianjurkan untuk membayar hutangnya lebih cepat. 6. jika penjualan dilakukan dengan kredit, maka sebaiknya jangan memaksa pembayaran jika pembeli belum mampu. model produksi konvensional berawal dari masalah kelangkaan (scarcity) barang dan jasa yang disebabkan adanya keterbatasan kemampuan produksi untuk memenuhi kebutuhan manusia yang semakin hari semakin tak terbatas. sedangkan konsep produksi islam berawal dari status manusia sebagai ‘abd dan khalifah di bumi. kegiatan produksi bukan sekedar untuk memenuhi kebutuhan hidup sebagai homo economicus tapi juga sebagai sarana untuk mengupayakan keadilan sosial dan menjaga keluhuran martabat manusia. pandangan umum al quran tentang kegiatan produksi diidentifikasikan pada beberapa konteks: a. status manusia sebagai hamba allah dengan kewajiban beribadah kepada allah (qs hud: 61) serta sebagai khalifah di bumi dengan kewajiban untuk saling menolong dan bekerja sama (qs. al anam:165; qs at taubah: 71, al maidah:32) b. kewajiban setiap manusia untuk bekerja dalam mencukupi kebutuhan hidup dan mengaktualisasikan kemampuannya (qs at taubah: 105, yunus: 61, 67) c. kewajiban manusia mengelola dan memanfaatkan sumber daya alam yang telah disediakan allah swt (qs. al baqarah: 29, al a’raf: 10) menurut rachmat syafei (2000) harga hanya terjadi pada akad, yakni sesuatu yang direlakan dalam akad, baik lebih sedikit, lebih besar, atau sama dengan nilai barang. biasanya, harga dijadikan penukar barang yang diridhai oleh kedua pihak yang akad. dari pengertian tersebut dapat dijelaskan bahwa harga merupakan sesuatu kesepakatan mengenai transaksi jual beli barang /jasa di mana kesepakatan tersebut diridhai oleh kedua belah pihak. harga tersebut haruslah direlakan oleh kedua belah pihak dalam akad, baik lebih sedikit, lebih besar, atau sama dengan nilai barang/ jasa yang ditawarkan oleh pihak penjual kepada pihak pembeli. menurut ibnu taimiyah yang dikutip oleh yusuf qardhawi (1997) “penentuan harga mempunyai dua bentuk; ada yang boleh dan ada yang haram. tas’ir ada yang zalim, itulah yang diharamkan dan adayang adil, itulah yang dibolehkan. ”ditambahkan pula oleh qardhawi bahwa jika penentuan harga dilakukan dengan memaksa penjual menerima harga yang tidak mereka ridhai, maka tindakan ini tidak dibenarkan oleh agama. namun, jika penentuan harga itu menimbulkan suatu keadilan bagi seluruh masyarakat, seperti menetapkan undang-undang untuk tidak menjual di atas harga resmi, maka hal ini diperbolehkan dan wajib diterapkan. menurut adiwarman karim (2003) bahwa “penentuan harga dilakukan oleh kekuatan-kekuatan pasar, yaitu kekuatan permintaan dankekuatan penawaran”. dalam konsep islam, pertemuan permintaan dengan penawaran tersebut haruslah terjadi secara rela sama rela, tidak ada pihak yang merasa 121 terpaksa untuk melakukan transaksi pada tingkat harga tersebut. hal ini sesuai dengan firman allah yang berbunyi : “hai orang-orang yang beriman, janganlah kamu saling memakan harta sesamamu dengan jalan yang batil, kecuali dengan jalan perniagaan yang berlaku dengan suka sama suka di antara kamu. dan janganlah kamu membunuh dirimu, sesungguhnya allah adalah maha penyayang kepadamu”. (qs. an nisa ayat 29). metode artikel ini menggunakan teknik analisis deskriptif. penelitian deskriptif adalah penelitian yang dilakukan untuk mengetahui nilai variabel mandiri, baik satu variabel atau lebih (independen) tanpa membuat perbandingan, atau menghubungkan dengan variabel yang lain. suatu penelitian yang berusaha menjawab pertanyaan. penelitian deskriptif ialah suatu metode dalam meneliti status sekelompok manusia, suatu objek, suatu set kondisi, suatu sistem pemikiran ataupun status kelas peristiwa pada masa sekarang. tujuan dari penelitian deskriptif ialah untuk membuat deskripsi atau gambaran secara sistimatis, faktual dan akurat mengenai fakta-fakta, sifat-sifat serta hubungan antar-fenomena yang diselidiki (nazir, 1988). menurut whitney (1960) penelitian deskriptif ialah pencarian fakta dengan interpretasi yang tepat. penelitian deskriptif mempelajari masalah-masalah dalam masyarakat, serta tatacara yang berlaku dalam masyarakat serta situasi-situasi tertentu, termasuk tentang hubungan, kegiatan-kegiatan, sikap-sikap, pandanganpandangan, serta proses-proses yang sedang berlangsung dan pengaruh-pengaruh dari suatu fenomena. pembahasan pada penelitian yang dilakukan di kampung kreatif dari kuesioner terbuka yang disebar dapat diambil beberapa hal terkait dengan etika bisnis islam menurut para pelaku usaha kecil, yaitu: 1. prinsip: visi misi sesuai syariat, amal makruf nahi munkar, asas tauhid, kebenaran, keadilan dan amanat 2. manajemen: memberi hak konsumen dari sisi keamanan dan kesehatan, informasi lengkap, tidak mencampur hal yang halal dan haram, membayar zis, memperhatikan karyawan 3. marketing/ iklan/ promosi:jujur, tanpa penipuan/ pemalsuan informasi, jaminan pelayanan purna jual, detai dari suatu produk 4. harga: menetapkan harga sesuai ekspektasi laba, tidak mengambil untuk secara berlebihan pada penelitian yang dilakukan di bazaar madinah, depok dari kuesioner yang disebar dapat diambil beberapa hal terkait dengan etika bisnis islam ialah: 1. prinsip: 83% pedagang sudah menerapkan prinsip etika bisnis islam 2. produksi: 96% pedagang sudah menjalankan kegiatan produksi sesuai syariah islam 122 3. harga: 78% pedagang menetapkan harga sesuai yang disyariahkan 4. manajemen: 80% pedagang menerapakan manajemen secara syariah, yang meliputi manejemen sdm, keuangan serta pemasaran pada penelitian yang dilakukan pada pelaku usaha di sekitar kampus uin syarif hidayatullah jakarta, terlihat beberapa hal terkait dengan etika bisnis islam. pelaku umkm di lingkungan uin jakarta telah menerapkan etika bisnis islam dalam kegiatan usaha mereka. besarnya persentase penerapan pada masingmasing dimensi adalah sebagai berikut: (1) prinsip-prinsip sebesar 86,2%; (2) produksi sebesar 93,2%; (3) harga sebesar 78,7%; (4) sumber daya manusia sebesar 80,4%; (5) keuangan sebesar 70% dan (6) pemasaran sebesar 80,9%. jika kita lihat dari ciri-ciri etika bisnis islam sebagaimana yang diajarkan rasulullah saw, terlihat bahwa para pelaku usaha kecil di tiga tempat tersebut sebagian besar telah mempraktikkan etika bisnis islam. rasululah saw, sangat banyak memberikan petunjuk mengenai etika bisnis, ciri-ciri rasulullah saw berbisnis diantaranya adalah: 1) bahwa prinsip esensial dalam bisnis adalah kejujuran. dalam doktrin islam, kejujuran merupakan syarat fundamental dalam kegiatan bisnis. rasulullah sangat intens menganjurkan kejujuran dalam aktivitas bisnis. dalam tataran ini, beliau bersabda: “tidak dibenarkan seorang muslim menjual satu jualan yang mempunyai aib, kecuali ia menjelaskan aibnya” (h.r. al-quzwani). “siapa yang menipu kami, maka dia bukan kelompok kami” (h.r. muslim). rasulullah sendiri selalu bersikap jujur dalam berbisnis. beliau melarang para pedagang meletakkan barang busuk di sebelah bawah dan barang baru di bagian atas 2) kesadaran tentang signifikansi sosial kegiatan bisnis. pelaku bisnis menurut islam, tidak hanya sekedar mengejar keuntungan sebanyak-banyaknya, sebagaimana yang diajarkan bapak ekonomi kapitalis, adam smith, tetapi juga berorientasi kepada sikap ta’awun (menolong orang lain) sebagai implikasi sosial kegiatan bisnis. tegasnya, berbisnis, bukan mencari untung material semata, tetapi didasari kesadaran memberi kemudahan bagi orang lain dengan menjual barang. 3) tidak melakukan sumpah palsu. nabi muhammad saw sangat intens melarang para pelaku bisnis melakukan sumpah palsu dalam melakukan transaksi bisnis dalam sebuah hadis riwayat bukhari, nabi bersabda, “dengan melakukan sumpah palsu, barang-barang memang terjual, tetapi hasilnya tidak berkah”. dalam hadis riwayat abu zar, rasulullah saw mengancam dengan azab yang pedih bagi orang yang bersumpah palsu dalam bisnis, dan allah tidak akan memperdulikannya nanti di hari kiamat (h.r. muslim). praktek sumpah palsu dalam kegiatan bisnis saat ini sering dilakukan, karena dapat meyakinkan pembeli, dan pada gilirannya meningkatkan daya beli atau pemasaran. namun, harus disadari, bahwa meskipun keuntungan yang diperoleh berlimpah, tetapi hasilnya tidak berkah. 4) ramah-tamah. seorang pelaku bisnis, harus bersikap ramah dalam melakukan bisnis. nabi muhammad saw mengatakan, “allah merahmati 123 seseorang yang ramah dan toleran dalam berbisnis” (h.r. bukhari dan tarmizi). 5) tidak boleh berpura-pura menawar dengan harga tinggi, agar orang lain tertarik membeli dengan harga tersebut. sabda nabi muhammad, “janganlah kalian melakukan bisnis najsya (seorang pembeli tertentu, berkolusi dengan penjual untuk menaikkan harga, bukan dengan niat untuk membeli, tetapi agar menarik orang lain untuk membeli). 6) tidak boleh menjelekkan bisnis orang lain, agar orang membeli kepadanya. nabi muhammad saw bersabda, “janganlah seseorang di antara kalian menjual dengan maksud untuk menjelekkan apa yang dijual oleh orang lain” (h.r. muttafaq ‘alaih). 7) tidak melakukan ihtikar. ihtikar ialah (menumpuk dan menyimpan barang dalam masa tertentu, dengan tujuan agar harganya suatu saat menjadi naik dan keuntungan besar pun diperoleh). rasulullah melarang keras perilaku bisnis semacam itu. 8) takaran, ukuran dan timbangan yang benar. dalam perdagangan, timbangan yang benar dan tepat harus benar-benar diutamakan. firman allah: “celakalah bagi orang yang curang, yaitu orang yang apabila menerima takaran dari orang lain, mereka minta dipenuhi, dan apabila mereka menakar atau menimbang untuk orang lain, mereka mengurangi” (qs. 83: 112). 9) bisnis tidak boleh mengganggu kegiatan ibadah kepada allah. firman allah, “orang yang tidak dilalaikan oleh bisnis lantaran mengingat allah, dan dari mendirikan shalat dan membayar zakat. mereka takut kepada suatu hari yang hari itu, hati dan penglihatan menjadi goncang”. 10) membayar upah sebelum kering keringat karyawan. nabi muhammad saw bersabda, “berikanlah upah kepada karyawan, sebelum kering keringatnya”. hadist ini mengindikasikan bahwa pembayaran upah tidak boleh ditunda-tunda. pembayaran upah harus sesuai dengan kerja yang dilakuan. 11) tidak monopoli. salah satu keburukan sistem ekonomi kapitalis ialah melegitimasi monopoli dan oligopoli. contoh yang sederhana adalah eksploitasi (penguasaan) individu tertentu atas hak milik sosial, seperti air, udara dan tanah dan kandungan isinya seperti barang tambang dan mineral. individu tersebut mengeruk keuntungan secara pribadi, tanpa memberi kesempatan kepada orang lain. ini dilarang dalam islam. 12) tidak boleh melakukan bisnis dalam kondisi eksisnya bahaya (mudharat) yang dapat merugikan dan merusak kehidupan individu dan sosial. misalnya, larangan melakukan bisnis senjata di saat terjadi chaos (kekacauan) politik. tidak boleh menjual barang halal, seperti anggur kepada produsen minuman keras, karena ia diduga keras, mengolahnya menjadi miras. semua bentuk bisnis tersebut dilarang islam karena dapat merusak esensi hubungan sosial yang justru harus dijaga dan diperhatikan secara cermat. 13) komoditi bisnis yang dijual adalah barang yang suci dan halal, bukan barang yang haram, seperti babi, anjing, minuman keras, ekstasi, dan sebagainya. nabi muhammad saw bersabda, “sesungguhnya allah 124 mengharamkan bisnis miras, bangkai, babi dan “patung-patung” (h.r. jabir). 14) bisnis dilakukan dengan suka rela, tanpa paksaan. firman allah, “hai orangorang yang beriman, janganlah kamu saling memakan harta sesamamu dengan cara yang batil, kecuali dengan jalan bisnis yang berlaku dengan suka-sama suka di antara kamu” (qs. 4: 29). 15) segera melunasi kredit yang menjadi kewajibannya. rasulullah memuji seorang muslim yang memiliki perhatian serius dalam pelunasan hutangnya. sabda nabi saw, “sebaik-baik kamu, adalah orang yang paling segera membayar hutangnya” (h.r. hakim). 16) memberi tenggang waktu apabila pengutang (kreditor) belum mampu membayar. sabda nabi saw, “barang siapa yang menangguhkan orang yang kesulitan membayar hutang atau membebaskannya, allah akan memberinya naungan di bawah naungannya pada hari yang tak ada naungan kecuali naungan-nya” (h.r. muslim). 17) bahwa bisnis yang dilaksanakan bersih dari unsur riba. firman allah, “hai orang-orang yang beriman, tinggalkanlah sisa-sisa riba jika kamu beriman (qs. al-baqarah: 278) pelaku dan pemakan riba dinilai allah sebagai orang yang kesetanan (qs. 2: 275). oleh karena itu allah dan rasulnya mengumumkan perang terhadap riba. dengan ciri-ciri etika bisnis islam yang tersebut diatas, kita dapat mengetahui perbedaan bagaimana etika bisnis dalam islam dengan etika bisnis kebanyakan budaya barat. perbedaan tersebut antara lain sebagai berikut: simpulan islam menempatkan bisnis sebagai cara terbaik untuk mendapatkan harta. karenanya, segala kegiatan bisnis harus dilakukan dengan cara-cara terbaik dengan tidak melakukan kecurangan, riba, penipuan, dan tindakan kezaliman lainnya. kesadaran terhadap pentingnya etika dalam bisnis merupakan kesadaran tentang diri sendiri dalam melihat dirinya sendiri ketika berhadapan dengan hal baik dan buruk, yang halal dan yang haram. etika bisnis islam juga telah diterapkan oleh para pelaku usaha di tiga tempat penelitian, yakni: kampung kreatif, bazaar madinah serta di lingkungan kampus uin syarif hidayatullah sendiri. para pelaku usaha ini meyakini bahwa apa yang dijual bukan semata-mata untuk mendapatkan keuntungan (profit) sebagai tujuan duniawi saja, melainkan juga untuk mendapat keberkahan dan keridhaan dari allah swt atas apa yang diusahakan. pustaka acuan al arif, m. n. r. 2011. dasar-dasar ekonomi islam. surakarta: era intermedia beekum , rafik issa. 2004. etika bisnis islami. yogakarta.: pustaka pelajar bertens, k. 2000. pengantar etika bisnis. jakarta: kanisius hadiyati, ernani. 2009. “pengaruh etika bisnis terhadap kewirausahaan pada usaha kecil bengkel les di pujon”, jurnal manajemen gajayana, vol.6, no.1, juni 2009 125 irfan sukarna, muhammad. 2012. peta sistem ekonomi islam indonesia: peluang dan tantangan sektor perbankan. diseminarkan pada seminar nasional ekonomi indonesia iaei-umj, 2012 jalil, abdul. 2010. “implementation mechanism of ethics in business organizations”. international business research. vol. 3, no. 4, october 2010. karim, adiwarman. 2003. ekonomi mikro islam. jakarta: penerbit iii t indonesia latief, dochack. 2006. etika bisnis antara norma dan realitas, muhammadiyah university press najma, siti. 2008. bisnis syariah dari nol. jakarta: hikmah. syafei, rahmat. 2000. fikih muamalah. bandung: pustaka setia qardhawi, yusuf. 1997. norma dan etika ekonomi islam. jakarta: gema insani 10 the need for the islamization of knowledge in accounting1 jamaluddinmajid safri haliding abstract. the need for the islamization of knowledge in accounting. this article tries to analyze the term “islamization of knowledge method through accountancy. the economic system and the foundation of philosophy its system may influence the accounting practice that islamic worldview provides the original source of revelation in a muslim society by using islamic literally of being the adherents to islam due to be vicegerents of god and providing accountability in all aspects. islam as a way of life, covering all activities and economic activities as accounting as well are only small part of islam, through al quran and al hadits. in terms of developing of islamic accounting system that as social science and institution may provide a way to satisfy its social economic objective in order to meet the benefit in this world and hereafter. since many scandals and fraudulent in accounting practices, accounting should be islamized. hence, islamic accounting is needed to bring solutions in business and financial activities in order to achieve the objective of shariah and islamic goals of maslahah (social benefit). keywords:islamization of knowledge, islamization of accounting, islamic accounting abstrak. pentingnya islamisasi pengetahuan dalam akuntansi. tulisan ini mencoba untuk mengkaji metode islamisasi pengetahuan pada disiplin ilmu akuntansi. sistem dan landasan filosofi ekonomi dapat mempengaruhi praktik akuntansi sebagai turunan dari ilmu ekonomi. dalam perspektif islam, islamic worldview atau pandangan dunia islam yang bersumber dari ilahi merupakan sumber literatur yang paling tepat dan sesuai dengan syariah untuk islam. islam sebagai jalan hidup, mencakup semua aspek kehidupan dan kegiatan ekonomi demikian halnya dengan akuntansi sebagai salah satu disiplin ilmu dengan berlandaskan pada al-quran dan al hadits. sebagai salah satu ilmu sosial, maka dalam pengembangan sistem akuntansi islam harus berdasarkan pada tujuan sosial ekonomi dalam rangka tercapainya kebahagian di dunia dan akhirat. dengan begitu banyak skandal dan kecurangan dalam praktek akuntansi, maka akuntansi harus diislamisasi agar akuntansi dapat memberikan solusi dalam kegiatan bisnis dan jasa keuangan agar maqashid syariah dan maslahah dapat tercapai. kata kunci: islamisasi pengetahuan, islamisasi akuntansi, akuntansi islam 1 naskah diterima: 10 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 jamaluddinmajid is an accounting lecturer at universitas islam negeri (uin) alauddin, makassar, email: jamal_majid55@yahoo.com safri haliding, lecturer at faculty of economics, muhammadiyah university of makassar, indonesia and part time lecturer at uin alauddin makassar and doing his master in accounting at international islamic university malaysia (iium) . email: safrihaliding@yahoo.com and safrihaliding@gmail.com mailto:jamal_majid55@yahoo.com mailto:safrihaliding@yahoo.com mailto:safrihaliding@gmail.com 11 introduction western systems have been failed in islamic society. muslim countries became independence from colonial control in authority of political perspective that providesislamic society to see back of the islamic solution and alternatives (haneef, 2005). the effect of colonialism to muslim countries is influence the adoption of western system in political and social economic model that namely as westernization. as muslim society islamic perspective in all aspects of muslims life is very important in order to meet shariah rules and principles of social benefit (maslaha) and human welfare in the world and hereafter. baydoun & willet (1997) assert that al quran & al hadits are source of islamic shariah provide the real guidance to govern the live of muslims. therefore, islamization of knowledge is needed in terms of islamic worldview in this world and hereafter. islamization of knowledge has been discussed by some scholars. for instance, haneef (2005) mentions such as al attas (1978), faruqi (1982), davies (1991), abu fadl (1988), brohi (1993). those scholars have own idea and different perspective to develop of islamization of knowledge. however, mostly they agreed that the one way of process islamization of knowledge is to bring al-quran and al hadits into the philosophy of knowledge as islamic worldview. rahman (2010) argues that both worldly aspect and the religion aspect are covered by the worldview of islam. worldview may affect the quality of life in way we think and behave to see the whole of the world that as muslims we may get the guidance and idea of worldview from the al quran known as the quranic worldview (hamid, 2004). rahman (2010) states that the economic system and the foundation of philosophy its system may influence the accounting practice that islamic worldview provides the original source of revelation in a muslim society by using islamic literally of being the adherents to islam due to be vicegerents of god and providing accountability in all aspects. in term of accountability, accounting as one of modern knowledge is becoming of the process of islamization as a responsibility to both muslim society and god. this article tries to analyze the term “islamization of knowledge method through which accounting can be islamized. this article proceed with the explanation about the concept of islamization of knowledge as general, the need of islamic accounting, islamization of accounting, the existing method through which accounting can be islamized, issues and challenge on islamization of accounting and followed by conclusion of the paper. the concept of islamization of knowledge indirectly muslim society follows the western worldview by learning and applying the knowledge and sciences of contemporary universities or higher institutions that temporary knowledge is needed to islamize from the western worldview of knowledge built on them (haneef, 2005). in addition, haneef (2005) states that the process of islamization of knowledge may provide the evaluation, sifting, and modification of western’s fundamentally on knowledge concept and structure. the perceptions of knowledge from western worldview are some of them out from philosophy of science of al quran perspective. hamid (2004) states that the development of people mind currently may provide the assumption that the power and the right are independently chosen as human being and religion is only human imagination, they have run away from religion and belief in god that. in addition, the power of reason and logic it 12 self is as human beings, the power must consider to it self limited as knowledge as well to find a valid worldview (hamid, 2004). golshani pointed out of the some principles of doing any kind of scientific activities as follows: firstly, the principles of monotheism (at tawhid), it means that all scientific activities in order to get and recognize the wise creator and governor of the universe of quranic worldview and the symbol of the creator are all nature and knowledge. secondly, the reality of the external world, it means that world is to be using as subject of knowledge and sciences of the quranic worldview. thirdly, limitation of human knowledge, it means that human has limitation of getting and understanding of the knowledge, also unseen is exist of supernatural truth in this world that there is a hereafter life. some scholars try to see the rationale for iok. as quoted by haneef (2005) of muslim’s scholars perspective for rationale iok, brohi’s argument (1993) that modern knowledge provided inconsistent from the framework of islamic worldview as supports rabab (1995), who tries to see rationale of iok from the assumptions that in modern societies, assumption of social sciences may be unacceptable from islamic worldview. regarding to the meaning of islamization of knowledge that haneef (2005) mentions some scholars’ definition, al-attas (1978) defined iok as “the deliverance of knowledge from its interpretation based on secular ideology; and from meaning and expression of the secular”; faruqi (1982) sees that iok as “recasting knowledge as islam relates to it”; davies (1991) defined iok as “ civilizational project of rethinking, taking the quran as the frame of reference”. haneef (2005) states that the conclusion of the meaning of islamization of knowledge from the elaboration above, the concept of iok relates to the islamic ontology framework and islamic epistemological framework as the methodology in order to provide the true meaning and presenting the knowledge. in addition, ontology in islamic perspective is very important in terms of that ontology may provide the true of existence of knowledge that ontology may bring the information of true source of knowledge due to al quran and al hadists and also concept of the tauhid (only on god). however, the process of iok in society needs time and commitment form muslim society itself to support of the process of islamization of knowledge that the level of muslims understanding for the urgency of iok is different and also they may reject iok in terms of their western worldview has been become a way of life and exist in muslims mind. in terms of the process that there are some steps to islamize knowledge. the most famous of involving the iok is the faruqi’s 1982 work-plan mentions the following steps: 1. mastery of the modern disciplines. 2. discipline survey that presents the history, methodology, and main contribution of that discipline, including a bibliography. 3. mastering the islamic legacy: the anthology. 4. mastery of the islamic legacy: the analysis. 5. establishment of the specific relevance of lslam to the disciplines covering what the legacy has contributed to the range of issues envisaged by the discipline, the legacies achievements and shortcomings vis-à-vis the ‘vision and scope of the discipline’, why it is so and what can be done. 6. critical assessment of the modern discipline. 7. critical assessment of the islamic legacy. 8. survey of the ummah's major problems requiring insight, good judgment and knowledge of both the legacy and modern knowledge. 9. survey of the problems of humankind as iok is seen to not only be for muslims but for all humanity. 10. creative analysis and synthesis between the islamic legacy and modern disciplines. 11. recasting the disciplines under the framework of islam. 12. dissemination 13 of islamized knowledge where ideas and thought of muslims involved in iok must be available to all. another scholar of iok is al-attas that he sees the process to islamize the knowledge by two way as the following steps: 1. isolation of key elements that make-up western culture and civilization from every branch of knowledge. 2. infusion the islamic elements and key concepts into all branches of knowledge. that al-attas’s concepts are an epistemological and methodological concern. islamizationof accounting that both of faruqi’s 12 point plan and al-attas concepts could be used to development the accounting in islamic perspective. however, rahman’s view that faraqu’s plan is ideally to develop accounting in islamic perspective compared to al-attas’s concept that takes many processes. based on the author’s understanding that accounting should be islamized, since many scandals and fraudulent in accounting practices. hence, islamic accounting is needed to bring solutions in business and financial activities in order to achieve the objective of shariah and islamic goals of maslahah (social benefit). hence, author believe that faraqu’s plan of iok is one of the best way to develop islamic accounting to provide accountants who may mastery of accounting first then develop a mastery islamic legacy on in accounting perspective in order to provide islamic epistemological framework as the methodology in order to provide the true meaning and presenting the knowledge in islamic perspective. the need of islamic accounting the need for islamic accounting may refer to two indicators those push and pull factors (hameed, 2000 as quoted by ratmono, 2005). pull factors provide the need for islamic accounting to muslims user and islamic institution due to convention accounting improperly to islam society (ratmono, 2005). in addition, hameed (2000) pointed out pull factor into two: first, the islamization of knowledge factor that provides the theoretical imperative for islamic accounting. second, the establishment of mulsims and islamic institutions that is the practical imperative for the development of islamic accounting. in addition,hameed (2000) as quoted by ratmono (2005) divided the need of islamic accounting from push factors into six parts: 1. the objective of conventional accounting based on decision usefulness may not be accepted from islamic worldview. 2. neither the assumption of pristine liberal economic democracy nor the developed exchange economy with a developed stock market in valid for many muslim countries. 3. the accounting principles on conventional accounting reports are prepared may be unsuitable for the direct and indirectly for reporting zakat as one of the objective of islamic accounting. 4. the problem with historical income model becomes more problematic in muslim environment. 5. the negative economic and social consequences of conventional accounting to environment, society, individuals are unacceptable from islamic worldview. 6. conventional management systems may lead to behavior that is disfunctional not only in terms of organizational goals achievement but in terms of the moral and ethical consequences of individual and group islamic behavior. following from the above factors that there is a need for developing islamic accounting that more relevant to muslim society, socio-economic and islamic worldview in order to meet the objective of islamic principles and rules. 14 the process of the accounting islamization rahman (2012) defined islamic accounting as “the process of identifying, measuring, and communicating economic and other relevant information inspired by islamic worldview and complied with shari’ah islamiyah to permit informed judgements and decisions by potential and expected users information to enhance social welfare and achievemardhatillah(blessings from allah)”. in addition, hameed (2009) defined islamic accounting as the “accounting process which provides appropriate information (not necessary limited for financial data) to stakeholders of an entity which will enable them to ensure that the entity is continuously operating within the bounds of the islamic shariah and delivering its socioeconomic objective”. like conventional accounting that islamic accounting is a tool a well in providing the business information, in way to accountability to god as muslims (hameed, 2009). hameed (2009) pointed out that the differences between conventional accounting and islamic accounting as following: 1. the objective of providing the information, 2. what type of information is identified, and how is it measured and valued, recorded and communicated, 3. to whom is it communicated (the users). for islamic accounting the information may unsure the social-economic and religious events and transactions as objective of shariah compliance. rahman (2010) states that in terms of accounting measurement in conventional accounting takes consideration to the acquisition cost or historical cost unlike to islamic accounting that focuses on current cost due to zakat determination as issues in fairness and justice that zakat valuation is subjected to the current market value. baydoun and willet (1997) assert that the obligation on paying zakat for muslim provides a distinctive model of islamic accounting information systems. rahman (2010) states that with regards to the disclosure requirements in islamic accounting may provide the objective of disclosure for islamic organization, rahman pointed out as followings: the disclosure laid down by shariah for the firm to avoid riba and pay zakat, the objectives are based on inferred general requirement that can be referred to as social accountability and full disclosure. the way to full disclosure is followed to social accountability as part of serving to god of providing the social economic justice and also does not mean that full disclosure to show every single detail transaction (rahman, 2010). rahman (2003) argues that accounting on islamic perspective in muslim society, in way of accountant to provide the financial information to user is not only as service to the users and public at large, but information is provided to society must take consideration to accountability in order to follow the god’s commandments. since many scandals and fraudulent in accounting practices, accounting should be islamized. hence, islamic accounting is needed to bring solutions in business and financial activities in order to achieve the objective of shariah and islamic goals of maslahah (social benefit). in addition, there are some methods through which accounting can be islamized, these methods are only a part of developing islamic accounting which are deduction from islamic teachings approach, contemporary accounting based approach (see, yaya, 2004), and also could be used strategic work plan approach, which we have developed based on faruqi’s strategic work plan (1989) in islamization of knowledge. in terms of islamic socioeconomics objectivethat the approaches may provide the inherent weakness in applying the islamic accounting (yaya, 2004). 15 the first approach is called a normative approach that means bring a deduction from islamic teaching. yaya (2004) argue that this approach may follow the what “ought to be” the objective of financial accounting, that may as additional value to the western objective of financial accounting to be appropriate for islamic business organizations. according to aaoifi (2006), by using this approach the objective of islamic accounting based on the islamic principles and its teaching that could be used as these objectives in relation to contemporary accounting thought. in addition, karim (2005) states that by using this approach the western worldview of secular system on accounting thought could be minimized on the objective of islamic accounting. this approach uses the proponent “what is”. yaya (2004) assert that this approach is a process of adopting the currently western financial accounting into accounting for islamic institution without violating the objective of islamic principles. in conventional accounting only economic event and transaction. the development of this approach provides the moral dimensions which are out from conventional accounting (karim, 1995). moral and ethics in accounting may lead to provide proper practices in accounting in terms of human accountant. in addition, rahman (2012) argue that accountant may fulfill the religion obligations (hablumminallah) as muslim accountant in order to require the good relationship both superior (management) and relationship to god by value of truthfulness, fairness, tolerance and uprightness. the aaoifi has been developed the islamic accounting framework, one of that is objective of islamic accounting which based on the decision usefulness approach. on the other hand, some scholars use different approaches (i.e. hameed, 2000a; adnan and gaffikin, 1997). lewis (2001) argues that islamic accounting may follow the islamic law in terms of the accounting principles and postulates in order to develop the proper accounting theory. therefore, lewis (2001) provides approaches for the objective of islamic accounting as follows: first, establish objectives based on the spirit of islam and its teaching and then consider these established objectives in relation to contemporary accounting thought. second, start with objectives established in contemporary accounting thought, test them against islamic shari’ah, accept those that are consistent with shari’ah and reject those that are not. yaya (2004) pointed out the objective of islamic accounting into some issues as followings: first, decision usefulness, yaya (2004) argues that in terms of islamic accounting’s objectives of the aaoifi, the contents and goals are likely the same with currently conventional accounting that focus on providing information system for users. second, stewardship, mirza and baydoun (2000) state that in reporting of islamic accounting may take consideration to to external parties and; third, accountability, adnan and gaffikin (1997) argues that zakat as the primary objective of accountability in islamic accounting and hameed (2000) suggests that the primary objective is the islamic accountability. follows, the writer would like to highlight discuss some of problem rising in the method of islamization of accounting and the development of islamic accounting itself. firstly, the issues in islamic worldview on accounting. at this point, the process of islamization of knowledge in accounting may provide some obstacles and times. the understanding in muslim concept in business and culture of muslim society are some challenge to develop islamic accounting due to western value has been existed in muslims 16 mind and activities. therefore, islamic accounting should be derived from the philosophy worldview and values of islam. second issue is theoretical building for islamic accounting. it is needed to take more attention on methodology that could be implemented in practices (kamla, 2009; haniffa & hudaib, 2010). for example: islamic accounting practices should not be a merely changing cover and name from conventional bank to islamic bank but the reality is still out from shariah objective and principles (kasim et al. 2009; napier, 2009). kamla (2009) states that “differences between islamic accounting and banking and conventional counterparts in the islamic accounting literature are usually reduced to technical (rather than social) dimensions related to the prohibition of interest and zakah calculations” (also see rahman and goddard, 1998; baydoun and willett, 2000; lewis, 2001; sulaiman and willett, 2001). since the literatures in accounting and islam, therefore, i try argue that in practice of islamic accounting may focus on issues in ethics particularly on islamic financial products and islamic banks that in the reality in business transactions some businessmen may not really take consideration on islamic principles and rules in terms of profit oriented. therefore, developing a particularly regulation may be really needed and also supervisory is very important to achieve the shariah objective in maslahah. conclusion the islamization of knowledge is a emerging issues on process to convert all knowledge that may refer to al quran and al hadits as basis source of knowledge and philosophy that to build the muslim mind from thought crisis and the malaise of muslim. islam as a way of life, covering all activities and economic activities as accounting as well are only small part of islam, through al quran and al hadits. in terms of developing of islamic accounting system that as social science and institution may provide a way to satisfy its social economic objective in order to meet the benefit in this world and hereafter. since many scandals and fraudulent in accounting practices, accounting should be islamized. hence, islamic accounting is needed to bring solutions in business and financial activities in order to achieve the objective of shariah and islamic goals of maslahah (social benefit). in addition, there are some methods through which accounting can be islamized, these methods are only a part of developing islamic accounting whichare deduction from islamic teachings approach, contemporary accounting based approach,and also could be used strategic work plan approach, which we have developed based on faruqi’s strategic work plan (1989) in islamization of knowledge that has been used some universities such international islamic university malaysia. reference aaoifi. 2010. accounting and auditing standards for islamic financial institutions. manama, bahrain: accounting and auditing organization for islamic financial institutions. al faruqi, i.r. 1988. islamization of knowledge: problems, principles and perspective in islam; source and purpose of knowledge. herndon virgina: international institute of islamic thought. golshani, m. 1989. “philosophy of science from the quranic perspective” in towards islamization of disciplines. herndon virginia: international institute of islamic thought 17 hameed, s. 2009. accounting and auditing for islamic financial institutions. kuala lumpur: inceif. hameed, s., and yaya, r. 2005. the emerging issues on the objective and characteristic of islamic accounting for islamic business organizations. malaysian accounting review, vol. 4, no. 1, pp. 75-93. hamid, a. w. 2004. islam: the natural way. london: mels haneef, m. a. 2005. a critical survey of islamization of knowledge. kuala lumpur: international islamic university malaysia haniffa, r. and hudaib, m. 2002. a theoretical framework for the development of the islamic perspective of accounting. accounting, commerce and finance: the islamic perspective journal, vol. 6, no. 1/2, pp. 1-71. ----------------------------------. 2010. the two ws of islamic accounting research. journal of islamic accounting and business research, vol. 1 no. 1, pp. 5-9. hasan, z. 1998. islamization of knowledge in economics: issues and agenda. kuala lumpur: iium journal of economics and management, vol. 6, no.2, pp. 1-40. kamla, r. 2009. critical insights into contemporary islamic accounting. critical perspectives on accounting, vol.20, pp. 921–932. kamla, r., gallhofer, s., and haslam, j. 2006. islam, nature and accounting: islamic principles and the notion of accounting for the environment. accounting forum, vol.30, pp. 245–265. karim, r.a.a. 1995. the nature and rationale of a conceptual framework for financial reporting by islamic banks. accounting and business research. vol. 25 no.100, pp.285-300. -------------------. 2001. international accounting harmonization, banking regulation, and islamic banks. the international journal of accounting, 36, pp. 169–193. kasim, n. b., et.al. 2009. shariah auditing in islamic financial institutions: exploring the gap between the “desired” and the “actual”. global economy & finance journal, vol. 2, no. 2, pp. 127-137. lewis, m. k. 2001. islam and accounting. accounting forum, vol. 25 no. 25, pp. 103-127 maali, m., and napier, c. 2010. accounting, religion and organizational culture: the creation of jordan islamic bank. journal of islamic accounting and business research, vol. 1 no. 2, pp. 92-113. mirza, m &baydoun, n. 2000. accounting policy in a riba free environment. accounting, commerce and finance: the islamic perspective journal. vol. 4. no. 1, pp. 30-40. pomeranz, f. 1997.the accounting and auditing organization for islamic financial institutions: an important regulatory debut. journal of international accounting, auditing & taxation, 6( 1): 123-130. rahman, a. r. a. 2003. ethics in accounting education: contribution of the islamic principle of maslahah. iium journal of economics and management, vol. 11, no.1, pp. 1-18. ----------------------. 2010. an introduction to islamic accounting theory and practice. kuala lumpur: cert ratmono, d. 2005. “the nature of islamic accounting and cultural influence of perceived usefulness of the islamic corporate reporting: perception of muslim accounting academicians in java”. unpublished masterthesis, university of diponegoro, semarang, indonesia. 18 sulaiman, m., and willett, r. 2001. islam, economic rationalism and accounting. the american journal of islamic social sciences, vol. 18, no.2, pp. 1-36. sulaiman, m., and willett, r. 2003. using the hofstede-gray framework to argue normatively for an extension of islamic corporate reports. malaysian accounting review, vol. 2, no. 1, pp. 1-35. yaya, r. 2004. would the objectives and characteristics of islamic accounting for islamic business organizations meet the islamic social-economic objectives?. jaai, vol. 8, no. 2, pp. 144-163. 10-zuhairan.indd al-iqtishad: vol. vii no. 1, januari 2015 127 measurement of shariah stock performance using risk adjusted performance zuhairan y yunan & mia rahmasari1 abstrak. measurement of shariah stock performance using risk adjusted performance. the aim of this research is to analyze the shariah stock performance using risk adjusted performance method. there are three parameters to measure the stock performance i.e. sharpe, treynor, and jensen. this performance’s measurements calculate the return and risk factor from shariah stocks. the data that used on this research is using the data of stocks at jakarta islamic index. sampling method that used on this paper is purposive sampling. this research is using ten companies as a sample. the result shows that from three parameters, the stock that have a best performance are aali, antm, asii, cpin, indf, klbf, lsip, and untr. keywords: risk adjusted performance, stock performance, shariah stock abstrak. pengukuran kinerja saham syariah menggunakan risk adjusted performance.. tulisan ini bertujuan memberikan gambaran mengenai kinerja saham-saham syariah di indonesia dengan menggunakan metode risk adjusted performance. terdapat tiga parameter yang digunakan untuk mengukur kinerja saham yaitu: sharpe, treynor, dan jensen. metode pengukuran kinerja ini memperhitungkan faktor tingkat pengembalian (return) dan tingkat resiko dari saham-saham syariah. data yang digunakan yaitu saham-saham yang terdaftar di jakarta islamic index periode januari 2008 – desember 2012. penarikan sampel dilakukan dengan metode purposive sampling dari populasi sehingga diperoleh sampel sebanyak 10 perusahaan. berdasarkan ketiga parameter tersebut diperoleh saham dengan peringkat kinerja terbaik yaitu aali, antm, asii, cpin, indf, klbf, lsip, dan untr. kata kunci: risk adjusted performance, kinerja saham, saham syariah first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 syarif hidayatullah state islamic university syarif hidayatullah jakarta, jl. ir. h. juanda no. 95, ciputat, south tangerang, banten. university of prof dr. hamka (uhamka), jl. limau, kebayoran baru, south jakarta email: zuhairan@uinjkt.ac.id, miarahmasari2@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 128 introduction islam is a way of life that is balanced and integrated, designed to deliver human happiness through enforcement of harmony between the needs of human moral and material, and the actualization of socio-economic justice and brotherhood in society. the call for justice-oriented welfare and the balance is repeated five times each day. the muslims have embarked welcomed this call and there is a revival in the islamic world. this revival is also reflected in the intellectual field (chapra, 1996). the islamic economic system teaches us to balance the life of the world and the hereafter. islam also teaches that we balance between personal interests, other people, society, and the universe. islam forbids speculation (gharar), uncertainty (juhala), riba (interest), and all forms of cheating, fraud and various actions that harm others. as an alternative to economic muamalah, islam teaches the concept of sharing (nafik, 2009). one model of economic development in the era of globalization is the development of capital markets in the country. capital markets as an alternative funding for the development of the business world has a strategic role in the implementation of national development and also serves as one of the investment advice to investors who have excess funds. the investor is investing excess funds at their disposal, parties who have excess funds in anticipation of receiving compensation from the fund allocation. one of the islamic financial instruments that are growing is the islamic financial market. the development of islamic financial market is very rapidly in the world, both money markets and capital markets, especially in countries where the majority muslim population. it is characterized by the establishment of the islamic financial market in kuala lumpur which was pioneered by islamic countries (hamid, 2009). in the capital market-based indonesian islam is jakarta islamic index, which was launched in cooperation with pt. jakarta stock exchange (jsx) in cooperation with pt. danareksa investment management (dim) which took place in 2000. the stock exchange based on islamic values also exist in countries that apply the ideology of capitalism in the economic development of the world, namely on wall street, the dow jones. wall street, the dow jones in 1999 precisely in february has launched dow jones islamic market index (djimi) which is welcomed by many parties that were hit by the crisis of confidence in the capital markets of conventional (mohammed, 2007). the existence of capital markets helped build the national economy. capital market became one of the most important factors, have proven many industries and companies that use this capital market institutions as a medium to absorb investment al-iqtishad: vol. vii no. 1, januari 2015 129 and media to strengthen its financial position. moreover, not many people are aware that the sharia-compliant investment not only in the banking and insurance sector but also present in the islamic capital market. the development of islamic stocks will continue to rise in line with market demand. this suggests that the growth of the islamic capital market that is prospective in the next year based on some of the advantages that can be obtained by issuers and investors. issuers are included in the list of islamic securities have a much broader market because they can sell the securities, both to islamic institutions and non-islamic institution. there are two factors that can affect stock investment. first, through the fundamental factors such as performance and the company’s internal conditions that tends to be controlled. second, technical factors that reflected the conditions of macro-economic indicators such as inflation, interest rates of sbi, the money supply, exchange rate against the usd, the gross domestic product (gdp), balance of payments such as exports and imports, foreign exchange reserves, stock index in the world market, security and political conditions, and etc. both of these factors can be used as a basis for investors to predict returns, risk or uncertainty, the amount, timing, and other factors associated with an investment in the capital market activities. investment in the capital market is basically aimed at obtaining returns, but investors should consider the risks that must be endured. to overcome and minimize risk, investors need to diversify by creating a portfolio. in the formation of a portfolio, an investor needs to evaluate the performance of the portfolio. in investing, the investor would consider the best possible company to which capital will be invested. the selected firm course healthy company and produce a good performance. market participants, especially investors should conduct performance measurements to decide on stock shares which it will invest. this indicates that in addition to the aspect of sharia, also should pay attention to the aspect of prudence. this paper evaluates the performance of stocks in jakarta islamic index began the period january 2008 to december 2012, namely, stock-listed since the launch of the index in 2000. selection of the study period in 2008, because in that year the global financial crisis in the world, then in later years that the year 20092012 as the period of recovery from the global crisis, as well as the development of the sharia stock performance in indonesia until now. the variables used are stock performance. risk is calculated with the beta, the rate of return calculated by the expected return. to calculate the performance of the stock used method of risk adjustment performance. al-iqtishad: vol. vii no. 1, januari 2015 130 literature review in concept, the investment is allocated activities or resources investment at this time, in the hope of benefit in the future (noor, 2009). therefore, understanding the investment can be formulated as a sacrifice of current consumption opportunities, to get a benefit in the future. with the postponement of consumption currently used for the investment is expected to benefit in the future. in islam, investment activities can be categorized as economic activities including muamalah activity i.e. an activity that regulates the relationship between humans (sutedi, 2011). capital market is a means to reconcile a party that has excess funds to the cash-strapped, which traded funds are a long-term funds (manan, 2009). trading in the stock market occur, both in the primary market and the secondary market. the primary market is the first sale of securities to the public (fakhruddin, 2008). through the primary market, or better known as the ipo (initial public offering) the company issuing the securities actually receive the funds. the next trade occurs in the secondary market. the useful of secondary market for securities owners to sell securities, either for reasons to obtain liquidity or to gain or increase in the price of these securities (darmawi, 2006). islamic capital market is a market where the activities carried out in accordance with islamic principles. islamic capital market presents affirmation of religious law in capital market transactions in which the free market of activities that are prohibited and of elements such as usury, gambling, and gharar (huda, 2009). there are several requirements that must be met to be an efficient market, all the terms of the efficient market is in accordance with the quran and the hadith is as follows (hamid, 2009). first, the stock price should be free to go down or up. second, there is no monopoly in the market. third, there should be a requirement that requires companies disclose information about themselves. fourth, cost to get information is to a minimum, and that information must be received by the investor at the same time. fifth, the information is randomized and independently. sixth, the investor can take a quick action for the new information. as already explained, the efficient market must meet these requirements, otherwise it may be said that the market is not in accordance with the islamic concept. there are fundamental differences between the conventional capital markets with the islamic capital market. islamic capital market does not know the sort of short selling activity -buy trading or selling in a very short time to get the advantage of the difference between the selling and buying. sharia shareholder is a shareholder for a relatively long period. such a pattern of share ownership has a positive impact. the company will surely get shareholders that are more attentive and have a sense of belonging; this would be an effective control. the company and al-iqtishad: vol. vii no. 1, januari 2015 131 shareholders are partners who respect each other and remind that the two sides will meet communication in order to achieve the good of both parties. characteristics of islamic stock ownership only priority achievement gains or losses will be shared will be shared (profit and loss sharing), will not create sharp fluctuations in trading activities and speculative (manan, 2009). stocks that entered into sharia index is the issuer whose business is not contrary to the shariah, such as gambling businesses, businesses conventional financial institutions, businesses that produce, distribute, and trade food and drink that are unlawful and destructive nature of moral and disadvantages. in stock selection process that goes jakarta islamic index, indonesia stock exchange do stages election also consider aspects of liquidity and financial condition of the issuer, ie selecting a collection shares with the main type of business already recorded more than 3 months, pick stocks based on the annual financial statements or the middle of the year ended which has a maximum ratio of liabilities to assets by 90%, choose 60 shares of stock composition above is based on an average order of the largest market capitalization over the past year, and chose the 30 stocks with the order based on the average level of liquidity regular trading value during one last year (sutedi, 2011). jakarta islamic index is an index developed by the jse in cooperation with danareksa investment management to respond to the needs of information relating to islamic investment. jakarta islamic index filtered the listing of shares. the reference in the filtration is islamic fatwa issued by the national islamic council (dsn). with this fatwa jakarta stock exchange listed companies sort out its business units in accordance with sharia (hamid, 2009). the fundamental difference between the conventional index with the index of islam is conventional indices include all stocks listed on the exchange by ignoring aspects of halal haram, which is important stocks listed issuer (listing) is in conformity with the applicable rules (legal) (sutedi, 2011). as a result, it is not a problem if there are issuers who sell their shares on the stock moves in the business sector are contrary to islamic principles. methods this paper uses a quantitative approach with secondary data analysis methods. the analysis used in assessing the performance of stocks of sharia is the approach of risk adjusted performance. the object of this research is to study the stocks listed in the jakarta islamic index in the period 2008 to 2012. in this study the object of study is the islamic stock performance. the islamic stocks as measured its performance is consistently listed shares in jakarta islamic index. the selection of stocks consistently listed in the jakarta islamic index once every 6 months because al-iqtishad: vol. vii no. 1, januari 2015 132 the stocks listed in the jakarta islamic index is evaluated whether it was feasible with the assessment and specific criteria. sampling technique in this study using purposive sampling, the sample selection based on certain criteria. the criteria that must be met, namely in this study that became the object of study is the islamic stock performance. the islamic stocks as measured its performance is consistently listed shares in jakarta islamic index. the selection of stocks consistently listed in the jakarta islamic index once every 6 months because the stocks listed in the jakarta islamic index is evaluated whether it was feasible with the assessment and specific criteria. stocks that are consistently listed in the jakarta islamic index during the period 2008-2012 can be seen in table 1. the data used in this paper is secondary data which data are: the shariah stock price, market price of jakarta islamic index, bank indonesia certificates sharia as the risk free rate. as well, several other publications relating to the shares listed on the jakarta islamic index as an object of study. table 1. stocks that consistent listed in jakarta islamic index, year 2008-2012 no. code name 1. aali astra agro lestari tbk 2. antm aneka tambang (persero) tbk 3. asii astra internasional tbk 4. cpin charoen pokphand indonesia tbk 5. indf indofood sukses makmur tbk 6. klbf kalbe farma tbk 7. lsip pp london sumatera tbk 8. smgr semen gresik (persero) tbk 9. tlkm telekomunikasi indonesia tbk 10. untr united tractors tbk source: indonesian stock exchange, 2013 in this paper, the method used to measure the performance of the stock is to use the risk adjustment performance measurement method. the process is as follows: first, develop and establish a sharia stocks included in the jakarta islamic index during the period january 2008 december 2012. second, determination of the study sample with the criteria is consistent stock included in the calculation of the jakarta islamic index during the study period. third, collect the individual stock’s price data during the study period. fourth, collect the data of bank indonesia’s certificate as a monthly risk free asset. fifth, calculate the monthly stock’s return. sixth, calculate the deviation standard and stock’s beta. seventh, measure the sharia stock’s performance using risk adjusted performance. al-iqtishad: vol. vii no. 1, januari 2015 133 once these stages carried out, then compare the performance of the shares of sharia with risk adjusted performance of the method which has the best performance to be able to invest. the calculation is performed by calculating the standard deviation, beta stocks using stock price data and sbis. stock performance analysis is using risk adjusted performance with three parameters, namely the method of sharpe, treynor, and jensen. treynor’s models is the size of the investment performance using the excess return of the beta, the risk can’t be eliminated through diversification. this model firstly proposed by jack treynor so called treynor index. this measurement assumes that the portfolio is well diversified, so that the risk in the portfolio is only systematic risk (zubir, (2011). in evaluating the performance of mutual funds (stocks) treynor using the average return of the past as the expected return and use the beta as a measure of risk. beta indicates the size of the change in the return of a stock to changes in market return, rm (samson, 2006). the higher the treynor’s ratio, the performance of the portfolio will be better. as a measure of investment risk is used beta because in general fluctuations in stock prices affected by market fluctuations. average return is still regarded as the best measure for the return guidelines predictions, assuming all markets are efficient. comparison between return and risk show investors that the higher the risk the higher the expected return. treynor’s model can be write as follow (samsul, 2006): r/vt – (rp – rf)/βp where: r/vt = reward to volatility model treynor; rp = average return portofolio; rf = risk free rate; p = portfolio beta the second measurement model is a model of sharpe. basic measurement methods sharpe is the risk premium, i.e. the difference between the average performances produced by the average stock with a risk-free investment performance. the indication is the higher the sharpe ratio, the better the performance of a stock (nature, 2010). the performance of mutual funds in the future can be predicted by using two measures, namely the expected rate of return (e) and predicted variability of risk is expressed as a deviation standard return, p (samson, 2006). expected rate return is the average annual return. predicted variability of risk is the standard deviation of annual return. the standard deviation shows the change value of return on average return. excess return is the difference between the average rates of return minus the risk free rate. sharpe’s model can be written as follows al-iqtishad: vol. vii no. 1, januari 2015 134 (samsul, 2006): r/vs = (rp – rf)/ p where: r/vs = reward to variability ratio model sharpe rp = average portofolio’s return rf = risk free rate p = standard deviation of portofolio’s return performance measurement model of treynor and sharpe models are complementary to each other because of different information. the non-diversified portfolio is going to get high rankings for treynor, but rank lower for measurement sharpe. in the jensen models, it is assumed that the investor will invest if it can generate a return that exceeds the expected return or the minimum rate of return (samson, 2006). jensen uses the beta factor in measuring the performance of a portfolio investment. investment portfolio performance measurement using this model jensen measure the real return to the expected return, assuming that it has a well-diversified portfolio (hadi, 2013). the jensen’s model can be written as follows (samsul, 2006): e(rj) = rf + j[e(rm) rf] where: e(rj) = expected return of stock j rf = risk free, interest rate j = beta of stock j e(rm) = expected market return discussion one of the indicators that can be used and easy to predict the performance of islamic stocks is by looking at the development of the stock return itself. here is a table of the average return of sharia stocks from 2008 through 2012 table 2. average return of shariah stock (%) emiten 2008 2009 2010 2011 2012 aali -5,25 7,48 1,47 -1,28 -0,49 antm -10,07 6,83 1,32 -2,97 -1,06 asii -12,26 11,13 4,22 2,78 -7,50 cpin -5,10 16,42 7,64 2,55 5,11 al-iqtishad: vol. vii no. 1, januari 2015 135 indf -7,41 12,64 3,03 -0,13 2,10 klbf -8,09 11,55 8,56 0,62 -2,90 lsip -7,19 9,83 1,72 -6,91 0,93 smgr -1,77 5,43 2,08 2,15 3,00 tlkm -2,41 4,45 -1,77 -0,94 2,37 untr -3,12 11,70 3,79 1,26 -0,01 source: indonesian stock exchange based on table 2, the overall 2009 was a year with the best sharia stock returns where the return of the tenth islamic stocks is positive. fluctuations in stock returns occur each year, because affected by the performance of the company itself whether it is in a good or bad performance. fluctuations in stock returns are influenced by internal factors and external factors such as economic conditions. based on the data, all the stock has a negative return in 2008, but in 2009 the company could get up and improve its performance. islamic stocks return that have increased in every year are aali, antm, cpin, indf, klbf, lsip, tlkm smgr and this can be considered an investor to invest in the stock. there are some stocks that show a negative return almost every year, it shows that the company is not in a good performance and easily affected by negative sentiments. although the stocks have the good performance this year, it is likely affected by negative sentiment in the coming years, therefore, as an investor must be responsive to address the outstanding issues so that no one take investment decisions. the sharpe’s model measurement is emphasis on total risk or standard deviation. the standard deviation indicates the size of the change in the return of a share of the average return of the stock. to predict the future performance of the period used the data from the previous period. return on average the previous period is considered as a return prediction coming period and the standard deviation of the return of the previous period is considered as a risk prediction coming period. to analyze the performance of the model of sharpe, the required data is average stock returns, standard deviations, and the risk free rate. the results of the calculation of the stock performance of the group shares the jakarta islamic index sharpe method for each period can be seen in table 3. table 3. stock’s performance using sharpe’s model emiten 2008 2009 2010 2011 2012 aali -24,371 95,404 11,477 -24,074 -10,231 antm -76,310 43,266 8,272 -35,671 -10,805 al-iqtishad: vol. vii no. 1, januari 2015 136 asii -80,086 82,031 39,763 33,038 -29,313 cpin -33,521 71,545 21,011 11,572 40,305 indf -51,625 82,543 27,716 -7,818 41,080 klbf -69,088 60,938 66,036 1,072 -12,964 lsip -33,155 66,330 9,268 30,297 4,567 smgr -21,493 52,689 22,963 14,650 34,595 tlkm -28,596 42,070 -36,918 -46,688 25,187 untr -16,331 87,303 54,975 7,643 -2,628 source: indonesia stock exchange table 3 shows that the sharpe index of the period 2008 to 2012 was in the range -80 086 to 95 404. if the value of the sharpe’s performance index is positive and always increasing, it shows the better stock performance. every year sharpe index is always fluctuating. there are some sharia stocks from 2008 until 2012 that always show increased sharpe performance index, namely: aali, antm, cpin, indf, smgr, and tlkm. the period 2008 to 2012, sharpe index shows that almost evenly in each year there are still stocks is negative. this indicates that the stock portfolios of jakarta islamic index, yet all of them have a positive sharpe index. table 3 shows the islamic stocks from 2008 to 2012 which showed a decrease in the performance index sharpe namely: asii, klbf, lsip, and untr. in evaluating the performance of the stock with a treynor’s model is by using the average return the previous period as the expected return and beta as a measure of risk. beta indicates the size of the change in the return of a stock to changing market return. as a investment risk benchmark is used beta, because in general fluctuations in stock prices affected by market fluctuations. a securities that have beta <1 said a smaller risk than market risk. instead of a security that has a beta value of> 1 is said to have a larger systematic risk than market risk. return regarded as the best measure for prediction guidelines, assuming the market is efficient. comparison between return and risk show investors, that the higher the risk the higher the expected return. to analyze the performance of the treynor’s model required data such as average return, beta stocks, and the risk free rate. the results of the calculation of the stock performance of the 10 groups of stocks jakarta islamic index using treynor’s model can be seen in table 4. table 4. stock’s performance using treynor’s model emiten 2008 2009 2010 2011 2012 aali -331,522 2634,615 167,857 387,234 -221,053 antm -1125,773 480,620 54,861 1350 -171,951 asii -1248,571 1296,296 249,324 -622,222 -159,553 al-iqtishad: vol. vii no. 1, januari 2015 137 cpin -550,926 3359,574 203,143 -502,500 -417,544 indf -809,804 817,007 308,642 -478,571 277,778 klbf -1103,704 -36400 730 -21,622 303,738 lsip -464,740 713,178 95,968 -1182,540 -446,154 smgr -396,970 372,093 178,161 -203,797 363,014 tlkm -479,412 670,175 -343,284 925 306,061 untr -243,558 1627,941 366,292 -200 -29,752 source: indonesia stock exchange table 4 shows that the treynor index of the period 2008 to 2012 was in the range -1248.571 up to 3359.574. if the value of treynor index is positive and increased, the stock performance will getting better. table 4 shows that there is a stock from 2008 until 2012 always show increased treynor’s performance index, namely: asii, cpin, indf, klbf, lsip, smgr, and tlkm. the period 2008 to 2012, shows that there are some stocks still have the negative treynor index in each year. this indicates that the stock portfolios formed jakarta islamic index, the treynor performance is not all be positive. the data in table 4 shows that there is a stock from 2008 until 2012, show a decrease in treynor’s performance index, namely: aali, antm and untr. jensen method calculated the value of the investment return exceeds the expected return or the minimum rate of return. return is the average return the previous period. to analyze the method of jensen require data such as average return, beta stocks, and the risk free rate. the results of the calculation of the stock’s performance of the tenth group of stocks jakarta islamic index jensen method in table 5. table 5. stock’s performance using jensen’s model emiten 2008 2009 2010 2011 2012 aali 633,840 537,840 6,640 -100,690 -107,940 antm -436,280 -110,140 -145,640 -306,020 -192,660 asii -601,200 591,540 138,120 286,280 -1094,960 cpin 135,080 1312,980 165 270,200 547,820 indf -136,480 368,980 123,640 -91,220 135,310 klbf -346,440 1108,980 631,400 72,010 -257,590 lsip 365,480 189,860 -74,440 -853,990 66,190 smgr 184,160 -250,140 19,280 297,670 219,010 tlkm 133,680 59,380 -334,520 -120,320 160,420 untr 704,880 722,120 187,160 134,280 -112,230 source: indonesia stock exchange al-iqtishad: vol. vii no. 1, januari 2015 138 table 5 shows that the index jensen from the period 2008 to 2012 was in the range -1094.960 until 1108.980. if the value of alpha jensen highest and significant shows that this portfolio is the best of the existing portfolio. alpha which has a positive value indicates a better performance than the market index; while a negative value indicates a lower performance than the market index. as in table 5, there are stocks from 2008 to 2012 that always showed an increase jensen index, namely: antm, cpin, indf, klbf, lsip, smgr, and tlkm. however, from the results of jensen index calculation, there are stocks that have a negative value. some stocks which show a decrease in jensen index is: aali, asii, and untr. table 6. rating of shariah stock’s performance (year 2008 – 2010) no. 2008 2009 2010 sharpe treynor jensen sharpe treynor jensen sharpe treynor jensen 1. untr untr untr aali cpin cpin klbf untr klbf 2. smgr aali aali untr aali klbf untr indf untr 3. aali smgr lsip indf untr untr asii asii cpin 4. tlkm lsip smgr asii asii asii indf cpin asii 5. lsip tlkm cpin cpin indf aali smgr smgr indf source: indonesia stock exchange stock performance will be measured using three different methods, namely methods sharpe, treynor, and jensen. measurement of performance shares for the three different methods require data such as stock returns, standard deviation, the market return and risk free rate. tables 6 and 7 show the best performance ratings islamic stock during the period 2008 to 2012. table 7. rating of shariah stock’s performance (year 2011-2012) no. 2011 2012 sharpe treynor jensen sharpe treynor jensen 1. asii antm smgr indf smgr cpin 2. lsip tlkm asii cpin tlkm smgr 3. smgr aali cpin smgr klbf tlkm 4. cpin klbf untr tlkm indf indf 5. untr smgr klbf lsip untr lsip source: indonesia stock exchange given the formulation and performance measurement characteristics of each are different, then the value of the performance index obtained from the calculation of index numbers are different. each of these methods has a basic stock performance relative numbers can’t be compared directly with one another given al-iqtishad: vol. vii no. 1, januari 2015 139 measurement method is different. the results show a significant difference in the performance measurement method. treynor method show consistency among the three measurements, as treynor had a mean difference of the lowest rank of the methods sharpe and jensen (sulistyorini, 2009). according to the ranking of stock’s performance using the three measurement show that there are consistency of stock that have a best rank, i.e. aali, antm, asii, cpin, indf, klbf, lsip, and untr. conclusion judging from the results of the return of each stock that the whole of the period of the study in 2008-2012 aali (astra agro lestari tbk), antm (antam (persero) tbk), cpin (charoen pokphand indonesia tbk), indf (indofood sukses makmur tbk), klbf (kalbe farma tbk), lsip (pp london sumatra, pt), smgr (semen gresik (persero) tbk), and tlkm (telecommunications indonesia, tbk) have consistency for the highest return. these results can be a reference for investors to facilitate stock is chosen to invest, investors can choose companies in major sectors, meaning the company in the field of basic human needs, such as food ingredients, food, building materials (infrastructure) and others which will certainly continue to increase the performance of the company because every year definitely increase the demand for these needs. the results obtained from the calculation of the islamic stock performance with the method of risk adjusted performance shows that the islamic stocks have performed well, because it tends to increase each year. based on the rating sharia stock performance calculation by using method sharpe, treynor and jensen show that there is the consistency of shares whose have the best ratings in each year. these shares are aali (astra agro lestari tbk), antm (antam (persero) tbk), asii (astra international, tbk), cpin (charoen pokphand indonesia tbk), indf (indofood sukses makmur tbk), klbf (kalbe farma tbk), lsip (pp london sumatra, pt), and untr (united tractors tbk). it could also be a reference to strengthening investor to invest in the stock. in addition to this performance analysis, can also use technical and fundamental analysis in order to know the ins and outs of the company’s performance from year to year and his track record does include companies that are healthy or not. references al arif, m.n.r. 2012. islamic financial institutions. bandung: pustaka setia. chapra, m.u. 1996. monetary policy in an islamic economy in money and banking in islam. jeddah: international centre for research in islamic economics. al-iqtishad: vol. vii no. 1, januari 2015 140 darmawi, h. 2006. financial market and other financial institutions. jakarta: pt. bumi aksara. fakhruddin, m.h. 2008. the dictionary of capital market from a to z. jakarta: pt. elex media komputindo. hadi, n. 2013. the capital market: theoretical and practice as financial market instruments. yogyakarta: graha ilmu. hamid, a. 2009. islamic capital market. jakarta: lembaga penelitian uin jakarta. huda, n. & m.e. nasution. 2009. current issues on islamic financial institutions. jakarta: kencana. huda, n. & m. heykal. 2010. islamic financial institutions: a theoretical and practice perception. jakarta: kencana. hulwati. 2009. islamic economics: theory and practice on islamic bonds trading in islamic capital market indonesia and malaysia. jakarta: ciputat press group. manan, a. 2009. the legal aspect of investment on indonesian islamic capital market. jakarta: kencana. muhammad. 2007. the legal aspect on muamalah. yogyakarta: graha ilmu. nafik, h.r. & muhammad. 2009. stock exchange and islamic investment. jakarta: serambi. noor, h.f. 2009. investment: the financial management on business and the economy development of community. jakarta: pt index. samsul, m. 2006. capital market and portfolio management. jakarta: erlangga. sulistyorini, a. 2009. the stock portfolio performance analysis using sharpe, treynor and jensen: study on lq 45 stock at indonesia stock exchange. (thesis unpublished). semarang: university of diponegoro. sutedi, a. 2011. islamic capital market: the financial investment instrument based on islamic principle. jakarta: sinar grafika. zubir, z. 2011. portfolio management: the application in stock investment. jakarta: salemba empat. erika amelia: financial ratio and its influence 229 financial ratio and its influence to profitability in islamic banks erika amelia1 abstract. financial ratio and its influence to profitability in islamic banks. this research aims to analyze the influence of the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) to return on asset (roa) in bank muamalat indonesia and bank syariah mega. the data analysis method used in this research is multiple regression analysis. from the test results show that the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) simultaneously effect to return on asset (roa). based on the test results of the t statistic was concluded that the capital adequacy ratio (car), non performing financing (npf) and the financing to deposit ratio (fdr) partially no significant effect to return on asset (roa), while biaya operasional pendapatan operasional (bopo) partially significant effect to return on asset (roa). keywords: financial ratio, profitability, islamic banks, multiple regression abstrak: rasio keuangan dan pengaruhnya terhadap profitabilitas di perbankan syariah. penelitian ini bertujuan untuk menganalisis pengaruh capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) dan biaya operasional pendapatan operasional (bopo) terhadap return on asset (roa) pada bank muamalat indonesia dan bank syariah mega. metode analisis data yang digunakan dalam penelitian ini adalah analisis regresi berganda. dari hasil uji statistik f menunjukkan bahwa capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) dan biaya operasional pendapatan operasional (bopo) secara simultan berpengaruh terhadap return on asset (roa). berdasarkan hasil uji statistik t disimpulkan bahwa capital adequacy ratio (car), non performing financing (npf) dan financing to deposit ratio (fdr) secara parsial tidak berpengaruh signifikan terhadap return on asset (roa) sedangkan biaya operasional pendapatan operasional (bopo) secara parsial berpengaruh signifikan terhadap return on asset (roa). kata kunci: rasio keuangan profitabilitas, bank syariah, regresi berganda first draft: january, 15th 2015, revision: march, 10th 2015, accepted: april, 20th 2015 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: erika.amelia@uinjkt.ac.id al-iqtishad: vol. vii no. 2, juli 2015 230 introduction crises that have occurred in the indonesian banking industry has been aware of all parties that the conventional banking system is not the only system that is reliable, but there is another banking system better is islamic banking. in the banking activities, the implementation of islamic teachings are realized by the implementation of sharia banking activity that is consistent with islamic thought on economic activity. along with the increasing economic growth, islamic finance has also increased (santoso and sigit triandaru , 2006) in order to maintain public confidence, the banks must maintain financial performance. the bank’s financial performance can be assessed by several indicators. one of the main indicators used as the basis of assessment is the bank ‘s financial statements. based on the financial statements will be calculated a number of financial ratios commonly used as the basis of assessment of the bank (riyadi , 2006). recognizing the importance of health of a bank for the establishment of confidence in the banking world as well as to implement the precautionary principle (prudential banking) in the banking sector, bank indonesia felt the need to apply the rules on the health of banks. with the bank ‘s health regulations, banks are expected to always be in good health, so it will not harm associated with the banking community (santoso and sigit triandaru , 2006) to know the financial condition of a bank, it can be seen that the financial statements are presented by a bank periodically. this report is very useful, especially for owners, management, government, and society as a bank customer, in order to determine the condition of the bank (kasmir,2012). bank rating include an assessment of the factors which consists of: capital; asset quality; management; earnings; liquidity; sensitivity to market risk. in this study, aspects of capital assessed through the capital adequacy ratio (car), asset quality aspects assessed through non performing financing (npf), the aspect of profitability assessed by return on assets (roa) and operating expenses to operating income (roa), while the liquidity aspect assessed through financing to deposit ratio (fdr). some research show different results, the not the consistency of the results of research has been done before, and then the researcher are interested in similar research regarding, “ the effect of capital adequacy ratio ( car ) , non performing financing ( npf ) , financing to deposit ratio ( fdr ) and operating expenses operating income ( oeoi ) to return on assets ( roa ) in bank muamalat indonesia and bank syariah mega registered in bank indonesia period 2005-2012” erika amelia: financial ratio and its influence 231 literature review the bank’s financial statements show the financial condition of the bank as a whole. from this report will be read how the actual condition of the bank, including the weaknesses and strengths (kasmir, 2012). the purpose of making the bank’s financial statements with the principles of islamic sharia is (rifqi muhammad, 2008): first, improving obedience to the principles of islamic transactions in all transactions and business activities; second, information sharia compliance by the entity on islamic principles, as well as information assets, liabilities, and expenses opinion incompatible with islamic principles if there is and how the acquisition and use; third, information to help evaluate fulfillment of responsibilities sharia entity to trust in securing funds and invest in a decent profit levels; fourth, information about the level of investment profits earned investors and owners of temporary syirkah funds and information regarding the fulfillment of the obligation (obligation) social function sharia entities, including the management and distribution of zakat, infaq, shodaqoh and wakaf. the health of banks is the result of qualitative assessments of various aspects affecting the condition or performance of a bank through the assessment of financial, asset quality, management, earnings, liquidity and sensitivity to the market risk (santoso and sigit triandaru, 2006). the rules about the health of islamic banks have been set by bank indonesia regulation (pbi) no. 9/1 / pbi / 2007 concerning the rating system for general banks based on sharia principles (in http://www.bi.go. id, downloaded on september 6, 2013) subject and according to bank indonesia circular letter no. 9/24 / dpbs october 30, 2007 regarding the rating system for commercial banks based on islamic principles (in http://www.bi.go.id, downloaded on 8 september 2013). the bank rating of health banks include an assessment of the following factors: first, an assessment of the capital factor includes assessment of the following components: adequacy, projected (future trend) capital and the ability of capital to cover risks; and; the ability to meet the need for additional capital from earnings, capital plan to support business growth, access to sources of capital and financial performance of shareholders. second, an assessment of the asset quality factor includes assessment of the following components: the quality of productive assets, the development of the quality of earning assets, concentrations of risk exposure, and risk exposure core customers; the adequacy of policies and procedures, review systems (review) internal, system of documentation and handling performance earning assets. third, an assessment of the management factors include assessment of the al-iqtishad: vol. vii no. 2, juli 2015 232 following components: the quality of general management, application of risk management, primarily on the understanding management on the risk of bank or uus; obedience of bank or uus on applicable provisions, a commitment to bank indonesia or other parties, and adherence to islamic principles, including educating the public execution of a social function. fourth, an assessment of the earnings factor includes assessment of the following components: ability to produce profits, earnings capacity to support the expansion and risk cover, as well as the level of efficiency; diversification of revenue, including the ability of banks to earn fee-based income, and diversification of investment of funds, and also application of accounting principles in the recognition of income and expenses fifth, an assessment of the liquidity factors include assessment of the following components: the ability to fulfill short-term obligations, the potential maturity mismatch, and the concentration of funding sources; the adequacy of liquidity management policies, access to funding sources, and funding stability. sixth, assessment of sensitivity to market risk factors include assessment of the following components: the ability of the bank or sharia capital covering potential losses as a result of fluctuations (adverse movement) exchange rates; the adequacy of the implementation of market risk management. return on assets (roa) is used to measure the bank’s management in the gain (profit) as a whole. the greater return on asset (roa) of a bank, the higher the level of the bank’s profits achieved and the better the bank’s position in terms of the use of the asset (dendawijaya, 2009). table. 1 criteria of return on asset (roa) level assessment level criteria information level 1 roa > 1,5% very high level 2 1,25% < roa ≤ 1,5% high level 3 0,5% < roa ≤ 1,25% high enough level 4 0% < roa ≤ 0,5% low level 5 roa ≤ 0% very low source: bank indonesia circular letter no. 9/24 / dpbs 2007 capital adequacy ratio (car) is called with the capital adequacy ratio, which means that the amount of equity capital required to cover the risk of financial loss that may arise from cultivation of assets are risky. the greater this ratio, the bank’s profit will also increase. in other words, the smaller the risk of a bank, the greater profits of a bank (kuncoro and suhardjono, 2011). erika amelia: financial ratio and its influence 233 table. 2 criteria of capital adequacy ratio (car) level assessment level criteria information level 1 kpmm ≥ 12% significantly higher than certainty level 2 9% ≤ kpmm < 12% higher than certainty level 3 8% ≤ kpmm < 9% less higher than certainty level 4 6% < kpmm < 8% lower than certainty level 5 kpmm ≤ 6% less lower than certainty source: bank indonesia circular letter no. 9/24 / dpbs 2007 non-performing financing (npf) is used to measure the level of financing problems faced by islamic banks. the higher this ratio, indicating the quality of islamic bank financing is getting worse (mohammed, 2005). table. 3 criteria of non performing financing (npf) level assessment level criteria information level 1 npf < 2% very good level 2 2% ≤ npf < 5% good level 3 5% ≤ npf < 8% good enough level 4 8% ≤ npf < 12% less good level 5 npf ≥ 12% not good source: bank indonesia circular letter no. 9/24 / dpbs 2007. financing to deposit ratio (fdr) is how much third party funds be released for financing islamic banks (mohammed, 2005). loan to deposit ratio (ldr) is how far the bank’s ability to repay the withdrawal of funds by depositors by controlling loans as a source of liquidity. the higher this ratio, gives indication of the lack of bank liquidity. this is because the amount of funds required to finance the credit is grow (dendawijaya, 2009). the amount of ldr follows the development of indonesia’s economic condition. based on bank indonesia regulation (pbi) no. 15/7 / pbi / 2013 on statutory reserves of commercial banks in bank indonesia in rupiah and foreign exchange, that the bank is considered healthy if the amount of the loan to deposit ratio (ldr) to the lower limit of the loan to deposit ratio (ldr) target is 78% and the upper limit of the loan to deposit ratio (ldr) target is 92% from the date of december 2, 2013. biaya operasional pendapatan operasional (bopo) is used to measure the efficiency of the bank’s ability to conduct its operations. the higher this ratio, the greater the bank’s inefficient operating costs (dendawijaya, 2009). al-iqtishad: vol. vii no. 2, juli 2015 234 table. 4 criteria of biaya operasional pendapatan operasional (bopo) level assessment level criteria information level 1 reo ≤ 83% very high level 2 83% < reo ≤ 85% high level 3 85% < reo ≤ 87% less high level 4 87% < reo ≤ 89% low level 5 reo > 89% les low source: bank indonesia circular letter no. 9/24 / dpbs 2007 in a study conducted by adi stiawan (2009) examined the effect of the capital adequacy ratio ( car ) of the return on assets (roa). research results showed a significant influence of the capital adequacy ratio (car) of the return on assets (roa) . however, these studies contradict the research asma‘ rashidah idris, fadli fizari abu hassan asari, noor asilah abdullah taufik, nor jana salim, rajmi mustaffa and kamaruzaman jusoff (2011) and muh. sabir m, muhammad ali, and abd. hamid habbe (2012). the results showed that the capital adequacy ratio (car) did not significantly affect the return on assets (roa). in a study conducted by adi stiawan (2009) and vishnu aluisius n. (2011) related to the effect of non-performing financing (npf) on return on assets (roa) shows the result that the non-performing financing (npf) significantly affect the return on assets ( roa ). aulia fuad rahman and rochmanika rida (2011) in his research stating that non performing financing (npf) positive effect on return on assets (roa). however, research conducted both at odds with research muh sabir, muhammad ali , and abd hamid habbe (2012) which showed that the nonperforming financing (npf) no significant effect on return on assets (roa). adi stiawan (2009) conducted a study on the effect of financing to deposit ratio (fdr) of the return on assets (roa). the result of research indicated that the financing to deposit ratio (fdr) significantly affect the return on assets (roa). in the study muh sabir, muhammad ali, and abd hamid habbe (2012) showed that the financing to deposit ratio (fdr) positive and significant impact on the return on assets (roa). the study contradicts the suryani study (2011) that the financing to deposit ratio (fdr) no significant effect on return on assets (roa). operating costs operating income (bopo) studied adi stiawan (2009) and aluisius wishnu n. (2011 ) showed that the operating costs operating income (bopo) significantly affect the return on assets (roa). the research muh sabir, muhammad ali, and abd hamid habbe (2012), shows that the operating costs operating income (bopo) significant negative effect on return on assets (roa). erika amelia: financial ratio and its influence 235 methods the population in this research is islamic banks (ib). sampling technique in this research is nonprobability sampling is a sampling technique that does not give the opportunity / same opportunity for each element or member of the population to be elected as members of the sample (sugiyono, 2011). purposive sampling method is sampling technique with particular consideration (sugiyono, 2011). criteria for islamic banks are sampled islamic banks operating in the period 2005-2012 and islamic banks which presents data quarterly financial report for the period 20052012. based on these criteria, the sample used in this study is bank of muamalat indonesia and bank of mega syariah. the data used in this research is secondary data from the quarterly financial report of financial ratios table issued and published on the web site by bank muamalat indonesia and bank syariah mega period 2005 to 2012. the data and information obtained through the official website of bank indonesia. method of analysis used in this research is the method of multiple linear regression analysis. discussion based on the result, it can be seen that the return on asset (roa) has an average value of 2.39%. thus, roa of islamic banks have to fulfill the standards of bank indonesia, which means islamic banks successfully manage its financial performance in increasing revenue and reducing costs. the average value of the capital adequacy ratio (car) is 13.07%. thus statistically, car of islamic banks are significantly higher than the provisions of bank indonesia, which means islamic banks able to finance the operations of the bank to absorb losses on assets decline. financing to deposit ratio (fdr) has an average of 84.48%. so fdr of islamic banks have to fulfill the standards of bank indonesia, which means the distribution of funding is greater than the funds deposited, because the main function of the bank is as intermediation (intermediary) between the parties with the excess funds with underfunded. biaya operasional pendapatan operasional (bopo) reached an average of 83.38%. so bopo ratio of islamic banks comes into the second rank (83% <reo ≤ 85%), which indicates that the efficiency of operational activities of islamic banks are already good. based on the results of the amount of correlation between the independent variables, it appears that only the operating expenses operating income (bopo) which has a quite high correlation with the variable financing to deposit ratio (fdr) with a correlation of 58.7%. therefore, this correlation is still below 95%, it can be said did not occur serious multicoloniarity. multicoloniarity test results with see the value of tolerance and vif. results of tolerance calculation showed that were al-iqtishad: vol. vii no. 2, juli 2015 236 no independent variables have a tolerance value of less than 0.10, which means there is no correlation between the independent variable whose value is more than 95%. the result of the calculation variance inflation factor (vif) also showed the same thing that no one independent variable that has a value of more than 10. so vif can be concluded that there is no multicoloniarity in the regression model. to determine the presence of autocorrelation in a regression model, then tested against the value of the durbin-watson (dw) test. the result show that the generate value durbin-watson (dw) 0,929. while in the table of durbinwatson (dw) the number of samples (n) = 64 and the number of independent variables (k) = 4 and a significance level of 0.05 obtained values (dl) = 1.46 and (du) = 1.73. therefore the calculation can be concluded that there is a positive autocorrelation. because the regression model contained autocorrelation problem, it is necessary to measure improvement. improvements are considered appropriate is to use a technique generalized least square (gls) that is a method to get rid of the first order autocorrelation (first order autocorrelation) in a regression equation estimation. then the method used to estimate the value of p is the method cochraneoreutt is a technique replicates of two stages: the first stage is to run a regression to the initial equation then predicted coefficient p by running regression equation based on the suspected residue containing autocorrelation. then, the second stage is using an estimate of the autocorrelation coefficient, where p is used to estimate the generalized least square equation by substituting estimation p. after performing ols regression techniques, we then look for the first iteration p value estimate for estimating the generalized difference equation in the equation. the test results of durbin-watson (dw) after repair autocorrelation as follows. in the previous regression equation, the value of the durbin-watson (dw) of 0,929 and consist a positive autocorrelation, while the regression equation after repair generate of durbin-watson value (dw) of 1.920 which means it did not happen autocorrelation. from the result shows that dots dispersed and scattered above and below the number 0 on the y axis, there is no specific pattern that is irregular or no clear pattern. therefore, it can be concluded that there is no heteroscedasticity in this regression models. testing the normality of the data to statistical analysis performed using kolmogorov-smirnov (ks). in multivariate normality tests performed on residual value. the data indicated a normal distribution with significant value above 0.05 or 5% (ghozali, 2011). the value of the kolmogorov-smirnov (ks) are 1.056 and 0.215 significance. it can be concluded that the distribution pattern of the residuals are normally distributed, so the regression model fulfill the normality test. erika amelia: financial ratio and its influence 237 the coefficient of determination (r2) was essentially measures how far the ability of the model to explain variations in the dependent variable (ghozali, 2011). the coefficient of determination can be seen as follows. the amount of adjusted r square (r2) is 0.657. the results of this statistical the calculation shows the variation of the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) can explain the variation of 65.7% return on asset (roa). while the remaining 34.3% is explained by other factors beyond the regression model are analyzed. the statistical test f basically indicates whether all the independent variables included in the model have jointly influence on the dependent variable. based on the results of spss output simultaneously the influence of independent variables on the dependent variable can be seen as follow. on the result of statistical test f, obtained calculated f value is 30.641 and 0.000 significance level. because the level of significance less than 0.05 and the result f count is greater than the f table (30.641> 2.53), it can be concluded that the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) simultaneously significant effect on return on asset (roa). t statistical test indicates how far the influence of the independent variables individually in explaining variation dependent variable. the results of test calculations obtained partial t variable capital adequacy ratio (car) of -0.478 with a significance value of (0.634> 0.05). it can be concluded that the capital adequacy ratio (car) partially negative but insignificant effect on the return on asset (roa). this means that the higher the level of capital adequacy ratio (car) of a bank did not a barometer of the success of the bank’s management in obtaining high profits because capital owned banks have not used optimally in the distribution of funding which the car only serves as a backup capital which resulted in the bank’s capital funds to settle unproductive or idle (idle funds). the results of test calculations obtained partial t variable non-performing financing (npf) of -0.189 with a significance value of (0.851> 0.05). it can be concluded that the non-performing financing (npf) partially negative but insignificant effect on the return on asset (roa). the results of this research indicate the possibility of resulting value penyisihan penghapusan aktiva produktif (ppap) can still cover the financing problems. bank profits can still be increased by the high of non performing financing (npf), because banks are still able to obtain, not only a source of income from the finance portfolio, but also from other income sources also provide a relatively high influence on the rate of return on asset. the results of test calculations obtained partial t variable financing to deposit al-iqtishad: vol. vii no. 2, juli 2015 238 ratio (fdr) of -1.411 with a significance value of (0.164> 0.05). it can be concluded that the financing to deposit ratio (fdr) partially negative but insignificant effect on the return on asset (roa). the results of this research showed the higher this ratio, the greater the illiquid banks. the more illiquid bank greater the liquidity risk borne by the bank, so contained the risk of unavailability of liquid assets to fulfill obligations to customers. trending negative liquidity risk due to the results of a given financing to be borne by the bank increase, so the return on asset (roa) decreased. the level of bank’s ability to withdraw funds from low customer and the bank did not have a reserve fund to restore customer funds savers. the results of test calculations obtained partial t variable operating expenses operating income (bopo) of -10.207 with significance value of (0.000> 0.05). it can be concluded that the biaya operasional pendapatan operasional (bopo) partially significant negative effect on return on asset (roa). the results of this research indicate that if the operations are conducted efficiently generated revenue the bank will increase or more efficient performance of the operations of a bank, the profit earned by the bank will be even greater. conclusion besides the explanation above it can be concluded that through the f statistic test results simultaneously from each of the dependent variables with independent showed that the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) significantly affected on return on asset (roa). while the statistical t test results partially from each of the dependent variable showed that the capital adequacy ratio (car) did not significantly influence the return on assets (roa). the results are consistent with previous studies conducted by asma ‘rashidah idris et al (2011) and muh. sabir m et al (2012) that the variable non performing financing (npf) has no significant effect on return on assets (roa). these results are also consistent with previous studies conducted by muh. sabir m et al (2012). as for the variable financing to deposit ratio (fdr) did not significantly influence the return on assets (roa). the result of this study is also in line with previous research conducted by syriac (2011). and for variable operating costs operating income (roa) significantly affects the return on assets (roa). and the results are consistent with previous studies conducted by adi stiawan (2009) and aluisius vishnu, n. (2011) based on the conclusion above, we can suggest that: it is important to make an optimal asset management through financing or business expansion. so, there are no idle funds that could result settles unproductive asset. the application of the erika amelia: financial ratio and its influence 239 precautionary principle in the management of the financing conducted to minimize the risk of financing so as to improve profitability and can manage funds raised from the public and then redistributed in the form of financing, allocation of funds held should be distributed in a variety of forms of investment that will be able to increase the income of the bank, either in the form of bonuses and profit-sharing, which means sharia banks profit will increase and control the income and expenses of special concern to always be at a level of efficiency that can generate maximum profit, so that the performance achieved will always increase. references bank indonesia. 2007. peraturan bank indonesia (pbi) no. 9/1/pbi/2007 tentang sistem penilaian tingkat kesehatan bank umum berdasarkan prinsip syariah dalam http://www.bi.go.id, diunduh pada tanggal 6 september 2014 bank indonesia. 2007. surat edaran bank indonesia no.9/24/dpbs tahun 2007 perihal sistem penilaian tingkat kesehatan bank umum berdasarkan prinsip syariah dalam http://www.bi.go.id, diunduh pada tanggal 8 september 2014 bank indonesia. 2012. peraturan bank indonesia (pbi) no. 14/14/pbi/2012 tentang transparansi dan publikasi laporan bank dalam http://www.bi.go.id, diunduh pada tanggal 8 september 2014 bank indonesia. 2013. peraturan bank indonesia (pbi) no. 15/7/pbi/2013 tentang giro wajib minimum bank umum pada bank indonesia dalam rupiah dan valuta asing dalam http://www.bi.go.id, diunduh pada tanggal 30 desember 2014. dendawijaya, l. 2009, manajemen perbankan. bogor: ghalia indonesia. ghozali, i. 2011. aplikasi analisis multivariate dengan program ibm spss 19. semarang: badan penerbit universitas diponegoro. idris, a.r, et.al. 2011. determinant of islamic banking institutions’ profitability in malaysia. world applied sciences journal 12, pp 88-100. kasmir. 2012. manajemen perbankan. jakarta: raja grafindo persada. kuncoro, m. & suhardjono. 2011. manajemen perbankan: teori dan perbankan. yogyakarta: bpfe yogyakarta. muhammad. 2005. manajemen bank syariah. yogyakarta: unit penerbit dan percetakan amp ykpn. muhammad, r. 2008. akuntansi keuangan syariah, konsep dan implementasi psak syariah. yogyakarta: p3ei press. nugroho, a.w. 2011. analisis pengaruh fdr, npf, bopo, kap dan plo terhadap roa: studi pada bank syariah di indonesia periode tahun 2006-2010. (thesis al-iqtishad: vol. vii no. 2, juli 2015 240 unpublished). semarang: universitas diponegoro. riyadi, s. 2006. banking asset & liability management. jakarta: lembaga penerbit fakultas ekonomi universitas indonesia. sabir, muh. et.al. 2012. pengaruh rasio kesehatan bank terhadap kinerja keuangan bank umum syariah dan bank konvensional di indonesia. jurnal analisis, volume 1, nomor 1, juni 2012, pp. 79-86. santoso, t.b. & s. triandaru. 2006. bank dan lembaga keuangan lain. jakarta: salemba empat. stiawan, a. 2008. analisis pengaruh faktor makroekonomi, pangsa pasar dan karakteristik bank terhadap profitabilitas bank syariah: studi pada bank syariah periode 2005-2008. (thesis unpublished). semarang: universitas diponegoro. sugiyono. 2011. statistika untuk penelitian. bandung: alfabeta. suryani. 2011. analisis pengaruh financing to deposit ratio (fdr) terhadap profitabilitas perbankan syariah di indonesia. jurnal walisongo, volume 19, nomor 1, pp. 35-50. hendri tanjung: volatility of jakarta islamic index 207 volatility of jakarta islamic index hendri tanjung1 abstract: volatility of jakarta islamic index. this study investigates the volatility of jakarta islamic index (jii) in jakarta stock exchange. the method that used in this research is used a simple statistical analysis. the normality of jii return is analyzed to answer whether the return of jii follows normal distribution. by using data of jakarta islamic index from 2nd march 2009 to 30th october 2013 (1122 daily data), it is found that the distribution of return of jii is not normal, even the 5 sigma occurred. this means the return of jakarta islamic index is much volatile than the theory predicted. this will make too much gain or loss in one day in the economy. keywords: volatility, normal distribution, jakarta islamic index abstrak: volatilitas jakarta islamic indeks. penelitian ini melakukan investigasi terhadap volatilitas jakarta islamic index (jii) pada jakarta stock exchange. teknik analisis yang dipergunakan dalam penelitian ini hanya analisis statistic sederhana. kenormalan distribusi dari tingkat return pada jii dianalisis untuk menjawab apakah return nya menyebar normal atau tidak. dengan menggunakan data jakarta islamic index dari 2 maret 2009 sampai 30 oktober 2013 (1122 data harian), ditemukan bahwa distribusi dari return jii tidak menyebar normal, bahkan 5 sigma terjadi. penelitian ini menyimpulkan bahwa return dari jakarta islamic index sangat berfluktuasi, melebihi apa yang teori jelaskan. implikasinya adalah, akan diperoleh keutungan yang sangat tinggi dan kerugian yang sangat besar pada suatu hari, dalam ekonomi. kata kunci: volatilitas, distribusi normal, jakarta islamic indeks 1 diterima: 15 maret 2014, direvisi: 15 april 2014, disetujui: 28 april 2014 universitas ibn khaldun, jl. sholeh iskandar, km. 2, bogor. email: hendri.tanjung@gmail.com al-iqtishad: vol. vi no. 2, juli 2014 208 introduction there is a book title “when genius failed” by roger lowenstein (2001) that tells the story of two prominent economists. one of them is the nobel prize winner for his contributions in the field of financial econometrics. they both ran hedge funds company which is named ‘long term capital management’ (ltcm). all people were vying to invest money through the ltcm because of the one of founding fathers was a nobel prize winner. they believed that the company would not collapse. how could ltcm collapsed while his partner is a champion in that field? that was the belief in the mind of the investors at the time. ltcm used highly sophisticated calculations by assuming that the return has a normal distribution. with this calculation, investors could calculate the probability to get certain benefits. for four years, ltcm showed very good performance with high margins. all investors were stunned. however, one day, after four years dazzling wall street as a huge moneymaker 100 billion u.s. dollars, everything was over. because ltcm managed huge money, so when they collapsed, the stock market collapsed as well. to avoid the breakdown of all aspects of the economy due to loss of capital markets, the u.s. federal reserve had stepped in to help by pumping money into ltcm. as a response to this event, lowenstein writes: on account of a crisis at ltcm, mc donnough had summoned—“invited”, in the fed restrained idiom—the head of every major wall street bank. for the first time, the chiefs of bankers trust, bear stearns, chase manhattan, goldman sachs, j.p. morgan, lehman brothers, merrill lynch, morgan stanley dean witter, and salomon smith barney, gathered under the oil portraits in the fed’s tenth floor boardroom—not to bail out a latin american nation but to consider a rescue of one of their own. the question that arises is of course, why did these two geniuses fail? is it true as they assumed that the return of stock market follows the normal distribution? the problem statements are: (1) is the distribution of return on the jii normal or not?; (2) what is the volatility of the returns of jii? the purpose of this study are: (1) to analyze whether the distribution of return on the jii normal or not. (2) to show the volatility of the returns of jakarta islamic index (jii). at the end of this study, there will be recommendation regarding the findings. literature review there was at least fifteen historical episodes of stock market crashes in the hendri tanjung: volatility of jakarta islamic index 209 united states over the last one hundred years, and mishkin and white (2002) argue that financial instability is the key problem facing monetary policy makers. some authors showed that instability of capital market is a common phenomenon found everywhere. igbatayo (2011) found that instability in financial market (banks and capital market) occured in nigeria. in the capital market, equity prices in the past couple of years, have fallen sharply, with the all-share index at the nigerian stock exchange down by 33 percent at the end of december 2009, from levels recorded in december, 2008. butt (2010) found the instability of return of stock market in pakistan. he argued there is relationship between risk and return in karachi stock exchange 100 index. edwards, biscarri and de gracia (2003) analyzed the cycles of the stock markets in four latin american (argentina, brazil, chile and mexico) and two asian countries (south korea and thailand), and compared their characteristics. they found that cycles in emerging countries tend to have shorter duration, larger amplitude and volatility than in developed countries. some authors related the stock market with the political development and economic growth. asteriou and siriopoulos (2003) examined empirically the relationship between stock market development, political instability and economic growth in greece. using time series data, the results indicated that there was a strong negative relationship between uncertain socio-political conditions and the general index of athens stock exchange (ase) and supported the theoretical hypothesis that uncertain socio-political conditions affect economic growth negatively, is true for greek case. konzelmann et.al.(2010) argued that at the heart of the crisis was a breakdown in governance that has it roots in the co-evolution of political and economic developments and of economic theory and policy since 1929 stock market crash and the great depression that followed. some authors argued that the cause of volatility in stock market is not political uncertainty, but other factors. voth (2001) found that the majority of events increasing political uncertainty had little or no effect on the value of german assets and the volatility of returns on them. instead, it was inflation (and the fear of it) that is largely responsible for most of the variability in asset returns. panetta (2002) argued that the relation between stock returns and the macroeconomic factors was found to be unstable in italia. miller and ratti (2009) found negative relationship between the world price of crude oil and international stock markets in the last decade. this may suggested the presence of several stock market bubbles. yusof and madjid (2007) found that interest rate volatility affected the conventional stock market volatility but not the islamic stock market volatility in malaysia. this highlights the tenet of islamic principles that the interest rate is not a significant variable in explaining stock market volatility. their finding provides al-iqtishad: vol. vi no. 2, juli 2014 210 further support that stabilizing interest rate would have insignificant impact on the volatility of the islamic stock markets. there are at least eight models to explain the volatility in stock market. they are overreaction model, adverse impact of related laws, increasing linkages model, transmission of volatility model, adverse impact of derivatives’ model, adverse impact of related markets’ model, impact of volume volatility model, and econophysics’ model of stock market crises. shabri (2002) explored the causes of stock market prices and high price volatility in several countries. he found that very high volatility which indicated by more than 50% change occured in several countries, i.e. amsterdam, athens, belgia, italia, spain, swiss, mexiko, argentina, korea, malaysia, thailand and turkey. we may summarize that volatility of stock market occured everywhere in the world. some researchers tried to explain the roots, the causes and the relations of stock market volatility with some other factors. in this study, we focus on analyzing the magnitude of the volatility of jakarta islamic index and the consequence of that into economy. methods the data are collected from jakarta stock exchange (jsx), indonesia. the data are the return of jakarta islamic index (jii) from 2nd march 2009 to 30th september 2013. this study analyzes 1122 daily data of return of jii. this study does not use sophisticated model to explain the volatility of return of stock market such as overreaction model, adverse impact of related laws, increasing linkages model, transmission of volatility model, adverse impact of derivatives’ model, adverse impact of related markets’ model, impact of volume volatility model, and econophysics’ model of stock market crises. instead, this study uses simple statistical analysis, i.e., time series plot to see the fluctuation of data, histogram to see the pattern of distribution, and qq plot to analyze the normality of return of jakarta islamic index (jii) data. qq plot is a probability plot, which is a graphical method for comparing two probability distributions by plotting their quantiles againts each other. discussion it is important to see the daily data of jakarta islamic index (jii) in jakarta stock exchange (jsx) and try to find out if the return is normal or not. people think that it is normal, even though really it is not. hendri tanjung: volatility of jakarta islamic index 211 first of all, the time series plot of the return for all data will be seen. the data consist of 1122 observations, from 2nd march 2009 to 30th september 2013. the time series plot can be seen in figure 1. 112010088967846725604483362241121 10,00% 5,00% 0,00% -5,00% -10,00% index re tu rn time series plot of return figure 1. time series plot of jii return from 2nd march 2009 to 30th september 2013 (1122 data) from figure 1, it could be seen that minimum return is almost -10% and maximum is almost 10%. this shows that in one day, there is probability to gain almost 10 percent and to loss almost 10 percent. if we see the data comprehensively, we could split the data into four parts based on its volatility. the first part is from 1st observation to 300th observation (300 data). the second part is from 301th to 600th observation (300 data). the third part is from 601th to 900th observation (300 data) and the last part is from 901th to 1122th observation (222 data). in the next subchapter, we will discuss the first part, the first 2 parts, the first 3 parts, and all parts separately. but before analysis of the four parts be done, it is important to check for 100 observations which is approximately 4 months observations. 100 observations consider 100 observations of jakarta islamic index (jii). those are data from 2nd march 2009 to 28th july 2009 (see appendix). every day the price of stock fluctuates. every minutes the price changes. on 2nd march 2009, the maximum price is 214.042, the minimum price is 208.330 and at the end of the day, the price of these stock is 209.418 (closing price). there is 0.26 % gain from 2nd to 3rd march 2009. 0.26% is obtained by dividing closing price on 3rd march which is 209.959 with closing price on 2nd al-iqtishad: vol. vi no. 2, juli 2014 212 march 2009 which is 209.418. the result is 100.26%. this means 0.26% increase within one day and it is gain. if we had stocks on 2nd march and we sell it on 3rd march (one day later), we will gain 0.26%. on the other hand, there is 1.67 % loss from 16th to 17th march 2009. 1.67% is obtained by dividing closing price on 17th march which is 215.049 with closing price on 16th march 2009 which is 218.707. the result is 98.33%. this means 1.67% decrease within one day and it is loss. to assess whether those 100 observations follow normal distribution, q-q plot is used. actually, people usually assess normality by using 68%, 95% and 99,7% rules. if data follows normal distribution; by using 68% rule we could say that 68% of the data between -1 std and +1 std, by using 95% rule we could say that 95% of the data between -2 std and +2 std and by using 99,7% rule we could say that 99,7% of the data between -3 std and +3 std . std stands for standard deviation. this rule is just checking normality with 3 points, but with q-q plot, we assess all points of the data. it is just a slight generalization. first of all, we look at the histogram of the returns. the result is like figure 2. 6,00%4,00%2,00%0,00%-2,00%-4,00% 20 15 10 5 0 return 100 fr eq ue nc y mean 0,005839 stdev 0,02065 n 100 histogram of return 100 normal figure 2. histogram of return of jii (100 observations) from 2nd march to 28th july 2009 in figure 2, that the distribution is likely normal. next, q-q plot is used to assess the normality of the data. the ‘q’ in q-q plot stands for quintile-quintile. quintile is also called percentile. the q-q plot of this data is as figure 3. hendri tanjung: volatility of jakarta islamic index 213 10,00%5,00%0,00%-5,00% 99,9 99 95 90 80 70 60 50 40 30 20 10 5 1 0,1 return 100 pe rc en t mean 0,005839 stdev 0,02065 n 100 ad 0,223 p-value 0,822 probability plot of return 100 normal 95% ci figure 3. probability plot of jii return (100 observations) from 2nd march to 28th july 2009 figure 3 show that the data seems normal distribution. there are only two observations outside the limit line. the data almost forms 45 degree line. anderson darling test is 0.223 with p value 0.822. this means that null hypothesis which mentions that the distribution is normal could not be rejected. this shows that the distribution of return of jii for 100 data is normal. the first year data (300 observations) 100 observations are only 4 months data. now, we want to know the distribution of one year data, which is approximately 300 observations. time series plot for 300 observations can be seen at figure 4. 3002702402101801501209060301 10,00% 7,50% 5,00% 2,50% 0,00% -2,50% -5,00% index re tu rn 3 00 time series plot of return 300 figure 4. time series plot of jii return (300 observations) from 2 march 2009 to 26 may 2010 al-iqtishad: vol. vi no. 2, juli 2014 214 figure 4 explains that most of the volatility of return vary from -5% to 5%, although the gain/loss of some observations are bigger than 5%. to see the distribution, histogram is performed. the histogram of 300 observations is captured as figure 5. figure 5 shows that the return of 300 observations is slightly not normal. we can see that 5 sigma occurs. 5 sigma is 8.94%. this is calculated by multiplying 5 with standard deviation (0,01788). the gain more than 8 persen happens in the period of one year from 2nd march 2009 to 26th may 2010. the gain from 25th to 26th may 2010 is 9,15%. this is the evidence that the distribution slightly not normal. if the data is normal, the probability of 5 sigma is 3 out of 10,000,000. but in this data, the probability is 1 out of 300. to investigate the normality of distribution, anderson darling test and qq plot are used. figure 6 shows the result. 8,00%6,00%4,00%2,00%0,00%-2,00%-4,00% 90 80 70 60 50 40 30 20 10 0 return 300 fr eq ue nc y mean 0,002540 stdev 0,01788 n 300 histogram of return 300 normal figure 5. histogram of return of jii (300 observations) from 2 march 2009 to 26 may 2010 from the figure 6, it could be concluded that the distribution of 300 observations is not normal. anderson darling test is 1,369 with p-value < 0.005. this means that the null hypothesis is rejected. the null hypothesis is the distribution is normal. when the null hypothesis is rejected, it means that the distribution is not normal. now, the result show normality in small sample (100 observations) and non normality in larger sample (300 observations). this confirms that the volatility in large sample is bigger than small sample. hendri tanjung: volatility of jakarta islamic index 215 10,00%7,50%5,00%2,50%0,00%-2,50%-5,00% 99,9 99 95 90 80 70 60 50 40 30 20 10 5 1 0,1 return 300 pe rc en t mean 0,002540 stdev 0,01788 n 300 ad 1,369 p-value <0,005 probability plot of return 300 normal 95% ci figure 6. probability plot of return of jii (300 observations) from 2nd march 2009 to 26th may 2010 the first 2 years data (600 observations) 300 observations are only one year data. now, we want to know the distribution of two years data, which are approximately 600 observations. time series plot for 600 observations can be seen at figure 7. 600540480420360300240180120601 10,00% 7,50% 5,00% 2,50% 0,00% -2,50% -5,00% index re tu rn 6 00 time series plot of return 600 figure 7. time series plot of jii return (600 observations) from 2nd march 2009 to 12th august 2011 figure 7 explains the volatility of return vary from -5% to 5%, although the gain/loss of some observations are bigger than 5%. to see the distribution, histogram is performed. the histogram of 600 observations is captured in figure 8. al-iqtishad: vol. vi no. 2, juli 2014 216 8,00%6,00%4,00%2,00%0,00%-2,00%-4,00% 120 100 80 60 40 20 0 return 600 fr eq ue nc y mean 0,001688 stdev 0,01549 n 600 histogram of return 600 normal figure 8. histogram of jii return (600 observations) from 2nd march 2009 to 12th august 2011 figure 8 shows that the return of 600 observations is not normal. even, that 6 sigma occurs. 6 sigma is 9.29%. this is calculated by multiplying 6 with standard deviation (0,01549). the gain more than 9 persen happens in the period of two year from 2nd march 2009, i.e. at 26th may 2010. this is the evidence that the distribution is not normal. if the data is normal, the probability of 6 sigma is 1 out of 1,000,000,000. but in this data, the probability is 1 out of 300. to investigate the normality of distribution, anderson darling test and qq plot are used. figure 9 shows the result. 10,00%7,50%5,00%2,50%0,00%-2,50%-5,00% 99,99 99 95 80 50 20 5 1 0,01 return 600 pe rc en t mean 0,001688 stdev 0,01549 n 600 ad 3,506 p-value <0,005 probability plot of return 600 normal 95% ci figure 9. probability plot of jii return (600 observations) from 2nd march 2009 to 12th august 2011 hendri tanjung: volatility of jakarta islamic index 217 from figure 9 it could be concluded that the distribution of 600 observations is not normal. anderson darling test is 3,506 with p-value < 0.005. this means that the null hypothesis is rejected. the null hypothesis is the distribution is normal. when the null hypothesis is rejected, it means that the distribution is not normal. now, the result shows normality in small sample (100 observations) and non normality in larger sample (300 observations and 600 observations). this confirms that the volatility in large sample is bigger than small sample. the first 3 years data 600 observations are only two year data. now, we want to know the distribution of three years data, which is approximately 900 observations. time series plot for 900 observations can be seen at figure 10. 900810720630540450360270180901 10,00% 5,00% 0,00% -5,00% -10,00% index re tu rn 9 00 time series plot of return 900 figure 10. time series plot of jii return (900 observations) from 2nd march 2009 to 30th october 2012 figure 10 explains most of the volatility of return vary from -5% to 5%, although the gain/loss of some observations are bigger than 5%. to see the distribution, histogram is performed. the histogram of 900 observations is captured in figure 11. al-iqtishad: vol. vi no. 2, juli 2014 218 7,50%5,00%2,50%0,00%-2,50%-5,00%-7,50% 160 140 120 100 80 60 40 20 0 return 900 fr eq ue nc y mean 0,001321 stdev 0,01522 n 900 histogram of return 900 normal figure 11. histogram of jii return (900 observations) from 2nd march 2009 to 30th october 2012 figure 11 shows that the return of 900 observations is not normal. even, that 6 sigma occurs. 6 sigma is 9.13%. this is calculated by multiplying 6 with standard deviation (0,01522). the gain more than 9.13% happens in the period of three year from 2nd march 2009, i.e. at 26th may 2010. this is the evidence that the distribution is not normal. if the data is normal, the probability of 6 sigma is 1 out of 1,000,000,000. but in this data, the probability is 1 out of 900. to investigate the normality of distribution, anderson darling (ad) test and qq plot are used. figure12 shows the result. 10,00%5,00%0,00%-5,00%-10,00% 99,99 99 95 80 50 20 5 1 0,01 return 900 pe rc en t mean 0,001321 stdev 0,01522 n 900 ad 5,754 p-value <0,005 probability plot of return 900 normal 95% ci figure 12. probability plot of jii return (900 observations) from 2nd march 2009 to 30th october 2012 hendri tanjung: volatility of jakarta islamic index 219 from figure 12 it could be concluded that the distribution of 900 observations is not normal. anderson darling (ad) test is 5,754 with p-value < 0.005. this means that the null hypothesis is rejected. the null hypothesis is the distribution is normal. when the null hypothesis is rejected, it means that the distribution is not normal. now, the result shows normality in small sample (100 observations) and non normality in larger sample (300 observations, 600 observations and 900 observations). this confirms that the volatility in large sample is bigger than small sample. all data (1122 observations) 900 observations are only three year data. now, we want to know the distribution of all data, which are 1122 observations. time series plot for 1122 observations can be seen at figure 1. figure 1 explains the volatility of return vary from -5% to 5%, although the gain/loss of some observations are bigger than 5%. to see the distribution, histogram is performed. the histogram of all observations is captured as figure 13. 7,50%5,00%2,50%0,00%-2,50%-5,00%-7,50% 200 150 100 50 0 return fr eq ue nc y mean 0,001037 stdev 0,01552 n 1122 histogram of return normal figure 13. histogram of jii return (1122 observations) from 2nd march 2009 to 30th sept 2013 figure 13 shows that the return of all observations is not normal. in this case, 5 sigma occurs. 5 sigma is 7.76%. this is calculated by multiplying 5 with standard deviation (0,01552). the gain more than 7,76% persen happens in the period of three and half year from 2nd march 2009, i.e., at 26th may 2010. even, 6 sigma occurs in period of all data. 6 sigma is 9.31%. this is calculated by multiplying 6 with standard deviation (0,01552). the gain more than 9.31% persen happens in al-iqtishad: vol. vi no. 2, juli 2014 220 the period of three and half year from 2nd march 2009, i.e., at 22nd september 2011 which bear loss 9,43% . this is the evidence that the distribution is not normal. to investigate the normality of distribution, anderson darling (ad) test and qq plot are used. figure 14 shows the result. from figure 14 it could be concluded that the distribution of all observations is not normal. anderson darling (ad) test is 8,538 with p-value < 0.005. this means that the null hypothesis is rejected. the null hypothesis is the distribution is normal. when the null hypothesis is rejected, it means that the distribution is not normal. now, the result shows normality in small sample (100 observations) and non normality in larger sample (300 observations, 600 observations, 900 observations and 1122 observations). this confirms that the volatility in large sample is bigger than small sample. 10,00%5,00%0,00%-5,00%-10,00% 99,99 99 95 80 50 20 5 1 0,01 return pe rc en t mean 0,001037 stdev 0,01552 n 1122 ad 8,538 p-value <0,005 probability plot of return normal 95% ci figure 14. probability plot of jii return (1122 observations) from 2nd march 2009 to 30th sept 2013 conclusion the data of small sample which is 100 observations shows that the distribution of the return of jakarta islamic index is normal. the data of larger sample which is 300 observations shows that the distribution of the return of jakarta islamic index is not normal, even 5 sigmas occur. the data of larger sample which is 600 observations shows that the distribution of the return of jakarta islamic index is not normal, even 6 sigmas occur. hendri tanjung: volatility of jakarta islamic index 221 the data of larger sample which is 900 observations shows that the distribution of the return of jakarta islamic index is not normal, even 6 sigmas occur. the data of larger sample which is 1122 observations shows that the distribution of the return of jakarta islamic index is not normal, even 6 sigmas occur. the volatility of jakarta islamic index varies from time to time. the volatility of larger sample is bigger than small sample. references asteriou, d. & c. siriopoulos. 2000. the role of political 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preference in pasar baru cikarang in selecting of conventional or shariah financing access with using 100 responden. the method that used in this research is binary logistic regression and descriptive analysis. there are two result of this research, first, the factor that influence the micro and small enterprise preference are the lower interest/yield, diverse product, financing plafond, and presence a guidance of business development. second, 37 percent respondent stated that they chose to access financing in islamic financial institutions and 63 percent stated that they chose to access financing in conventional financial institutions. from this result we can conclude that the micro and small medium enterprise in pasar baru cikarang is more preferrable access in conventional financial institution. keyword: preference, financing access, binary logistic regression abstrak: preferensi usaha kecil dan mikro di pasar baru cikarang dalam memilih akses pembiayaan. tujuan dari penelitian ini adalah untuk mengukur preferensi dari usaha mikro dan kecil dalam mengakses pembiayaan berbasis konvensional atau syariah dengan menggunakan 100 orang responden. metode yang digunakan dalam penelitian ini adalah regresi logistik binary dan analisis deskriptif. berdasarkan hasil penelitian, didapat dua kesimpulan. pertama, bahwa hanya ada satu faktor yang mempengaruhi preferensi usaha kecil dan mikro di pasar baru cikarang dalam memilih akses pembiayaan yaitu faktor produk yang meliputi: bunga/margin/bagi hasil yang rendah, produk yang beragam, jumlah plafond yang sesuai dengan kebutuhan dan terdapatnya bimbingan untuk pengembangan usaha. kedua, berdasarkan hasil analisis deskriptif, bahwa 37 persen yang memilih akses pembiayaan di lembaga keuangan syariah dan 63 persen yang memilih akses pembiayaan di lembaga keuangan konvensional. dari hasil tersebut, dapat disimpulkan bahwa usaha kecil dan mikro di pasar baru cikarang lebih berminat atau cenderung memilih akses pembiayaan di lembaga keuangan konvensional. kata kunci: preferensi, akses pembiayaan, regresi logistic binary 1naskah diterima: 10 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 bprs harta insan karimah, jl. ciledug raya, no. 88 b, larangan, tangerang, banten. email: siti_aisyahzakaria@yahoo.com. mailto:siti_aisyahzakaria@yahoo.com 2 pendahuluan perbankan dan lembaga pembiayaan merupakan sektor yang paling besar pengaruhnya dalam aktifitas perekonomian masyarakat modern, sebagai lembaga keuangan yang menjadi tempat bagi perusahaan, badan-badan pemerintah, swasta maupun perorangan yang menyimpan dana-dananya melalui kegiatan pembiayaan dan berbagai jasa yang diberikan, bank melayani kebutuhan pembiayaan serta melancarkan mekanisme sistem pembayaran bagi semua sektor perekonomian. salah satu bentuk pertanggungjawaban sosial bank dan lembaga keuangan syariah adalah memberikan pembiayaan kepada umkm, mengingat umkm ini merupakan cerminan dari perekonomian rakyat, karena kelompok ini merupakan kelompok dominan, bahkan mayoritas dalam struktur pelaku usaha di tanah air. hal ini dapat dilihat dari sumber bappenas sebagaimana dikutip dalam amalia (2009), bahwa data usaha kecil mikro pada tahun 2007 adalah sebanyak 41,30 juta unit (99,85%), usaha menengah 61,05 juta unit (0,14%), dan usaha besar 2,2 juta unit (0,005%). hingga tahun 2011, ukm yang tersebar di indonesia sudah mencapai sekitar 52 juta. dari jumlah tersebut, dampaknya pada penyerapan tenaga kerja, sumbangan terhadap pdb, nilai ekspor non-migas, dan nilai investasi tidak dapat dianggap kecil. oleh karena itu, di tengah krisis ekonomi, umkm memiliki peran penting bagi perekonomian suatu negara. ironisnya, meski keberadaan kelompok usaha kecil dan mikro (ukm) sebagai motor penggerak ekonomi telah mendapatkan legitimasi dari uu no.9 tahun 1995, namun kelompok ukm di wilayah cikarang bekasi dalam perkembangannya seringkali dihadapkan oleh berbagai dilema. persoalan kecilnya akses permodalan dan sulitnya mendapat pembiayaan dari perbankan merupakan dilema yang sangat krusial bagi kelanjutan usaha ukm. dapat dilihat dari seluruh total ukm tahun 2012 baru 45-55 persen ukm yang mendapatkan akses ke perbankan. hal ini karena umumnya masyarakat menengah ke bawah tidak memahami mekanisme yang diterapkan pada bank maupun lembaga keuangan formal, dan kurangnya perhatian dari pemerintah. ditambah lagi, perbankan sebagai salah satu lembaga keuangan yang berfungsi sebagai pemberi pinjaman kepada pihak yang membutuhkan dana, memberikan dana dengan memberikan kriteria dan persyaratan yang cukup rumit bagi calon debiturnya, seperti: harus adanya jaminan, laporan keuangan, slip gaji,dan sebagainya. sedangkan tidak semua masyarakat yang berprofesi sebagai pedagang kecil dan menengah mempunyai persyaratan-persyaratan yang diajukan oleh perbankan tersebut. terdapat dua masalah yang harus dijawab dalam penelitian ini dan setelah kedua pertanyaan masalah ini terjawab, maka penulis akan menganalisisnya lebih mendalam sebagai evaluasi untuk menemukan solusi dan memunculkan kebijakan yang memperkuat pengembangan usaha mikro dan kecil dalam mendapatkan akses pembiayaan di lembaga perbankan. berikut adalah dua masalah dalam penelitian ini: (1) apakah faktor-faktor yang mempengaruhi preferensi ukm di pasar baru cikarang dalam memilih akses pembiayaan?; (2) akses pembiayaan apa yang paling diminati atau yang paling banyak digunakan oleh pelaku ukm di pasar baru cikarang? 3 tinjauan pustaka menurut kotler (2000), preferensi digambarkan sebagai sikap konsumen terhadap produk dan jasa sebagai evaluasi dari sifat kognitif seseorang, perasaan emosional dan kecenderungan bertindak melalui objek atau ide. sementara schiffman dan kanuk (2008) menyatakan sikap adalah ekspresi perasaan (inner feeling) yang mencerminkan apakah seseorang senang atau tidak senang, suka atau tidak suka, dan setuju atau tidak setuju terhadap suatu objek. dalam psikolog, preferensi bisa dipahami sebagai sikap individu terhadap suatu objek, biasanya tercermin dalam proses pengambilan keputusan eksplisit (lichtenstein dan slovic, 2006). preferensi terhadap lembaga pembiayaan adalah keinginan atau kecenderungan seseorang untuk memilih atau tidak memilih bertransaksi di lembaga pembiayaan baik formal maupun nonformal. preferensi masyarakat dalam memilih akses pembiayaan sangat bervariasi, karena setiap individu mempunyai keinginan yang berbeda-beda dalam pilihannya. metode pada penelitian ini merupakan penelitian deskriptif dengan pendekatan kuantitatif yang menggunakan data satu waktu (cross-sectional). teknis analisis data yang digunakan untuk penelitian ini yaitu dengan analisis deskriptif dan untuk menentukan dan menganalisis faktor-faktor yang mempengaruhi preferensi terhadap pilihan akses pembiayaan adalah dengan metode analisis logistic regression model (lrm). metode pengumpulan data pengambilan sampel pada penelitian ini dilakukan secara purposive sampling, dimana pengambilan sampel didasarkan atas ciri-ciri atau sifatsifat tertentu yang dipandang mempunyai kaitan erat dengan ciri atau sifat populasi yang sudah diketahui sebelumnya (hadi: 2004). adapun ciri-ciri tertentunya adalah hanya pada responden (pedagang) yang padat modal yang telah memilih akses pembiayaan baik di perorangan maupun lembaga konvensional atau syariah. sehingga objek penelitian ini adalah para pedagang pasar yang berlokasi di pasar baru cikarang yang beralamatkan di jln.re martadinata no.02, desa cikarang kota kecamatan cikarang utara, kabupaten bekasi. instrumen dalam penelitian ini menggunakan kuesioner. kuesioner disusun secara semi terstruktur dengan pertanyaan-pertanyaan yang telah disediakan pilihan jawabannya, sehingga responden tinggal memilih salah satu jawaban yang telah disediakan. sebelum kuesioner disebarkan kepada responden, terlebih dahulu dilakukan pengujian validitas dan reliabilitas instrumen. untuk mengetahui apakah setiap butir pertanyaan pada setiap variabel dinilai valid atau tidak maka harus dilakukan cara-cara berikut ini (rochaety, dkk, 2007): membandingkan r tabel dengan setiap r butir pertanyaan, dengan cara membandingkan output correlated item total correlation dengan nilai r tabel. sedangkan suatu konstruk dikatakan reliabel jika memberikan nilai cronbach alpha > 0.7 (wijaya, 2009). distribusi normal merupakan distribusi kontinu yang sangat penting dalam statistika dan banyak dipakai dalam memecahkan persoalan (gujarati, 2006). distribusi normal disebut juga distribusi gauss (boediono dan koster, 2008). uji normalitas dilakukan untuk melihat apakah dalam model regresi variabel terikat dan variabel bebas keduanya mempunyai distribusi normal atau 4 tidak. dalam penelitian ini, uji normalitas data dilakukan dengan uji one-sampel kolmogorov-sminorv test. analisis regresi logistik dengan model logit adalah model regresi yang digunakan untuk melihat pengaruh sejumlah variabel independen x1,x2,x3,…….,xk terhadap variabel dependen y yang berupa variabel kategorik (binominal, multinominal atau ordinal) dengan nilai kemungkinan diantara 0 dan 1 (winarno, 2011). spss menyediakan tiga prosedur regresi logistik,yaitu: regresi logistik biner (binary logistic regression), regresi logistik multinominal (multinominal logistic regression), dan regresi logistik ordinal (ordinal logistic regression). regresi logistik biner sangat tepat digunakan untuk melakukan permodelan suatu kemungkinan kejadian dengan variabel respon bertipe kategori dua pilihan. nilai kemungkinan kejadian berada pada rentang 0-1. hal ini sangat berbeda dengan regresi linear biasa dimana nilai variabel dependen (variabel respon) bisa bernilai < 0 atau > dari 1 (trihendardi, 2007). model binary logistik dengan metode logit pada penelitian ini adalah sebagai berikut (nachrowi dan usman, 2008): 𝐿𝐿𝑖𝑖 = 𝑙𝑙𝑙𝑙 � 𝑃𝑃𝑖𝑖 1 − 𝑃𝑃 � = 𝛽𝛽0 + 𝛽𝛽1𝑋𝑋𝑖𝑖 + 𝜇𝜇𝑖𝑖 prf = β0 + β1 lay + β2 prod + β3 agama1 + β 4 agama2 + β5 didik1 + β6 didik2 + β7 didik3+ β8 didik4 + µi dimana: li sebagai preferensi ukm dalam memilih akses pembiayaan. dimana: li = 0, berarti lembaga keuangan konvensional li = 1, berarti lembaga keuangan syariah β0 sebagai konstanta βi sebagai koefisien regresi dari masing-masing variabel independen xi sebagai variabel bebas, dimana lay = layanan prod = produk agama1, agama2, didik1, didik2, didik3, didik4 sebagai variabel kontrol pembahasan pada penelitian ini, diketahui 37 persen responden pernah mengakses pembiayaan di lembaga keuangan syariah dan 63 persen responden pernah mengakses pembiayaan di lembaga keuangan konvensional. dari data yang telah didapat rata-rata usia responden yang mengakses pembiayaan adalah 24-65 tahun. terkait dengan agama yang dianut oleh responden yang memilih akses pembiayaan di lembaga keuangan syariah. dari 37 responden, terdapat 97,3% responden yang menganut/memeluk agama islam dan 2,7% responden yang menganut agama kristen. dapat disimpulkan bahwa responden yang beragama islam lebih banyak memilih akses pembiayaan syariah. berdasarkan responden yang ada, terdapat 5,4% yang pendidikan terakhirnya sd/sederajat, 8,1% responden yang pendidikan terakhirnya smp/sederajat, 83,3% responden yang pendidikan terakhirnya sma/sederajat dan 2,7% responden yang pendidikan terakhirnya diploma/sederajat. dapat disimpulkan bahwa responden yang pendidikan terakhir sma/sederajat lebih 5 banyak memilih akses pembiayaan syariah. jenis usaha/dagangan yang dijual oleh responden yang memilih akses pembiayaan di lembaga keuangan syariah. terdapat 27% adalah usaha sembako, 13,5% adalah usaha pakaian, 16,2% adalah usaha kelontong, 8,1% adalah usaha peralatan rumah tangga dan 35,1% usaha lainnya. berdasarkan sebaran kuesioner yang dilakukan, terdapat 16,2% yang memilih bank syariah, 24,3% memilih koperasi syariah, 37,8% memilih bmt, 13,5% memilih bprs, dan 8,1% memilih pegadaian syariah. dilihat dari jenis pembiayaan yang diambil terdapat 33 orang mengambil jenis pembiayaan mudharabah dan murabahah, 1 orang mengambil jenis pembiayaan musyarakah dan 3 orang mengambil jenis pembiayaan rahn dan qardh. dapat disimpulkan bahwa responden lebih banyak memilih akses pembiayaan kepada bmt. dalam menentukan uji validitas dan reliabilitas instrument, peneliti menggunakan dengan cara menentukan besarnyar tabel dengan ketentuan tingkat kepercayaan (degree of freedom= df) jumlah kasus dikurangi dua, membandingkan r tabel dengan cara membandingkan output correlated item total correlation dengan nilai r tabel. dari rumus tersebut, nilai r tabel untuk penelitian ini yaitu 100 – 2 = 98, tingkat signifikan 5%, maka nilai r tabel sebesar 0,196 dan dinyatakan valid karena r hitung lebih besar dari r tabel. dan hasil uji reliabilitas pada pertanyaan kuesioner diperoleh hasil alpha hitung 0,762, maka kuesioner terbukti handal atau reliabel karena cronbach alpha > 0,7. uji normalitas dilakukan untuk mengetahui kecocokan metode logit atau probit yang digunakan untuk penelitian ini, maka perlu melakukan uji normalitas. untuk uji normalitas peneliti menggunakan one sample kolmogorovsminorv test dengan melihat tingkat signifikansi 5% pada masing-masing variabel. jika variabel tidak berdistribusi normal maka metode logit yang dipakai, namun jika variabel berdistribusi normal, maka metode probit yang dipakai. dari hasil pengujian normalitas data dapat diketahui bahwa variabel bebas x1, x3, x4, x5, x6, x7 dan x8 mempunyai distribusi tidak normal sehingga model yang dipakai adalah model logit. dan untuk variabel bebas x2 mempunyai distribusi normal sehingga model yang dipakai adalah probit. meskipun berbeda kedua model logit dan probit memiliki jenis metode yang sama. tidak ada alasan yang memaksa untuk harus menggunakan metode yang satu dibandingkan lainnya. dalam penelitian ini penulis menggunakan metode logit. analisis regresi logistik binary dengan model logit adalah model regresi yang digunakan untuk melihat pengaruh sejumlah variabel independen x1, x2, x3…….,xk terhadap variabel dependen y yang dengan nilai kemungkinan diantara 0 dan 1. dalam penelitian ini jumlah data yang diproses sebanyak 100 atau n 100, untuk melihat kelengkapan data yang diproses dalam penelitian ini dan tidak ada missing case, artinya data yang diproses lengkap. uji wald ratio adalah untuk mengetahui pengaruh masing-masing variabel independen terhadap variabel dependen. untuk uji hipotesis masing-masing variabel sebagai berikut: h0 : β1,β2,…βk = 0, yang berarti tidak ada pengaruh yang signifikan antara variabel independen (x) terhadap variabel dependen (y). h1 :β1,β2,…βk ≠0, yang berarti terdapat pengaruh yang signifikan antara variabel independen (x) terhadap variabel dependen (y). 6 dengan demikian, langkah-langkah pengujiannya adalah sebagai berikut: jika nilai probabilitas >0,05, maka h0 diterima jika nilai probabilitas <0,05 maka h0 ditolak. uji wald menguji masing-masing koefisien regresi logistik, sebagai berikut: 1. uji koefisien variabel x1 (lay): uji wald = 2,360, p-value = 0,124 > α = 0,05, maka koefisien regresi untuk variabel x1(lay) tidak signifikan. 2. uji koefisien variabel x2 (prod): uji wald = 16,162, p-value = 0,000 < α = 0,05, maka koefisien regresi untuk variabel x2 (prod) signifikan. 3. untuk koefisien variabel x3 (agama1) : ujiwald = 0,000, p-value = 0,986 >α = 0,05, maka koefisien regresi untuk variabel x3 (agama1) tidak signifikan. 4. untuk koefisien variabel x4 (agama2): ujiwald = 0,000, p-value = 0,987 >α = 0,05, maka koefisien regresi untuk variabel x4 (agama2) tidak signifikan. 5. uji koefisien variabel x5(didik1): uji wald = 0,245, p-value = 0,620 > α = 0,05, maka koefisien regresi untuk variabel x5(didik1)tidak signifikan. 6. uji koefisien variabel x6 (didik2): uji wald = 0,280, p-value = 0,597 > α = 0,05, maka koefisien regresi untuk variabel x6 (didik2) tidak signifikan. 7. uji koefisien variabel x7 (didik3): uji wald = 0,018, p-value = 0,894 > α = 0,05, maka koefisien regresi untuk variabel x7 (didik3) tidak signifikan. 8. uji koefisien variabel x8 (didik4): uji wald = 0,000, p-value = 0,987 > α = 0,05, maka koefisien regresi untuk variabel x8 (didik4) tidak signifikan. dengan demikian, berdasarkan hasil perhitungan koefisien dari model regersi logistik yang terlihat menunjukkan bahwa variabel x1 (lay), x3 (agama1), x4 (agama2), x5 (didik1), x6 (didik2), x7 (didik3), x8 (didik4), tidak mempunyai pengaruh signifikan terhadap variabel y. sedangkan untuk variabel x2 (prod) mempunyai pengaruh yang signifikan terhadap preferensi dalam memilih akses pembiayaan di lembaga keuangan syariah dan konvensional dengan koefisien variabel x2 (prod) signifikan pada probabilitas 0,000 < α = 0,05, maka dapat disimpulkan bahwa terdapat perbedaan antara produk layanan lembaga keuangan syariah dengan lembaga keuangan konvensional. berdasarkan dari empat faktor yang dianalisis sebagai faktor yang mempengaruhi preferensi dalam memilih akses pembiayaan, hanya ada satu faktor yang berpengaruh signifikan terhadap preferensi dalam memilih akses pembiayaan, yaitu: faktor produk yang terdiri dari: 1. bunga/margin/bagi hasil yang rendah. 2. produk yang beragam. 3. plafond yang sesuai dengan kebutuhan. 4. terdapatnya bimbingan untuk pengembangan usaha. hal tersebut didapat dari hasil perhitungan uji wald statistik yang menunjukkan bahwa hanya ada satu variabel yang berpengaruh signifikan terhadap variabel dependen yaitu variabel produk dengan koefisien variabel x2 (prod) signifikan pada probabilitas 0,000 < α = 0,05, sedangkan variabel yang lainnya tidak berpengaruh. persamaan regresi yang dibentuk adalah sebagai berikut: pref= -30,680 + 1,398prod 7 dari persamaan regresi logistik di atas, dapat dilihat bahwa variabel lay, agama1, agama2, didik1, didik2, didik3, dan didik4 tidak mempunyai pengaruh yang signifikan terhadap preferensi ukm di pasar baru cikarang dalam memilih akses pembiayaan. koefisien regresi prod sebesar 1,398 dan bernilai positif menunjukkan bahwa variabel prod berpengaruh positif terhadap preferensi ukm dalam memilih akses pembiayaan baik di lembaga keuangan syariah maupun konvensional, artinya jika variabel lain dianggap konstan, maka setiap unit perubahan variabel prod kemungkinan preferensi ukm dalam memilih akses pembiayaan di lembaga keuangan konvensional adalah 4,049 kali lebih tinggi daripada preferensi ukm dalam memilih akses pembiayaan di lembaga keuangan syariah. dengan demikian, hasil penelitian ini didukung oleh teori schiffman dan kanuk (2008) yang menyatakan bahwa salah satu faktor-faktor yang mempengaruhi preferensi yaitu karena faktor produk yang ditimbulkan dari usaha pemasaran perusahaan. berbeda dengan penelitian terdahulu yang dilakukan oleh sirat qidrotullah dan ratih komalarini saidah dengan hasil penelitiannya, yang menyatakan bahwa faktor-faktor yang mempengaruhi preferensi pedagang dalam memilih akses pembiayaan dikarenakan faktor pelayanaan (pelayanan yang ramah, kemudahan dalam persyaratan, tidak adanya jaminan, dan dana yang cepat), faktor kepercayaan dan faktor kekerabatan. berdasarkan hasil analisis data penelitian secara deskriptif, diketahui bahwa dari 100 responden terdapat 37% yang pernah memilih akses pembiayaan di lembaga keuangan syariah dan 63% yang pernah memilih akses pembiayaan di lembaga keuangan konvensional. dapat disimpulkan bahwa usaha kecil mikro (ukm) di pasar baru cikarang lebih berminat atau cenderung memilih akses pembiayaan di lembaga keuangan konvensional dan sumber pembiayaan yang paling banyak diakses oleh ukm/pedagang adalah bpr (bank perkreditan rakyat), bahkan mengakses kepada bank keliling (renternir). hal tersebut dikarenakan beberapa sebab, yaitu: pertama, masyarakat lebih melihat keuntungan yang besar dengan cara yang mudah. kedua, kurangnya pemahaman masyarakat awam tentang keharaman riba atau lebih dikenal dengan bunga yang sudah sangat jelas keharamannya didalam al-qur’an dan assunnah, serta ada pula yang memahami namun mereka tetap bertransaksi dengan sistem riba itu, karena mereka tidak ada rasa takut kepada allah swt. ketiga, kurangnya tawakkal kepada allah swt. sehingga mereka menganggap rezeki itu terbatas dan sempit dan jika tidak ada pintu rezekiyang halal kemudian mereka akan bertransaksi dengan bank-bank ribawi, dan banyak responden yang beranggapan bahwa lembaga keuangan syariah masih belum banyak di daerah cikarang sehingga sulit untuk dijangkau dan sebagian besar para ukm beranggapan bahwa lembaga keuangan syariah tidak ada bedanya dengan lembaga keuangan konvensional karena penetapan margin di pembiayaan syariah sama halnya seperti bunga di pembiayaan konvensional yang hanya membedakan dalam penyebutannya saja. dengan demikian, berdasarkan dari beberapa sebab yang telah disebutkan diatas menunjukkan bahwa masih banyak masyarakat khususnya pedagang yang masih belum mengetahui atau memahami tentang keharaman riba dan akibat yang akan didapatkannya, sehingga mereka lebih memilih untuk bertransaksi dengan bank-bank ribawi dibandingkan 8 memilih bertransaksi di lembaga keuangan syariah. simpulan dari hasil penelitian ini terdapat dua kesimpulan, pertama menunjukkan bahwa hanya ada satu faktor yang berpengaruh signifikan terhadap preferensi usaha kecil mikro (ukm) di pasar baru cikarang dalam memilih akses pembiayaan yaitu faktor produk yang meliputi: bunga/margin/bagihasil yang rendah, produk yang beragam, plafond yang sesuai dengan kebutuhan, dan terdapatnya bimbingan untuk pengembangan usaha. hal tersebut dilihat dari hasil uji wald pada regresi logistik yang menunjukan bahwa hanya ada satu variabel yang berpengaruh signifikan terhadap variabel dependen yaitu variabel produk dengan koefisien variabel x2 (prod) signifikan pada probabilitas 0,000 < α = 0,05. kedua, menunjukkan bahwa dari 100 responden, terdapat 37% yang pernah memilih akses pembiayaan di lembaga keuangan syariah dan 63% yang pernah memilih akses pembiayaan di lembaga keuangan konvensional. dari hasil tersebut, dapat disimpulkan bahwa usaha kecil mikro (ukm) di pasar baru cikarang lebih berminat atau cenderung memilih akses pembiayaan di lembaga keuangan konvensional. berdasarkan persamaan regresi logistik di atas, dapat dilihat bahwa variabel lay, agama1, agama2, didik1, didik2, didik3, dan didik4 tidak mempunyai pengaruh yang signifikan terhadap preferensi ukm di pasar baru cikarang dalam memilih akses pembiayaan. koefisien regresi prod sebesar 1,398 dan bernilai positif menunjukkan bahwa variabel prod berpengaruh positif terhadap preferensi ukm dalam memilih akses pembiayaan baik di lembaga keuangan syariah maupun konvensional, artinya jika variabel lain dianggap konstan, maka setiap unit perubahan variabel prod kemungkinan preferensi ukm dalam memilih akses pembiayaan di lembaga keuangan konvensional adalah 4,049 kali lebih tinggi daripada preferensi ukm dalam memilih akses pembiayaan di lembaga keuangan syariah pustaka acuan al arif, m. n. r. 2011. dasar-dasar ekonomi islam. surakarta: era intermedia. amalia, euis. 2009. keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di indonesia. jakarta: rajawali pers. boediono dan wayan koster. 2008. teori dan aplikasi statistika dan probabilitas. bandung: pt remaja rosdakarya. gujarati, d. n. 2006. dasar-dasar ekonometrika. ed.ketiga, jilid1. jakarta: erlangga. hadi, sutrisno. 2004. metodologi research. jilid 1, ed.kedua.yogyakarta: andi offset husnayain, ihdal. 2007. “analisis ekonomi kejahatan properti di indonesia tahun 2005.”skripsi s1 fakultas ekonomi, universitas indonesia kotler, philip. 2000. manajemen pemasaran. jakarta: prehalindo lichtenstein, s dan p. slovic. 2006. the construction of preference. new york: cambridge university press. nachrowi, n. d. dan h. usman. 2008. penggunaan teknik ekonometri: pendekatan populer dan praktis dilengkapi teknik analisis dan pengolahan data dengan menggunakan paket program spss. jakarta: pt rajagrafindo persada. rochaety, ety, dkk. 2007. metode penelitian bisnis: dengan aplikasi spss. 9 jakarta: mitra wacana media, 2007. schiffman, leon dan leslie lazar kanuk. 2008. prilaku konsumen, ed. ke-7. jakarta: pt indeks shobah, m. n. 2009. “analisis rasio camel dengan metode regresi logistik pada bank devisa dan bank non devisa”. skripsi s1 fakultas ilmu ekonomi dan sosial, universitas islam negeri syarif hidayatullah jakarta. trihendradi, c. 2007. kupas tuntas analisis regresi. yogyakarta: penerbit andi. winarno,w.w. 2011. analisis ekonometrika dan statistika dengan eviews ed. ketiga. yogyakarta: unit penerbit dan percetakan stim ykpn wijaya, tony. 2009. analisis data menggunakan spss. yogyakarta: universitas atmajaya yogyakarta 3-hardius.indd hardius usman: the role of religious norm on selecting the islamic bank 31 the role of religious norms on selecting the islamic bank hardius usman1 abstract. the role of religious norm in selection of islamic banking. the aims of this study are to examine muslim’s religious norms regarding to their belief on the law of the prohibition of bank interest, and to investigate the effect of religius norms on customers’ decision in using the islamic banking services. this study employs natural experimental design with analysis of variance (anova), and pearson chi-square test. the exploratory study also conducted to support the quantitative analysis. the results show that the religious norms among muslims classified into two categories, i.e: traditional and contemporary group and the religious norm of the muslim have significant affects on the decision in using the islamic banks. keywords: islamic bank, religious norms, traditional group, contemporary group abstract. peran norma religius dalam pemilihan bank syariah. tujuan dari penelitian ini adalah untuk memberi gambaran norma religius muslim di indonesia terhadap fatwa pengharaman bunga bank; dan mempelajari hubungan norma religius tersebut terhadap pemilihan bank. penelitian mengaplikasikan natural experiment design dengan analysis of variance (anova), dan pearson chi-square test. guna mendukung analisis kuantitatif, penelitian ini juga melakukan exploratory study. hasil penelitian menunjukkan bahwa norma religius muslim dapat dibagi menjadi dua kelompok, yaitu: kelompok tradisional dan kontemporer, dan norma religius mempunyai pengaruh signifikan terhadap keputusan muslim untuk menggunakan bank syariah. kata kunci: bank islam, norma religius, kelompok tradisional, kelompok kontemporer first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 15th 2014 1 pascasarjana universitas indonesia kajiantimur tengah dan islam, jl. salemba raya 4, jakarta. email: hardius_u@yahoo.com al-iqtishad: vol. vii no. 1, januari 2015 32 introduction the islamic bank is a banking system that operates under islamic law, or known as ‘sharia’ (haque, jamil and ahmad, 2007; hassan, chachi and latiff, 2008; marimuthu, jing, gie, mun, and ping, 2010; manzoor, aqeel and sattar, 2010; idris, naziman, januri, asari, muhammad, dan jusoff, 2011). under the islamic law, the islamic banks are prohibited to trade based on interest (haron, 1997; manzoor, et. al., 2010; idris, et. al., 2011) which is the basic distinction between islamic banks and conventional banks (hassan, et. al, 2008; manzoor, et. al, 2010). in other words, the islamic banks adopt ‘sharia compliant finance’ systems, prohibiting acceptance of specific interest for loans, known as riba. in the second conference in cairo in may 1965, the islamic leaders, known as ulamas who gathered in the world islamic studies consul has decided that there is no doubt on the prohibition of the riba (antonio, 2001). the concensus was also supported by the fiqh academy of the muslim world league and propagation center, counseling, islamic studies, and fatwa, kingdom of saudi arabia, and the organization of the islamic conference (oic) ii in 1970, at pakistan reached unanimously that the interest on a conventional bank contrary to islamic law. in indonesia, prohibitation of riba refers to fatwa majelis ulama indonesia (mui) no. 1 tahun 2004that is supported by majlis tarjih dan tajdid pp muhammadiyah no. 8 tahun 2006. prohibition of interest means forbids all muslims use the services of conventional banks. muslims would bear the sins if use a conventional bank services (jalil dan rahman, 2010). from this perspective, islamic banks should be an option only for the muslims not for the bank alternative that is often put forward as some academics, such as: haron (1997); memon (2007); dan idris, et. al. (2011). consider the law in the islamic teachings, and the availability of islamic banks, then the question arises: “why the muslim community is still not willing to stop using of conventional banking services, to further switch to islamic banks?” the consequence due to the fatwa issued by ulamas is the market for islamic banking services has been growing rapidly over the past few years. furthermore, this robust growth is expected to continue for the foreseeable future (vayanos, wackerbeck, golder, and haimari, 2008). however, it does not mean that the demand of the services of conventional banks is reduced. in indonesia, the islamic banking has also been growing rapidly. based on the indonesian banking statistics, number of accounts in islamic banks increased significantly, from 1,964,438 accounts in 2006 to 13,430,904 accounts in june 2014. in addition, third party funds (tpf) has experienced a relatively high hardius usman: the role of religious norm on selecting the islamic bank 33 increasing, from 11,862 billion dollars in 2004 to 183,534 billion in 2013. although islamic banks in indonesia have undergone a rapid growth in terms of the number of accounts and tpf, this phenomenon did not bring about a negative impact for conventional banks. in fact, deposits of conventional banks increased from 963,106 billion dollars in 2004 to 3,663,968 billion dollars in 2013 (bank indonesia, 2014). by comparing the tpf of islamic banks and conventional banks, it shows that the proportion of tpf of islamic banks is still relatively small, which is about 5%. eventhough the number of accounts in islamic banks is increasing rapidly; it does not mean a conventional bank customers have switched to islamic banks. many banks customers in indonesia hold multiple accounts. they open accounts in islamic banks, howeeer, in the sam time they hae a conventional bank account. the condition raises the question: “do the majority of indonesian muslims disbelieve the fatwa of mui that the bank interest is forbidden (haram)?” people generally perceive that two billion muslims in the world adopted the same islamic religious beliefs and practices (azra, 2005). in fact, different opinions would not be avoided among the muslim community across the world, because they hae differentiate in history, tradition, and culture. since the law on the prohibition of interest is not explicitly written in the koran, ulamas make consensus to address this critical issue that newly turns up in our modern life. at this point, sometimes there are different views among the ulamas about the meaning of ‘sharia compliant finance’ in the islamic banking practices. this condition raises the question: “do all the indonesian muslims believe that the bank interest is riba?” although ulamas have agreed on the prohibition of bank interest in the second conference in cairo in may 1965, the literature reveals that some scholars still have different opinion. islamic scholars from modernist school of thought, such as: fazlur rahman, muhammad asad, said al-najjar, sayyid tantawi, consider that prohibitation of bank interest in the koran are bank interest that is practiced before the islamic era; there is a difference concept between riba and bank interest; and there is a difference between individual and institutional interest (ahmad and hassan, 2007). rahman (1982) mentions that bank interest, especially in borrowing money are permitted in certain conditions. although the scholars mentioned about riba in conventional banks, but infact, there are still many muslims use conventional banks. it can be assumed that indifferent opinions regarding the prohibition of interest give impact on of muslims confidence in choosing a bank. one who believes that the interest is prohibited tend to choose islamic banks. nevertheless, others who believe that the bank interest is not (always) prohibited would choose conventional bank. in the theory of reason action, a normative is the subjective norms that refer al-iqtishad: vol. vii no. 1, januari 2015 34 to the perceived social pressures to perform or not to perform a certain behavior. one source of normative belief is common norms that are believed by the religious leaders’ referential (fishbein and ajzen, 1980). consistent with ajzen (1985), perceived religious norms are what one perceives as the beliefs of his or her religious leader. hence, those who are influenced by religion may regard their spiritual leaders highly when contemplating the decision (morgan, 2004). this is the reason why this study uses the variable religious norms to reflect difference belief in the fatwa of bank interest among muslims. based on the explanation above, the aims of this study are to examine muslims’ religious norms regarding to their belief in the fatwa of the prohibition of bank interest, and to investigate the effect of religius norms on customers’ decision for using the islamic banking services. literature review the main sources of the islamic law are the koran and hadith. every muslim believes that the koran is the word of allah, revealed to the prophet muhammad. while hadith describes the behavior of the prophet muhammad including about what he said, he did, he saw and he decided during his life (gatrad and sheikh, 2001; padela, 2007). it was include the approval that he did not say. thus, it was also related to all the statements that describe his physical attributes and characters (kamali, 1991). since the prophet muhammad’s death, muslim leaders made fatwa asa new source of the islamic law. this is intended to deal with new issues or phenomena that arise with changes in time and culture (hashim and mizerski, 2010). at this point, it could appear a difference opinion among ulamas. although islam has provided clear directions between halal (permitted) and haram (forbidden) (al-qaradawi, 1999), the debates on the various issues are unavoidable because many of the current issues are not explicitly commanded or forbidden. the fact that the koran explicitly communicated in arabic, leads to some divergences of the interpretation, especially when it is translated into non-arabic languages. in addition, none of the institutions has the right to issue a universal islamic law. hence, it is possible to observe different interpretations of the islamic law among various islamic institutions. koran has explicitly forbids muslims to consume alcohol and or gamble in surah al-baqarah [2]: 219; al-nisa [4]: 43; al-maidah [5]: 93. therefore, the rules of koran can be understood by muslims explicitly, and then all ulamas and muslims in the world agreed to these rules. however, the koran and hadith do not explicitly arrange about organ donation and transplantation (al-khader, shaheen and aljondeby, 2003; el-shahat, 1999, rady and ali, 2009). at this point appeared various hardius usman: the role of religious norm on selecting the islamic bank 35 effortsthat allows occurred differences view between ulamas. although the islamic council (senior ulamas commission) of saudi arabia stated that the islamic rules allow the removal of organs from people who have died to save another human life (el-shahat, 1999). however, between 1959 and 1998, there are at least 18 religious opinions that discuss the rules on organ donation and transpalansi (el-shahat, 1999). in term of the donor’s organ, aksoy (2001) explains that there are two schools of thought in islamic cultures, schools of thought that allow organ donation, dan the other is not allowed, because the koran does not explain explicitly. same as the example above, koran also does not explicitly prohibit bank interest. nevertheless, it explains only about riba. do all muslims agree that conventional banks have to be abandoned, without a single reason? do all muslims agree conventional banks may be used for not taking interest given? all muslims agree that the riba is prohibited that it is explicitly written in the koran (ar-rum [30]: 39; al-nisa [4]: 161; al-imran [3]: 130; dan al-baqarah [2]: 275, 276, 278). however, when the riba is associated with the bank interest, debates over the concept of the riba in koran appears. as it is mentioned before, some moderat scholars believe that the bank interest is permitted in some conditions. rahman (1982), for instance, argued that they agreed to take extra costs or bank interestin borrowing and lending of moneyin some conditions, such as; first, the loan does not aim to exploit the weak; second, the loan does not follow practices of the pre-islamic era; third, the interest rates is reasonable; fourth, the loan is for investment not consumption; fifth, the interest is to compensate losses to creditors due to inflation ; and sixth, the loan is for credit institutions. this opinion certainly opposed by the traditional group, which has made a fatwa that bank interest is ribait also became the foundation for the establishment of islamic banks. this condition indicates that there is difference belief about riba in islam. this, of coure will give impact to the muslim as a whole. the social value in expenditure theory (sheth, 1982) refers to the normative values that are held by social groups such as family, friends, or community. this definition is identical to the subjective norm in the theory of reason action (ajzen and fishbein, 1980). in the theory of reason action, ajzen and fishbein (1980) take subjective norms as a part of behaviour factors and define it as an individual perceived social pressure to behave or not behave (ajzen and fishbein, 1980). the subjective norms are determined by the normative belief. this is one source of common normative beliefs that are believed by the representative religious leaders (fishbein and ajzen, 1980). in social psychology, an important aspect of socio-cultural psychology is a social norm. it is defined as a way of thinking, feeling and behaving that is shared with al-iqtishad: vol. vii no. 1, januari 2015 36 their community, so they appropiate it (cialdini, 2009). there are many important social norms in the life of individuals that determined by the culture where s/he lives. in this context, culture is defined as a set of social norms, including religious and family values and other moral beliefs that are shared by people who live in an area (matsumoto, 2001). therefore, the cultures impact on the thoughts, feelings, and behavior through teaching, imitation, and other forms of social transmission (mesoudi, 2009). this will make people depend on the influential group and their social environment. on the other hand, the culture will influence social norms and religion . it is also affect a person’s social norms. thus, religious leaders allow influencing someones’ social value, subjective norm, or social norms. consistent with ajzen (1985), perceived religious norms are what one perceives as the beliefs of his or her religious leader. hence, those who are influenced by religion may regard their spiritual leaders highly when contemplating the decision (morgan, 2004). methods the populations of study are muslims who have bank(s) account. the respondents were conditioned as to be classified into three groups – the islamic bank customer group, the conventional bank customer group, and the islamic and conventional bank customer group. these groups can be viewed as an environmental factor treatment in experimental design (agung, 2011). the customers in each group are classified into two classes based on dichotomous variable of religious norms, that are traditional group who believes in the prohibition of the bank interest and contemporary group who do not believe in the prohibition of the bank interest. thus, the natural experimental design is a 3 x 2 factorial design with three groups of bank customers, i.e. islamic banks customers, conventional banks customers, and customers of both banks; and two further groups of each, i.e. traditional group and contemporary group. natural experimental design is used because number of respondents who only has accounts in islamic banks is relatively small. if sample selected randomly, the customers who use a pure islamic banks will be very little. the sampling technique used in this study was a purposive quota. the first step is determining the number bank customers among the three groups of bank customers that are consists of 125 respondents in each group. the second step is selecting the sample with the following criteria: 1) muslims, and 2) at least the age of 18 years. hardius usman: the role of religious norm on selecting the islamic bank 37 data collection was carried out using a self-administered. respondents filled out a questionnaire by themselves. however, the researcher guides them in filling out the questionnaires. table 1. indicator for construct of religious norms variable description statement items*) sources religious norms what one perceives as the beliefs of his or her religious leader. (stephenson, et. al., 2008). banks interest should 1. not be prohibited if it does not aim to exploit the weak rahman (1982) banks interest should 2. not be prohibited if the interest rates is reasonable rahman (1982) banks interest should 3. not be prohibited if it for investment not consumption rahman (1982) banks interest should 4. not be prohibited if the interest is to compensate losses to creditors due to inflation rahman (1982) there are several statement items that used as religious norm measurements. rahman (1982) argued that according to moderenist scholars, the extra costs or interest, especially in borrowing money is permitted in some conditions: first, the loan does not aim to exploit the weak; second, the interest rate is reasonable; third, the loan is for investment not consumption; and fourth, the interest is to compensate losses to creditors due to inflation therefore, the research context is banking as a credit institution. rahman’s criteria no. 5, bank interests are allowed for credit institutions that will be excluded from the statement items. thus, statement items will be used to measure variables religious norms that can be seen in table 1. items statement to establish a religious norm variables were measured using a likert scale between 1 (strongly disagree) and 6 (strongly agree). based on the average score of religious norms, customers are classified into two grouped: traditional customer (believe bank interest is forbidden), and contemporary (believe bank interest are not always forbidden). the groups were done based on the average value of the score, in which: first, traditional: smaller al-iqtishad: vol. vii no. 1, januari 2015 38 than the average score of all customers. second, contemporary: equal or greater than the average score of all customers. the analysis of variance (anova) and pearson chi-square are used to test the hypotheses of religious norms influence on the selection of banks. . thus, researcher uses spss version 19 in data processing. the exploratory study also used in this research in order to complete the information about the phenomena related to islamic banking. discussion after collecting the data, there were some incompleted questionnaires answered, so they should be dropped. therefore, in order to reach the same number of bank customers, the last entry questionnaires were dropped to exceed the other groups of bank customers. finally, the questionnaire used was 363 or 121 questionnaires for each group of bank customers. data processing provided descriptive statistics score of the religious norms for the overall respondents as follows: mean score = 2.91; standard deviation = 1.43; the minimum value = 1; and the maximum value = 6. therefore, the measurements using likert scale of 1 (strongly disagree) to 6 (strongly agree), it can be stated that the average score is relatively in the middle of the measurement scale. it means that a part of respondents have a lower score than the overall average who believe that the bank interest is forbidden. and other group of respondents has an equal or higher score than the overall averagewho believe that the bank interest is not always forbidden. standard deviation value also strengthens the interpretation of the average score. the standard deviation indicated a religious norm scores varied among individuals, which also indicates a difference belief in bank customers towards the fatwa. the variation between individual average score of religious norms was also demonstrated by its range, with a minimum average score of 1 and maximum of 6, which means there are customers who strongly disagree with the opinion of moderenist schoolars. however, at the same time there are customers who strongly agree with the opinion. this result reveals that the muslims do not always adopt a similar interpretation over the islamic beliefs and practices. based on the descriptive statistics, it can be conluded that the data support the hypothesis 1 that bank customers have different beliefs on the fatwa of prohibition of bank interest. thus, although the mui and the oic has been agreed that bank interest is forbidden, but not all muslims agree with the fatwa. this condition raises a question: “why customers do not have the same beliefs about the fatwa?” hardius usman: the role of religious norm on selecting the islamic bank 39 this is because the prohibition of interest is not explicitly written in the koranand the difference opinions about the fatwa of the bank interest among ulamas. the results support the statement (al-qaradawi, 1999) that although islam has given clear directions between halal and haram, however, the debate about the issues is unavoidable because many of the issues now are not commanded or prohibited explicitly. so, it is miss perception if the people stated that two billion muslims in the world adopt the same islamic law in beliefs and religious practices (azra, 2005). if the religious norm is associated with bank customer group, the statistics show the lowest average score of the religious norms is customers of islamic banks group (2.35), followed by the customers of both banks group (2.86) and customers of conventional bank group (3.52). this condition indicates that customers who use only islamic bank, not all of them believe the fatwa or at least they approve one or more statements that are used to measure the variables of religious norms, which is actually contemporary thought as expressed from rahman (1982). tests on the difference in parameter mean of religious norms among bank customers groups’ to answer the hypothesis 2 using anova. based on the test of the statistical hypothesis, we have the f-statistic = 20,406 with p-value = 0.000, so it was decided to reject h0 at level of significant α = 0.05. it can be conclude that data support hypothesis 2. thus it can be stated that the parameter mean of religious norm for the customers of islamic bank significantly different than the parameter mean of a conventional bank customers and/or the parameter mean of customers who hold two banks accounts. in other words, individuals who have the lower score of religious norm preferred to islamic bank than conventional bank. furthermore, to examine differences in the mean parameters of religious norm variables between customers of islamic bank and conventional banks, and customers of islamic bank and customers of both banks, tukey test was used. based on the testing of the statistical hypothesis 1.1, we have the p-value = 0.000, so it was decided to reject h0 at level of significant α = 0.05. it can be conclude that the parameter mean of religious norm for the customers of islamic bank are significantly lower than the parameter mean of a conventional bank customers. in other words, individuals who belief the fatwa of prohibition of bank interest tended to prefer islamic bank than conventional bank. meanwhile for statistical hypothesis 1.2, it was obtained the p-value = 0.029. this means the parameter mean of religious norm islamic bank customers are significantly lower than customers who have accounts at both banks. these finding again showed individuals who belief the fatwa of prohibition of bank interest tended to prefer islamic bank. al-iqtishad: vol. vii no. 1, januari 2015 40 in other words the result can be stated, the higher an individual’s belief that bank interest is forbidden, the individual will tend to prefer islamic banks, otherwise the higher the individual’s belief that the interest is not always haram, the individual will tend to choose a conventional bank. as previously explained that based on the average score of religious norms, the customer will be classified into two groups, namely: traditional customer group (believe bank interest is forbidden), and contemporary (believe bank interest is not always forbidden). the data, shows that the islamic banks are dominated by traditional customers, conventional banks are dominated by contemporary customers, and the group of customers who hold accounts at both banks is relatively balanced between the traditional and the contemporary customers. the results of hypothesis testing using the pearson chi-square test concludes that there is a significant association between religious norms and choosing banks (asymp sig. = 0.000). the statistic test revealed that the traditional group has a tendency to prefer islamic banks, and contemporary group tend to use conventional banks. the statistical test hyphotesis also supported hyphotesis 2 that is selection of islamic banks depends on customers’ religious norms. nevertheless, the data showed that 32.23% customers of islamic banks are customers who believe bank interest is not always forbidden. in contrast, 28.39% of conventional bank customers who believe banks interest is forbidden, still using a conventional bank. this condition indicates that the religious norm is not the only factors that influence the choice of the bank, but there are various other factors that could explain the phenomenon. this situation can be explained in terms of religiosity and non-religiosity. it is possible the individual who believes fatwa of prohibition of bank interest and still using a conventional bank, due to no or less religious individuals, so that the individual is still break his/her beliefs. however, the explanation in term rational reason can not be ignored, especially because the numbers of customers who believe bank interest is not always forbidden still use islamic banks services. shopping preference theory (sheth, 1981) states that selection to a store is a function of the individual motivations and the availability of shopping options. consumers will choose an outlet because the outlet offers something that meets with his/her shopping motivation. consumers are classified as the convenience shopper, who chose the store based on the saving of time, would prefer a store based on the location of the home or workplace. referring to the theory, it can be stated that beyond the belief toward fatwa of hardius usman: the role of religious norm on selecting the islamic bank 41 prohibition bank interest, in selecting banks, individual also consider their needs and desires and compared with what is provided by banks. service, price, convenience, product, competent employees, are some examples of the bank attributes that have to be considered by bank’s customers in choosing the bank, as shown by previous studies (such as: idris, et. al., 2011; cloud and bukhari, 2011; hamid, et. al., 2011; and khan, et. al., 2011). from this perspective it can be stated that the presence of 32.23% customers of islamic banks are the contemporary group, indicate that islamic banks have various advantages in terms of non-religious compared conventional bank, which causes the customers choose islamic banks. in contrast, 28.39% traditional customers prefer conventional bank indicate the needs and desires of the customers can not be met by islamic banks, so that they continue to use conventional banks. exploratory study that accompanies this quantitative analysis indicates that many customers who believe the fatwa continue to use conventional banks, because the infrastructure of islamic banks is not in accordance with their needs and desires. therefore, these groups typically use a conventional bank to conduct transactions, and use islamic banks to save or investment. based on the analysis, it was revealed there are three groups of bank customers based on religious norms, namely: first, bank customers who believe bank interest is forbidden so convinced using conventional banks is also forbidden; second, bank customers who believe bank interest is forbidden but tolerate to use of conventional banks with specific reasons; and third, bank customers who believe bank interest is not always forbidden and so are free to use any bank. based on the characteristics of islamic banks, it can be stated that islamic banks offer the systems which is embedded positive values. therefore, the strategy that needs to be applied in islamic banks, is no longer just rely on the fatwa, but rather highlight the system which is based on the positive values. positive values in business which is embedded in islamic banks not only be interesting for the traditional group, because these values can benefit every human being. thus there are opportunities that the values will also appeal to contemporary groups, customers that are no or less religious and even non-muslim groups. besides offering positive values, islamic banks must prepare the infrastructure in order to meet all the needs and desires of customers. in an exploratory study revealed three main factors that need to be addressed, that is: human resources, informatics system and product. that is one of the key which will make islamic banks be able to compete with conventional banks in serving the needs and desires of customers. furthermore, islamic banks can also offer different services compared to conventional bank customers by using the islamic law as a compass in carry out the business. al-iqtishad: vol. vii no. 1, januari 2015 42 conclusion the results showed that religious norms influenced the choice of the islamic banks. however, the effect is not absolute because part of traditional customers does not choose islamic banks. it shows in choosing a bank, some individuals do not just rely on his/her religious norm, but also on various other considerations. these results support the research conducted by dusuki and abdullah (2007) which revealed: in spite of the fact that submission to sharia has been known widely by the muslim customers, some empirical studies find that religion is not the only reason to choose islamic banks. these findings also confirm the suggestion by wilson (1995) that islamic banks should not only consider their business just to fulfill religious obligations of the muslims, but more significantly as a business that is always needed to win customers at the same time retaining existing customers (dusuki and abdullah, 2007). a similar statement was also expressed by ahmad and haron (2002) that islamic banks should not rely solely on the religious factor as a strategy to attract more consumers, but should emphasize efficient service, and should look into situational factors that will determine their level of competitiveness in the future. furthermore, ashraf and nurdianawati (2006) also mentions that the islamic banking activities should no longer be regarded as an initiative to carry out a religious obligation, but significantly as the innovation needed to win the competition of customers. nevertheless, this study revealed that impossible for islamic bank to regardless of religious sentiment, because basically the islamic banks are built according to islamic law. obligations of religion and customers religious norm can still be relied upon as a strategy to get new customers or retain existing customers, especially for groups who believe the fatwa. prohibition of bank interest is fundamental difference between islamic banks and conventional banks, but it is not the only difference. with regard to the prohibition of the bank interest, was born the concept of equity-partisipation (hassan, et. al., 2008), profit and loss sharing system in all business conducted by islamic banks (haron, 1997; idris, et. al., 2011). islamic banks also have different characteristics from conventional banks in the correlation between the customers and the bank. in islamic banks, the customer is a partner, not a debtor or borrower, as the practice of conventional banks (marimuthu, et. al., 2010). in banking practice, islamic law also prohibits ‘ghahar’ or speculative trading and ‘maisir’ or gambling (idris, et. al., 2011). islamic banks are also prohibited from engaging in transactions (payment or acceptance) with business related to haram products, such as: alcohol, pork trade, or gambling activities (manzoor, et. hardius usman: the role of religious norm on selecting the islamic bank 43 al., 2010). furthermore islamic banks are required to conduct business and trade activities based on the principles of justice and profit halal, pay zakat, prohibit monopolies, and work for social purposes (haron, 1997). references agung, i. g. n. 2011. cross section and experimental data analysis using eviews. 1st ed. singapore: john wiley & sons. ahmad, a. u. f. & m.k. hassan. 2007. riba and islamic banking. journal of islamic economics, banking and finance vol. 3 (1), 2007: pp. 1-33. ahmad, n. & s. haron. 2002. perceptions of malaysian corporate customers towards islamic banking products and services. international journal of islamic financial services 3(4). ajzen, i. & m. fishbein. 1980. understanding attitudes and predicting social behavior. new jersey: prentice hall. ajzen, i. 1985. from intentions to actions: a theory of planned behavior. in j. kuhl & j. beckman (eds.), action-control: from cognition to behavior (pp. 11–39). heidelberg germany: springer. al-qardawi, y. 1999, the lawful and the prohibited in islam. 20th ed., indianapolis: american trust publications. antonio, m. s. 2001. bank syariah: dari teori ke praktek. jakarta: gema insani press asyraf, w.d. & a. nurdianawati. 2007. why do malaysian customers patronize islamic banks. international journal of bank marketing, 25:3, pp. 142-160. awan, h. m. & k.s. bukhari. 2010. customer’s criteria for selecting an islamic bank: evidence from pakistan. journal of islamic marketing vol. 2 no. 1, 2011 pp. 14-27. azra, a. 2005. islamic thought: theory, concepts, and doctrines in the context of southeast asian islam. in nathan, k.s. and kamali, m.h. (eds), islam in southeast asia: political, social and strategic challenges for the 21st century. singapore: institutes of southeast asian studies. pp. 2-21. bank indonesia. 2014. indonesians banking statistics. www.bi.go.id. dusuki, a.w. & n.i. abdullah. 2007. why do malaysian customers patronize islamic banks?. international journal bank marketing, 25(3). gatrad, a. r. & sheikh, a., 2001. medical ethics and islam: principles and practice. archives of disease in childhood, 84 (1), 72-75. hamid, y. et.al. 2011. factor adopting islamic home financing: a case study among consumers of islamic banks in malaysia. middle-east journal of scientific research 7 (special issue of diversity of knowledge on middle east), pp. al-iqtishad: vol. vii no. 1, januari 2015 44 47 – 58. haque, j. & ahmad. 2007. islamic banking: customers perception and its prospect on bank product selection towards malaysian customers perspectives. 5th international islamic finance conference, 3-4 september, the ritz carlton, kuala lumpur, malaysia. haron, s. 1997. islamic banking rules and regulations. kuala lumpur: pelanduk publications (m) sdn bhd. hashim and mizerski, 2010. exploring muslim consumers’information source for fatwa rulings on products and behaviors. journal of islamic marketing 1 (1): 37 – 50. hassan, a. et.al. 2008. islamic marketing ethics and its impact on customer satisfaction in the islamic banking industry. j.kau: islamic economics, vol. 21 no. 1, pp: 23-40. jalil, m. a. & m.k. rahman. 2010, financial transactions in islamic banking are viable alternatives to the conventional banking transactions. international journal of business and social science vol. 1 no. 3; december 2010 kamali, m. h. 1991. principles of islamic jurisprudence. kuala lumpur: international islamic university, malaysia. khan, m.s.n. et.al. 2008. banking behavior of islamic bank customers in bangladesh. journal of islamic economics. banking and finance vol. 5 no.1. manzoor, m. m. et.al. 2010. factors paving the way towards islamic banking in pakistan. world academy of science, engineering and technology 66 2010 marimuthu, m. et.al. 2010. islamic banking: selection criteria and implications. gjhss classification vol 10 issue 4. memon, n. a. 2007. islamic banking: present and future challenges. journal of management and social sciences vol. 3, no. 1, (spring 2007), pp. 1-10 al-iqtishad: vol. vi no. 1, januari 2014 143 peran etika qur’ani terhadap sistem ekonomi islam andi iswandi1 abstract: role of ethics qur’anic toward islamic economic sistem. in the discourse of conventional economics, ethics in economic activity does not have an important role in his studies even denied. this view is based sphere of ethics that is different from the economic sphere. ethics is more inclined to religious values are just talking about good-bad and the world hereafter. while the economy discussing with the sistem and the material welfare. in contrast to conventional economics, islamic economics is the view that ethics plays a role in the economic activity, even ethics and economics can’t be separated. in islamic economics, ethics or morals qur’ani contained in the quran has an important role on the formation of an islamic economic system. keywords: ethics, morals, economy, al-quran, system abstrak: peran etika qur’ani terhadap sistem ekonomi islam. di dalam diskursus ilmu ekonomi konvensional, etika di dalam kegiatan ekonomi tidak memiliki peran penting bahkan dinafikan dari kajiannya. pandangan ini didasarkan bahwa ranah etika berbeda dengan ranah ekonomi. etika lebih cenderung kepada nilai-nilai keagamaan yang hanya membahas tentang baikburuk dan dunia-akhirat. sedangkan ekonomi dengan sistemnya membahas materi dan kesejahteraannya. berbeda dengan ekonomi konvensional, ekonomi islam memandang bahwa etika sangatlah berperan di dalam kegiatan ekonomi, bahkan etika dan ekonomi tidak dapat dipisahkan. di dalam ekonomi islam, etika qur’ani ataupun akhlak yang terkandung di dalam al-quran memiliki peran penting terhadap pembentukan sistem ekonomi islam. kata kunci: etika, akhlak, ekonomi, al-quran, sistem 1 naskah diterima: 18 oktober 2013, direvisi: 2 desember 2013, disetujui: 17 desember 2013 fakultas syariah institut ptiq jakarta, jl. batan 1 no. 2 lebak bulus cilandak jakarta selatan, e-mail: swan_saputra@yahoo.com al-iqtishad: vol. vi no. 1, januari 2014 144 pendahuluan al-qur’an sebagai pedoman umat islam merupakan kitab suci yang mengatur segala aspek kehidupan manusia, baik yang berkenaan dengan ibadah ataupun yang berkenaan dengan muamalah. perihal muamalah, al-qur’an menerapkan dasardasar teori ekonomi islam. inilah yang menjadi cikal bakal terbentuknya sistem ekonomi islam. cikal bakal ini bukan hanya berupa hukum akan tetapi etika. dalam pandangan yusuf qardhowi (2004) menyatakan bahwa sistem ekonomi islam adalah sistem hukum dan etika ekonomi yang memang dibentuk dan dirumuskan langsung oleh tuhan. sehingga beliau merumuskan ekonomi islam adalah ekonomi ilahiyah (ekonomi yang dirumuskan oleh tuhan) yang pada tataran aplikasinya dicontohkan langsung oleh rasulullah saw, dimana beliau memberikan contoh apik bagaimana bermuamalah, berniaga dan bertransaksi dengan landasan etika yang termaktub di dalam al-qur’an. hal ini ditegaskan oleh rasulullah secara global dalam hadis berikut. dari abu hurairah ra, rasulullah saw bersabda : “sesungguhnya aku diutus untuk menyempurnakan akhlak”. (h.r. baihaqi). pendapat yusuf qardhowi tentang ekonomi ilahiyah, setidaknya telah meruntuhkan konsep dan teori sistem ekonomi konvensional yang menafikan etika dan agama dari ranah ekonomi. bahkan dewasa ini etika di dalam ekonomi konvensional merupakan kajian yang patut dijadikan tolak ukur terhadap kesinambungan pertumbuhan ekonomi mikro ataupun makro. rekonstruksi makna etika menelusuri kata etika tidak terlepas dari asal kata ethos dalam bahasa yunani, yang berarti kebiasaan atau karakter. menurut kamus webster’ new collegiate dictionary kata etika berasal dari “the distinguishing character, sentiment, moral nature, or guiding belifes of a person, group, or institution”. sedangkan etika secara terminology adalah “the discipline dealing with what is good and bad with moral duty and obligation; a set of moral principles or value; a theory or sistem of moral values”. ini artinya, bahwa etika merupakan studi sistematis tentang tabiat konsep nilai, baik, buruk, harus, benar, salah, dan lain sebagainya dan prinsip-prinsip umum yang membenarkan kita untuk mengaplikasikannya atas apa saja. di sini etika dapat dimaknai sebagai dasar moralitas seseorang dan di saat bersamaan juga sebagai filsufnya dalam berprilaku (badroen, dkk, 2006). makna etika di sini merupakan konsekuensi kesadaran individu terhadap nilai-nilai moral yang memuat kebenaran secara teori dan aplikasinya. nilai-nilai ini biasanya terlahir dari kepercayaan dan keyakinan indivudu yang pada umumnya al-iqtishad: vol. vi no. 1, januari 2014 145 berasal dari dogma dan atau agama. yang pada tataran aplikasinya mempengaruhi perilaku dan tabiat individu di dalam aktifitas kesehariannya, aktifitas inilah yang dinilai benar atau salah, baik atau buruk, dan seterusnya. sedangkan moral berasal dari kata latin ‘mos’ (bentuk jamaknya, yaitu ‘mores’) yang berarti adat dan cara hidup. ‘mores’ dalam bahasa inggris adalah morality yang berarti “general name for moral judgments, standards, and rules of conduct” (taylor, 1975). ini berarti, bahwa moral merupakan tindakan individu dalam hal berprilaku dan beraktifitas yang memiliki ruh nilai-nilai etika. secara sederhana, etika adalah dasar nilai yang membentuk prilaku moral individu di dalam beraktifitas. adapun norma adalah “an authoritative standard, or principle of right action bidding upon the members of a group and serving to guide, control or regulate proper and acceptable behavior”. yang berarti bahwa, norma adalah alat ukur dan standar yang memiliki kekuatan untuk mengarahkan, mengontrol dan mengatur perilaku individu, yang menjadi tolak ukur kaidah di dalam sebuah penilaian dan pertimbangan. berangkat dari penjabaran makna etika di atas, secara terminology al-qur’an memaknai etika dengan kata al-khuluq. yaitu makna yang digunakan untuk menguraikan kata khair, bir, qist, ‘adl, haqq, dan taqwa. dari segi bahasa, al-khuluq berarti perilaku, perangai atau tabiat. maksud ini terkandung dalam kata-kata aisyah yang mengaitkan akhlak rasulullah saw, “akhlaknya (rasulullah) adalah al-quran”. akhlak rasulullah yang dimaksudkan di dalam kata-kata di atas ialah kepercayaan, keyakinan, pegangan, sikap dan tingkah laku rasulullah saw yang semuanya merupakan pelaksanaan ajaran al-quran. sedangkan dari segi terminology, al-khuluq diartikan sebagai suatu tingkah laku, tetapi tingkah laku tersebut harus dilakukan secara berulang-ulang tidak cukup hanya sekali melakukan perbuatan baik, atau hanya sewaktu-waktu saja. seseorang dapat dikatakan berakhlak jika timbul dengan sendirinya didorong oleh motivasi dari dalam diri dan dilakukan tanpa banyak pertimbangan pemikiran apalagi pertimbangan yang sering diulang-ulang, sehingga terkesan sebagai keterpaksaan untuk berbuat. dapat disimpulkan, bahwa al-khuluq secara umum adalah sistem atau aturan perilaku manusia yang bersumberkan dari ajaran islam yaitu, al-qur-an dan sunah nabi muhammad saw. sedangkan etika adalah buah pemikiran dari falsafah yunani yang mengatur nilai-nilai atau perkara yang berkaitan dengan sikap yang menentukan tingkah laku suatu masyarakat. dengan kata lain, etika adalah tingkah laku yang diatur di luar wahyu qur’ani dan nilai-nilai aplikatif yang diketengahkan rasulullah saw. begitupun dengan moral dan norma yang pada tatarannya al-iqtishad: vol. vi no. 1, januari 2014 146 ditentukan oleh etika. meskipun demikian, masih banyak yang menyeregamkan paham akan etika dan akhlak. mazhab ekonomi dunia dan sistem ekonomi islam jika dicermati, perkembangan ekonomi dunia dipengaruhi oleh dua sistem konvensional yang saling berebut pengaruh untuk menguasai ekonomi dunia, yaitu sistem ekonomi kapitalis dan sosialis. sebut saja sistem ekonomi yang bermazhabkan ekonomi kapitalis, di mana mazhab ini selalu mengarahkan sistem perekonomiannya kepada nilai-nilai material yang memberikan kebebasan kegiatan ekonomi kepada individu dan menafikan nilai-nilai sosial. sedangkan sistem ekonomi sosialis adalah mazhab ekonomi dunia yang mengarahkan kegiatan ekonominya terlepas dari nilainilai etika, moral dan agama. meskipun kedua mazhab ini telah tersebar luas, kita tidak bisa memandang bahwa salah satu di antaranya memuat kebenaran-kebenaran yang pasti atau memuat hukum-hukum umum yang cocok diterapkan pada setiap saat dan tempat. hal itu karena adanya satu kenyataan asasi, yang harus menjadi gambaran bagi kita bahwa kedua mazhab ini merupakan produk pikiran manusia dalam situasi tertentu dan lingkungan tertentu pula, yakni lingkungan eropa. kenyataan asasi tersebut adalah sebagai berikut: pertama, karena kedua-duanya adalah produk pikiran manusia, sehingga mengandung sesuatu yang merupakan aib, seperti yang dialami pikiran manusia lainnya, misalnya masih kurang sempurna dan tidak menyeluruh kedua, masing-masing dari dua mazhab ini nilainya relatif dan tak mungkin diterapkan pada setiap saat dan tempat. sesuatu yang cocok untuk eropa pada abad kesembilan belas atau kedua puluh, kadang-kadang tidak cocok untuk negeri lain, bahkan tidak cocok untuk eropa sendiri bila zaman telah makin maju. ketiga, sesunguhnya masing-masing dari mazhab ini tidak dapat dipahami secara sempurna, kecuali dalam lingkungan situasi di mana masing-masing mazhab itu timbul (al-assal, 1999). jacquen austry, seorang ahli ekonomi berkebangsaan perancis mengatakan bahwa jalan menumbuhkan ekonomi tidak terbatas pada dua mazhab yang telah kita kenal, kapitalisme dan sosialisme saja, melainkan ada satu mazhab ekonomi ketiga yang lebih kuat, yaitu mazhab ekonomi islam. bahkan beliau berpendapat, bahwa mazhab ekonomi islam akan memimpin dunia di kemudian hari karena mazhab ini merupakan susunan kehidupan yang sempurna. kesempurnaan itu terletak pada keistimewaan ekonomi islam yang memiliki ketetapan hukum yang ditentukan langsung oleh al-qur’an, dan memiliki ketentuan fleksibel yang dapat berubah dengan catatan tidak melanggar syariat agama. keistimewaan inilah yang al-iqtishad: vol. vi no. 1, januari 2014 147 kemudian menjadi cikal bakal sistem ekonomi islam. berikut ilustrasi keistimewaan sistem ekonomi islam. ketetapan hukum semisal, ketetapan perihal kegiatan halal dan haram, ketetapan pelarangan memakan harta batil, ketetapan hukum waris, ketetapan hukum zakat, dan lain sebagainya; dalam hukum islam (islamic jurisprudence) hal ini lebih dikenal sebagai azimah. sedangkan ketentuan fleksibel yang diketengahkan al-qur’an adalah ketentuan umum yang diperbolehkan di mana tidak melanggar prinsip dasar syariah islamiyah; dan ketentuan ini di dalam islamic jurisprudence dikenal sebagai rukhsoh. jika menurut pandangan konvensional, ilmu ekonomi adalah kajian konvensional (berupa; buah pikir, manajemen problem solving dan filsafat) yang membahas kebutuhan manusia yang tanpa batas dengan materi yang berbatas. maka menurut pandangan islam, ilmu ekonomi adalah kajian yang berlandaskan al-qur’an dan sunah yang membahas kebutuhan manusia yang dibatasi dengan materi yang berbatas pula. semisal, seorang muslim kaya tidak diperkenankan untuk mengkonsumsi dengan tanpa batasan. namun demikian, di dalam ekonomi konvensional manusia yang kaya diperkenankan dan seyogyanya mengkonsumsi materi sesuai dengan kekayaannya atau bahkan lebih. disini ada ketegasan kajian diantara ekonomi konvensional dengan ekonomi islam, bahwa ekonomi konvensional bisa menjadi sistem ekonomi dunia dikarenakan kajian ekonomi yang terbatas hanya pada materi kebutuhan manusia itu sendiri, dimana kajiannya itu terambil dari fenomena dan problem ekonomi suatu masyarakat dengan pemecahan permasalahan itu yang dirumuskan oleh buah pemikiran manusia. sedangkan ekonomi islam sudah memiliki ketetapan sistem dan manajemen ekonomi yang termaktub di dalam al-qur’an ataupun sunah, sehingga banyak ulama kontemporer saat ini seperti yusuf qordhowi menyatakan bahwa ekonomi islam adalah ekonomi ilahiyah, yang berarti sistem dan tatanan ekonominya berasal dari teori tuhan. di mana kajian ekonomi islam tidak hanya terkait oleh materi duniawi, akan tetapi juga ukhrowi. ketentuan fleksibel al-qur’an ketetapan hukum sistem ekonomi islam al-iqtishad: vol. vi no. 1, januari 2014 148 etika qurani dan sistem ekonomi islam ajaran-ajaran tentang kepercayaan (the spirit of trust) adalah beberapa aksi yang mencakup perilaku positif dan berdampak pada adanya sebuah reaksi, yaitu kepercayaan yang transenden (transcendental trust). beberapa variabel aksi yang merupakan ajaran tentang kepercayaan, mencakup bagaimana seharusnya seseorang memandang, berbicara, berprilaku, dan bekerja (fauzia, 2013). di dalam islam, rangkaian keimanan seseorang teramu dari kepercayaan, keyakinan dan keimanan yang teguh terhadap ajaran-ajaran yang dikemukakan oleh agama. jika the spirit of trust memiliki keterkaitan aksi dan prilaku seseorang, maka agama (dalam hal ini islam) juga memiliki keterkaitan aksi dan prilaku terhadap setiap tindakan seseorang. tolak ukurnya adalah, bahwa di dalam al-qur’an banyak sekali ayat yang menguraikan the spirit of trust terhadap kegiatan ekonomi diantaranya adalah, tentang akad, kepercayaan, keadilan, etika dan lain sebagainya. secara sederhana, islam sebagai the spirit of trust memiliki peranan meramu dan merumuskan beberapa variabel aksi ajaran yang berkenaan dengan aktifitas dan kegiatan ekonomi seseorang. di dalam al-qur’an variabel aksi ajaran yang berkenaan dengan aktifitas dan kegiatan ekonomi seseorang, paling tidak tercermin dari beberapa item ini. pertama, the spirit of trust ada karena iman dan takwa seseorang. iman di sini adalah landasan variabel motivasi kegiatan seseorang, dan takwa adalah landasan variabel operasional kerjanya. “sungguh beruntung orang-orang yang beriman” (q.s. almu’minun [23]: 1), “hai orang-orang yang beriman, bertakwalah kepada allah dan carilah jalan yang mendekatkan diri kepada-nya, dan berjihadlah pada jalan-nya, supaya kamu mendapat keberuntungan” (q.s. al-maidah [5]: 35). kedua, adanya komitmen berzikir dan bersyukur, di mana zikir dimaksudkan sebagai kesadaran akan peran allah swt terhadap kegiatan seseorang, sementara syukur sebagai kesadaran pengakuan kontribusi allah swt terhadap kesuksesan yang diraih seseorang di dalam kegiatannya. “…dan ingatlah allah banyak-banyak supaya kamu beruntung” (q.s. al-jumuah [62]: 10). ketiga, adanya kesadaran untuk mensucikan diri dan bertaubat. sebab, dengan mensucikan diri seseorang akan berlaku objektif dan terhindar dari perbuatan yang curang. “sesungguhnya beruntunglah orang yang membersihkan diri (dengan beriman)” (q.s. al-ala [87]: 14). keempat, peranan amar ma’ruf nahi munkar di dalam diri seseorang. “dan hendaklah ada di antara kamu segolongan umat yang menyeru kepada kebajikan, menyuruh kepada yang ma’ruf dan mencegah dari yang munkar; merekalah orang-orang yang beruntung” (q.s. [3]: 104). sedangkan yang dimaksud dengan sistem ekonomi islam adalah ilmu ekonomi yang dilaksanakan dalam praktik (penerapan ilmu ekonomi) sehari-harinya bagi individu, keluarga, kelompok masyarakat maupun pemerintah/penguasa dalam al-iqtishad: vol. vi no. 1, januari 2014 149 rangka mengorganisir faktor produksi, distribusi, dan pemanfaatan barang dan jasa yang dihasilkan tunduk dalam peraturan/perundang-undangan islam (sunatullah) (lubis, 2012). kegiatan ekonomi menurut islam bukanlah kegiatan ekonomi yang dikendalikan oleh hasrat manusia saja, tetapi juga dituntun oleh pedoman-pedoman dasar syariah (muhammad, 2007). sistem ekonomi islam ini adalah sistem yang mandiri dan terlepas dari sistem ekonomi konvensional. adapun yang membuat sistem ini mandiri dan terlepas dari sistem ekonomi lainnya diantaranya adalah; pertama, adanya syariah al-islamiyah yang menjadi asumsi dasar yang mengatur individu, keluarga, kelompok masyarakat dan juga pemerintah di dalam kegiatan dan aktfitas ekonomi. kedua, penerapan asas efisiensi dan manfaat merupakan prinsip islam yang menjaga kelestarian alam dan lingkungan. ketiga, keuntungan di dunia dan akhirat merupakan motif ekonomi islam yang menjaga keseimbangan khilafah dengan menjalankan ibadah dan muamalah. menyimak uraian di atas, maka dengan demikian al-qur’an memiliki peranan penting di dalam meramu sistem ekonomi islam. sistem ekonomi islam berpedoman kepada nilai-nilai etika yang diketengahkan oleh al-qur’an. sehingga tidak ada sistem ekonomi yang tercipta dengan melepaskan pedoman etika qur’ani. hal ini secara umum digambarkan oleh al-qur’an, “hai orang-orang yang beriman, masuklah kamu ke dalam islam keseluruhan, dan janganlah kamu turut langkahlangkah syaitan. sesungguhnya syaitan itu musuh yang nyata bagimu” (q.s. [2]: 208). ‘keseluruhan’ di sini adalah perihal menyeluruh baik ibadah dan muamalah, baik perihal sholat ataupun cara mencari nafkah, dan begitupula di dalam ekonomi, dimana sistemnya telah ditetapkan oleh islam yang termaktub di dalam al-qur’an. demikian pula islam telah mempertautkan dengan erat antara muamalah (kegiatan ekonomi) dengan akhlak, seperti jujur, amanah, adil ihsan, berbuat kebajikan, silaturahmi dan saling menyayangi. dikaitkan pula akhlak dengan sikap hidup secara keseluruhan. tidak ada pemisahan antara ilmu dengan akhlak, antara politik dengan akhlak, antara ekonomi dengan akhlak, antara perang dengan akhlak. dengan demikian, akhlak menjadi daging dan urat kehidupan islam (qardhawi, 2004). keterkaitan akhlak qur’ani dengan kegiatan ekonomi, lebih lanjut dijelaskan oleh yusuf qardhawi (2004) dengan memberikan perbedaan antara ekonomi islam dengan ekonomi konvensional. menurut beliau, bahwa ekonomi islam terkait erat dengan nilai-nilai akhlak dan etika yang bersumber dari al-qur’an, sehingga ekonomi islam itu disebut ekonomi rabbani (ekonomi di mana teori dan sistemnya diramu oleh tuhan), sedangkan ekonomi konvensional sama sekali terlepas dari nilai-nilai etika, akhlak, bahkan agama. al-iqtishad: vol. vi no. 1, januari 2014 150 etika qurani sebagai asas sistem ekonomi islam dalam islam, bukan hanya ibadah yang memiliki asas al-qur’an sebagai pijakannya. akan tetapi, perihal ekonomi, sosial, budaya, politik, dan lini muamalat lainnya juga memiliki asas al-qur’an sebagai pijakannya. berbeda dengan ekonomi konvensional yang memisahkan ekonomi dan agama, islam menjadikan ekonomi berdiri diatas pijakan yang jelas yaitu al-qur’an, sehingga dikatakan bahwa di dalam islam ekonomi tidak dapat dipisahkan oleh agama. menurut qardhawi (2004), aqidah adalah asas sistem islam. dimana asas ini terdiri dari beberapa unsur diantaranya adalah; pertama, keimanan terhadap allah swt. “hanya engkaulah yang kami sembah, dan hanya kepada engkaulah kami meminta pertolongan” (q.s. [1]: 5). “maka patutkah aku mencari hakim selain daripada allah, padahal dialah yang telah menurunkan kitab (al quran) kepadamu dengan terperinci orang-orang yang telah kami datangkan kitab kepada mereka, mereka mengetahui bahwa al quran itu diturunkan dari tuhanmu dengan sebenarnya. maka janganlah kamu sekali-kali termasuk orang yang ragu-ragu” (q.s. [6]: 114). kedua, ketentuan allah swt yang menjadikan manusia sebagai khalifah. “ingatlah ketika tuhanmu berfirman kepada para malaikat: “sesungguhnya aku hendak menjadikan seorang khalifah di muka bumi.” mereka berkata: “mengapa engkau hendak menjadikan (khalifah) di bumi itu orang yang akan membuat kerusakan padanya dan menumpahkan darah, padahal kami senantiasa bertasbih dengan memuji engkau dan mensucikan engkau?” tuhan berfirman: “sesungguhnya aku mengetahui apa yang tidak kamu ketahui” (q.s. [2]: 30). ketiga, allah swt tidak membedakan hambanya kecuali dengan taqwa mereka. keempat, allah swt senantiasa membimbing manusia dengan memberikan petunjuk berupa kitab suci dan para rasul. “(mereka kami utus) selaku rasul-rasul pembawa berita gembira dan pemberi peringatan agar supaya tidak ada alasan bagi manusia membantah allah sesudah diutusnya rasul-rasul itu. dan adalah allah maha perkasa lagi maha bijaksana” (q.s. [4]: 165). kelima, allah swt menyempurnakan petunjuk dan hidayahnya dengan mengutus nabi muhammad saw sebagai nabi terakhir, nabi penyempurna syari’at dan akhlak, dan nabi yang menyempurnakan kemaslhatan sekalian umat. “dia-lah yang mengutus rasul-nya dengan membawa petunjuk dan agama yang benar agar dia memenangkannya di atas segala agama-agama meskipun orang musyrik membenci” (q.s. [61]: 9). keenam, allah swt menetapkan kehidupan manusia bukan hanya untuk makan seperti binatang, akan tetapi lebih mulia dari itu yaitu ibadah mencari keridhaan illahi semata. “demi masa. sesungguhnya manusia itu benar-benar dalam kerugian. kecuali orang-orang yang beriman dan mengerjakan amal saleh dan nasehat menasehati supaya mentaati kebenaran dan nasehat menasehati supaya menetapi kesabaran” (q.s. [103]: 1-3). dan ketujuh, al-iqtishad: vol. vi no. 1, januari 2014 151 allah swt tidak menjadikan kematian manusia sebagai akhir dari segalanya, akan tetapi awal dari segalanya. “maka apakah kamu mengira, bahwa sesungguhnya kami menciptakan kamu secara main-main (saja), dan bahwa kamu tidak akan dikembalikan kepada kami?” (q.s. [23]: 115). sebagaimana pula tidak pernah terpisah antara agama dan negara dan antara materi dan ruhani. seorang muslim harus yakin akan kesatuan hidup dan kesatuan kemanusiaan. karena itu, tidak bisa diterima sama sekali tindakan pemisahan antara kehidupan dunia dan agama sebagaiman yang terjadi di barat. dan terlebih perihal apa-apa yang telah didengungkan oleh ekonomi konvensional. sesungguhnya islam sama sekali tidak mengizinkan umatnya untuk mendahulukan kepentingan ekonomi di atas pemeliharaan nilai dan keutamaan yang diajarkan agama. saat ini kita mendapatkan sistem-sistem lain yang lebih mendahulukan usaha-usaha ekonomi dengan mengabaikan akhlak dan berbagai konsekuensi keimanan (qardhawi, 2004). kesatuan antara ekonomi dan akhlak ini akan semakin jelas pada setiap langkah-langkah ekonomi, baik yang berkaitan dengan produksi, distribusi, peredaran dan konsumsi. seorang muslim, tidak bebas mengerjakan apa saja yang diinginkannya, atau apa saja yang mengunutngkannya. hal itu disebabkan, karena seorang muslim terikat oleh aturan etika, akhlak, dan moral yang terkandung di dalam al-qur’an. allah swt berfirman, “hai orang-orang beriman, apabila diseru untuk menunaikan shalat jum’at, maka bersegeralah kamu kepada mengingat allah dan tinggalkanlah jual beli. yang demikian itu lebih baik bagimu jika kamu mengetahui” (q.s. [62]: 9). tidak dapat dipungkiri, kegiatan ekonomi jual beli yang dilakukan terus-menerus akan menambah income yang berlebih, namun dalam hal ini alqur’an mengatur perilaku jual beli kita untuk dengan segera meninggalkannya dan bersegera melaksanakan sholat jum’at. kemudian al-qur’an kembali menegaskan bahwa “dan apabila mereka melihat perniagaan atau permainan, mereka bubar untuk menuju kepadanya dan mereka tinggalkan kamu sedang berdiri (berkhotbah). katakanlah: “apa yang di sisi allah lebih baik daripada permainan dan perniagaan”, dan allah sebaik-baik pemberi rezki” (q.s. [62]: 11). penegasan ini adalah, bahwa etika dan akhlak seorang muslim dalam berniaga diatur dengan mengutamakan nilai-nilai yang lebih baik dan lebih utama baginya. perihal haram lainnya yang dilihat secara ekonomis memiliki nilai manfaat peningkatan ekonomi, baik secara produksi ataupun pemberdayaan sumber daya manusianya; akan tetapi memiliki ketentuan hukum yang tegas dari al-qur’an. dalam hal ini, khamar secara tegas dilarang oleh al-qur’an karena memiliki nilai mudharat terhadap agama, jiwa, akal, akhlak, perilaku, dan kesehatan jasmani. meskipun memiliki nilai ekonomis dari sisi produksi, pendirian pabrik, pemberdayaan pekerja, dan pemanfaatan lading al-iqtishad: vol. vi no. 1, januari 2014 152 anggur. “hai orang-orang yang beriman, sesungguhnya (meminum) khamar, berjudi, (berkorban untuk) berhala, mengundi nasib dengan panah, adalah termasuk perbuatan syaitan. maka jauhilah perbuatan-perbuatan itu agar kamu mendapat keberuntungan. sesungguhnya syaitan itu bermaksud hendak menimbulkan permusuhan dan kebencian di antara kamu lantaran (meminum) khamar dan berjudi itu, dan menghalangi kamu dari mengingat allah dan sembahyang; maka berhentilah kamu (dari mengerjakan pekerjaan itu)” (q.s. [90-91]: 5). apabila kita memperhatikan kenyataan di lapangan, kita akan menemukan dampak penyatuan antara ekonomi dengan akhlak ini secara jelas dan mendalam dalam sejarah kaum muslimin. hal ini nampak terutama pada saat pertama islam memberikan pengaruh pada kehidupan kaum muslimin dan menjadi pengaruh terutama pada aktifitas dan perilaku mereka (qardhawi, 2004). hal ini senada dengan hadist nabi yang diriwayatkan oleh abu hurairah ra, rasulullah saw bersabda : “sesungguhnya aku diutus untuk menyempurnakan akhlak”. (hr. baihaqi). etika qurani sebagai pedoman pelaku ekonomi dalam sistem ekonomi islam, al-qur’an adalah pedoman yang dijadikan rujukan para pelaku ekonomi di setiap kegiatan bisnisnya. hal ini dikarenakan, ekonomi islam adalah ekonomi ilahiyah yaitu ekonomi produk tuhan, dimana pedoman dasarnya termaktub di dalam al-qur’an. ekonomi islam tidak terpisahkan oleh sistem syariah islamiyah yang dibawa oleh rasulullah saw, dimana ekonomi islam adalah bagian yang tidak terpisahkan dari syari’ah tersebut (islahi, 1997). berbeda dengan sistem ekonomi konvensional yang memisahkan peran agama atau bahkan etika dari ekonomi dan kegiatan bisnisnya. ada beberapa contoh etika qur’ani yang dijadikan pedoman pelaku ekonomi, diantaranya adalah tuntutan keadilan dan penafian perbuatan curang yang diberlakukan bagi pelaku bisnis : “kecelakaan besarlah bagi orang-orang yang curang. (yaitu) orang-orang yang apabila menerima takaran dari orang lain mereka minta dipenuhi. dan apabila mereka menakar atau menimbang untuk orang lain, mereka mengurangi.”(q.s. [83]: 1-3). dan tuntutan untuk menerapkan tata-kelola transaksi bisnis yang baik : “hai orang-orang yang beriman, apabila kamu bermu’amalah tidak secara tunai untuk waktu yang ditentukan, hendaklah kamu menuliskannya. dan hendaklah seorang penulis di antara kamu menuliskannya dengan benar. dan janganlah penulis enggan menuliskannya sebagaimana allah mengajarkannya, meka hendaklah ia menulis, dan hendaklah orang yang berhutang itu mengimlakkan (apa yang akan ditulis itu), dan hendaklah ia bertakwa kepada allah tuhannya, dan janganlah ia mengurangi al-iqtishad: vol. vi no. 1, januari 2014 153 sedikitpun daripada hutangnya. jika yang berhutang itu orang yang lemah akalnya atau lemah (keadaannya) atau dia sendiri tidak mampu mengimlakkan, maka hendaklah walinya mengimlakkan dengan jujur. dan persaksikanlah dengan dua orang saksi dari orang-orang lelaki (di antaramu). jika tak ada dua oang lelaki, maka (boleh) seorang lelaki dan dua orang perempuan dari saksi-saksi yang kamu ridhai, supaya jika seorang lupa maka yang seorang mengingatkannya. janganlah saksi-saksi itu enggan (memberi keterangan) apabila mereka dipanggil; dan janganlah kamu jemu menulis hutang itu, baik kecil maupun besar sampai batas waktu membayarnya. yang demikian itu, lebih adil di sisi allah dan lebih menguatkan persaksian dan lebih dekat kepada tidak (menimbulkan) keraguanmu. (tulislah mu’amalahmu itu), kecuali jika mu’amalah itu perdagangan tunai yang kamu jalankan di antara kamu, maka tidak ada dosa bagi kamu, (jika) kamu tidak menulisnya. dan persaksikanlah apabila kamu berjual beli; dan janganlah penulis dan saksi saling sulit menyulitkan. jika kamu lakukan (yang demikian), maka sesungguhnya hal itu adalah suatu kefasikan pada dirimu. dan bertakwalah kepada allah; allah mengajarmu; dan allah maha mengetahui segala sesuatu.” (q.s. [2]: 282). dan tuntutan manajemen waktu yang baik bagi pelaku ekonomi : ”maka apabila kamu telah selesai (dari sesuatu urusan), kerjakanlah dengan sungguhsungguh (urusan) yang lain.” (q.s. [94]: 7). ayat al-qur’an di atas adalah beberapa contoh yang dijadikan panduan bagi pelaku ekonomi islam. dimana panduan tersebut mengakui kedudukan manusia sebagai makhluk sosial yang bermuamalah dan tidak terlepas dari kegiatan transaksi dan bisnis ekonomi. meskipun demikian, islam sebagai agama tetap mengedepankan batasan-batasan kegiatan bisnis ekonomi di dalam aturan yang sesuai dengan syariah (al-zuhayli, 2013). hal ini ditegaskan manakala kumandang azan diserukan untuk menuanaikan sholat jum’at maka segala bentuk perniagaan dihentikan sementara, allah swt berfirman : “hai orang-orang beriman, apabila diseru untuk menunaikan shalat jum’at, maka bersegeralah kamu kepada mengingat allah dan tinggalkanlah jual beli. yang demikian itu lebih baik bagimu jika kamu mengetahui.” (q.s. [62]: 9). penutup dari uraian di atas, dapat disimpulkan pertama bahwa al-qur’an sebagai kitab suci memiliki peran di dalam membentuk etika dan akhlak sistem ekonomi islam, dimana sistem ekonomi islam ini tidak berdiri sendiri akan tetapi sebaliknya, berdiri dan lahir di lingkup syariah al-islamiyah. berbeda dengan ekonomi konvensional yang memisahkan nilai-nilai agama dari sistem ekonominya. al-iqtishad: vol. vi no. 1, januari 2014 154 kedua, bahwa sistem ekonomi islam bukanlah mutlak produk manusia akan tetapi produk ilahi, sehingga dr. yusuf qhardhawi menegaskannya sebagai sistem ekonomi ilahi. hal ini berbeda dengan sistem ekonomi konvensional, dimana sistem ini terbentuk atas dasar buah pikir manusia. dan ketiga, bahwa muslim sebagai pelaku ekonomi harus memiliki pedoman yang sesuai dengan syariah, dimana pedoman di dalam kegiatan bisnis dan ekonomi ini adalah etika qur’ani yang tentunya termaktub di dalam al-qur’an. pustaka acuan al arif, m.n.r. 2011. dasar-dasar sistem ekonomi islam. surakarta: era intermedia al-assal, m.a, et, al. 1999. sistem, prinsip dan tujuan ekonomi islam. bandung: pustaka setia. al-zuhaili, w. 2013. maqhosid al-syariah al-islamiyah fi al-mal wa al-iqtishad alislami, makalah disampaikan dalam seminar the second islamic economics and finance research forum oleh ikatan ahli ekonomi islam di uin syarif hidayatullah jakarta 13-14 november 2013. an-nabahan m.f. 2000. sistem ekonomi islam: pilihan setelah kegagalan sistem kapitalis dan sosialis. yogyakarta: uii press badroen, f, et.al. 2006. etika bisnis dalam islam. jakarta: kencana. fauzia, i.y. 2013. etika bisnis dalam islam. jakarta: kencana. harahap, s.s. 2004. ekonomi, bisnis dan manajemen islami. yogyakarta: bpfe yogyakarta. islahi, a. 1997. konsepsi ekonomi ibnu taimiyah. surabaya: pt. bina ilmu. karim, a.a. 2001. ekonomi islam: suatu kajian kontemporer. jakarta: gema insani press. lubis, s.k, et. al. 2012. hukum ekonomi islam. jakarta: sinar grafika. muhammad. 2007. aspek hukum dalam muamalat. yogyakarta: graha ilmu. qardhawi, y. 2004. peran nilai dan moral dalam perekonomian islam. jakarta: robbani press. taylor, p.w. 1975. principles of ethics: an introduction. new york: dickenson publishing. webster’s new collegiate dictionary, g. dan c. merriam company, usa. nurul huda: prioritas solusi permasalahan pengelolaan zakat 223 prioritas solusi permasalahan pengelolaan zakat dengan metode ahp (studi di banten dan kalimantan selatan) nurul huda, desti anggraini, khalifah muhamad ali yosi mardoni, nova rini1 abstract: the priority problems and solutions of zakah management in banten and south borneo using ahp. the aim of this study is to map the priority problems and solutions in the management of zakat by using ahp (analytic hierarchy process). results of a study reveals that there are three kinds of priority issues and solutions zakat management divided by stakeholder agencies (stakeholders) zakat, i.e regulators, zakat organization (opz), muzaki and mustahik . the analytical hierarchy process (ahp) model at banten and jakarta give a same priority score, i.e. the institution for solving problem in zakat management is ops dan regulator solution priority is amil sertification. keywords: ahp, problems, solutions, zakat abstrak. prioritas solusi permasalahan pengelolaan zakat di propinsi banten dan kalimantan selatan dengan metode ahp. penelitian ini bertujuan untuk memetakan prioritas masalah dan solusi dalam pengelolaan zakat dengan menggunakan metode ahp (analytic hierarchy process). hasil penelitian mengungkapkan bahwa terdapat tiga macam prioritas masalah dan solusi pengelolaan zakat yang dibagi berdasarkan lembaga pemangku kepentingan (stakeholder) pengelolaan zakat, yaitu regulator, organisasi pengelola zakat (opz), serta muzaki dan mustahik zakat. model ahp di banten dan kalsel menghasilkan skor prioritas yang sama, bahwa lembaga yang paling diandalkan dalam pemecahan masalah pengelolaan zakat adalah opz dan prioritas solusi regulator adalah sertifikasi amil. kata kunci: ahp, masalah, solusi, zakat 1 diterima: 17 maret, direvisi: 15 april 2014 , disetujui: 28 april 2014 fakultas ekonomi universitas yarsi, jl. letjen suprapto kav. 13, cempaka putih, jakarta, email: pakhuda@ yahoo.com pascasarjana universitas indonesia kajiantimur tengah dan islam, jl. salemba raya 4, jakarta. email: saghi_sharia@yahoo.co.uk; email: kangkhalifah@yahoo.co.id, email mardoni3003@yahoo.co.id stie muhammadiyah jakarta, jl. minangkabaru barat, no. 60, jakarta. email: nvrin207@yahoo.com al-iqtishad: vol. vi no. 2, juli 2014 224 pendahuluan permasalahan kemiskinan sampai saat ini merupakan isu yang menarik untuk dibahas. berbagai macam program dan solusi yang sudah dilakukan oleh pemerintah maupun swadaya masyarakat, kemiskinan masih belum mengalami penurunan. salah satu solusi mengatasi kemiskinan tersebut adalah dengan sistem ekonomi islam. sistem ekonomi islam yang sudah berkembang saat ini adalah mengenai perbankan dan lembaga keuangan syariah. meskipun isu perbankan dan lembaga keuangan syariah telah menerima perhatian yang paling banyak, para informan penelitian menilai bahwa isu perbankan dan lembaga keuangan syariah bukanlah isu yang paling prioritas. perbankan syariah dinilai belum bisa memecahkan masalah yang sangat mendasar di dalam negara-negara islam, yaitu kemiskinan dan rendahnya tingkat pendidikan (abduh: 2013). selain isu mengenai perbankan dan lembaga keuangan syariah untuk mengatasi kemiskinan, instrument lain dalam sistem ekonomi islam yang dapat digunakan sebagai solusi kemiskinan adalah instrumen zakat. beberapa kajian yang dilakukan beik (2009), tsani (2010), hartoyo dan purnamasari (2010), dan anriani (2010) mengungkapkan bahwa zakat terbukti mampu mengurangi jumlah dan persentase keluarga miskin, serta mengurangi kedalaman dan keparahan kemiskinan. meskipun dianggap sebagai terpenting dalam area ilmu ekonomi dan keuangan islam, zakat belum menerima perhatian yang cukup dari kalangan intelektual muslim terutama dalam bidang riset-riset yang terkait dengan pengembangan pengelolaan zakat. padahal pada kenyataannya masih banyak kelemahan yang ada pada pengelolaan zakat. meskipun penghimpunan zakat terus meningkat dari tahun ke tahun, realisasi penghimpunan zakat nasional masih jauh dari potensi yang ada. pada tahun 2011, total penghimpunan zakat belum mencapai satu persen dari total potensi yang ada (baznas dan fem ipb: 2011). saat ini masih banyak propinsi di indonesia yang memiliki angka kemiskinan cukup tinggi. berdasarkan peta kemiskinan tahun 2010 yang memetakan sebaran mustahik, muzaki, dan potensi zakat setiap provinsi di indonesia, provinsi banten dan kalimantan selatan merupakan provinsi yang dihuni oleh muzaki dan mustahik dengan jumlah yang seimbang, namun banten memiliki potensi zakat yang tinggi sedangkan kalsel memiliki potensi zakat yang rendah. karakter propinsi banten dan kalimantan selatan tersebut menarik peneliti untuk melakukan penelitian mengenai prioritas solusi permasalahan zakat. penelitian ini akan memetakan prioritas masalah pengelolaan zakat dan mencari prioritas solusinya. salah satu metode yang paling populer dalam pemetaan masalah dan solusi adalah metode analytic hierarchy process (ahp). berdasarkan uraian di atas, dapat disusun pertanyaan penelitian sebagai berikut: 1) apa prioritas masalah nurul huda: prioritas solusi permasalahan pengelolaan zakat 225 dalam pengelolaan zakat? ; 2) apa prioritas solusi yang dapat diberikan atas prioritas masalah tersebut?;dan 3) bagaimana perbandingan prioritas masalah pengelolaan zakat di provinsi banten dan kalimantan selatan? tinjauan pustaka sabiq (2006) menyatakan bahwa zakat merupakan nama dari sesuatu hak allah yang dikeluarkan kepada yang berhak menerima zakat (mustahik). dinamakan zakat dikarenakan mengandung harapan untuk mendapatkan berkah, membersihkan, dan memupuk jiwa dengan berbagai kebaikan. zakat merupakan salah satu dari lima rukun islam dan disebutkan secara beriringan dengan kata shalat pada 82 ayat di dalam al qur’an. sementara menurut qardhawi (2007), zakat secara fikih berarti sejumlah harta tertentu yang diwajibkan allah untuk diserahkan kepada orang-orang yang berhak. allah telah menetapkan hukum wajib atas zakat sebagaimana dijelaskan di dalam al qur’an, sunnah rasul, dan ijma’ ulama kaum muslimin. hukum menunaikan zakat adalah wajib bagi setiap muslim yang telah memenuhi kriteria. indrijatiningrum melakukan penelitian mengenai persoalan utama zakat. hasil penelitian indrijatiningrum (2005) menyatakan bahwa beberapa persoalan utama zakat adalah gap yang sangat besar antara potensi zakat dan realisasinya, hal ini disebabkan masalah kelembagaan pengelola zakat dan masalah kesadaran masyarakat, serta masalah sistem manajemen zakat yang belum terpadu. untuk mengatasi masalah tersebut, perlu dilakukan strategi yang dapat mengatasi ancaman dan tantangan yang dihadapi dan memperbaiki kelemahan opz secara keseluruhan. prioritas kebijakan yang perlu dilakukan yaitu penerapan sanksi bagi muzaki yang tidak berzakat, meningkatkan kualitas sumber daya manusia untuk meningkatkan keprofesionalisme, kredibilitas, akuntabilitas, dan transparansi opz; dan mensinergikan pelaksanaan sistem pajak dan zakat secara nasional. skenario terbaik dalam meningkatkan potensi zakat adalah melalui reformasi perundangundangan (indrijatiningrum: 2005). chalikuzhi (2009) dalam disertasinya menyatakan beberapa isu utama pengelolaan zakat: (1) rendahnya pengetahuan zakat yang berakibat tidak ketidakefektifan pengumpulan zakat, hal ini berimplikasi perlunya sosialisasi zakat guna meningkatkan kesadaran membayar zakat; (2) rendahnya keimanan juga mempengaruhi ketidakefektifan pengumpulan zakat; (3) perbedaan pandangan terhadap fikih zakat juga merupakan faktor penghambat ketidakoptimalan penghimpunan zakat; (4) faktor transparansi yang masih rendah dari lembaga zakat berimplikasi terhadap rendahnya pembayaran zakat pada lembaga zakat. al-iqtishad: vol. vi no. 2, juli 2014 226 mintarti (2012) menyatakan bahwa salah satu masalah utama dalam pengelolaan zakat adalah masih lemahnya sumberdaya manusia (sdm) amil. kebanyakan amil tidak menjadikan pekerjaannya sebagai profesi atau pilihan karir, tapi sebagai pekerjaan sampingan atau pekerjaan paruh waktu. metode metode analisis yang digunakan dalam penelitian ini adalah metode ahp. orang pertama yang mengembangkananalytic hierarchy process (ahp) adalah thomas l saaty. saaty (2008) mengatakan bahwa, “the analytic hierarchy process (ahp) is a theory of measurement through pairwise comparisons and relies on the judgements of experts to derive priority scales.”ahp adalah sebuah teori pengukuran melalui perbandingan berpasangan yang bergantung kepada penilaian para pakar yang dapat menghasilkan skala prioritas. saaty (1991), menyatakan bahwa penyelesaian masalah dengan ahp terdapat beberapa prinsip dasar, yaitu: decomposition, comparative judgement, dan synthesis of priority. decomposition artinya memecah persoalan yang utuh menjadi unsur-unsurnya sampai tidak mungkin dilakukan pemecahan lebih lanjut, sehingga didapatkan beberapa tingkatan dari persoalan tersebut. comparative judgement adalah melakukan perbandingan antar elemen-elemen dalam hirarki yang disajikan dalam bentuk matriks. perbandingan ini dilakukan dengan cara berpasangan antar elemen. cara ini disebut juga pairwise camparation. sementara itu hasil akhir dari seluruh prioritas adalah melakukan synthesis of priority. dengan demikian maka akan diperoleh prioritas masing-masing elemen. ada tiga tahapan penelitian yang akan dilakukan. tiga tahapan tersebut terlihat pada gambar 1. gambar 1. tahapan penelitian kajianpustaka indepeth interview fgd kuisioner konstruksi model kuantifikasi model analisis hasil konstruksi model validasi/konfirmasi model penyusunankuisioner teskuisioner surveiinforman validasi data: ujikonsistensi bobotprioritastiapelemen analisis data interpretasihasil peneliti informan nurul huda: prioritas solusi permasalahan pengelolaan zakat 227 konstruksi model konstruksi model ahp disusun berdasarkan kajian pustaka secara teori maupun empiris. penelitian ini melibatkan empat orang informan yang terdiri dari praktisi zakat. dua orang informan diambil dari provinsi banten, dan dua informan lainnya dari provinsi kalimantan selatan. pemilihan daerah didasari oleh perbedaan potensi zakat dimana banten memiliki potensi zakat yang tinggi sedang kalimantan selatan memiliki potensi zakat yang sedang. perbedaan ini diharapkan dapat memberikan hasil penelitian yang lebih kaya dan beragam. dalam tahapan konstruksi model ini para informan diajak untuk melakukan diskusi secara mendalam (in-depth interview). kuantifikasi model tahap kuantifikasi model menggunakan pertanyaan dalam kuisioner berupa perbandingan berpasangan (pairwise comparison) antar elemen untuk mengetahui mana diantara keduanya yang lebih penting. pengukuran dilakukan dengan skala numerik 1-9. data hasil penilaian kemudian dikumpulkan dan input melalui software superdecisions. sintesis dan analisis sebelum data terolah dianalisis, akan dilakukan validasi data, yaitu dengan melakukan uji konsistensi. data dianggap konsisten jika memiliki nilai rasionkonsistensi/consistency ratio (cr) <0.1 (saaty: 1994). jika nilai cr lebih besar dari 0,1, maka akan dilakukan penilaian (judgement) ulang oleh informan. jika nilai cr telah konsisten, maka bobot prioritas elemen yang telah ada dapat digunakan sebagai dasar untuk analisis data dan interpretasi hasil. pembahasan berdasarkan peta kemiskinan tahun 2010 yang memetakan sebaran mustahik, muzaki, dan potensi zakat setiap propinsi di indonesia, propinsi banten dan kalimantan selatan merupakan provinsi yang dihuni oleh muzaki dan mustahik dengan jumlah yang seimbang, namun banten memiliki potensi zakat yang tinggi sedangkan kalsel memiliki potensi zakat yang rendah. penelitian ini menemukan bahwa terdapat tiga macam prioritas masalah dan solusi pengelolaan zakat yang dibagi berdasarkan lembaga pemangku kepentingan (stakeholder) pengelolaan zakat, yaitu regulator, organisasi pengelola zakat (opz), dan masyarakat yang dalam hal ini didefinisikan sebagai muzaki dan mustahik zakat. muzaki adalah orang yang membayar zakat, sedangkan mustahik adalah orang yang berhak menerima zakat. hasil konstruksi model dibagi menjadi dua bagian, yaitu prioritas masalah dan prioritas solusi pengelolaan zakat. al-iqtishad: vol. vi no. 2, juli 2014 228 prioritas masalah pengelolaan zakat prioritas masalah yang ada dalam regulator adalah: 1) perbedaan pendapat (khilafiyah) mengenai fiqih zakat; 2) rendahnya koordinasi antara regulator dengan opz; 3) rendahnya peran kementerian agama dalam pengelolaan zakat;dan 4) zakat belum menjadi obligatory system. salah satu contoh masalah khilafiyah fikih zakat adalah dalam pro-kontra zakat profesi. sebagian ulama mendukung adanya zakat profesi, namun sebagian yang lain menganggap zakat profesi adalah bid’ah atau sesuatu yang diada-adakan dalam agama. perbedaan pendapat dalam masalah fikih, termasuk fikih zakat, adalah sesuatu yang biasa dalam agama islam, namun demikian agar umat islam tidak bingung dan menghindari perpecahan, perlu ditetapkan satu pendapat yang diambil sebagai pegangan. institusi yang dapat menyelesaikan masalah khilafiyah fikih zakat ini adalah pemerintah sebagai pemegang kekuasaan. prioritas masalah zakat selanjutnya adalah rendahnya koordinasi antara regulator zakat dengan opz. sebagian opz, terutama opz besar bentukan masyarakat, cenderung memiliki egoisme organisasi yang juga besar. sejarah panjang opz dalam membesarkan organisasinya memberikan pengaruh terhadap cara pandangnya terhadap memandang regulator. sebagian informan mengungkapkan bahwa salah satu prioritas masalah pengelolaan zakat lainnya adalah rendahnya peran kementerian agama (kemenang) dalam pengelolaan zakat. perhatian kemenang terhadap zakat jauh lebih kecil dibandingkan perhatiannya terhadap pengelolaan haji. kemenang menyerahkan urusan pengelolaan zakat kepada baznas. prioritas masalah zakat terakhir adalah belumnya zakat menjadi obligatory system dalam sistem negara. akibatnya kesadaran masyarakat dalam menunaikan zakat menjadi rendah. seorang wajib zakat yang sudah mengetahui kewajiban zakat menjadi kurang terdorong untuk membayar zakat karena tidak adanya sanksi (punishment) ataupun insentif (reward) yang tetapkan oleh pemerintah. prioritas masalah pada opz adalah: 1) jumlah lembaga amil zakat yang terlalu banyak; 2) mahalnya biaya promosi; 3) rendahnya efektifitas program pedayagunaan zakat; 4) rendahnya sinergi antar stakeholder zakat; dan 5) terbatasnya sumberdaya manusia (sdm) amil zakat. sebagian informan yang berasal dari opz pemerintah mengatakan bahwa salah satu prioritas masalah zakat adalah terlalu banyaknya opz bentukan masyarakat (laz). menurut mereka zakat seharusnya dikelola oleh negara sebagaimana di zaman rasulullah saw dimana zakat dikelola oleh baitul maal. pertumbuhan laz yang cukup pesat dalam beberapa tahun terakhir dianggap sebagai ancaman nurul huda: prioritas solusi permasalahan pengelolaan zakat 229 terhadap sistem pengelolaan zakat nasional. pertumbuhan kuantitas yang tidak diiringi dengan peningkatan kualitas dapat menjadi faktor yang dapat menurunkan tingkat kepercayaan masyarakat terhadap opz secara keseluruhan. dari sekian banyak opz yang ada, baru 43 opz yang terdaftar di forum zakat (foz) dan baru 12 opz diantaranya yang memiliki ijin dari pemerintah. prioritas masalah zakat selanjutnya adalah mahalnya biaya promosi. opz sebagai pengelola zakat memiliki satu peran utama yaitu penghimpunan dana zakat. dalam aktivitasnya menghimpun dana dari masyarakat opz perlu melakukan promosi kepada masyarakat luas. sebagai organisasi yang bersifat mandiri, opz harus membayar biaya promosi dari dana sendiri. akibatnya biaya promosi diambil dari dana yang telah dikumpulkan dari masyarakat yang sebenarnya diharapkan oleh para muzaki dapat digunakan untuk membantu mustahik zakat terutama golongan fakir miskin. rendahnya efektifitas program pendayagunaan zakat dianggap sebagai prioritas masalah pengelolaan zakat. efektifitas yang dimaksud adalah ketepatan dan kesinambungan program pendayagunaan zakat dalam memberikan kemaslahatan kepada mustahik. masih banyak opz yang membuat program pendayagunaan zakat untuk sekedar pamer di media. sehingga pada saat selesai diliput oleh media, program pendayagunaan berakhir. selain masih rendahnya sinergi antara opz dengan regulator, ternyata prioritas masalah juga ada pada lemahnya sinergi antara opz. opz yang telah berhasil membesarkan organisasinya masing-masing dianggap memiliki egoisme organisasi yang akhirnya sulit membuat organisasinya bekerja sama dengan opz lain. kesamaan tujuan semua opz dalam memberikan kemaslahatan pada mustahik tidak serta merta membuat opz dapat bersinergi dengan baik. padahal allah swt telah memberikan arahan agar hamba-hamba-nya dapat saling bersinergi dalam kebaikan dan ketaqwaan. prioritas masalah pada muzaki/mustahik adalah: 1) mustahik yang cenderung karikatif; 2) rendahnya kepercayaan muzaki kepada opz dan regulator; 3) rendahnya kesadaran muzaki dalam menunaikan zakat secara benar sesuai syariat; dan 4) rendahnya pengetahuan muzaki tentang fikih zakat. prioritas masalah pertama yang datang dari sisi muzaki/mustahik adalah mustahik yang cenderung karikatif atau konsumtif. salah satu tujuan utama opz adalah mengubah status mustahik menjadi muzaki. mustahik zakat yang masih mampu berusaha diberdayakan sedemikian rupa sehingga dapat mandiri dan hidup sejahtera. namun demikian, banyak mustahik yang konsumtif. dana zakat yang diberikan kepadanya untuk menjadi produksi justru digunakan untuk konsumsi. al-iqtishad: vol. vi no. 2, juli 2014 230 akhirnya banyak program pemberdayaan yang mengalami kegagalan. prioritas masalah zakat yang berasal dari sisi muzaki/mustahik lainnya adalah rendahnya kepercayaan muzaki kepada opz dan regulator. opz adalah organisasi yang mengandalkan dana publik untuk menjalankan semua aktivitasnya. sehingga aspek kepercayaan masyarakat (trust) menjadi sangat penting. semakin tinggi tingkat kepercayaan masyarakat, maka semakin tinggi pula tingkat penghimpunan dana opz. namun sayangnya hingga saat ini masih banyak muzaki yang belum percaya dengan opz, sehingga lebih memilih menyalurkan dana zakatnya secara langsung kepada mustahik. rendahnya kesadaran muzaki dalam menunaikan zakat secara benar sesuai syariat juga menjadi prioritas masalah zakat dari sisi muzaki. salah satu contohnya adalah muzaki masih gemar menyalurkan zakat secara langsung kepada mustahik. penyaluran zakat secara langsung dapat menimbulkan masalah baru. prioritas masalah selanjutnya adalah rendahnya pengetahuan muzaki tentang fikih zakat. rendahnya pengetahuan tentang fikih zakat ini menyebabkan rendahnya kesadaran menunaikan zakat bagi para muzaki. banyak muzaki yang tidak mengetahui apakah dirinya sudah wajib zakat atau belum, bagaimana pentingnya kedudukan zakat dalam agama islam, bagaimana beratnya ancaman allah bagi orang yang tidak menunaikan zakat, dan bagaimana cara menyalurkan zakat dengan benar. prioritas solusi pengelolaan zakat prioritas solusi regulator adalah: 1) keteladanan pejabat dalam menunaikan zakat sesuai syariat; 2) kewajiban audit eksternal; 3) meningkatkan fungsi pengaturan dan pengawasan; 4) meningkatkan peran majelis ulama indonesia (mui); 5) sertifikasi amil;dan 6) standarisasi dan akreditasi opz. prioritas solusi pengelolaan zakat pada regulator adalah dengan pemberian keteladanan dalam menunaikan zakat secara benar sesuai syariat. para pemimpin, pejabat, termasuk juga pengelola zakat, para da’i harus memulai dari diri sendiri sebelum menyuruh orang lain berzakat. contoh konkret lain terkait dengan sosialisasi zakat adalah dengan melakukan kampanye zakat baik di media elektronik, jejaring sosial, maupun media cetak. prioritas solusi selanjutnya adalah mengadakan kewajiban audit eksternal yang dilakukan oleh regulator zakat kepada opz. kewajiban audit bagi setiap opz dapat meningkatkan penerapan good corporate governance (gcg) pada opz. peningkatan gcg dapat membantu meningkatkan transparansi dan akuntabilitas opz yang dapat membantu meningkatkan kepercayaan masyarakat terhadap opz. selain itu, regulator juga dianggap perlu melakukan fungsi pengaturan dan nurul huda: prioritas solusi permasalahan pengelolaan zakat 231 pengawasan kepada opz sebagaimana bank indonesia melakukan fungsi tersebut kepada perbankan. jika ada opz yang berprestasi, maka regulator dapat memberikan penghargaan. sebaliknya, jika opz tidak menjalankan perannya dengan baik, maka regulator dapat memberikan sanksi. meningkatkan peran majelis ulama indonesia (mui) dalam menyelesaikan persoalan khilafiyah fikih zakat juga dianggap sebagai prioritas solusi pengelolaan zakat. mui sebagai wadah berkumpulnya para ulama yang diakui oleh pemerintah seharusnya dapat memberikan keputusan tentang perbedaan pendapat fikih zakat yang merebak di masyarakat. sertifikasi amil juga dianggap sebagai prioritas solusi permasalahan zakat nasional. amil zakat sebagai ujung tombak pengeloaan zakat haruslah orang yang memiliki kapasitas yang cukup untuk mengemban amanah sebagaimana rasulullah saw juga memilih sahabat-sahabat terbaik sebagai amil zakat. sertifikasi amil dimaksudkan untuk menjamin kualitas amil sesuai dengan standar kompetensi yang dibutuhkan. prioritas solusi atas pengelolaan zakat terakhir dari sisi regulator yang ditemukan adalah standarisasi dan akreditasi opz. standarisasi pengelolaan zakat dalam opz akan dapat memudahkan perbandingan kinerja antar opz. sebagai contoh, jika semua opz menerapkan psak 109 yang merupakan standarisasi pengelolaan keuangan opz, maka hal tersebut akan membantu para auditor dalam membandingkan kinerja keuangan antar satu opz dengan opz lainnya. prioritas solusi opz adalah: 1) management training dan kerjasama dengan perguruan tinggi dalam memenuhi kebutuhan amil profesional; 2) membangun sinergi antar stakeholder zakat; 3) memperluas jaringan opz; 4) peningkatan efektifitas program pendayagunaan zakat; 5) peningkatan transparansi dan akuntabilitas; 6) standarisasi zakat nasional. prioritas solusi pengelolaan zakat pada opz pertama adalah dengan pengadaan manajemen pelatihan dan kerjasama dengan perguruan tinggi dalam memenuhi kebutuhan amil profesional. managemen pelatihan adalah langkah jangka pendek yang dilakukan untuk memenuhi kebutuhan amil pada opz, sedangkan pembentukan kerja sama dengan perguruan tinggi adalah langkah jangka menengah dan panjang untuk menjamin stok amil profesional di masa yang akan datang. prioritas solusi pengelolaan zakat pada opz selanjutnya adalah pembangunan sinergi antar stakeholder zakat. sinergi yang dapat dilakukan adalah dalam sosialisasi zakat, persamaan fikih zakat, standarisasi pengelolaan zakat, penyusunan data basemustahik dan muzaki, hingga sinergi dalam program pendayagunaan zakat al-iqtishad: vol. vi no. 2, juli 2014 232 di lapangan. memperluas jaringan opz dianggap oleh sebagian informan sebagai prioritas solusi pengelolaan zakat pada opz. menurut wibisono (2011), saat ini terdapat 33 bazda provinsi, 447 bazda kabupaten/kota serta 18 laz nasional dan 22 laz daerah. meski jaringan opz sudah cukup luas, perlu dilakukan peningkatan baik dari sisi kuantitas maupun kualitas jaringannya sehingga dapat semakin menjangkau mustahik/muzaki. peningkatan efektifitas program pendayagunaan zakat juga dianggap sebagai prioritas solusi pengelolaan zakat pada opz. program pendayagunaan yang dilakukan opz hendaknya dilakukan dengan prinsip tepat guna agar benar-benar dapat memberikan maslahat kepada mustahik. selain itu opz dianggap perlu menjaga program pendayagunaannya agar tetap berjalan dengan baik meski sudah ditinggal oleh opz. peningkatan transparansi dan akuntabilitas dipandang perlu dimasukan sebagai prioritas solusi pengelolaan zakat pada opz. transparansi adalah keterbukaan dalam pengelolaan keuangan, sedangkan akuntabilitas yang dimaksud adalah ketersesuaian antara rencana dengan pelaksanaan keuangan. pengelolaan keuangan yang transparan dan akuntabel pada akhirnya dapat menimbulkan kepercayaan masyarakat terhadap opz. prioritas solusi pengelolaan zakat pada opz terakhir yang diungkap adalah standarisasi zakat nasional. standarisasi zakat nasional yang dimaksud adalah penyamaan standar pengelolaan zakat pada opz. pengelola zakat dianggap perlu melakukan standarisasi pada aspek-aspek lain seperti standarisasi fikih zakat. prioritas solusi muzaki/mustahik adalah: 1) kaderisasi dai zakat; 2) kemudahan layanan; 3) perbaikan materi zakat dalam pelajaran sekolah; 4) pemberian penghargaan bagi yang menunaikan zakat dan hukuman (punishment) bagi yang tidak menunaikan zakat padahal telah wajib zakat; 5) pengingkatan sosialisasi dan edukasi zakat kepada masyarakat; dan 6) menjadikan zakat sebagai gaya hidup masyarakat. gambar 2. struktur jaringan ahp sumber: wawancara, data diolah. nurul huda: prioritas solusi permasalahan pengelolaan zakat 233 prioritas solusi pengelolaan zakat pada muzaki/mustahik pertama yang dikemukakan adalah kaderisasi dai zakat. belum banyak dai/ustadz yang menyampaikan tentang fikih zakat, akibatnya ummat islam tidak faham akan pentingnya zakat. diharapkan dengan kaderisasi dai zakat, syiar zakat akan semakin tersebar melalui mimbar-mimbar jumat, ceramah baik di media cetak atau elektronik. prioritas solusi selanjutnya adalah meningkatkan kemudahan layanan zakat. kemudahan berzakat yang menjangkau berbagai lapisan masyarakat diharapkan dapat meningkatkan penghimpunan zakat. pemberian materi zakat dalam pelajaran sekolah juga dianggap sebagai salah satu prioritas solusi pengelolaan zakat pada muzaki/mustahik. selain itu pemberian penghargaan bagi wajib zakat yang membayar zakat dan sanksi bagi wajib zakat yang tidak membayar zakat juga merupakan prioritas solusi yang dianggap dapat menjadi salah satu langkah pemecahan masalah pengelolaan zakat. peningkatan sosialisasi dan edukasi zakat kepada masyarakat merupakan prioritas solusi yang dianggap sangat penting dalam menyelesaikan permasalahan zakat nasional. sosialisasi dapat memberikan pemahaman kepada masyarakat tentang pentingnya zakat. pemahaman memberikan kesadaran dan kesadaran akan memberikan dorongan yang lebih kuat untuk berzakat. prioritas solusi terakhir yang ditawarkan para informan dalam menyelesaikan permasalahan zakat adalah menjadikan zakat sebagai gaya hidup masyarakat. zakat diharapkan dapat menjadi gaya hidup masyarakat sebagaimana masyarakat modern yang sudah menggunakan asuransi sebagai gaya hidup. semua aspek di atas jika dikonstruksi menjadi model ahp maka akan tampak pada gambar 2 berikut. gambar 2 adalah model dibangun dengan metode ahp. model ini bersifat hierarkis. pada model ahp seluruh hubungan yang terbentuk selalu berawal dari node (simpul) atas ke node bawah (top down). hasil kuantifikasi model setelah model ahp terbentuk, tahapan selanjutnya adalah mengkuantifikasi model dengan melakukan perbandingan berpasangan (pairwise comparison). hasil yang pairwise comparison dari kedua model di atas ditampilkan dalam tabel-tabel di bawah ini. tabel 1 menggambarkan perbandingan antara nilai skor prioritas model ahp banten dan kalsel dalam penentuan prioritas masalah pengelolaan zakat secara keseluruhan. tampak bahwa lembaga paling bermasalah dalam pengelolaan zakat menurut model ahp banten adalah regulator. begitu pula dengan model ahp kalsel yang menyatakan bahwa lembaga paling bermasalah dalam pengelolaan zakat adalah regulator. menurut model ahp baik yang dilakukan di banten maupun kalsel, prioritas masalah regulator adalah rendahnya peran kementerian agama al-iqtishad: vol. vi no. 2, juli 2014 234 (kemenag). prioritas masalah opz adalah rendahnya sinergi sesama stakeholder zakat. baik model ahp banten maupun kalsel menghasilkan sintesa hasil prioritas yang sama. hal ini sesuai dengan hafidhuddin dan juwaini (2006), dimana sinergi antar opz terutama antara lembaga zakat bentukan pemerintah (baz) dengan lembaga zakat bentukan masyarakat (laz) belum terjadi dengan baik. akibatnya, banyaknya opz bukan menjadi sarana untuk membantu pemerintah dalam mengentaskan kemiskinan, tapi justru menjadi penyebab tumbuhnya persaingan yang tidak sehat antara organisasi. tabel 1. perbandingan nilai skor prioritas antara model ahp banten dan kalsel dalam penentuan prioritas masalah pengelolaan zakat secara keseluruhan lembaga banten kalsel aspek banten kalsel regulator 0,631 0,588 1. khilafiyah fiqih zakat 0,134 0,270 2. rendahnya koordinasi dgn opz 0,321 0,288 3. rendahnya peran kemenag 0,366 0,339 4. zakat belum sebagai obligatory sistem 0,179 0,103 opz 0,121 0,297 1. jumlah laz terlalu banyak 0,042 0,101 2. mahalnya biaya promosi 0,130 0,064 3. rendahnya efektifitas program pedayagunaan 0,115 0,101 4. rendahnya kredibilitas 0,082 0,101 5. rendahnya sinergi sesama stakeholder 0,316 0,316 6. terbatasnya sdm amil 0,315 0,316 muzaki dan mustahik 0,248 0,134 1. mustahik cenderung karikatif 0,105 0,105 2. rendahnya kepercayaan terhadap opz dan regulator 0,138 0,284 3. rendahnya kesadaran muzaki 0,380 0,287 4. rendahnya pengetahuan muzaki 0,378 0,324 sumber: hasil penelitian, data diolah. model ahp banten menyatakan bahwa prioritas masalah mustahik dan muzaki adalah rendahnya kesadaran muzaki, adapun model ahp kalsel menganggap bahwa prioritas masalah muzaki adalah rendahnya pengetahuan muzaki. rendahnya pengetahuan muzaki tentang fikih zakat mengakibatkan rendahnya kesadaran bayar zakat. banyak orang wajib zakat yang tidak bayar zakat lantaran tidak mengetahui nurul huda: prioritas solusi permasalahan pengelolaan zakat 235 kewajiban zakat. mungkin inilah yang menyebabkan realisasi penghimpunan zakat baru mencapai kurang dari 2% dari total potensinya pada tahun 2012. rendahnya pengetahuan fikih zakat bagi muzaki juga menyebabkan praktik pembayaran zakat yang tidak sesuai dengan syariat. kekeliruan yang paling umum dijumpai adalah praktik pemberian zakat secara langsung kepada mustahik. akibatnya, mustahik cenderung karikatif/konsumtif dan sering terjadi korban meninggal akibat berdesak-desakan berebut zakat. selain itu juga, pemberian zakat secara langsung tidak sesuai dengan semangat pemberdayaan masyarakat yang menjadi kunci untuk pengentasan kemiskinan. jika melihat pada hasil yang didapat, diantara metode ahp banten dengan model ahp kalsel terdapat banyak kemiripan prioritas. hal ini dikarenakan adanya kesamaan struktur konstruksi model yang dibentuk. hasil pairwise comparison selanjutnya adalah prioritas solusi pengelolaan zakat. perbandingan nilai skor prioritas solusi antara model ahp banten dan kalsel disajikan dalam tabel 2. pada tabel 2 tampak bahwa antara metode ahp banten dan kalsel menyatakan bahwa lembaga yang paling diandalkan dalam pemecahan masalah (problem solver) pengelolaan zakat adalah regulator. baik model ahp banten maupun kalsel menyatakan bahwa prioritas solusi regulator adalah sertifikasi amil. prioritas solusi opz menurut model ahp banten dan kalsel adalah perbaikan materi/kurikulum zakat dalam pelajaran sekolah. berdasarkan uraian di atas, tampak bahwa hasil prioritas antara model ahp banten dan kalsel memiliki banyak kesamaan hasil (priorities). tabel 2. perbandingan prioritas solusi antara model ahp banten dan kalsel penentuan prioritas solusi pengelolaan zakat secara keseluruhan lembaga banten kalsel aspek banten kalsel regulator 0,467 0,549 1. keteladanan pejabat 0,205 0,142 2. kewajiban audit eksternal 0,205 0,242 3. meningkatkan fungsi pengaturan dan pengawasan 0,072 0,113 4. meningkatkan peran mui 0,064 0,113 5. sertifikasi amil 0,382 0,317 6. standarisasi dan akreditasi opz 0,072 0,073 al-iqtishad: vol. vi no. 2, juli 2014 236 opz 0,322 0,308 1. management training dan kerjasama dengan perguruan tinggi 0,206 0,101 2. membangun sinergi antar stakeholder zakat 0,243 0,271 3. memperluas jaringan opz 0,078 0,064 4. peningkatan efektifitas program pendayagunaan utk kemaslahatan mustahik 0,135 0,147 5. peningkatan transparansi dan akuntabilitas 0,156 0,271 6. standarisasi pengelolaan zakat nasional 0,181 0,147 muzaki dan mustahik 0,211 0,143 1. kaderisasi dai zakat 0,157 0,223 2. kemudahan layanan 0,100 0,162 3. perbaikan materi zakat dalam pelajaran sekolah 0,266 0,253 4. reward dan punishment 0,043 0,244 5. sosialisasi dan edukasi 0,215 0,064 6. zakat sbg lifestyle 0,221 0,053 sumber: hasil penelitian, data diolah. simpulan terdapat tiga macam prioritas masalah dan solusi pengelolaan zakat yang dibagi berdasarkan lembaga pemangku kepentingan (stakeholder) pengelolaan zakat, yaitu regulator, organisasi pengelola zakat (opz), serta muzaki dan mustahik zakat. lembaga paling bermasalah dalam pengelolaan zakat menurut model ahp banten dan kalsel adalah regulator. baik menurut model ahp banten ataupun kalsel, prioritas masalah regulator adalah rendahnya peran kemenag. prioritas masalah opz adalah rendahnya sinergi sesama stakeholder zakat. menurut model ahp banten, prioritas masalah mustahik/muzaki adalah rendahnya kesadaran muzaki, sedangkan menurut model ahp kalsel adalah rendahnya pengetahuan muzaki. model ahp yang dilakukan baik di banten dan kalsel menghasilkan skor prioritas yang sama, bahwa lembaga yang paling diandalkan dalam pemecahan masalah (problem solver) pengelolaan zakat adalah opz dan prioritas solusi regulator adalah sertifikasi amil. demikian pula menurut kedua model tersebut prioritas solusi opz adalah membangun sinergi antar stakeholder zakat dan prioritas solusi nurul huda: prioritas solusi permasalahan pengelolaan zakat 237 muzaki/mustahik adalah perbaikan materi zakat dalam pelajaran sekolah. meskipun menggunakan dua objek penelitian yang berbeda, ternyata hasil prioritas antara model ahp provinsi banten dan kalsel memiliki banyak kesamaan hasil (priorities). hal ini kemungkinan dipengaruhi oleh adanya kemiripan jaringan model dalam connecxions (hubungan) antar node (simpul) yang telah terbentuk di dalam software superdecisions. pustaka acuan abduh, m. 2013. apa yang menjadi prioritas isu dalam keuangan syariah?. jakarta: rubrik iqtishodia harian republika, edisi 31, oktober 2013. anriani. 2010. baz kota bogor dan pengentasan kemiskinan. jurnal ekonomi islam republika, 29 juli 2010. ascarya. 2012. konsep dasar anp: pendekatan baru dalam penelitian kualitatif. jakarta: pusat pendidikan dan studi kebanksentralan bank indonesia. baznas dan fem ipb. 2011. economic estimation and determinans of zakah potential in indonesia. preliminary report. beik, i.s. 2009. analisis peran zakat dalam mengurangi kemiskinan: studi kasus dompet dhuafa republika. jurnal pemikiran dan gagasan vol ii, institut manajemen zakat. hartoyo, s dan n. purnamasari. 2010. pengentasan kemiskinan berbasis zakat: studi kasus di garut. jurnal ekonomi islam republika, 29 juli 2010. indrijatiningrum, m. 2005. zakat sebagai alternatif penggalangan 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13 (1) march al-iqtishad: vol. vi no. 2, juli 2014 238 2004: page. 1-35. 2004 --------------. 2008. decision making with the analytic hierarchy process. int. journal services sciences, vol. 1, no. 1, 2008. 2008 saaty, t. l and l.g. vargas. 2006. decision making with the analytic network process. usa: springer. sabiq, s. 2006. fiqh sunnah: jilid 1, jilid 2, dan jilid 4. jakarta: pena pundi aksara. tsani, t. 2010. mengentaskan kemiskinan dan kesenjangan di lampung selatan. jurnal ekonomi islam republika, 26 juli 2010. suryani: analisis faktor kualitas pelayanan di bank syariah 239 analisis faktor kualitas pelayanan di bank syariah suryani1 abstract: factor analysis on services quality in islamic bank (study at pt bank muamalat indonesia). the aim of this study is to determine and identify the factors forming quality of service in pt. bank muamalat indonesia, tbk branch medan. instruments of research use questionnaires and factor analysis. this research is quantitative research using survey methods. the sample method that used in this research is accidental sampling. the reliability and validity test shown that 13 question had been fulfilled the reliability and validity requirements. from the extraction gives three factors. factor 1 explained 45,299%, factor 2 explained 12,819%, and factor 3 explained 8,904%. the results show that quality of communication is dominant factor to explain service quality. then product innovation and physical aspects. keywords: service quality, islamic banking, factor analysis abstrak: analisis faktor kualitas pelayanan di bank syariah (studi pada pt bank muamalat indonesia). penelitian ini bertujuan untuk mengetahui dan mengidentifikasi faktor-faktor pembentuk kualitas pelayanan pada pt. bank muamalat indonesia, tbk cabang medan. penelitian ini merupakan penelitian kuantitatif dengan menggunakan metode survey. metode sampel yang dipergunakan adalah metode penarikan sampel aksidental. instrumen penelitian menggunakan kuesioner dan dianalisis dengan analisis faktor. hasil uji reliabilitas dan validitas memperlihatkan bahwa 13 butir pertanyaan terbukti memenuhi syarat reliabilitas dan validitas item. hasil ekstraksi hanya menghasilkan 3 faktor. faktor 1 mampu menjelaskan sebesar 45.299%, faktor 2 menjelaskan 12.819%, dan faktor 3 mampu menjelaskan sebesar 8.904%. faktor yang paling mampu menjelaskan kualitas pelayanan adalah faktor keandalan komunikasi. faktor kedua adalah inovasi produk. faktor ketiga adalah aspek fisik. kata kunci : kualitas pelayanan, perbankan syariah, analisis faktor 1 diterima: 18 maret 2014, direvisi 20 april 2014, disetujui: 28 april 2014 stain malikussaleh lhokseumawe, jl. banda aceh – medan, buket rata, kota lhokseumawe, aceh email: suryapijar@yahoo.com al-iqtishad: vol. vi no. 2, juli 2014 240 pendahuluan bisnis perbankan merupakan bisnis jasa yang berdasarkan pada azas kepercayaan sehingga masalah kualitas layanan menjadi faktor yang sangat menentukan dalam keberhasilan usaha. kualitas layanan merupakan suatu bentuk penilaian konsumen terhadap tingkat layanan yang diterima (perceived service) dengan tingkat layanan yang diharapkan (expected service). semakin ketatnya persaingan dalam industri perbankan mendorong industri perbankan untuk cepat menyesuaikan diri dengan perkembangan masyarakat di sekitarnya. hal tersebut ditandai dengan semakin maraknya ekspansi dari bank-bank asing yang mencoba masuk ke pasar perbankan di indonesia. industri perbankan saat ini berlomba-lomba untuk meningkatkan layanan kepada nasabah, dengan cara memberikan fasilitas-fasilitas yang memudahkan nasabah tersebut dalam melakukan transaksi keuangan (infobank, april 2008). persaingan yang ketat baik antar bank syariah maupun dengan bank konvensional meningkatkan standar nasabah terhadap jasa perbankan. sehingga pendekatan menggunakan sentimen syariah menjadi tidak lagi efektif. masyarakat yang sudah terbiasa dengan sistem konvensional dan memiliki image bahwa pelayanan bank konvensional lebih baik dari bank syariah menjadi tantangan bagi bank syariah untuk menemukan strategi yang lebih tepat dalam mempertahankan nasabah dan meningkatkan pangsa pasar. munculnya konsep bank syariah di indonesia dimungkinkan melalui undang-undang perbankan nasional no. 7 tahun 1992 yang menyatakan dimungkinkan bank dengan sistem bagi hasil yang pada akhirnya mengilhami lahirnya bank muamalat indonesia. sejalan dengan munculnya krisis moneter yang akhirnya menjadi krisis ekonomi di indonesia yang antara lain ditandai dengan banyaknya bank yang dilikuidasi. pada sisi lain bank muamalat indonesia tetap tegap menjalankan operasinya. terjadinya perubahan undang-undang no.7 tahun 1992 menjadi undang-undang (uu) no. 10 tahun 1998 semakin memberikan stimulus munculnya perbankan syariah di indonesia. karena dalam uu baru tersebut dinyatakan dimungkinkan bank beroperasi dalam dua sistem yaitu bank konvensional dan bank syariah (dual banking system). terhitung sejak 17 juni 2008, industri perbankan syariah indonesia secara resmi memasuki era baru. ruu perbankan syariah yang telah masuk ke dpr sejak pertengahan 2005 sebagai ruu inisiatif dpr, telah disahkan sehingga indonesia kini resmi memiliki regulasi perbankan syariah yaitu uu nomor 21 tahun perbankan syariah (yusuf wibisono, 1999). konseptualisasi dan pengukuran persepsi kualitas pelayanan adalah salah satu suryani: analisis faktor kualitas pelayanan di bank syariah 241 topik kontemporer yang paling diperdebatkan dan kontroversial dalam literatur pemasaran jasa (brady dan cronin, 2001; zeithaml, 2000; zins, 2001; rust dan oliver, 2000;. lapierre, et al, 1996). karena jasa tidak berwujud, konsumen menilai kualitas secara subjektif. seperti yang dirasakan layanan / produk yang berkualitas telah disebut sebagai “sulit dipahami” (parasuraman et al, 1985;. smith, 1999), dan berbagai penelitian menganggap bahwa konstruk ini masih dianggap “tidak terselesaikan” (carhuana et al, 2000). pengukuran kualitas pelayanan oleh parasuraman etal. (1985) pada riset eksplanatorinya, dijelaskan pelayanan dan faktor-faktor yang menentukannya. dalam penelitian ini didefinisikan bahwa kualitas pelayanan sebagai derajat ketidakcocokan antara harapan normatif nasabah pada jasa dan persepsi nasabah pada kinerja pelayanan yang diterima. dari penelitian ini digunakan instrumen servqual, yaitu suatu skala yang terdiri dari 22 item untuk mengukur kualitas pelayanan yang tercakup dalam lima dimensi, yaitu: reliability, responsiveness, assurance, empathy dan tangibles. hasil penelitiannya menunjukkan bahwa dimensi reliability yang paling penting dalam menentukan kepuasan pelanggan. kemudian diikuti dimensi responsiveness, assurance, empathy, dan tangibles. firdaus abdullah (2011) mencatat sejumlah besar studi empiris pada kualitas pelayanan bank berdasarkan literatur, sebagian besar penelitian ini mengukur kualitas pelayanan dengan mereplikasi atau mengadaptasi model servqual (kumaretal, 2010; petridouetal,2007; jabnoun dan altamimi, 2003; blanchard dan galloway, 1994; macdougall dan levesque, 1994; newman dan cowling, 1996; athanassopoulos, 1997; lloyd-walker dan cheung,1998; marshall dan smith, 2000). firdaus abdullah, dkk (2011) sendiri mengembangkan sebuah analisis faktorial menunjukkan bahwa kualitas pelayanan memiliki tiga dimensi yaitu “systemization of service delivery”, “komunikasi handal” dan “responsivitas”, dan selanjutnya beberapa analisis regresi menunjukkan bahwa “sistematisasi” adalah dimensi kualitas pelayanan yang paling penting dalam sektor perbankan yang kemudian disebut sebagai indeks bsq (bank service quality). penelitian saad a. metawa, mohammed almossawi, (1998), berhasil mengidentifikasi profil dan perbankan kebiasaan nasabah bank syariah serta kesadaran mereka, penggunaan, dirasakan pentingnya dan tingkat kepuasan dengan produk saat ini dan layanan disediakan oleh dua bank syariah terkemuka yang beroperasi di bahrain. metawa dan almossawi (1998) mengembangkan atribut-atribut yang mempengaruhi perilaku nasabah meliputi: ketersediaan kredit, saran kerabat dan rekomendasi, teman, saran dan rekomendasi, lokasi yang nyaman, berbagai bank layanan, kualitas layanan, ketersediaan atm, jam bank yang memadai, investasi, keramahan personil, memahami kebutuhan keuangan, layanan khusus perempuan, al-iqtishad: vol. vi no. 2, juli 2014 242 dan nama bank. mengingat konsep kualitas pelayanan bank itu sendiri masih memiliki berbagai perbedaan, maka penelitian ini mencoba untuk menganalisis faktor pembentuk kualitas pelayanan menggunakan 13 atribut pelayanan dan diharapkan dapat membentuk faktor konstruk kualitas pelayanan. tinjauan pustaka definisi awal kualitas layanan didasarkan pada paradigma yang disebut diskonfirmasi. menurut parasuraman et al. (1985), persepsi kualitas pelayanan adalah hasil dari perbandingan antara layanan apa yang konsumen harus pertimbangkan dan persepsi mereka tentang kinerja yang sebenarnya ditawarkan oleh penyedia layanan. parasuraman et al.(1985) mendalilkan lima dimensi dari pengalaman pelayanan dikenal model servqual terdiri: keandalan, daya tanggap, empati, jaminan, dan berwujud. parasuraman et. al (1990) telah mengembangkan suatu alat ukur kualitas layanan yang disebut servqual (service quality), servqual ini merupakan skala multi item yang terdiri dari 22 pertanyaan yang dapat digunakan untuk mengukur persepsi nasabah atas kualitas layanan. menurut parasuraman et al (1990) kulaitas layanan meliputi lima dimensi yaitu: 1. tangibles, meliputi fasilitas fisik, perlengkapan, personilnya dan sarana komunikasi. hal ini berkaitan dengan fasilitas fisik, penampilan karyawan, peralatan dan teknologi yang dipergunakan dalam memberi layanan, fasilitas fisik seperti gedung, ruang tempat layanan, kebersihan, ruang tunggu, fasilitas musik, ac, tempat parkir merupakan salah satu segi dalam kualitas jasa karena akan memberikan sumbangan bagi konsumen yang memerlukan layanan perusahaan. penampilan karyawan yang baik akan memberikan rasa dihargai bagi nasabah yang dilayani sedang dalam peralatan dan teknologi yang dipergunakan dalam memberikan layanan akan memberikan kontribusi pada kecepatan dan ketepatan layanan. 2. reliability (kehandalan), yaitu kemampuan untuk menghasilkan kinerja pelayanan yang dijanjikan secara akurat dan pasti. hal ini berarti bahwa pelayanan harus tepat waktu dan dalam spesifikasi yang sama, tanpa kesalahan, kapanpun pelayanan tersebut diberikan. 3. responsiveness (keikutsertaan), yaitu kemampuan para karyawan untuk membantu para nasabah dan memberikan layanan dengan tanggap. hal ini tercermin pada kecepatan, ketepatan layanan yang diberikan kepada nasabah, keinginan karyawan untuk membantu para nasabah (misal: customer service memberikan suryani: analisis faktor kualitas pelayanan di bank syariah 243 informasi seperti yang diperlukan nasabah), serta adanya karyawan pada jamjam sibuk (seperti tersedianya teller pada jam-jam sibuk). 4. assurance, yaitu kemampuan, kesopanan, dan sifat dapat dipercaya yang dimiliki oleh para staff, bebas dari bahaya, risiko dan keragu-raguan. berkaitan dengan kemampuan para karyawan dalam menanamkan kepercayaan kepada nasabah, adanya perasaan aman bagi nasabah dalam melakukan transaksi, dan pengetahuan dan sopan santun karyawan dalam memberikan layanan kepada konsumen, pengetahuan, kesopanan dan kemampuan karyawan akan menimbulkan kepercayaan dan keyakinan terhadap perusahaan. 5. empathy, yaitu kemudahan dalam melakukan hubungan, komunikasi yang baik, perhatian pribadi dan memahami kebutuhan nasabah. hal ini berhubungan dengan perhatian atau kepedulian karyawan kepada pelanggan (misal: untuk menemui karyawan senior), kemudahan mendapatkan layanan (berkaitan dengan banyaknya outlet, kemudahan mendapatkan informasi melalui telepon). kepedulian karyawan terhadap masalah yang dihadapinya. perusahaan memiliki objektifitas yaitu memperlakukan secara sama semua nasabah. semua nasabah berhak untuk memperolah kemudahan layanan yang sama tanpa didasari apakah mempunyai hubungan khusus dengan karyawan atau tidak. kualitas menurut kotler adalah keseluruhan ciri serta sifat suatu produk atau pelayanan yang berpengaruh pada kemampuannya untuk memuaskan kebutuhan yang dinyatakan atau yang tersirat. sementara pelayanan mengandung pengertian setiap kegiatan atau manfaat yang diberikan oleh suatu pihak kepada pihak lain yang pada dasarnya tidak berwujud dan tidak pula berakibat kepemilikan sesuatu. kualitas pelayanan pada umumnya dipandang sebagai hasil keseluruhan sistem pelayanan yang diterima konsumen, dan pada prinsipnya, bahwa kualitas pelayanan berfokus pada upaya pemenuhan kebutuhan dan keinginan pelanggan, serta adanya tekad untuk memberikan pelayanan sesuai dengan harapan pelanggan. kualitas pelayanan merupakan tingkat keunggulan yang diharapkan dan pengendalian atas tingkat keunggulan tersebut untuk memenuhi harapan pelanggan bank islam atau yang disebut dengan bank syariah adalah bank yang beroperasi dengan tidak mengandalkan pada bunga. bank syariah merupakan lembaga keuangan perbankan yang operasional dan produknya dikembangkan berlandaskan pada al-quran dan hadis nabi saw. dengan kata lain bank umum syariah adalah bank yang melakukan kegiatan usaha atau beroperasi berdasarkan prinsip syariah dan tidak mengandalkan pada bunga dalam memberikan pembiayaan dan jasa-jasa lainnya dalam lalu lintas pembayaran. menurut surat keputusan direktur bank indonesia no. 32/ 148/ kep/ dirtanggal 12 november 1998 pasal 12 ayat (3) menyatakan bahwa bank al-iqtishad: vol. vi no. 2, juli 2014 244 berdasarkan prinsip syariah adalah: “prinsip syariah adalah aturan perjanjian berdasarkan hukum islam. bank dengan pihak lain untuk penyimpanan dana/ pembiayaan kegiatan usaha atau kegiatan lainnya yang dinyatakan sesuai dengan syariah, antara lain pembiayaan berdasarkan prinsip bagi hasil (mudharabah), pembiayaan berdasarkan penyertaan modal (musyarakah), prinsip jual beli barang dengan memperoleh keuntungan (murabahah), atau pembiayaan barang modal berdasarkan prinsip sewa murni tanpa pilihan (ijarah) atau dengan adanya pilihan pemindahan kepemilikan atas barang yang disewa dari pihak bank oleh pihak lain (ijarah wa iqtina). perwataatmadja dan antonio (1992) mendefinisikan bank islam sebagai berikut: “bank islam adalah bank yang beroperasi sesuai dengan prinsip-prinsip syariah islam yang tata cara operasinya mengacu kepada al-quran dan hadis. bank yang beroperasi sesuai prinsip-prinsip syariah islam adalah bank yang dalam beroperasinya itu mengikuti ketentuan-ketentuan syariah islam khususnya yang menyangkut tata cara bermuamalat secara islami. sesuai dengan suruhan dan larangan islam itu, maka yang dijauhi adalah praktek-praktek yang mengandung unsur-unsur riba, sedangkan yang diikuti adalah praktek-praktek usaha yang dilakukan di zaman rasulullah saw atau bentuk-bentuk usaha yang telah ada sebelumnya tetapi tidak dilarang oleh beliau. dari definisi-definisi di atas, dapat disimpulkan bahwa bank syariah merupakan suatu lembaga keuangan yang beroperasi sesuai dengan syariat islam, yang beroperasi dengan prinsip bagi hasil, bukan prinsip pranata bunga. bank syariah merupakan profit oriented business dan tidak hanya diperuntukkan bagi umat islam, tetapi untuk seluruh masyarakat. sejak satu dekade terakhir di indonesia telah diperkenalkan suatu sistem perbankan dengan metode pendekatan syariah islam yang dapat menjadi perbankan alternatif bagi masyarakat, khususnya bagi umat islam. gambaran suatu perbankan yang aman, terpercaya dan amanah serta terbebas dari riba sangat dirindukan oleh masyarakat. karakteristik sistem perbankan syariah yang beroperasi berdasarkan prinsip bagi hasil memberikan alternatif sistem perbankan yang saling menguntungkan bagi masyarakat dan bank, serta menonjolkan aspek keadilan dalam bertransaksi, investasi yang beretika, mengedepankan nilai-nilai kebersamaan dan persaudaraan dalam berproduksi dan menghindari kegiatan spekulatif dalam bertransaksi keuangan. perbankan syariah di indonesia sendiri muncul pada tanggal 1 mei 1992 yaitu sejak berdirinya bank muamalat indonesia (bmi), hingga saat ini perkembangan suryani: analisis faktor kualitas pelayanan di bank syariah 245 perbankan syariah di indonesia juga cukup menggembirakan. perbankan syariah memasuki sepuluh tahun terakhir, pasca perubahan uu perbankan yang ditandai dengan terbitnya uu no. 10/1998 tentang perbankan, mengalami pertumbuhan dan perkembangan yang amat pesat. perkembangan yang pesat itu terutama tercatat sejak dikeluarkannya ketentuan bank indonesia yang memberi izin untuk pembukaan bank syariah yang baru maupun pendiriaan unit usaha syariah (uus). bank syariah menjalankan kegiatan usahanya berdasarkan prinsip syariah dan menjauhi praktik riba, untuk diisi dengan kegiatan investasi atas dasar bagi hasil dari pembiayaan perdagangan. industri perbankan syariah merupakan bagian dari sistem perbankan nasional yang mempunyai peranan penting dalam perekonomian. peranan perbankan syariah secara khusus antara lain sebagai perekat nasionalisme baru, artinya menjadi fasilitator jaringan usaha ekonomi kerakyatan, memberdayakan ekonomi umat, mendorong penurunan spekulasi di pasar keuangan, mendorong pemerataan pendapatan, dan peningkatan efisiensi mobilitas dana. metode penelitian ini merupakan penelitian kuantitatif dengan menggunakan metode survey. penelitian survey dilakukan pada populasi besar maupun kecil, tetapi data yang dipelajari adalah data dari sampel yang diambil dari populasi tersebut, sehingga ditemukan kejadian-kejadian relatif distribusi, dan hubungan-hubungan antar variabel, sosiologis maupun psikologis. dalam penelitian ini akan dilakukan survey pada sejumlah nasabah pada bank muamalat indonesia cabang medan. berdasarkan tingkat ekplanasinya, penelitian ini dikategorikan penelitian deskriptif dimana penelitian dilakukan untuk mengetahui faktor mana yang terbukti sebagai pembentuk kualitas pelayanan membuat perbandingan atau menghubungkan antar satu masalah dengan masalah yang lain. populasi merupakan wilayah generalisasi yang terdiri dari subjek atau objek yang mempunyai kualitas dan karakteristik yang ditetapkan peneliti untuk dipelajari dan kemudian diambil kesimpulannya (sugiyono, 2007:90). objek analisis dalam penelitian ini yang menjadi populasi adalah nasabah yang berkunjung ke bank muamalat cabang medan periode 21 november sampai dengan 25 november 2011. teknik sampling yang digunakan dalam penelitian ini adalah accidental sampling atau convenience sampling yaitu siapa saja yang secara kebetulan bertemu dengan peneliti yang dijumpai di tempat survey, bila dipandang konsumen yang kebetulan ditemui itu cocok sebagai sumber data. pengambilan sampel akan berhenti setelah tepenuhinya range waktu yaitu selama 5 hari dan diperoleh jumlah sampel sebanyak 50 responden. al-iqtishad: vol. vi no. 2, juli 2014 246 data primer dalam penelitian ini dikumpulkan melalui pengisian kuisioner yaitu dengan memberikan daftar pertanyaan untuk diisi oleh responden. teknik pengisian kuesioner ini memberikan tanggung jawab kepada setiap responden untuk menjawab setiap pertanyaan yang diajukan oleh peneliti dalam daftar pertanyaan. dalam rangka menggali informasi lebih jelas dan lebih lengkap, pengumpulan data melalui kuesioner tersebut akan disertai dengan wawancara yang mendalam kepada sebagian responden, dengan tetap berpedoman pada kuesioner. data sekunder dalam penelitian ini antara lain berupa data tentang perkembangan perbankan syariah di indonesia yang diperoleh melalui jurnal, majalah maupun akses data lewat internet maupun informasi-informasi lain yang dapat digunakan sebagai acuan untuk mendukung penelitian mengenai kualitas pelayanan nasabah pada bank. kualitas pelayanan adalah ciri, karakteristik atau sifat suatu produk atau pelayanan yang berpengaruh pada kemampuan untuk memuaskan kebutuhan konsumen yang dalam hal ini adalah nasabah pada bank berbasis syariah. atribut kualitas pelayanan bank syariah diadaptasi dari 5 dimensi kualitas pelayanan dari parasuraman et. al (1990) dengan servqual (service quality) dan dimensi produk dengan total item pertanyaan sebanyak 13. atribut kualitas pelayanan meliputi: (1) kebersihan ruangan; (2) penampilan fisik dan kerapian karyawan; (3) tidak adanya kesalahan dalam transaksi; (4) ada berbagai pilihan produk dan jasa yang ditawarkan sehingga nasabah bisa memilih; (5) setiap keluhan atau masalah yang dihadapi oleh pelanggan segera diselesaikan; (6) perhatian terhadap masalah antrian; (7) kemampuan karyawan memberi penjelasan mengenai produk yang ditawarkan; (8) kemampuan karyawan melakukan koreksi dengan cepat pada waktu terjadi kekeliruan; (9) karyawan memberi ucapan selamat datang atau sambutan lain ketika pelanggan datang–pulang; (10) karyawan mendengarkan dengan baik setiap keluhan yang disampaikan oleh nasabah; (11) produk dan jasa yang diberikan bank syariah sangat menarik dan inovatif; (12) jenis produk dan jasa bank syariah sangat beragam sehingga memberikan banyak pilihan sesuai kebutuhan; (13) istilah-istilah dan nama produk/jasa syariah sudah akrab. teknik statistik yang digunakan adalah analisis faktor. tujuannya adalah untuk mengelompokkan data menjadi beberapa kelompok sesuai dengan saling korelasi antar variabel. pada aplikasi penelitian, analisis faktor dapat digunakan untuk mengetahui pengelompokan individu sesuai dengan karakteristiknya, maupun untuk menguji validitas konstruk. proses analisis faktor sendiri mencoba menemukan hubungan (interrelationship) antar sejumlah variabel-variabel yang saling dependen dengan yang lain, sehingga bisa dibuat satu atau beberapa kumpulan variabel yang lebih sedikit dari jumlah awal. suryani: analisis faktor kualitas pelayanan di bank syariah 247 pembahasan nilai cronbach alpha diperoleh sebesar 0.894 yang mengindikasikan bahwa instrument yang digunakan memiliki tingkat reliabilitas yang baik. sementara, besaran nilai corrected item-total correlation seluruh item pertanyaan juga memperlihatkan angka di atas 0.30 yang berarti seluruh item pertanyaan dinyatakan valid. setelah seluruh item dinyatakan valid, maka selanjutnya dilakukan analisis faktor. analisis faktor konfirmatori digunakan untuk menguji apakah indikatorindikator pembentuk variabel dapat mengkonfirmasikan sebuah konstruk variabel. dalam analisis ini akan dilihat seberapa besar korelasi antar faktor satu dengan faktor lain yang menjadi pembentuk variabel. jika ditemukan korelasi yang cukup kuat di antara faktor-faktor maka dinyatakan faktor tersebut dinyatakan memang sebagai pembentuk variabel. besaran matrik korelasi yang disepakati untuk analisis faktor adalah 0,5. hasil uji analisis faktor pada 13 atribut kualitas pelayanan diperoleh nilai kaiser-meyer-olkin measure of sampling adequacy pada kotak kmo and bartlet’s test adalah sebesar 0,727. hasil ini memperlihatkan bahwa instrumen ini valid karena nilai kmo telah melebihi dari 0,5. disamping itu, dilihat dari nilai bartlett’s test menunjukkan nilai 378..211 dengan nilai signifikansi 0,000 sehingga dapat disimpulkan bahwa seluruh atribut / item instrumen ini telah memenuhi syarat valid. selanjutnya, hasil korelasi dari masing-masing faktor tersebut juga tergolong tinggi (> 0,5). hasil pengujian analisis diketahui bahwa nilai korelasi anti-image masing-masing item dirangkum dalam tabel berikut ini: tabel 1. korelasi anti-image atribut kualitas pelayanan atribut pelayanan nilai korelasi anti-image ruangan 0.660 penampilan_fisik 0.543 kesalahan 0.783 pilihan_produk 0.764 keluhan 0.662 perhatian 0.653 penjelasan 0.862 koreksi 0.780 ucapan 0.800 mendengarkan 0.855 al-iqtishad: vol. vi no. 2, juli 2014 248 inovasi 0.650 beragam 0.647 istilah_produk 0.748 berdasarkan korelasi anti-image di atas, maka dapat dinyatakan bahwa seluruh atribut diikut sertakan dalam model, dimana seluruhnya memiliki nilai korelasi anti-image yang lebih besar dari 0.50. dari 13 atribut yang diteliti, ternyata hasil ekstraksi komputer menghasilkan 3 faktor (nilai eigen value > 1 yang menjadi faktor). faktor 1 mampu menjelaskan sebesar 45.299%, faktor 2 menjelaskan 12.819%, dan faktor 3 mampu menjelaskan sebesar 8.904%. dari tiga faktor ini mampu menjelaskan lebih dari 50% yaitu sebesar 67% varian variabel kualitas pelayanan. dengan melihat komponen matrik (tabel 2) diketahui bahwa butir yang mempunyai korelasi cukup kuat dengan faktor 1 adalah item pertanyaan ke 3, 5,6,7,8. faktor kedua yang memiliki nilai korelasi cukup tinggi adalah item ke 9, 10, 11 dan 12. sedangkan faktor ketiga dibentuk oleh item 1, dan 2. setelah diperoleh kesimpulan bahwa hasil rotasi menunjukkan bahwa item ke 4 (pilihan produk) tidak termasuk dalam tiga komponen faktor, karena korelasinya tidak mencapai angka 0.5, sehingga hasil akhir memperlihatkan bahwa hanya 12 atribut pelayanan yang selanjutnya dikelompokkan menjadi tiga faktor. dengan melihat komponen matrix di atas, maka selanjutnya adalah pemberian nama faktor. pemberian nama faktor ini menurut ghozali bersifat subjektif, dan kadang-kadang faktor loading tertinggi digunakan untuk memberi nama faktor. dengan demikian faktor 1 dinamakan ”keandalan komunikasi”, faktor kedua dinamakan ”inovasi produk”, dan faktor ketiga adalah ”fisik”. tabel 2. hasil component matix component 1 2 3 ruangan 0.155 0.097 0.913 penampilan_fisik 0.064 -0.018 0.895 kesalahan 0.719 0.279 0.162 pilihan_produk 0.415 0.360 0.357 keluhan 0.853 -0.042 0.049 perhatian 0.678 0.227 0.272 penjelasan 0.563 0.457 0.273 suryani: analisis faktor kualitas pelayanan di bank syariah 249 koreksi 0.622 0.312 0.196 ucapan 0.360 0.515 0.494 mendengarkan 0.402 0.490 0.530 inovasi 0.109 0.912 0.113 beragam 0.267 0.860 0.035 istilah_produk 0.563 0.482 -0.103 faktor yang paling mampu menjelaskan kualitas pelayanan adalah faktor keandalan komunikasi. faktor ini terdiri dari: (1) tidak adanya kesalahan dalam transaksi; (2) perhatian terhadap masalah antrian; (3) kemampuan karyawan memberi penjelasan mengenai produk yang ditawarkan; (4) kemampuan karyawan melakukan koreksi dengan cepat pada waktu terjadi kekeliruan. faktor kedua adalah inovasi produk terdiri dari: (1) karyawan memberi ucapan selamat datang atau sambutan lain ketika pelanggan datang–pulang; (2) karyawan mendengarkan dengan baik setiap keluhan yang disampaikan oleh nasabah; (3) produk dan jasa yang diberikan bank syariah sangat menarik dan inovatif; (4) jenis produk dan jasa bank syariah sangat beragam sehingga memberikan banyak pilihan sesuai kebutuhan saya. faktor ketiga adalah aspek fisik terdiri dari: (1) kebersihan ruangan; (2) penampilan fisik dan kerapian karyawan. simpulan hasil uji reliabilitas dan validitas memperlihatkan bahwa 13 butir pertanyaan terbukti memenuhi syarat reliabilitas dan validitas item. berdasarkan analisis faktor diperoleh besaran nilai kaiser-meyer-olkin measure of sampling adequacy (kmo) adalah sebesar 0,727. hasil ini memperlihatkan bahwa instrumen ini valid karena nilai kmo telah melebihi dari 0,5. berdasarkan korelasi anti-image di atas, maka dapat dinyatakan bahwa seluruh atribut diikutsertakan dalam model, dimana seluruhnya memiliki nilai korelasi anti-image yang lebih besar dari 0.50. hasil ekstraksi komputer hanya menghasilkan 3 faktor (nilai eigen value > 1 yang menjadi faktor). faktor 1 mampu menjelaskan sebesar 45.299%, faktor 2 menjelaskan 12.819%, dan faktor 3 mampu menjelaskan sebesar 8.904%. dari tiga faktor ini mampu menjelaskan lebih dari 50% yaitu sebesar 67% varian variabel kualitas pelayanan. faktor yang paling mampu menjelaskan kualitas pelayanan adalah faktor keandalan komunikasi. faktor ini terdiri dari (1) tidak adanya kesalahan dalam transaksi; (3) perhatian terhadap masalah antrian; (3) kemampuan karyawan memberi penjelasan mengenai produk yang ditawarkan; dan (4) kemampuan al-iqtishad: vol. vi no. 2, juli 2014 250 karyawan melakukan koreksi dengan cepat pada waktu terjadi kekeliruan. faktor kedua adalah inovasi produk terdiri dari: (1) karyawan memberi ucapan selamat datang atau sambutan lain ketika pelanggan datang–pulang; (2) karyawan mendengarkan dengan baik setiap keluhan yang disampaikan oleh nasabah; (3) produk dan jasa yang diberikan bank syariah sangat menarik dan inovatif; dan (4) jenis produk dan jasa bank syariah sangat beragam faktor ketiga adalah aspek fisik terdiri dari: (1) kebersihan ruangan; dan (2) penampilan fisik dan kerapian karyawan. pustaka acuan abdullah, f, dkk. 2011. bank service quality (bsq) index: an indicator of service performance. international journal of quality & reliability management. vol. 28 iss: 5. al arif, m. n. r. 2010. dasar-dasar pemasaran bank syariah. bandung: alfabeta. --------------------. 2011. lembaga keuangan syariah kajian teoritis praktis. bandung: pustaka setia. caceres, r.c. & n.g. paparoidamis. 2005. service quality, relationshipsatisfaction, trust, commitmentand business-to-business loyalty. european journal of marketing vol. 41 no. 7/8. 2005. ghozali, i. 2011. aplikasi analisis multivariate dengan program ibm-spss19. semarang: bp undip. kotler, p. 2002. manajemen pemasaran, ed. milenium. jakarta: pt. prenhalindo. metawa, s.a. & m. almossawi. 1998. banking behavior of islamic bank customers: perspectives and implications. international journal of bank marketing, vol. 16 iss: 7. muhammad. 2005. manajemen bank syariah. yogyakarta: uup ampykpn. ----------------. 2005 bank syari’ah problem, dan prospek perkembangan di indonesia. yogyakarta: graha ilmu. parasuraman, a., dkk. 1985. a conceptual model of service quality and its implications for future research. journal of marketing, vol. 49 no. 4. perwataatmadja, k.a. dan m.s. antonio. 1992. apa dan bagaimana bank syari’ah. yogyakarta: dana bhakti wakaf. sugiyono. 2007. metode penelitian administrasi. bandung: alfabeta. tjiptono, f. & g. chandra. 2004. service, quality & satisfaction. yogyakarta: andi. wibisono, y. 1999. politik ekonomi uu perbankan syariah peluang dan tantangan regulasi industri perbankan syariah, bisnis & birokrasi jurnal ilmu administrasi dan organisasi, mei–agustus 2009, vol. 16, no. 2, 1999. chandra warsito: the image of financial institution as islamic bank 217 the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto chandra warsito1 abstract. the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto. the paper aims to determine the effect of service quality on customer satisfaction, service quality, customer satisfaction and image on customer loyalty, quality of service to the company’s image, to determine the image of financial institutions in mediating the relationship variable quality of service and customer satisfaction on customer loyalty. the samples used were 110 customers and methods of analysis used is structural equation modeling (sem) test results find no significant effect of service quality on customer satisfaction; quality of service loyalty; customer satisfaction on customer loyalty; quality of service to the image of the company; customer satisfaction with the company’s image; and the image of the company loyalty; image of financial institutions pt. bprs bas can be used as a variable relationship mediation variable service quality and customer satisfaction on customer loyalty. keywords: image of financial institutions, satisfaction, quality of service, loyalty. abstrak. gambaran lembaga keuangan sebagai bank syariah terhadap kualitas layanan dan kepuasan konsumen pada loyalitas konsumen di purwokerto. artikel ini bertujuan untuk mengetahui pengaruh kualitas pelayanan terhadap kepuasan nasabah, kualitas pelayanan, kepuasan nasabah dan citra terhadap loyalitas nasabah, kualitas pelayanan terhadap citra perusahaan, serta untuk mengetahui citra lembaga keuangan dalam memediasi hubungan variabel kualitas pelayanan dan kepuasan nasabah terhadap loyalitas nasabah. sampel yang digunakan adalah 110 nasabah dan metode analisis yang digunakan adalah structural equation modelling (sem). hasil pengujian menemukan ada pengaruh signifikan dari kualitas pelayanan terhadap kepuasan konsumen; kualitas pelayanan terhadap loyalitas; kepuasan konsumen terhadap loyalitas konsumen; kualitas pelayanan terhadap terhadap citra perusahaan; kepuasan konsumen terhadap citra perusahaan; dan citra perusahaan terhadap loyalitas; citra lembaga keuangan pt. bprs bas dapat digunakan sebagai variabel pemediasi hubungan variabel kualitas pelayanan dan kepuasan nasabah terhadap loyalitas nasabah. kata kunci: gambaran lembaga keuangan, kepuasan, kualitas layanan, loyalitas first draft: february, 3rd 2015, revision: march, 10th 2015, accepted: april, 2nd 2015 1 iain purwokerto. jl. jenderal ahmad yani, purwokerto, central java, indonesia email: warsitochandra@yahoo.co.id al-iqtishad: vol. vii no. 2, juli 2015 218 introduction high competition in the banking industry is not directly force the banking company to adjust with the phenomena occurring in the community. to be able to win the competition, the banking industry is currently vying to improve service to its customers, all of which are intended to increase customer satisfaction. every banking company is required to deliver maximum performance to customers, because of the positive or negative a service company is highly dependent on the assessment of the community to get such services. the better the service provided is of a bank, the higher the likelihood of the trust of customers to obtain services that are offered, which in turn is able to realize customer loyalty. the image of the company is one of the factors used to build customer loyalty. the image is a reality in which the program development and improvement of the image based on the fact. if the image does not correspond with reality and good performance then it is an error in communication company. a good image is indicative of the company’s success in providing services capable of satisfying its customers (arafah, 2004). efforts to establish the company in the long term can also be done by increasing customer satisfaction. customer satisfaction can be achieved if the company is able to realize the expectations of customers. the achievement of the expectations on the customer will give effect customers to stay afloat and not move to another company. especially on emotionally, customers have a special affinity with the personnel in the company, it will facilitate relations between companies and customers. the relationship with the customer will make a customer more loyal to the company. the high customer interest in a variety of islamic banking transactions led idea in the banking business people to establish bpr of sharia and one that stands in purwokerto is pt. bprs bas (bina amanah satria). in its activities, pt. bprs bas (bina amanah satria) operates sharia. there are islamic financial institutions in purwokerto, providing a wide range of alternative transactions, all of which is done by sharia. for that, pt. bprs bas (bina amanah satria) need to create the image that customers easily identify and easy to remember if society requires banking transactions. the existence of image appearance on banking company raises an open competition between banks. high competition in the islamic banking business, making companies need to prepare themselves with better service to make customers feel satisfied with the services provided. enhancing the quality of service was done to the satisfaction of customers so that customers remain loyal with company. quality of care is influenced by two factors, namely the expected service and chandra warsito: the image of financial institution as islamic bank 219 perceived service (tjiptono, 2001). suitability of service received by customers in the hope, perceived good and satisfactory, if the ideal is said to exceed customer expectations, and vice versa if the received lower than expected will be badly perceived by customers (kotler, 1999). zeithaml, et all, (in tjiptono, 2001) states that the customer expectation is customer confidence before buying a product which that used as a standard in assessing the performance of product. services can be given a firm, if the customer comes transaction. and transactions can occur if the customer comes and want to take advantage of all the financial services offered. for this reason, companies need to instill a good image in the minds of customers so that they would come and perform transactions with the company. image is an important part of marketing management, where the image is built and associated with a habit, lifestyle, benefits, product attributes, geography, price, competitors, celebrities and others (durianto, 2001). the strength of company’s image is very important to be maintained and improved, with the purpose of attracting the hearts of borrowers and customers, so the debtor and customers are satisfied with the services of the company. pt. bprs bas (bina amanah satria) as one of the sharia institution, always strive to provide the best service to borrowers and customers, with the goal of giving satisfaction with the services provided. satisfaction is the perception of one’s feelings after comparing the performance with expectations (kotler, in tjiptono, 2000). satisfaction or dissatisfaction of customers occurs after an evaluation of the expectations of customers prior to the actual performance that is felt after use (tse and wilton in tjiptono, 2001). it is important to be achieved by the service company, is the satisfaction both by customers and debtors. the problem that arises is, all companies raced to give satisfaction to customers and debtors. each company sets the strategy and policy to build relationships with customers. various attempts were made so that the company can interact with clients and debtors investigate and analyze their needs, using technology, to improve service and sales (maryono, 2007). literature review customer loyalty is important for any company, because loyalty reflects the positive perception of customer against the company. loyalty is the attitude shown in determining the choice of customers continues to use the products or services offered by the company. attitude determines the attitude, led commitment of customers to re-purchase or obtain the services offered on the company (foster al-iqtishad: vol. vii no. 2, juli 2015 220 and cadogan, 2000). thus the meaning of loyalty is loyalty of customers to make repeat purchases over the same services from one company and attitude would tell the others and be a deterrent from many competitors who entered. it also shows the loyalty of customers is a factor that determines the success of the company. quality of service is an effort to fulfill the needs and desires of customers and determination to deliver and offset expectations of customers (tjiptono, 2000). there are two main factors that affect the quality of the service; the expected service and perceived service (parasuraman, in tjiptono, 2000). if the perceived service as expected, then the perceived service quality is good and satisfying. if the services received exceed customer expectations, then the quality of service perceived as the ideal quality. conversely, if the services received is lower than what is expected, then the perceived poor quality of services. customer satisfaction is defined as a decision on the basis of a specific services meeting (bolton and, 1991; cronin and taylor, 1992 in nha nguyen and gaston leblanc, 1998). this is in accordance with the opinion of oliver’s (1981 nha nguyen and gaston leblanc, 1998) which looked at satisfaction as an emotional reaction that affects attitudes. based on this perspective, cronin and taylor (1994 in nha nguyen and gaston leblanc, 1998) say that customer satisfaction should be limited to the quality of services and transaction decisions specific to long-term attitude, resulting in a cumulative effect that the satisfaction of services should be directed to the evaluation of the quality of services global from time to time (parasuraman et al., 1994 in nha nguyen and gaston leblanc, 1998). of the opinions mentioned above, according to the researchers, satisfaction was preceded by the quality of services (bolton and, 1991 in nha nguyen and gaston leblanc, 1998). teh (1993) in nha nguyen and gaston leblanc, 1998) in his research concluded that quality and customer satisfaction, both tested based on a global perspective that specific transaction. evaluation of satisfaction associated with the value (zeithaml, 1988 in nha nguyen and gaston leblanc, 1998), re-purchase (oliver and goose, 1989 in nha nguyen and gaston leblanc, 1998), as well as customer loyalty towards the company (kasper, 1988 in nha nguyen and gaston leblanc, 1998). fornell (1992) in nha nguyen and gaston leblanc, 1998), in his study that while the quality and customer satisfaction are important for all companies, but the satisfaction becomes even more important because it will give the faithful, especially in companies such as banks, insurance, orders per post, and transportation. satisfaction and customer dissatisfaction is the customer response to the discrepancy evaluation/ perceived disconfirmation between prior expectations (or other performance norms) and the actual performance of the product that is felt chandra warsito: the image of financial institution as islamic bank 221 after use (tjiptono, 2005). many corporate image definition found in the literature of psychology and marketing. image has been described from the knowledge of the relationship (boulding, 1956 in nha nguyen and gaston leblanc, 1998); the image is an attitude (hirschman et al., 1978 in nha nguyen and gaston leblanc, 1998), and a combination of product characteristics from a product known (erickson et al., 1984 in nha nguyen and gaston leblanc, 1998). imagery is the overall impression left on the mind of customer (zimmer and golden, 1988 in nha nguyen and gaston leblanc, 1998). various factors inherent in the image are tradition, ideology, company name, reputation, price levels, variations in services, and the quality that communicated by every person who interacts with a service company. another aspect of the image forming is corporate identity, quality and level of advertising and the delivery system also serves to build the image. the image is a procedure that associated with the ideas, feelings and previous experience with an organization that stored in memory and transformed into a sense based on the category (mcinnis and price (1987) in nha nguyen and gaston leblanc, 1998), with yuille and catchpole (1977 in nha nguyen and gaston leblanc, 1998). two main components of image are known by emotionally and functionally (kennedy, 1977 in nha nguyen and gaston leblanc, 1998). functional components associated with cues that can be measured easily, being the emotional component associated with psychological stated with feeling and attitude. to form the image in minds of customers, the company did it through a particular symbol, where it is able to demonstrate a certain image. in the form of customer, the image is described as being stored in memory from the general impression through the evaluation of highly detailed objects associated with personal values. results of research conducted by nha nguyen and gaston leblanc (1998) concluded that service quality positively and significantly related to customer satisfaction. research conducted by wong and sohal (2003) also concluded that the quality of services directly influence the trust and loyalty of customers. research on quality of service with loyalty conducted by bloemer et al (1998) concluded that there are significant of quality perception to the satisfaction. satisfaction is the result of a customer overall evaluation to the product or services obtained after comparison with similar products from competing companies, where there is a match between performance and expectations. research conducted by ball et al (2006) on service and customer loyalty. from this study, it can be seen that the quality of service is not directly affect the loyalty through customer al-iqtishad: vol. vii no. 2, juli 2015 222 satisfaction. nha nguyen and gaston leblanc (1998) concluded that customer satisfaction has a positive and significant effect on loyalty. jay kandampully and dwi suhartanto (2000) concluded that customer satisfaction with the reception, food and beverage, and price has no effect on customer loyalty. while ball et al (2004) in his study found that the image has an effect on loyalty and customer satisfaction, perceived value affects customer satisfaction. while the research conducted by nha nguyen and gaston leblanc (1998) concluded that the image of company has a positive and significant effect on loyalty. increased customer satisfaction can be done by improving the image of company. the company will have a strong image if customers believe that they are the higher value when they transact with the company (bloemer at al (1998)). research conducted by brunner et al (in bloemer at al (1998)) conclude that the image effect on customer satisfaction. bloemer et al (1998) in his study conclude that there is a significant positive relationship between the variables studied, namely image, service quality and satisfaction. this shows that satisfaction is influenced by many factors, including customer satisfaction and corporate image. research conducted by caruana (2002) concluded that service quality affects customer satisfaction but has no effect on customer loyalty. from the above, it is known that the quality of service also has a very important role in influencing loyalty, in addition to variables of customer satisfaction and corporate image. methods this study is conducted on customers of pt. bprs bas purwokerto. the sample size is adjusted by the method of analysis, namely structural equation modeling (sem) which is five times the number of items of research (ferdinand, 2005). in this study there are 19 items, so that the minimum sample size is 95 respondents. under these provisions, the sampling method used is simple random sampling, which took some part of the population sampled randomly for the study, namely all the customers who are customers of pt. bprs bas purwokerto. figure 1. the research model satisfaction service quality image loyalty h1 h2 h3 h7 h4 h5 h6 chandra warsito: the image of financial institution as islamic bank 223 the hypothesis on this research are below: h1: service quality has a significant influence on customer satisfaction h2: the quality of service has a significant influence on customer loyalty h3: customer satisfaction has a significant influence on customer loyalty h4: the quality of service affects the image of the company h5: customer satisfaction affects the company’s image h6: corporate image effect on loyalty h7: the image of the financial institution pt. bprs bas mediates the relationship variable of service quality and customer satisfaction on customer loyalty discussion fitness model tests conducted by the goodness of fit criteria include goodness of fit : chi -square , probability , rmsea , cmin / df, gfi, agfi, tli, cfi and df. the results of test calculations fitness statistical model can be seen in table 1 below. table 1. feasibility index testing the structural equation modeling model goodness of fit index cut-of value result model evaluation c2-chi-square 174,907 188,666 good significancy probability ≥ 0.05 0,052 good rmsea ≤ 0.08 0,043 good gfi ≥ 0.90 0,859 marginal agfi ≥ 0.90 0,816 marginal cmin/df ≤ 2.00 1,198 good tli ≥ 0.95 0,976 good cfi ≥ 0.95 0,972 good one of the test equipment to measure the overall fit is the likelihood ratio chi-square statistic. the model was tested to be considered good or satisfactory when chi square value is low . the smaller the value the better the chi square and the model was accepted by the probability of the cut of the value of p > 0.05 (hulland in ferdinand , 2000) . in this study, chi square value obtained is equal to 188.666 with a value of p = 0.052 . it can be concluded that the model in this study include a good model or structural models generated showed the best model . the root mean square error of approximation (rmsea) values less than or equal to 0.08 is an index to the acceptability of the model showed a close fit of the model was based on the degress of freedoom (brown & cudeck in ferdinand, 2000). based on this study rmsea value obtained is equal to 0.043. thus, it al-iqtishad: vol. vii no. 2, juli 2015 224 includes a very good fit because its rmsea values less than 0.08. goodness of fit index (gfi) value generated in this study was 0.859. this value is smaller than 0.90 so including marginal figure. next, we try to examine the adjusted goodness of fit index (agfi). recommended level of acceptance is when agfi has a value equal to or greater than 0.90. agfi’s value generated in this study is 0.816. this value is smaller than 0.90 so including marginal. tucker lewis index (tli) is an alternative incremental fit index which compares a model that is tested against a baseline model (baumgartner and homburg, 1996) in ferdinand, 2000). value is very close to 1 or more than 0.95 indicates a very good fit (arbuckle, 1997) in ferdinand, 2000; 57). tli values generated in this study was 0,972. comparative fit index (cfi), the magnitude of this index is in the range of values of 0 (poor fit) up to 1.0 (perfect fit). value greater or equal to 0.95 indicates the highest level of fit a very good fit (arbuckle, 1997 in ferdinand, 2000). cfi value generated in this study was 0,972. this value is greater than 0.95, thus including a very good fit. the magnitude of the comparative fit index is in the range of values of 0 ( poor fit ) up to 1.0 ( perfect fit ). value greater or equal to 0.95 indicates the highest level of fit a very good fit (arbuckle , 1997 in ferdinand , 2000). cfi value generated in this study was 0,972 . this value is greater than 0.95, thus including a very good fit. the results of structural equation modeling analysis processing (sem) can be seen in figure 2 and table 2. table 1. results of structural equation modeling analysis variable 1 variable 2 estimate s.e. c.r. p customer satisfaction service quality 0.458 0.138 4.108 0,000 image service quality 0.350 0.146 3.399 0,000 image customer satisfaction 0.474 0.126 4.307 0,000 loyalty service quality 0.224 0.155 2.082 0.037 loyalty customer satisfaction 0.243 0.139 2.031 0.042 loyalty image 0.359 0.135 2.706 0.007 based on table 1 it can be seen the results of the analysis of structural equation modeling (sem). value estimate coefficients listed in table 1 are standardized coefficient or standardized regression coefficient, which is also called path coefficients. in the discussion of the research hypothesis testing used this path coefficients. the value of the standard error, the value of the critical ratio (cr) and the p-value equal between the standardized and unstandardized regression coefficient. chandra warsito: the image of financial institution as islamic bank 225 figure 2. results of structural equation modeling analysis based on table 1 can be made to the substructure structural equation 1 as follows : customer satisfaction = 0.458 quality of service + z1 image = 0.350 service quality +0.474 customer satisfaction + z2 loyalty = 0.224 service quality +0.243 customer satisfaction + 0.359 image + z3 based on the result above, we can explained as: firts, impact of service quality on customer satisfaction. the estimated value of the variable path coefficient of service quality on customer satisfaction by 0.458. this indicates variable service quality has a positive effect on customer satisfaction, which is the better quality of service it will result in increased customer satisfaction. based on the obtained value significance test p = 0.000. this means that there is a positive and significant impact on the quality of service to customer satisfaction. second, impact of service quality and customer satisfaction to image. the estimated value of the variable path coefficient of service quality to the image of 0.350. this indicates the variable quality of service has a positive influence on the image, better the quality of service it will result in better image. based on the obtained significance test p = 0.000. this means that there is a positive and al-iqtishad: vol. vii no. 2, juli 2015 226 significant effect of the variable quality of service to the image.the estimated value of customer satisfaction variables path coefficient of 0.474 on the image. this indicates variable customer satisfaction has a positive influence on the image, ie the better the customer satisfaction will result in better image. based on the obtained significance test p = 0.000. this means that there is a positive and significant impact of customer satisfaction on the image. third, impact of service quality, customer satisfaction and loyalty image. the estimated value of the variable path coefficient quality of service to the loyalty of 0.224. this indicates the variable quality of service has a positive influence on loyalty, ie the better the quality of service it will result in stronger loyalty. based on the obtained significance test p = 0.037. this means that there is a positive and significant impact on the quality of service to loyalty. the estimated value of the variable path coefficient customer satisfaction to loyalty of 0,243. this indicates variable customer satisfaction has a positive influence on loyalty, customer satisfaction is the better it will result in stronger loyalty. based on the obtained significance test p = 0.042. this means that there is a positive and significant impact of customer satisfaction on loyalty. the estimated value of the image variable path coefficient of 0.359 loyalty. this shows the image variable has a positive influence on loyalty, ie the better the image will result in stronger loyalty. based on the obtained significance test p = 0.007. this means that there is a positive and significant impact on the image of loyalty. fourth, image of financial institutions pt bpr bas mediates the relationship of ariable quality customer service and satisfaction on customer loyalty. testing mediation conducted by sobel test. sobel test results can be seen in table e. table 3. test results sobel no variable relationship t tast t table information 1 service qualityimage loyalty 1.7149 1.9822 no mediation 2 customer satisfaction -image loyalty 2.1221 1.9822 mediation according to the table 3 can be known image can not mediate the relationship between the variables of service quality and loyalty. however, variable image can mediate the relationship between the variables of satisfaction and loyalty. this suggests a significant influence indirectly from satisfaction to loyalty through imagery. chandra warsito: the image of financial institution as islamic bank 227 conclusion based on the results of testing the effect of service quality on customer satisfaction can be concluded that: first, there is a positive and significant effect of the variable quality of service to customer satisfaction. second, there is a positive and significant effect of the variable quality of service loyalty. third, there is a positive and significant effect of customer satisfaction on customer loyalty. fourth, service quality affect the company’s image. fifth, consumer satisfaction influence the corporate image. sixth, corporate image effect on loyalty. from this research, customer satisfaction can be improved with everything possible to improve service quality include increasing physical form (tangible), empathy, reliability of service, responsiveness and customer assurance provision for all transactions carried out in islamic rural bank. increased loyalty can also be enhanced by improving the satisfaction and fulfillment guarantees satisfaction with the services rendered. the company is expected to meet the wishes of customers, providing overall satisfaction in line with expectations. and to instill a positive image to the customer, the company can do to improve the quality of service for customer satisfaction. although the image of financial institution pt. bprs bas can’t be a variable liaison, but it can serve as a liaison customer satisfaction on customer loyalty. this shows that customer satisfaction has a stronger effect in enhancing the image and loyalty compared to quality of service. references anderson, e.w. et.al. 1994. customer satisfaction, market share and 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yogyakarta: penerbit andi. wong & sohal. 2003. service quality and customer loyalty perspectives on two levels of retail relationships. journal of services marketing volume 17 number 5 2003, pp. 495-513 wong & sohal. 2006. understanding the quality of relationships in customer services. a studi in retail environment. international journal of quality & reliability management vol. 23 no. 3, 2006, pp. 244-264 burhanuddin yusuf: human resources development of sharia banking 241 human resources development of sharia banking: phenomenological approach burhanuddin yusuf1 abstract. human resources development of sharia banking: phenomenological approach. the aims of this study are to finding, identifying and mapping the condition and situation of the policy and practice of human resource management. this study used a qualitative method with phenomenological approach to uncover the professional development of hr qualify. data analysis techniques includes reduction, data display, perform verification, and compiling data to draw the conclusions. the study concluded that the conditions of management and human resource development three sharia bank in jakarta refers to the philosophy and principles of islamic economics as well as guided by the vision and mission of sharia banks. this study find that sharia hr professional qualification characterised by quality of faith, piety, knowledge and understanding of finance and business, applying the principles of islam and has a strong commitment to apply the rules of sharia, noble, hard-working, and sincerely intelligent accompanied by sincere keywords: sharia banking, human resource development, phenomenological abstrak. pengembangan sumber daya manusia perbankan syariah: pendekatan fenomenologis. tujuan dari kajian ini adalah untuk menemukan, mengidentifiaksi, dan memetakan kondisi dan situasi dari kebijakan dan praktik manajemen sumber daya manusia. kajian ini menggunakan metode kualitatif dengan pendekatan fenomenologis untuk melihat pengembangan atas kualifikasi sumber daya manusia. teknik analisis data mencakup reduksi, tampilan data, verifikasi kinerja, dan kompilasi data untuk membentuk suatu kesimpulan. kajian ini menunjukkan bahwa kondisi manajemen dan pengembangan sumber daya manusia di tiga bank syariah merujuk pada filosofi dan prinsip ekonomi syariah sebagaimana yang ditunjukkan oleh visi dan misi bank syariah. temuan lain menunjukkan bahwa kualifikasi sumber daya professional memiliki karakteristik atas kualitas keyakinan, kesalehan, pengetahuan, dan pemahaman akan keuangan dan bisnis, aplikasi prinsip syariah dan memiliki komitmen kuat untuk mengaplikasikan aturan syariah, mulia, pekerja kerja, dan cerdas yang diiringi dengan ketulusan sikap. kata kunci: bank syariah, sumber daya manusia, fenomenologis first draft: january, 15th 2015, revision: march, 10th 2015, accepted: april, 20th 2015 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: burhanuddin.yusuf@uinjkt.ac.id al-iqtishad: vol. vii no. 2, juli 2015 242 introduction nowadays, especially in the globalization era increasingly intense competition among companies, the more we realize the importance of human resource management and development of professionalism, including the islamic banking industry in indonesia. this paper is going to analyze the human resource development in three islamic banks in indonesia such as bank of muamalat, bank of bni syariah, and bank of syariah mandiri. in indonesia, the development of islamic banking system is developed base on dual banking system framework; this system is related with indonesian banking architecture. on this system there is integration between islamic banking and conventional banking to make a synergy cooperation to help the people for increasing the credit or financing for national productive sector. the delopment of islamic banking industry faced the tight competition, so the competency of human resources on islamic banking must be improve. until the 2014, the islamic banking industry has 11 islamic commercial banks, 23 islamic banking unit, and 163 islamic rural banks. islamic banking industry has growing rapidly, but in the last year the growth of islamic banking industry is decreasing. the islamic banking industry needs the qualified human resources which have multi-knowledge and multi-skills. the qualified human resources are needed by the islamic banking industry to manage the banks to improve the profit of islamic banking industry. the human resources in islamic banks must to be creative and innovative to develop and modified the banking’s product. the human resources in islamic banking industry must to have the competency as an expertise in islamic banking and finance, besides that must to understand the shariah contract, so he can modified the product that fulfill the shariah compliance. the islamic human resources must be able to give a services and confince the sociecty that the islamic banking product has suitable with islamic ethics and principle. the human resources in islamic banking industry must to have a competency in financial investement, banking, soft skills, and sharia. but this condition is rare in islamic banking industry. this problem is established because the limitation of educational and training institution on islamic banking. the fact shows that almost the human resources on islamic banks, especially at middle or top management is come from conventional banks. it predicted that almost 70 percent of islamic banks employee today is come from conventional banks or from non-shariah economics education (bank of indonesia, 2012). so, the human resources fulfillment that has a complete competency must to do, either by qualitative or quantitative ways. burhanuddin yusuf: human resources development of sharia banking 243 muhammad (2005) stated that the credibility and profesionalty of financial institution is developed if they have three elements, such as humanware, hardware, and software. humanware is the persons that manage the institution started from highest level to the lowest level. the humanware must suitable either on quality side or quantity side. the hardware includes the production tools and physical equipment, such as machine, building, and the others. the software includes the non-physical things, such as procedure, system, and the others. the development of human resources is concern with the activity and relationship control between the employes. they should show their optimal performance. the employes must to increase the competency and the technical skills to realize the goals that had been set in planning. the one thing that can be done to achieve it is by the human resources training. according to the condition above, we can formulate the problem statements as follow: first, how is the situation and condition about the islamic banking management in indonesia? second, how are the condition and the development of three islamic banks in jakarta? third, how are the development’s patterns on human resources development in three islamic banks in jakarta? literature review islamic banking can be defined as a bank that operated based on profit sharing system that gives an advantage either for the society or the banks. the islamic banking offers the justice in transactions, the ethical investment, and proposes the cooperative values and brotherhood in production, and avoids the speculative activities. the human resources management is the empowerment, development, appraisal, the remuneration, and individual management of organization members or groups. besides that, it also related with design and system implementation of planning, staffing, employee development, career management, performance’s evaluation, employee compentation, and the good relationship in employee (simamora, 2004). professionalism is based on the word of profession that has a meaning as a job based on skill and educated. professionalism that the characters of professionals employee is a job, or title that must fulfill the certain qualification and personality (komaruddin, 1994). on this research profession is job sector that based on educated skills, and certain personality such as honesty, loyalty, and the others. so, the professional human resources in islamic business institution is a human resources that have a knowledge and skills in shariah, economics, and business practice. al-iqtishad: vol. vii no. 2, juli 2015 244 the development of human resources in islamic banking is something that they have to do. the first job is with the selection of the employee to fulfill the position. the development and training existence in islamic banking is obligatory, this things in the way to increase the productive working culture. the professionalism of human resources in islamic banking is something that very strategi to increase the customer’s loyalty and to make an efficient production process in islamic banking industry. one fundamental ways to make islamic banking becomes credible is must be supported with human resources that qualify, competence, and professional. professional means that the person needs special knowledge and skills to do that job. profesionality means that a practical values of competence skills to manage the organization and do the job with effective and efficient (muhammad, 2005). profesionality can be measured just from physical appreance, but the most important show by the real performance from the activities. the islamic and professional human resources have the qualification and competency that expertise in economics, banking, finance, and shariah. in indonesia the human resources problems is very complex, there are several indicators that show this things, such as: first, the difference between human resources competency with market of worker. second, the distribution of populations is not equal. third, the growth of workers is larger than the job’s vacancy. fourth, the asymmetric of public services need with the worker. fifth, the market worker’s information is not symectric. sixth, the unemployment and poverty that makes a lower education and health. there are several studies that have discussed about the human resources development. eka purwanda and zaenal muttaqien (2012) show the increasing islamic human resources competency with the islamic bank’s leadership that visioner and adaptive. muhammad (2003) show that the advantage of islamic finance institution is determined by the credibel’s human resources. we have an increasing empowerment strategy with the entrepreneurship and leadership empowerment in islamic financial institution. siswanto (2012) conclude that to increase the advantage of islamic bank’s human resources is through the implementation of qur’an-based human resources management. the result from this research is the implementation of quran-based hrm and the employee satisfaction is positive. according to the siswanto’s research, this paper are going to show the human resources development problems using a phenomenological approach, so we expected that the increasing of human resources competency based on quran can established the advantage of human resources islamic banking. burhanuddin yusuf: human resources development of sharia banking 245 tri wikaningrum (2011) had identified the policy and development practice of human resources in islamic banking and the influence to company’s performance. the quantitative descriptive variable is the policy and human resources development, attitude, selection, training, and performance evaluation. the result shiw that the practice of human resources management is still not optimal, the training is still not optimal, the evaluation performance that not oriented on employee development. this paper are going to anaylize the influence of practical and policy in human resources management with the company’s performance and employee development. so this paper are going to show the human resources development condition in indonesian islamic banking industry. methods the research method is using qualitative methods using the phenomenological approach. this approach is selected because the research is targeted to identifying and mapping the comprehensive perception of respondent according to human resources development at three islamic banks in jakarta. so, with this method we hope that we can get the comprehensive information about the research subject to analyze the human resources development program in islamic banks. there are several steps on this approach, such as (husserl, 1982): the first step on this research is intentional analysis. the second step is doing the epoche. the third step is eidetic reduction. the fourth step is the researcher concluding the research result to answer the question about the form and practice of human resources development in islamic banks. the research framework can be shown on figure 1. epoche to human resources management in islamic banks epoche policy and management in islamic banks the analysiz of human resources development in three islamic banks 1. record and documentation 2. manager and staff 3. the community of shariah economy eidetic to human resources profesionality at three islamic banks the human resource development at three islamic banks using phenomenological approach figure 1. the research framework al-iqtishad: vol. vii no. 2, juli 2015 246 the phenomelogical is described as what the feeling of individual or group related with his perception and experience. the feeling that established is called as phenomena (prianti, 2011). the data that used on this research is based on manager and staff at three islamic banks, such as bank of muamalat, bank of bni syariah, and bank of shariah mandiri. also the data come from the interview with head of islamic bank department at bank of indonesia. to get depth information, this research using focus group discussion in several bank locations. moleong (1989) explain that on analysis data process in general have three relatied activities, such as: the data reduction, the data show, and the data verification to make a conclusion. on data analysis, the researcher doing the data reduction, after that show and compile the relevant data. next is the data verification to make a conclusion. discussion from the focus group discussion find there are several problems that need the solution, such as: first, the incomplete regulation for islamic bank, this thing is become the problems so the islamic banks can’t operate optimally based on its characteristics. second is the problem about the quality of human resources. third is the problem about infrastructure. bank of bni syariah had recruitment for fresh graduate using professional hire institution. the human resources development based competency through recruitment process to all out performance, training, remuneration, and industrial relations. the target in human resources is maximizing the working culture, trust and brotherhood in all shariah employees. in bank of syariah mandiri, the recruitmen process has three criteria, such as fresh graduate, professional employee for officer position, and management development program for fresh graduate. every criterias has different competency according his job’s position. the educational background can be varied, such as engineering, mathematics, economics, and the others. with the variation of educational background of course will be have an impact the competency’s gap in understanding the banking product and operational. bank of bni syariah do the job evaluation every two until three years, this is suitable with business challenger. besides that, also do the job analysis to see the suitableness job position with remuneration and assessment. the employee development’s program is to make the trustworthy and brotherhood culture in working environment. the program and training is made based on the competency gap according the job’s position. standardized training curriculum is made based on the need on every job’s position. burhanuddin yusuf: human resources development of sharia banking 247 bank of bni syariah to do the evaluation for their employee is using performance appraisal evaluation. this method is using performance management system to increase the services and performance from bank of bni syariah. this system is using the key performance indicator with computer system. the reason of application this system is to make an appraisal performance to be more accurate and can to go the effectivity of organization. bank of shariah mandiri doing the evaluation and revition through enhancement program, such as: certification program, public training, scholarship, and the others. the evaluation is supported by e-learning implementation that can be accessed by every employee. one form of evaluation program is assestment system in every level, such as middle management development program. if the employee can’t pass the passing grade, so the employee must to involve the refreshment program. this refreshment program is doing every three month. evaluation on this system is using the key performance indicator. bank of muamalat indonesia has fulfilled the officer need through his learning center in muamalat institute. the muamalat institute has doing the human resources quality that have a competency in islamic banking practice, and also understand the shariah knowledge. the development of human resources is based on the organization needs and industry. the routine program in human resources development, such as: internal training, the periodical competency exam, the human resources development through modp. so, it will create a new leader from internal organization. from the discussion and interview we can make a several organization and human resources strategy that can be applied in islamic bank, such as: first, realized the job analysis in every job’s position either in head office or branch office. second, the cooperation with academic institution to fulfill the human resources need. third, the development and increase the human resources competency to fulfill the human resources need either in quality and quantity, so the banks can develop his business. fourth, the development of human resources information shariah that based on competency. the professional human resources at islamic bank must to have the qualification and competency in economics, banking, and finance in one side, and combine it with the shariah knowledge. because of that, the human resources at islamic bank must to develop that competency. the expertise of human resources will be developed in a good way, if they have the following criteria and type as follow: first, the shariah expertise that understand the economics, banking, and finance. second, the economics, business, and finance al-iqtishad: vol. vii no. 2, juli 2015 248 expertise that understand the shariah knowledge. third, the shariah, economics, banking and finance expertise. according to muhammad (2005), profesionality is an element key in islamic bank’s management. nabi muhammad saw said “that allah will be greatfull if one of you doing his job in a professional way” (hr. baihaqi). the professional means that the individual will be in high motivation to finish their job in excellent result using the competency that he has. there are several implications based on this research for islamic banking industry, such as: first, should consider seriously and consequently the contribution of human resources studies to professionalism development. second, give the chance to higher education institution to have managerial studies that can give a benefit to knowledge and practical development. third, give a full attention with the human resources development condition at islamic banks with the integrated framework of banking and shariah ethics. fourth, do the cooperation between higher education instutiton and islamic banking industry to develop the professional human resources. besides that, there are also several implications for regulator either for bank of indonesia or financial service authority, such as: first, facilitate the policy that can support the human resources development at islamic banking industry. second, facilitate to decrease the implementation trap of integration knowledge (such as shariah knowledge with banking and financial knowledger) in every islamic bank. third, support the sinergity between the higher education institutions with the islamic banking industry. for higher education institution have to do several systemic and continuity actions in a framework of: first, mapping, organizing, facilitating the students need from the beginning of study. second, formulate and response the human resources problems in a framework of academical studies. third, support the students to have a contribution research to answer the islamic banking industry problems. this research also has an implication to the government either ministry of national education and culture or ministry of religious affair to keep in touch with the development of human resources for islamic banking and financial institution need. the support can be formulated as curriculum since the high school until the university, so the islamic economics and finance can develop rapidly in society. conclusion this research find that the development and management from islamic banks has suitable with islamic banking standars, because has fulfill the philosophy burhanuddin yusuf: human resources development of sharia banking 249 of islamic economics, legal standing, vision and mission, the development policy, strategic target, etc. besides that, it had established the human resources department with the supporting action from bank of indonesia in every islamic bank. the qualification of humas resources in islamic bank is based on al-qu’ran and sunnah. the human resources had passed the professional selection, after that the employee has a chance to follow the training either the soft skills training or hard skills training to improve the competency. the recruitment have three important criteria, such as: fresh graduate for tecnichal position, experience employee for officer position, and management development program for fress graduate that can fulfill the officer position. there are several actions for decreasing the difference in human resources qualification, such as: open rectruitment at the university, do the training and monitoring, the banking staff program, micro banking academy, etc. the development pattern of human resources in islamic banks basically divided into two, such as: the professional qualification based on shariah side, and the professional qualification based on tha business and banking side. the evaluation model and human resources in islamic banks has eight substantial elements and procedures, such as job evaluation, job analysis, spiritual side, learning center, e-learning, refreshment, enhancement program, and value foundation. on this model, employee is not only as a target but also has a subject to evaluation process and human resources development. the professionalism of human resources development in islamic bank is should be: first, always integrated and empowerment of human resources principle to support the basic action, systematic, and contextual in the way to increase the effectivity and efficiency in islamic banks; second, islamic banks and conventional banks is should be together to improve the strategic role in economy; third, the consistency to have their own identity as islamic business entity. references ahmed, s. 2009. islamic banking finance and insurance: a global view, kualalumpur: as. noordeen. ali, s. & f. faryal. 2013. islamic banking: is the confidence level of being an islamic banking employee better than convention banking employee? an exploratory study regarding islamic banking, journal of 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perbankan syariah melalui implementasi praktek quran-based hrm. proceeding forum riset perbankan syariah v 2011. sugiyono. 2007. metode penelitian kuantitatif kualitatif dan r & d. bandung: alfabeta. wikaningrum, t. 2011. praktek dan kebijakan manajemen sumber daya manusia pada perbankan syariah. siasat bisnis vol. 15 januari 2011, pp. 32-44 zubair, m.k. 2008. akselerasi pertumbuhan bank syariah di indonesia. jurnal millah vol.viii, no.1, agustus 2008, pp. 28-40 al-iqtishad journal of islamic economics volume vii (2), july 2015 the journal is published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in coorporation 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. editor in chief m. nur rianto al arif vice editor maman rahman hakim sofyan rizal a. chairul hadi languange editor ummi kultsum layout and typesetting farhan mustofa secretariat ahmad sumedi fitriadi reviewer muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) asep saepudin jahar (uin syarif hidayatullah jakarta) amiur nuruddin (iain sumatera utara) didin hafidudhin (universitas ibn khaldun) djoni hartono (universitas indonesia) ahmad hidayat buang (universiti malaya malaysia) margareth gfrerer (daad, germany) ahmad mujahiddin (uin suska riau) md. sujimon (kolej pengajian islam johor malaysia) ashraf md hasyim (isra, malaysia) abdurrahman haqqi (universitas islam brunei) m. hudaib (adam smith business school, glasgow univ.uk) editorial office faculty of shariah and law syarif hidayatullah state islamic university jakarta jl. ir. h. juanda 95, ciputat, south tangerang, banten -15412-. phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id; email: editor.iqtishad@yahoo.com content 141 the impact of financial liberalization on islamic banks’s efficiency in indonesia wiwiek rabiatul adawiyah 151 effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java rachmad hidayat, sabarudin akhmad, machmud 165 peer group effects on moslem consumer’s decision to purchase halallabeled cosmetics muniaty aisyah 181 the intellectural capital effect on financial performances at islamic insurance rizqon halal syah aji & kurniasih 197 capital market integration: palestine and israeli experience tulus suryanto & abdul razak abdul hadi 207 the effect of productive zakah mentoring on the wealth of mustahik rizky andriati & nurul huda 217 the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto chandra warsito 229 financial ratio and its influence to profitability in islamic banks erika amelia 241 human resources development of sharia banking: phenomenological approach burhanuddin yusuf 251 application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal any setianingrum wiwiek rabiatul adawiyah: the impact of financial liberalization 141 the impact of financial liberalization on islamic bank’s efficiency in indonesia wiwiek rabiatul adawiyah1 abstract. the impact of financial liberalization on islamic bank’s efficiency in indonesia. the aim of this research is analyze the state of efficiency demonstrated by foreign banks, as aggressor, as compared to that of the local banks – government banks and islamic banks during the period 2009-2012. data envelopment analysis (dea) with intermediation approach is used as the main tool of analysis. input variable chosen are deposit, asset, and personnel expenses. meanwhile loan and income are chosen as output variable. to find out the difference of efficiency between foreign banks and islamic banks, this study use parametric different test of independent sample t-test. the study indicates that foreign banks are less efficient if compared to the local banks, especially islamic banks and sharia business units. it is also evidenced that there is no significant difference between the efficiency of foreign and islamic banks during the period 2009-2012. keywords : efficiency, data envelopment analysis, foreign banks, islamic banks abstrak. dampak liberalisasi keuangan terhadap efisiensi bank syariah di indonesia. tujuan dari penelitian ini adalah menganalisis tingkat efisiensi bank asing, sebagai agresor, dibandingkan dengan bank lokal bank pemerintah dan bank syariah selama periode 2009-2012. teknik analisis menggunakan data envelopment analysis (dea). variabel input yang dipilih adalah deposito, aset, dan biaya gaji. sementara pinjaman dan pendapatan dipilih sebagai variabel output. untuk mengetahui perbedaan efisiensi antara bank asing dan bank syariah, studi ini menggunakan uji beda parametrik independent sample t-test. hasil penelitian menunjukkan bahwa tingkat efisiensi bank asing tidak lebih tinggi jika dibandingkan dengan bank lokal, khususnya bank islam dan unit usaha syariah. penelitian ini juga membuktikan bahwa tidak ada perbedaan yang signifikan antara efisiensi bank asing dan islam selama periode 20092012. kata kunci: efisiensi, analisis dea, bank asing, bank syariah first draft: january, 10th 2015, revision: february, 27th 2015, accepted: march, 20th 2015 1faculty of economics and business university of jenderal soedirman. jl. prof. dr. h.r. boenyamin no. 709, grendeng purwokerto 53122 email: wiwiekra@gmail.com al-iqtishad: vol. vii no. 2, juli 2015 142 introduction increase in foreign participation in the financial sector of emerging market brings benefits the host countries in the form of better technology and financial systems as well as from increased competition stimulated by new entrants. does foreign banks always prominent? claessens et al (2001) highlights that foreign banks earn greater profits than domestic banks in developing countries, but the opposite in developed countries, because foreign banks adopt better technology compared to banks in the developing countries. the banking system plays an important role in the economic development of any countries. as intermediary institutions, banking industries are required to have good performance (sutawijaya and lestari, 2009). among successful indicators of bank performance is efficiency which refers to a measure of the deviation between actual performance and desired performance (mester, 2003). as a consequence, a bank should minimize waste and eliminate unnecessary operational costs in order to be efficient. managements of banks are aiming at rigorously cut costs in order to improve efficiency and ultimately profitability. efficiency brings benefits in the form of positive spread (karimzadeh, 2012). thus it is a kind of survival strategy for financial institution in today’s nogrowth worlds. the measurement of economic efficiency lies on determining the extent of technical and possibly allocative efficiency in an organization. efficiency can be measured using parametric approaches and non-parametric approach (deb, 2012). the parametric technique uses a pre-specified functional form for efficiency frontier, which may result in an inaccurate efficiency measurement (berger and humphrey, 1997). economists have employed frontier efficiency measurement techniques to measure the productive performance of banks. frontier efficiency measurement techniques use a production possibility frontier to map a locus of potentially technically efficient output. this study employs the non-parametric frontier method, data envelopment analysis (dea) to examine whether the foreign banks are relatively more efficient than the islamic banks. the empirical results reveal that increasing foreign bank entry is associated with increasing profitability, growing overhead expenses and rising non-performing loans in indian public sector banks (kalluru and bhat, 2009). therefore, it is interest to investigate whether that condition will be happened as well as to the state-owned banks, and especially islamic banks (bus) and sharia business units (uus) in indonesia. the purpose of this study is to analyze the state of efficiency demonstrated by foreign banks compared to the local banks, which are government banks and islamic banks. evan, hofler and payne (2006) state that foreign banks have substantially better efficiency scores than all categories of domestic banks. other researcher also wiwiek rabiatul adawiyah: the impact of financial liberalization 143 examined that foreign banks are more efficient than the local banks in developing countries, and the foreign bank entry has a rather negative impact on the local bank efficiency (see fathi, 2010). however, different researcher finds that foreign banks are not more efficient than islamic banks (see saif and yaseen, 2005, sufian and habibullah, 2010). to fill the research gap, this study examines to test theory related to banks’ efficiency in foreign banks and islamic banks. literature review dea is a popular technique to evaluate bank efficiency performance and productivity improvement which combining all input and output data of the bank in a single measures (deb, 2012). therefore, the dea efficiency score for a specific firm is defined not by an absolute standard but is relative to the other firms under considerations (tahir et al, 2009). the efficiency of the banking technique is measured by calculating the ratio between output and input. dea will calculate banks using n inputs to produce outputs of different m (miller and noulas, 1996 in sutawijaya and lestari, 2009). bank efficiency is measured as follows: dea assumes that each dmu will have weight that maximize of efficiency ratio (maximize total weighted output/total weighted input) (muharam and pusvitasari, 2007). assumption of this efficiency ratio made dea research is using orientation output in calculating efficiency technique, but both of these assumptions would have obtained the same results ( sutawijaya and lestari, 2009: 58). an dmu can be said as efficient relatively if it dual value equal to 1 (efficiency value of 100 percent). contrarily when the dual value is less than 1, then dmu is considered not efficient relatively (experiencing inefficient) (silkman, 1986; nugroho, 1995 in huri and susilowati, 2004). measurement model engineering approach banks on the assumption frontier is divided into two types, namely (sutawijaya and lestari, 2009): first, dea ccr model ( charnes cooper rhodes , 1978). the assumption that is used in this model is constant return to scale (crs). some linear program transformed into ordinary linear program in term of primal or dual, as follows: maximization: al-iqtishad: vol. vii no. 2, juli 2015 144 function limitations and constraints: the efficiency of each bank is calculated using linier program to maximize the amount of output that weighted from the s bank. constraints weighted sum of inputs must be equal to one for s banks, while constraints for all banks are weighted output minus the weighted sum of inputs must be less or equal to 0. this means that all banks will be in or under reference of frontier performance which is straight line that cuts axis origin (insukirdo in sutawijaya and lestari, 2009). second, bcc dea models (bankers, charnes and cooper, 1984). the assumption that is used in this model is variable return to scale (vrs). some linear program transformed into ordinary linear program in term of primal or dual, as follows: maximization function limitations and constraints: where uo can be a positive or negative value. banker, charnes and cooper with the method of variable returns to scale (vrs) finally is known as ccr model (charnes-cooper-rhodes) and bcc (banker-charnes-cooper) (amrillah, 2010). ccr assumes the existence of crs. the mean of assumption crs is that the proportional changes at all levels of the input will produces the same proportional change in the output level. meanwhile, bcc assumes the existence of vrs. the mean of vrs assumption is that all the units that will produce measurable changes at various levels of output and the assumption that the scale can affect the efficiency of production. in this study will only use the input orientation approach assuming crs, because the approach of wiwiek rabiatul adawiyah: the impact of financial liberalization 145 input orientation to find out how much reduction in inputs that to be done by the dmus that have poor performance for improving its performance. determining input-output which are used to calculate efficiency is one of important phases either when using parametric method or non parametric method. input variable is the one which if increases, the other factors being constant, the efficiency unit would decreases and if decreases, the efficiency would increase and output variable is the one which if increases, the other things being equal, the efficiency would increase and vice versa (nia et al, 2012). in conducting analysis of banks’ efficiency, there are five main approaches for defining inputs and outputs, namely: the production approach, the intermediation approach, the operational approach, the profitability approach and the modern approach (nia et al, 2012). since the intermediation approach has been used extensively in determining the inputs and outputs of the bank industry, therefore this study adopts this approach. the intermediation approach accounts for the cost of resources used and price (value) of outputs produced (cook, et al, 2000). intermediation approach constitutes a better instrument to study efficiency, and gives a more accurate image of how efficiently a bank is using its resources to generate profit berger and humphrey 1997, taylor et al, 1998 in cook, et al, 2000). methods data employed in this research was secondary data consisted of deposit, asset, personnel expense, loan and income of foreign banks, state-owned banks, islamic banks and sharia business units in indonesia. this secondary data were obtained by using observation method on the financial statement of those banks during the observation period in 2009-2012. the source of data obtained from official website bank of indonesia www.bi.go.id. the populations used in this research are the foreign banks and islamic banks in indonesia. the sample of this research is chosen by using purposive sampling method with the following criteria: first, foreign banks, state-owned banks, islamic banks and sharia business units listed in bank of indonesia during the period of 2009-2012. second, banks provide financial statements during the period 20092012. the analysis technique used is descriptive and comparative methods. the data analysis method of this research is data envelopment analysis (dea) using banxia frontier software. thus, three inputs under the intermediation approach: deposit, assets, personnel expenses and two outputs: loan and income are utilized to investigate efficiency of foreign banks and islamic banks. al-iqtishad: vol. vii no. 2, juli 2015 146 discussion a unit (bank) said to be efficient if it obtained a score of 100 percent. banks with 100 percent efficiency rate is said to be efficient. furthermore, the most efficient banks will become a benchmark for other units. according to the result of calculation dea analysis with constant return to scale (crs) assumption by using banxia frontier software, it can be concluded that from the total of ten foreign banks as sample, only four foreign banks that can achieve efficiency score of 100 percent in 2009. meanwhile, foreign banks are not efficient but have efficiency scores above average in 2009 was citibank and deutsche bank with the efficiency of each bank is equal to 99.2 percent and 98.6 percent. however, the efficiency score of foreign banks in 2010 declined, which only two foreign banks was perfectly efficient. while inefficient foreign banks but have efficiency scores above average in 2010 were the bank of china limited (98.1 percent), citibank (94.6 percent), and the bank of tokyo mitsubishi ufj (99.2 percent). in 2010 foreign banks that concluded inefficient was bank of america, deutsche bank ag., standard chartered bank, hongkong & shanghai banking, and the royal bank of scotland. in 2011, only two foreign banks can achieve efficiency score of 100 percent, which were deutsche bank ag and the bangkok bank comp. ltd. then the bank with the lowest efficiency score in 2011 was the royal bank of scotland. in 2012, the most efficient foreign bank is deutsche bank, jp morgan chase bank, the bangkok bank comp. ltd. and the hongkong & shanghai banking. it can be concluded that foreign bank that can maintain the efficiency score of 100 percent during 2009-2012 was the bangkok bank comp. ltd. table 1. efficiency scores of foreign banks during 2009-2012 no bank efficiency % 2009 2010 2011 2012 1 bank of america n.a 36.9 41.7 36.6 42.4 2 bank of china limited 49.7 98.1 78.9 62.6 3 citibank n.a 99.2 94.6 79.1 86.0 4 deutsche bank ag 98.6 44.9 100.0 100.0 5 jp. morgan chase bank, n.a. 100.0 100.0 26.0 100.0 6 standard chartered bank 69.8 72.5 63.7 87.9 7 the bangkok bank comp. ltd. 100.0 100.0 100.0 100.0 8 the bank of tokyo mitsubishi ufj 100.0 99.2 92.0 96.0 9 the hongkong & shanghai banking 75.3 78.2 89.6 100.0 10 the royal bank of scotland 100.0 49.2 25.8 57.6 source: data processed by banxia frontier software wiwiek rabiatul adawiyah: the impact of financial liberalization 147 in table 2., it explains that efficiency scores of foreign banks compared to the islamic banks (bus) and sharia business units (uus). islamic banks and sharia business units was the banks that attained efficiency score of 100 percent during 2009-2012. as well as it occured to the bank of america n.a. third level bank that had efficiency score in above average was bank of china limited, which the bank can achieved 95 percent (2009), 98.1 (2010), 100 percent (2012), then 96.9 percent in 2012. the rest of sample had fluctuate efficiency score. table 2. efficiency scores of foreign banks, islamic banks, and sharia business unit during 2009-2012 no bank efficiency % 2009 2010 2011 2012 1 islamic banks and sharia business unit 100.0 100.0 100.0 100.0 2 bank of america n.a 100.0 100.0 100.0 100.0 3 bank of china limited 95.0 98.1 100.0 96.9 4 citibank n.a 82.9 99.3 92.0 96.0 5 deutsche bank ag 70.5 99.2 89.6 75.6 6 jp. morgan chase bank, n.a. 68.3 40.1 79.1 73.3 7 standard chartered bank 64.7 68.0 77.6 73.1 8 the bangkok bank comp. ltd. 58.2 36.4 63.7 61.7 9 the bank of tokyo mitsubishi ufj 38.9 72.5 36.6 61.6 10 the hongkong & shanghai banking 35.2 78.2 26.0 57.6 11 the royal bank of scotland 28.3 49.2 25.8 42.4 source: data processed by banxia frontier software the result of efficiency score of state-owned banks, islamic banks, and sharia business unit during 2009-2012 was most same with table 2. which islamic banks, and sharia business unit can maintain the efficiency score in 100 percent during 2009-2012. while state-owned bank that can be said as perfectly efficient bank is pt bank bni tbk. during 2010-2011, pt bank bri tbk., and pt bank btn tbk. in 2011. the smallest efficiency score was owned by pt bank mandiri tbk amounting to 64.2 percent in 2009. table 3. efficiency scores of state-owned banks, islamic banks, and sharia business unit during 2009-2012 no bank efficieny % 2009 2010 2011 2012 1 islamic banks and sharia business unit 100.0 100.0 100.0 100.0 2 pt bank bni tbk. 74.8 100.0 100.0 93.5 3 pt bank bri tbk. 92.1 86.1 100.0 84.0 al-iqtishad: vol. vii no. 2, juli 2015 148 4 pt bank btn tbk. 98.2 75.5 100.0 77.4 5 pt bank mandiri tbk. 64.2 69.0 84.5 70.7 source: data processed by banxia frontier software based on the results obtained that the perfect efficient banks in 2009-2012 were the bank of tokyo mitsubishi, bus and uus. for inefficient banks but had efficiency scores above average in 2009 was the bangkok bank comp. ltd. (95 percent) and pt. bank btn (93.9 percent). while there was eight inefficient banks in 2009 including deutsche bank, pt. bank mandiri tbk., standard chartered bank, citibank, the hongkong & shanghai banking, pt. bank bni tbk., jp morgan chase bank, and pt. bank bri tbk. for inefficient banks but had efficiency scores above average in 2010 is jp morgan chase bank (99.3 percent), the bank of tokyo mitsubishi ufj (99.2 percent) and pt. bank btn tbk. (99.2 percent). while there ware seven inefficient banks in 2010, including deutsche bank, pt. bank mandiri tbk., citibank, standard chartered bank, pt. bank bni tbk, the hongkong & shanghai banking, and pt. bank bri tbk. perfectly efficient bank in 2011 were deutsche bank, pt. bank bri tbk., the bangkok bank com.ltd., bus and uus. bank that less efficient but had efficiency scores above average in 2011 was the bank of tokyo mitsubishi ufj (92 percent). while inefficient banks in 2010 were jp morgan chase bank, standard chartered bank, pt. bank bni tbk., pt bank mandiri tbk., citibank, pt. bank btn tbk., the hongkong and shanghai banking. for the banks that are less efficient but the level of efficiency was above average were the bank of tokyo mitsubishi ufj (96 percent) and pt. bank btn tbk. (79.2 percent). while there are eight banks, namely citibank, pt. bank mandiri tbk., pt. bank bni tbk., the hongkong & shanghai banking, standard chartered bank, deutsche bank, pt. bank bri tbk., and pt. bank btn tbk. table 4. efficiency scores of foreign banks, state-owned banks, islamic banks, and sharia business unit during 2009-2012 no bank efficiency % 2009 2010 2011 2012 1 islamic banks and sharia business unit 100.0 100.0 100.0 100.0 2 the bank of tokyo mitsubishi ufj 100.0 100.0 100.0 100.0 3 the bangkok bank comp. ltd. 95.0 99.3 100.0 96.9 4 pt bank btn tbk. 93.9 99.2 100.0 96.0 5 pt bank bri tbk. 88.3 99.2 92.0 79.2 6 jp. morgan chase bank, n.a. 82.9 85.1 86.7 78.6 7 pt bank bni tbk. 71.6 78.2 79.9 75.6 8 the hongkong & shanghai banking 70.5 74.7 77.0 73.3 9 citibank n.a 68.3 72.5 76.5 73.1 wiwiek rabiatul adawiyah: the impact of financial liberalization 149 10 standard chartered bank 64.7 68.0 68.4 69.6 11 pt bank mandiri tbk. 61.8 68.0 63.7 65.0 12 deutsche bank ag 58.2 36.4 26.0 61.7 source: data processed by banxia frontier software conclusion dea analysis result is known that the average of efficiency local banks is better than foreign banks. which the first rank is occupied by islamic banks (bus) and sharia business units (uus), state-owned banks and the smallest score is foreign banks. the average of efficiency islamic banks during 2009-2012 is 100 percent. while the average of efficiency state-owned banks, islamic banks (bus) and sharia business units (uus) in sequence are 81.97 percent and 77.26 percent. the result is in line with the previous research that conducted by sufian and habibullah (2010), they states islamic banks currently exist in all parts of the world and it is seen as an alternative system, which has a lot to offer. for foreign banks and local banks are already efficient, in order to maintain its performance by minimizing the input variables at the same time increasing the output variable resulting in productivity, but with due regard to fairness is primarily concerned with the cost of labor input variables. for the banks that have not yet reached an efficiency score of 100 percent are expected to pay more attention to variables that are still not used optimally so as to avoid waste of resources and thus increases the efficiency of the bank. for the indonesian bank regulator and the ojk, to create rules that supports the development of the financial industry, especially islamic finance especially in banking. because islamic banking finance, is a nascent industry in the state of ri that the majority moslem has huge potential. for investors are expected to be able to see bank efficiency as consideration in investing their fund in the banks observed. further research who wants to carry out the similar research is suggested to use dea efficiency analysis with vrs (variable return to scale) so that all units measured will make change at various outputs, which technology and production scale will influence efficiency level. references bank indonesia. 2014. laporan keuangan publikasi bank. retrieved june 20, 2014, from http://www.bi.go.id bank indonesia. 2014. statistik perbankan indonesia. retrieved june 4, 2014, from http://www.bi.go.id berger, a. & d. humphrey. 1997. efficiency of financial institutions: international al-iqtishad: vol. vii no. 2, juli 2015 150 survey and directions for future research. european journal of operational research. 98(5), pp. 175-212. bouzidi, f. 2010. consequences of the foreign bank implantation in developing countries and its impact on the local bank efficiency: theoretical analysis and empirical tests on international data. international journal of economics and finance. 2(5). claessens, s., a. et.al. 2001. how dose foreign entry affect domestic banking markets?. journal of banking and finance, 25, pp. 891-911 cook, w.d. et.al. 2000. financial liberalization and efficiency in tunisian banking industry: dea tests. canada: schulich school of business york university. deb, n. 2012. evaluation of online bank efficiency in bangladesh: a data envelopment analysis (dea) approach. journal of internet banking and commerce, xvii (2). dendawijaya, l. 2005. manajemen perbankan. bogor: ghalia indonesia. evan, k. et.al. 2006. privatization, foreign bank entry and bank efficiency in croatia: a fourier-flexible function stochastic cost frontier analysis. applied economics, 38, pp. 2075–2088. indonesia stock exchange. 2014. laporan keuangan and inan. retrieved may 10, 2014, from www.idx.co.id kalluru, s.r. & sham, b.k. 2009. does foreign bank entry affect operations of domestic banks? a study on indian public sector banks. research scholar, department of economics, pondicherry central university. karimzadeh, m. 2012. efficiency analysis by using data envelop analysis model: evidence from indian banks. international journal of latest trends in finance & economic sciences, ii (3). nia, n.m. et.al. 2012. a comparative profitability efficiency study of private and government banking system in iran applying data envelopment analysis (dea). journal of basic and applied scientific research, 2 (11): pp. 20904304. sutawijaya, a. & e.p. lestari. 2009. efisiensi teknik perbankan indonesia pascakrisis ekonomi: sebuah studi empiris penerapan model dea. jurnal ekonomi pembangunan, 10(1), pp. 49 – 67. tahir, i.m. et.al. 2009. evaluating efficiency of malaysian banks using data envelopment analysis. international journal business and management, 4 (8), pp. 96-106. 01_daftar isi_ok 02_wiwiek_ok 4-suryani.indd suryani & hendryadi: a developing model of relationship 45 a developing model of relationship among service quality, consumer satisfaction, loyalty and word of mouth in islamic banking suryani & hendryadi1 abstract. a developing model of relationship among service quality, consumer satisfaction, loyalty, and word of mouth in islamic banking. this research aims to develop a measurement tool of service quality in islamic banking sector, and examine its relationship among satisfaction, word of mouth (wom), and consumer loyalty. a convenience sampling of 235 respondents collected from seven locations in the lhokseumawe, aceh. partial least square -structural equation modeling(pls-sem) was used to test the research hypotheses. the results revealed that the quality of service has four dimensions, they are: service portfolio and assurance/spa, tangibles/tan, reliability of communication/com, and islamic values/iva. the pls-sem results suggest that spa and com are dominant factors affecting satisfaction, and satisfaction were significantly related to wom and loyalty. loyalty also positively and significantly related to wom. keywords: service quality, islamic banking, wom, loyalty, customer satisfaction. abstrak. pengembangan model hubungan antara kualitas layanan, kepuasan konsumen, loyalitas, dan kekuatan komunikasi di perbankan syariah. penelitian ini bertujuan untuk mengembangkan alat ukur kualitas layanan di sektor perbankan syariah,dan menguji hubungannya dengan kepuasan, word of mouth (wom), dan loyalitas nasabah. sampel diambil dari 7 (tujuh) titik lokasi di kota lhokseumawe aceh dengan total sampel 235 responden. pemodelan persamaan struktural menggunakan sem-pls. hasil analisis faktor menunjukkan bahwa kualitas pelayanan memiliki empat dimensi yaitu “portofolio layanan dan jaminan”, “fisik”, “keandalan komunikasi” dan “nilai islami”. melalui analisis sem-pls dibuktikan bahwa portofolio layanan dan jaminan, dan faktor keandalan komunikasi adalah faktor utama yang mempengaruhi kepuasan nasabah, selain itu, dibuktikan bahwa kepuasan nasabah memiliki hubungan signifikan dengan wom dan loyalitas, dan wom juga terbukti berhubungan dengan loyalitas nasabah. kata kunci : kualitas pelayanan, bank syariah, wom, loyalitas, kepuasan nasabah. first draft: september, 18th 2014, revision: november, 28th 2014, accepted: december, 18th 2014 1 stain malikussaleh lhokseumawe, jl. medan-b.aceh km. 275 no. 1 buket rata, alue awe kota lhokseumawe faculty of economic attahiriyah islamic university. jl. kampung melayu iii no. 15 bukit duri tebet jakarta selatan, dki jakarta email : suryapijar@yahoo.com, hendry.basrah@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 46 introduction islamic bank is a bank that operates not on interest (riba), but using the principle of profit sharing (mudharabah), safekeeping (wadi’ah), a joint venture (musyarakah), and leasing (ijarah). islamic bank also based on islamic law (sharia) that follows the islamic rules and practices that stated in holy quran, mohammad (pbuh) and majoring opinions among sharia scholars. islamic bank is a bank conducting business or operation based on islamic principles and does not depend on the interest in providing financing and other services in transaction activity (mohammed, 2005). as a company involved in the field of service industries, quality of service in the islamic banking sector has become a major concern in an effort to maintain competitiveness and long-term performance of the company. superior service quality will increase customer satisfaction, loyalties and also will reduce the level of complaints and customer retention. thus, companies that want to gain a competitive advantage should use technology to gather information about the demands of the market in an effort to improve service quality. the implications of the intense competition between islamic banks with conventional banks are increasing customers’ standard banking services, so the approach of using religious sentiment is no longer effective in attracting consumers in the islamic banking sector. research conducted by dusuki and abdullah (2007) in malaysia revealed that the selection of islamic banks are dominated by a combination of reputation and quality of service and finance offered by banks. other factors are also considered important that a good social responsibility comfort and price of the product. further studies by al-tamimi et al., (2009) also found that the most important factors as determinants of bank selection, first, bank products, than service quality and religious factors. the results of different studies reported by sayani and miniaoui (2013) concluded that the determinants of bank selection are the preference religions as the most important consideration in choosing between islamic and conventional banks. great attention to the quality of service the banking sector has made this topic develops and produces various models of measurement of service quality in the banking sector. however, there are considerable disagreement and debate about how to measure the quality of service. generally, recent research using servqual as a tool to measure the quality of service throughout the marketing sector and this model has gained widespread evidence, but it is not possible for any other service sector, especially the banking sector (abdullah et al., 2011). from 2000 to 2006, a total of 14 conceptual models of service quality reported that applied in the banking sector (both conventional and islamic) (sangeetha & mahalingam, 2011). suryani & hendryadi: a developing model of relationship 47 because there are many differences in the concept of service to the islamic bank then its prove, the concept is still being developed so as not yet found a definite reference in cross-cultural research. in addition, in developing the model in the measurement of service quality islamic bank, this research also tries to develop a research model to include satisfaction, word of mouth (wom) and customer loyalty. furthermore, this research is intended to enrich and provide knowledge in the context of islamic banking service quality and provides a conceptual framework for islamic service quality that is still limited. literature review business banking services primarily to give special attention to the trust, so the issue of service quality becomes a crucial factor in the success of the business. service quality is a form of consumer ratings of the perceived service with the level of service expected. the implications of the quality of service according to ladhari (2009), include increased customer satisfaction, improved customer retention, positive word of mouth, reducing staff turnover, reduced operating costs, enlarged market share, increase profitability, and improve financial performance. service quality is the result of the evaluation process, where consumers compare expectations with perceptions of service received (grönroos, 1984). another definition proposed by parasuraman et al., (1988) which states that the service quality as a general assessment or attitudes related to service excellence, while satisfaction associated with a specific transaction. service quality is generally seen as the result of a whole system of services received by consumers, and the principle that the quality of services focused on addressing the needs and desires of customers, as well as their determination to provide services in accordance with customer expectations. service quality is the expected level of excellence and control of the level of excellence to meet customer expectations (tjiptono and chandra, 2004). based on these definitions can be concluded that the service quality is the hallmark, the characteristics or properties of a product or service that can meet the expectations of consumers who provide a level of excellence in a specific service. during its development, the service quality in the banking sector has been measured by various approaches, first, the model servqual of parasuraman et al., (1988) proposed five dimensions of perceived service quality construction: first, tangibles or physical evidence, namely the ability of a company to show existence to external parties; second, reliability is the company’s ability to deliver as promised services accurately and reliably; third, responsiveness is a willingness to help and provide fast and accurate service to customers with clear information; fourth, guarantees and certainty is knowledge, courtesy, and the ability of the company’s al-iqtishad: vol. vii no. 1, januari 2015 48 employees in growing confidence of the customers to the company; and fifth, empathy is providing genuine concern and a private individual or given to customers by striving to understand the desires. most of the empirical studies on the quality of banking services are to measure the quality of service to replicate or adapt the model servqual. firdaus abdullah (2011) developed a factorial analysis showed that the quality of service has three dimensions, namely “systematization of service delivery”, “reliable communication” and “responsiveness”, and then some regression analysis showed that the “systematization” is the dimension of service quality the most important in the banking sector which is then referred to as the bsq index (bank service quality). other sizes referred to as the bank service quality (bsq) developed by bahia and nantel (2000) which measures the quality of the bank’s services include aspects of effectiveness and assurance; access; price; tangibles; service portfolio, and reliability that also successfully validated by glaveli et al., (2006) through his research in five countries. compared to conventional bank, service quality measurement in the islamic banking sector is still relatively limited. several studies have attempted to develop a service quality scale islamic bank as gayatri and chew (2013) identified: islamic values in general, halal/haram, attention to the activities of the islamic religions, honesty, humility, and humanity and trust. while manshor taapet amat al., (2011) using the four dimensions of service quality, namely tangibility, reliability, competence, and comfort in islamic and conventional banking sector in malaysia. jabnoun and khalifa (2005) developed a measure of quality of service to the conventional banks and islamic banks and they identified four dimensions that include personal skills, reliability, value and image of the bank. however, only the dimension values and personal skills that significant in determining the quality of service in islamic banks. research by misbach et al., (2013) conducted in indonesia adapted the measurement model of abdullahet al., (2011) designed a new measurement instruments in the banking sector and identifies three dimensions that include system services, responsiveness and reliability. thus, qureshiet al., (2014) in pakistan used the measurement model by adapting the servqual, which includes reliability, responsiveness, assurance, empathy, and physical aspects. models of service quality measurement can be seen in table 1. table 1. model of service quality measurement in islamic bank writer / year state model of measurement / indicator jabnoun dan khalifa (2005) uni emirat arab personal skills, reliability, value and image of bank suryani & hendryadi: a developing model of relationship 49 ahmad et al., (2010) pakistan servqual ladhari et al., (2011) kanada dan tunisia servqual amat taap et al., (2011) malaysia honesty, humility, humanity and trust gayatri dan chew (2013) indonesia islamic values in general, halal / haram, attention to the activities of islamic religion, honesty, humility, humanity and trust misbach et al., (2013) indonesia system service, responsiveness and reliability amirzadeh dan shoorvarzy (2013) iran servqual qureshi et al., (2014) pakistan servqual consumer behaviors such as loyalty, repeat purchases, the level of complaints, word of mouth, brand image, customer value, and various other aspects. the relationship between service quality and consumer satisfaction in the banking context has been studied. one study tried to develop a model of the relationship between service quality, customer satisfaction, and profitability of banks in taiwan. by using the models servperf successfully proved that service quality has a positive relationship with customer satisfaction and profitability of banks (lee and hwan, 2005). research in malaysia proves that the five key dimensions of competence, communication, conflict management, trust, and relationship quality-discrimination between customers associated with consumer satisfaction (nelson and chan, 2005). another study in india found that customer expectations and perceptions of service quality dimensions of tangibility, competence and empathy have an impact on consumer satisfaction (khurana, 2014). newer research reveals similar findings as esmailpour et al., (2012) and mosahab et al., (2010) in iran; and al-hawari (2008) in australia. based on the above, it can be said that the better the quality of services provided the higher the level of satisfaction. the hypothesis is: “h1: service quality is positively related to customer satisfaction”. a satisfied customer will provide recommendations on experience to others are a basic concept of communication by word of mouth. word of mouth can be expressed as interpersonal communication between two individuals even more like al-iqtishad: vol. vii no. 1, januari 2015 50 a consumer’s group members or others. due to the nature of the recommendations of the individual, the communication of mouth is one of the important factors that influence a person’s decision to buy. wom concept definition itself is constructed differently, such as the informal transfer of positive or negative purchases and behaviors associated with consumption among consumers (teo and soutar, 2012). in the education sector, it was found that the functional quality of service, rather than the quality of technical services, have an impact on the formation of wom, with student satisfaction plays an important mediating role (teo and soutar, 2012); satisfaction associated with loyalty and wom (shao-chang li, 2013); and the high satisfaction of a larger cause wom activity (lang, 2011). thus, it is reasonable to think that in a banking context, the fulfillment of the expectations that have implications for consumer satisfaction will lead to an increase in intention to recommend to others about their experiences with others in the form of positive wom. thus, the second hypothesis proposed is: h2: “consumer satisfaction is positively associated with wom” consumer loyalty is a form of behavior. loyal customers will demonstrate the purchase of non-random behavior, repeated violations of the goods / services of a company. the word “non-random” on buying behavior indicates that loyal customers make purchases planned and not based on random events (griffin, 2009). while the characteristics of loyal customers according to kotler and keller (2009) can be seen from the three indicators includes repeat purchases; resistance from other influences and referrals or refer in total company’s existence. in various literatures, customer satisfaction is an important indicator of customer loyalty and a number of studies have identified the benefits of customer loyalty for the company in the future. the benefits of customer loyalty can lead to low service cost because the cost to be incurred by the company for loyal customers is cheaper than new customers. in addition, they will pay a higher fee for a set of products; and loyal consumers will act as an agent of word-of-mouth marketing. (gee et al., 2008). research conducted by pont and mcquilken (2005) on the relationship between customer satisfaction and loyalty in the australian banking industry to the conclusion that satisfaction has a significant impact on three of the five dimensions: loyalty, pay more and external responses, whereas the other two dimensions, namely the tendency to switching and internal response is not significant. in the context of e-banking services, satisfaction has a significant effect on loyalty to the bank and a willingness to continue the relationship with the e-banking services (momeni et al., 2013). other studies such as that carried out by kazemi et al., (2013) give the conclusion of the relationship between brand identity, customer suryani & hendryadi: a developing model of relationship 51 loyalty and wom by considering the mediating role of customer satisfaction and brand commitment. other empirical evidence also found that all the attributes of service quality are positively related to customer satisfaction is positively related to customer loyalty in retail banking arrangements in bangladesh. empathy showed the highest positive correlation with customer satisfaction and physical aspects showed a positive correlation with customer satisfaction at least (siddiqi, 2011). based on these explanations, the proposed hypothesis is: h3: “loyalty is positively associated with wom” and h4: “customer satisfaction is positively related to loyalty” methods service quality in this study adapted various service quality measurement model of bank. through a preliminary study identified 26 items relevant statements by adapting measurement model of bank service quality (bsq) from bahia and nantel (2000); service quality measurement model islamic bank of gayatri and chew (2013); and servqual of parasuraman et al., (1988). customer satisfaction is measured by three items include overall satisfaction, the level of complaints, compliance with the expected services, and the lack of service (hennig, 2004). loyalty is measured by two items covering the intention to continue to be a customer and intention to move (dimitriades, 2006). wom is measured by three items include the intention to tell others, recommend behavior, and behavior to invite others to use the services of islamic banks (shao-chang li, 2013). all statements are measured using a scale of 7 point likert-type items, namely 1 (strongly disagree) to 7 (strongly agree). the first stage of analysis using exploratory factor analysis (efa) by the method of principal component analysis and varimax rotation was used as a test tool to test the factor structure of the data. the factor analysis would classify data based on the inter-correlations between items. the reliability of a measurement indicates the extent to which these measurements without free from errors and ensure consistent measurement across time and across a variety of items in the instrument. the approach used to estimate the reliability of the instrument is using the cronbach alpha coefficient. reliability test was using internal consistency approach. cronbach alpha value of 0.70 and above is considered the criteria to demonstrate the internal consistency of the scale developed. the analysis technique used to test the model of the relationship among variables in this study is a structural equation model partial least square (pls-sem). al-iqtishad: vol. vii no. 1, januari 2015 52 this technique is an alternative method used to model that has great complexity, an indicator that is reflexive and formative mix and has a purpose for prediction (ghozali, 2008). discussion through a convenient technique (simple sample) then obtained 235 respondents obtained from six islamic banks in lhokseumawe and the location was taken in one of the islamic universities. the sample consisted of 47.7 % male and 52.3 % female. age of respondents consisted of less than 25 years (39.6 % ), then the age of 26-35 years (34 %), over 35 years (24.3 % ) and 2.1 % are refused to filled. majority, the education respondent is bachelor (37.4 %) and high school (36.6 %), while based on the length of a customer, the customer as much as 52.8 % less than 3 years, and 26.4 % between 4-8 years, and 12.3 % are already a customer of more than 9 years, and 8.5 % of respondents are refused to answer. through factor analysis values obtained kaiser-meyer-olkin msa (kmomsa) of 0.933 shows that the data have been qualified analysis of the first factor. second, the value of bartlett’s test of sphericity of 4309.445 at 0.000 significance. this value indicates that the variable-forming factor is good enough so that the analysis can proceed. the next step is to assess the communality of each variable to determine which items are examined as a value factor. the results showed that the two variables are communalities below 0.50 so that it is removed from the measurement model. furthermore, based on the total variance explained earlier revealed 24 items forming four factors with eigenvalue over one. four of these factors explain about 64,496 percent of the variance. after two items are eliminated, then the ability of four factors explains construction is of 67,843%. thus, the final scale is used, leaving 24 item questionnaires of 26 questions planned. table 1 shows the results of factor analysis in terms of the name of factors. variables loading on each factor, and the variance explained by each factor. alpha coefficient values for all factors of service quality are shown that all factors that meet the prerequisites of reliability cronbach alpha> 0.70. it can be concluded that the four constructs have a satisfactory level of reliability. the results of testing the validity of the structure on customer satisfaction generate value kaiser-meyer-olkin (kmo) measure of sampling adequacy for 0,747 (chi-square = 398,519, df = 3, sig = 0.000). the total variance explained demonstrates the ability to explain construct three items of 81,890 customer satisfactions. furthermore, the conclusion that the entire item is valid with regard weighting coefficient factor> 0:50. internal consistency with cronbach alpha tests to qualify the reliability that is equal to 0,887. for wom construct, the value of suryani & hendryadi: a developing model of relationship 53 kaiser-meyer-olkin (kmo) measure of sampling adequacy for 0,742 (chi-square = 449 007, df = 3, sig = 0.000). all the items proved to be valid by the ability to explain the construct of 83,651. internal consistency cronbach’s alpha tested by a qualified reliability that is equal to 0,902. and test results on the loyalty construct showed the value of the kaiser-meyer-olkin (kmo) measure of sampling adequacy of 0.500 (chi-square = 102 245, df = 1, sig = 0.000), with a totals of 80,282% constructs the ability to explain. internal consistency (alpha cronbach) 0,887 for customer satisfaction, 0,902 (wom), and 0,754 (loyalty) and has fulfilled a good reliability (cronbach alpha> 0.70). measurement model with reflexive indicator based composite reliability or internal consistency should be higher than 0.70 (in exploratory research, 0.60 to 0.70 are considered acceptable); second, reliability indicators: loading factor on the indicator must be higher than 0.70. third, convergent validity seen from the average variance extracted (ave) should be higher than 0.50. fourth, discriminant validity: the square root of ave any latent constructs should be higher correlation latent variables; and loading factor indicators should be higher than the other constructs (hair et al., 2011). further, reliability test shows that all variables have a value of composite reliability and cronbach alpha above 0.70. so it can be stated that all latent variables have a good level of reliability. convergent validity is met if the scores obtained by two different instruments that measure the same concept shows a high correlation. indicators which have convergent validity is having outer loading factor above 0.70. the next test results shown that all the indicators already have a loading factor> 0.70 so that it can be declared to have proved it has a convergent validity. discriminant validity was intended to test that a properly construct only measure the construct to be measured, not the other construct. discriminant validity testing methods can use cross-loading between indicators and used the roots of the average variance extracted (ave). through the results of the analysis shows that the correlation for each indicator in latent variables is greater than other latent construct. in addition, test results showed that the root of ave entire square root of the construct has a greater value than the correlation between the latent variables. from this test it can be concluded that the model has met the discriminant validity. the goodness of fit model is measured using r2 dependent latent variable with the same interpretation of the regression. r² value of 0.75, 0:50 or 0:25 for endogenous latent variables in the structural model can be described as substantial, moderate and weak. q2 predictive relevance for the structural model to measure how well the observed values generated by the model and parameter estimation. q² value greater than zero indicate that the construction of exogenous have predictive al-iqtishad: vol. vii no. 1, januari 2015 54 relevance in explaining endogenous. (hair et al., 2011). based on the analysis of sem-pls obtained r2 structural model in model 1 (satisfaction) is equal to 0732, model 2 (wom) is equal to 0505 and model 3 (loyalty) is equal to 0492. thus the formulas and calculations to test predictive relevance q2 following: q2 = 1 – ( 1 – r2 1 ) ( 1 – r2 2) ( 1 – r2 3) q2 = 1 – ( 1 – 0.732) ( 1 – 0.505) (1 – 0.492) q2 = 1 – ( 0.268) (0.495) (0.508) q2 = 0.933 summary of hypothesis tests show of five of seven proposed hypothesis supported. two non-significant path coefficient are the relationship between the physical aspect (tan) with satisfaction (sat) and the relationship of islamic values (iva) with satisfaction (sat). this study consists of two main objectives: first to develop an instrument to measure the quality of islamic banking services, and the second is a test model the relationship between service quality, satisfaction, and loyalty wom. the results of the analysis successfully validated 24-item scale measuring service quality islamic banks (islamic bank service quality scale / ibsq). as a newly developed scale, these findings provide initial information to be replicated in future studies. this study complements the findings of gayatri and chew (2013) which identifies the islamic bank of service quality measures include: islamic values in general, halal/haram, attention to the activities of the islamic religion, honesty, humility, and humanity and trust, and bank service quality (bsq) developed by bahia and nantel (2000) which measures the quality of the bank’s services include aspects of effectiveness and assurance; access; price; tangibles; service portfolio; and reliability which also successfully validated by glaveli et al., (2006). in summary, this study enriches and increases their knowledge in the context of quality islamic banking services and provides a conceptual framework for service quality which is still relatively limited explored. compared with previous studies, such as gayatri and chew (2013) which identifies six factors of service quality islamic bank, this study identified only four the quality factor of islamic banking services by using the more general aspects that are expected to be able to describe the professional quality of the islamic banking services. interesting findings is the lowest average score of 4 dimensions are used for 6 (six) that is observed bank of the islamic values. this situation clearly needs to get attention from the islamic bank in its efforts to reinforce the distinction of islamic banks with conventional banks. suryani & hendryadi: a developing model of relationship 55 figure 1. structural model pls-sem through the analysis of sem-pls obtained results indicate that physical factors (tan) and islamic values (iva) has not significantly related to satisfaction, with t value for each coefficient of 1,673 and 1,332. two other factors, namely the reliability of communications (com) and the portfolio of services and guarantees (spa) has a significant relationship (0178, t value 2,724 t) for com and 0.568 (t value 5,941 t) for spa. thus it can be stated the relationship between service quality and customer satisfaction is only partially supported (h1a and h1b are not supported; h1c and h1d supported). in the second sub-structural wom as an endogenous variable, obtained coefficient of determination of 0505 which demonstrate the ability of consumer satisfaction and loyalty explain wom by 50.50%. coefficients between consumer satisfaction to wom that are for 0.464 (t 7.644) and coefficient of loyalty to wom that are for 0303 (t 4.934). the two coefficients significant at 5% level that can otherwise be otherwise be able to explain the variation of wom, therefore hypotheses 2 and 3 supported. sub-structural third placing loyalty as an endogenous obtained coefficient of determination of 0.492 which describes the ability of customer satisfaction in explaining loyalty amounted to 49.20%. coefficient path of satisfaction on loyalty is equal to 0.701 (t value 17. 616 t), so that the hypothesis 4 is supported. al-iqtishad: vol. vii no. 1, januari 2015 56 conclusion based on testing the validity and reliability that have been described, the four factors which successfully identified in this study: first, portfolio of services and warranty (service portfolio and assurance) service product portfolio refers to the diversity of services offered, the results and the fees charged to customers. collateral refers to the accuracy of the services such as errors in service, gives a detailed explanation on the services offered, the service compared with conventional banks, the suitability of hope, and the suitability of the promise. second, physical factors (tangibles). this factor relates to buildings, neatness and design rooms, location, service staff clothing. third, communication reliability factor (reliable communication). the reliability of communication refers to communication effectiveness in providing services (especially the friendliness and courtesy of employees) and the willingness of staff to provide an explanation to the customers. these factors emphasize the need for staff in providing services which promote good attitudes and behavior by promoting hospitality (empathy) and courtesy (modesty) in the face of the customer, including in the case of listening to the complaints submitted. fourth is the factor of islamic values and attention to islamic activities. this factor explains conformity with islamic values such as conformity with the rules of islam, muslim accommodate customer needs, prioritizing system halal/ haram, and provide tools for the activity of islamic prayer. this research is targeted also to explain the relationship between service quality and customer satisfaction, and the relationship between customer satisfaction, loyalty, and wom. statistical analysis showed that only two lanes direct effect of service quality on customer satisfaction, namely the reliability of communications (com), portfolio and collateral (spa). two factors of service quality that physical factors (tan) and islamic values (iva) is not proved significantly related to customer satisfaction. although the structure of these two factors proved to have construct validity, but each one is weak in terms of validity based criteria (criterionrelated validity) that validity is determined by comparing the test scores with certain performance on an external measure. beyond this size should have a theoretical relationship with the variables measured by tests that, in this context that are the quality of service should correlate with customer satisfaction. a larger sample size is recommended for further testing, as recommended by hair et al., (2006) that 14 to 1 or 14 x 32 variables / items = 448. another finding that successfully authenticated that is positively wom can be explained by the satisfaction and loyalty, and the latter proved satisfaction is positively related to loyalty. customers which satisfied with the quality of service will create loyalty to generate wom behavior. suryani & hendryadi: a developing model of relationship 57 references abdullah, f. et.al. 2011. bank service quality (bsq) index: an indicator of service performance. international journal of quality & reliability management. vol. 28 iss: 5. al-hawari, m. 2008. the influence of traditional service quality factors on customer satisfaction: a practical study within the context of australian banking. the business review. cambridge. dec vol. 11, no. 2. asyraf, w.d. & n.i. abdullah. 2007. why do malaysian customers patronise islamic banks?. international journal of bank marketing. vol. 25 iss: 3. bahia, k. & j. nantel. 2000. a reliable and valid measurement scale for perceived service quality of bank. international journal of bank marketing. vol. 18 no. 2. dimitriades, z.s. 2006. customer satisfaction, loyalty and commitment in service organizations: some evidence from greece. management 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customer satisfaction and loyalty: a test of mediation. international business research. oct. vol. 3. no. 4. nelson, n.o. & k.w. chan. 2005. factorial and discriminant analysis of the underpinnings of relationship marketing and customer satisfaction. international journal of bank marketing. vol. 23. no. 7. parasuraman, a. et.al. 1988. servqual: a multiple item scale for measuring consumer perception of service quality. journal of retailing. vol. 64. no. 1. qureshi, m.i. et.al. 2014. structural investigation of service quality in conventional and islamic banking in pakistan. international journal of management and innovation. vol. 6. no. 1. siddiqi, k.o. 2011. interrelations between service quality attributes, customer satisfaction and customer loyalty in the retail banking sector in bangladesh. international journal of business and management. mar vol. 6. no. 3. teo, r & g. soutar. 2012. word of mouth antecedents in an educational context: a singaporean study. the international journal of educational management. vol. 26. no.7. tjiptono, f. & g. chandra. 2004. service, quality & satisfaction. yogyakarta: andi. 5-yoghi.indd yoghi citra pratama: macroeconomic variable and its influence 59 macroeconomic variable and its influence on performance of indonesian islamic banking yoghi citra pratama1 abstract. macroeconomic variables and its influence on performance of indonesian islamic banking. the purpose of this research is to analyze the macroeconomics variables that affect to the performance of islamic banks in indonesia. methods used in this research is the vector auto regressive (var) / vector error correction model (vecm) to see the effect of the shock and the long-term effect on the performance of islamic banking. the results show that based on the analysis of irf, the performance of islamic banking having short-term shocks to fluctuations in macroeconomics variables but stable in the long term, and based on the variance decomposition, shocks of macro variables only gives little effect on the performance of islamic banking. keywords: performance, islamic banking, var, macroeconomic variable abstraksi. pengaruh variabel makroekonomi terhadap kinerja perbankan syariah di indonesia. tujuan dari penelitian ini adalah untuk menganalisis pengaruh variabel makro ekonomi terhadap kinerja bank syariah di indonesia. metode yang digunakan dalam penelitian ini adalah vector auto regresive (var)/vector error correction model (vecm) untuk melihat efek dari shock dan efek jangka panjang terhadap kinerja perbankan syariah. hasil penelitian menunjukkan bahwa berdasarkan analisis irf, kinerja perbankan syariah memiliki guncangan jangka pendek terhadap fluktuasi variabel makroekonomi tapi stabil dalam jangka panjang, dan berdasarkan dekomposisi varians, guncangan variabel makro hanya memberikan sedikit efek pada kinerja perbankan syariah. kata kunci: kinerja, perbankan islam, var, variabel makroekonomi first draft: september, 15th 2014, revision: november, 30th 2014, accepted: december, 16th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: yoghi@uinjkt.ac.id al-iqtishad: vol. vii no. 1, januari 2015 60 introduction globalization and integration of the financial sector in the world economy led to the depedency among countries in the world. globalization means more corelation among countries especially in connection to world trade and financial market either directly or indirectly, this is proved by the global financial crisis that occurred in 2008, where the financial crisis that began in the united states has effected to the other countries in the world.the 2008 global financial crisis that started in the u.s. in late 2007 has given a wide array of impacts to the operating and financial performance of many banks all over the world . as a result, many banks across the world reported financial loss on their financial reportdue to their connections with subprime mortgage in the u.s. or were simply affected by economic recession in theirown countries. the impact of the crisis have even forced around 123 banks in the u.s. to file for bankruptcy in theyear, including american giant bank lehman brother that was never been expected to fail (hidayat and abduh, 2012). indonesia is also get the impact of global crisis, that can be seen from a number of macroeconomic indicators in indonesia. the impact of the crisis also approached the financial and banking system in indonesia, it can be seen from the financial ratios of banks that had a significant correction, including the banking system which uses a sharia based the development of islamic banks in indonesia is growing faster when the government is fully committed in 1998 by issuing law no. 10 in 1998 to enhance the previous act, act 7 of 1992, which provides institutional and operational developments of islamic banking in a comprehensive manner. with this legislation, dual banking system has been implemented, in which the conventional banks and islamic banks recognized and both are regulated and supervised by bank indonesia. when business unit has enacted law no. 21 2008 on the islamic banking on july 16, 2008, then as a follow-up mandate of the act referred to, some new policies must be drawn up and some of the provisions that have been issued by bank indonesia should be adjusted to remain focused on six aspects, including adherence to islamic principles, compliance with prudential aspects, the development of operating efficiency and competitiveness, and system stability benefits to the economy, improving the competence and professionalism of human resources, as well as the optimization of social functioning of islamic banks in facilitating the voluntary sector / social with people’s economic empowerment efforts. (lpps bank indonesia, 2008). based on bi data in june 2012, the number of islamic banks were established 11 the number of bank offices in 1780, and the number of conventional banks that have islamic business units are 24and the number of bank offices 521. coupled yoghi citra pratama: macroeconomic variable and its influence 61 with rural islamic banks amounted to 158, the number of office 398. development of islamic banking assets also increased rapidly and above the average of national banks. graph 1. the development of islamic banking assets source: bank indonesia from the graph above can be shown that the development of islamic banking assets increased significantly from 50 million in 2008 to 150 trillion in 2011 even growth of islamic banking assets has fluctuated, although still above the average national banks, islamic banks grow to over 30 % since the year 2008 and reached its peak in 2010, which reached 70%. this illustrates that islamic finance industry has great potential and is not overly affected by the global financial crisis. years 2008 to 2009 was a challenging year for the financial system, both domestically and globally because in that year the world was hit by the global financial crisis. the crisis that began with subprime mortgage in the united states has disrupted the stabilization of the global financial system, the effect is even to countries in southeast asia, including indonesia. many international and domestic financial institutions have liquidity problems because they are involved too deeply in financial derivatives sector. in addition, the global crisis has also hampered the indonesian macroeconomic system. where economic growth declined from 6.3% at the end of 2007 to 6.1% in late 2008 and in 2009 was estimated according to bank indonesia’s economic growth will also be corrected to 4.3%. inflation reached its highest level of the 12.07% in september 2008, which since 2007 has always been below the range of 10% . rupiah exchange rate also depreciated against the dollar, to ever reach 12,150 rupiah per dollar in november 2008. al-iqtishad: vol. vii no. 1, januari 2015 62 the global financial crisis also makes bi as monetary authorities create policies like lowering the interest rate (bi rate) by 300 basis points since november 2008 to encourage the growth of the real sector. the judging from the characteristics of islamic banking if interest rates rise, it will suppress the growth of islamic banking deposits, which in turn will impact on the level of profitability, and vice versa if the interest rates tend to fall in deposits of islamic banks will increase. currently september 2009 bank indonesia interest rate has dropped to 6.5% from its highest point of 9.5% in november 2008. the crisis that occurred in 2008 is an implication of the loss of the monetary sector linkages with the real sector. monetary sector has grown so fast through derivative products, cross-country over the edge. the development of the monetary sector so quickly is not matched by the real sector, resulting in an economic bubble. money becomes a tool commodity is traded with other debt securities, as a result of speculative motives. the global financial crisis in 2008 tends to slow the pace of economic growth in many countries and lead contraction of macroeconomic indicators. it is expected to have minimal impact on the national islamic banking industry. there are several reasons why it believed the effect of the global financial crisis in 2008 was not significant to the national islamic banking industry. first, the concept of sharia-based real sector and based on an underlying asset in the transaction, requires that the monetary sector developed by the real sector. islamic banking financing portfolio exposure is almost 100% channeled in the form of business financing in productive sectors (real sector), where the concentration of the business sector financing of islamic banking is the domestic business sectors that are not directly related to foreign trade (lpps bank indonesia, 2012). while the quality of islamic banking financing is still relatively well preserved, as seen from the ratio of the npf industry several years this is still maintained at an average rate of 3%. and sector financing is minimal from the financing of foreign trade enterprises. this means that the national islamic banking financing are still dominant in the domestic market. it is because islamic banking financing capacity is relatively limited. secondly, the nature guided by the principles of sharia, islamic banking is not allowed to use products based on interest and speculation. here are the indicators of financial ratios that show the performance of islamic banking in 2007-2012. from the table 1, we see that in general the global financial crisis has not significantly affect the performance of the national islamic banking, if in view of the growth of financing (loans) of banks or financing to deposit ratio (fdr) is still high with an increasing trend since 2005 to reach 103 , 65% in 2008, with yoghi citra pratama: macroeconomic variable and its influence 63 the level of financing (credit) problematic or non performing financing (npf) is still kept below 5% and experienced a decreasing trend from 2007 to reach 2.22% by 2012. this means that islamic banking still function properly as intermediary, by channeling financing to the real sector. in addition, islamic banking has a great durability against the global crisis with the npf rate remains below 5%. table 1. performance indicators of islamic banking ratio 2007 2008 2009 2010 2011 2012 car 10. 67% 12. 81% 10. 77% 16. 25% 16. 63% 14. 13% roa 2. 07% 1. 42% 1. 48% 1. 67% 1. 79% 2. 14% roe 40. 38% 38. 79% 26. 09% 17. 58% 15. 73% 24. 06% npf 4. 05% 1. 42% 4. 01% 3. 02% 2. 52% 2. 22% fdr 99. 76% 103. 65% 89. 70% 89. 67% 88. 94% 100. 00% bopo 76. 54% 81. 75% 84. 39% 80. 54% 78. 41% 74. 75% source: bank indonesia based on car, islamic banking a good performance in capital adequacy ratio. it is about 8% in 2011 and the highest rate reaches 16.63%. thus, the bank should obtain a profit from lending activities (fdr), which continues to increase with the level of non performing financing (npf), which tends to decrease. however, in the profitability ratio, ie the indicator return on assets (roa) and return on equity (roe) in 2008, roa is decreasing into 1.42% compared to 2007 ;2.07%. same as roe indicator, it’s the highest point was 40.38% in 2007, and decreased into 15.73% in 2011. then it began to increase up to 24.06% in 2012.based on the above data, the authors are interested to find out the influence of external factors such as macro-economic variables which are contracted due to the impact of the global financial crisis to the performance of islamic banking. based on the exposure above, the authors formulate the following research questions. how does the performance of islamic banking which are proxy by fdr, car, npf and roa in the face of a global crisis that is shown by contracted the macroeconomic variables such as sbi interest rate, exchange rate and inflation rate from year 20072012? literature review macroeconomic conditions have an important role in the performance of banking. kunt (2000) describes the factors that determine the occurrence of banking crises that can affect the performance of banking including macroeconomic factors, al-iqtishad: vol. vii no. 1, januari 2015 64 financial, and institutional. since the early 1980s, macroeconomic problems became systemic problems in the banking sector that has happened in most countries. vulnerable banking crisis occurs in a weak macroeconomic conditions. low gdp may increase the risk in banking sector. vulnerability to shocks on aggregate output is not always a sign that the banking system is not efficient, because the role of banks as financial intermediaries are risk taking. increased risk in the banking sector is also caused by high levels of inflation. so that the tightening of monetary policy is used to create stability in the banking sector second is the financial factor. high real interest is not only caused by stability policy of inflation, but also by others like financial liberalization. the degree of financial liberalization significantly affect the likelihood of a banking crisis even though real interest rates can be controlled. the third is the institutional factor. this factor will focus on internal activities within banking. the existence of deposit insurance schemes tend to increase the likelihood of systemic problems in banking. when on one side of the deposit insurance may reduce any panic in the banking sector, but on the other hand the existence of deposit insurance may lead to moral hazard. therefore, reduce acts of moral hazard in the implementation of the deposit insurance is a top priority in the banking system. the affect macroeconomic research on the performance of banks and other financial institution have been carried out in the world today. bank of england (2003) in the research used the method of estimating and calculating (var) found its banking system losses in the face of macroeconomic variable shocks. the reserve bank of australia also collects all of his resources to calculate and identify the relationship between bank profitability and bank resilience to contraction of macroeconomic variables in australia (see gizycki, 2001). athanasoglu and delis (2005) also studied the effects of fluctuations in macroeconomic variables to the profitability of islamic banking in greece, the results show that the inflation as a significant positive affect on the profitability of banks which are proxy by return on equity (roe) and return on assets (roa). in the context of macro economic management, clair (2004) in his research in singapore found that on average two-thirds of the bank’s performance is closely linked to the performance of macroeconomic variables. islamic banking has different characteristics from conventional bank, but islamic banking transactions which based on real sector also can not be separated from economic conditions. in some empirical studies, there are not direct correlation between changes in bank’s performances and the business cycle. both income and expenditure are likely to be pro-cycle where the outcome for profit depends significantly on the banks’ expense policy and their credit risk profile. the relationship between risk and return depend yoghi citra pratama: macroeconomic variable and its influence 65 on how banks price for risk and the lags between taking on risk and the crystalisation of the risk into realised profit or losses. when gdp increases, banks may earn higher returns by taking on greater risk, which boosts profits. however, if a bank suffered a loss, it subsequently beyond what it had provisioned, so the losses will reduce its profitability (clair, 2004). the research about the impact of macroeconomic condition to islamic banking performance have been also carried out in the world today. hassan and dridi (2010) compare the performance of islamic banks (ibs) and conventional banks (cbs) since the recent global crisis by looking at the impact of the crisis on profitability, credit asset growth, and external ratings in a group of countries where the two types of banks have significant market share. the study suggests that ibs have been affected differently than cbs. those factors related to ibs‘business model helped limit the adverse impacton profitability in 2008, while weaknesses in risk management practices in some ibs led to a larger decline in profitability in 2009 compared to cbs. ibs’ credit and asset growth better than cbs in the year 2008–09. this contributes the financial and economic stability. therefore, the external rating agencies‘re-assessment of ibs‘risk was generally more favorable. noor and ahmad (2011) studied the efficiency of the 78 islamic banks in 25 countries in 1992–2009. the fixed effect model used to examine the impact of operating expenses to assets, equity, high income countries and non performing loans to total loans on profit efficiency. they found that the operating expenses to to the high equity of assets and high income countries, have a positive and significant effect onfinancial performance of islamic banks. asma, fadi and noor (2011) examined the determinants of profitability of islamic banks in malaysia. number of islamic banks in specifics variables had been used capital adequacy, and management of expenses credit risk, liquidity, log total assets. they found that only the bank’s size has a positive significant impact on profitability of malaysian islamic banks. while the other variables have no impact on islamic’s banks profitability. bashir (2003) investigated the determinants of profitability for 14 islamic banks from 8 middle eastern countries. he found that total equity to total assets, loans to total assets and overhead (salaries, wages, and investment cost) have a positive and significant impact on profitability measured by (roa), (roe) and basic earning power. gross domestic product growth has a positive and significant impact on islamic banks profitability (mustafa and ali, 2013). methods this research is a descriptive-correlational research (causal) that will explain the relationship of macroeconomic variables ( inflation, interest rates certificates al-iqtishad: vol. vii no. 1, januari 2015 66 of bank indonesia, the rupiah exchange rate against the dollar) and variables of the performance of islamic banking which are proxy by car, npf, fdr, and roa, to know whether those variables have positive or negative influence. descriptive research is an explanation of the characteristics, profile, and relevant aspects of the phenomenon of the research object (nachrowi and usman, 2007). the data analysis of the study is vector auto reggresive (var)/vector error correction model (vecm), which aims to look at short-term relationships and using cointegration test to see indications of the long-term relationship. analysis of data will be done with the help of computer application programs such as e-views 6. vecm testing can only be conducted if there are indications of a long-term correlation using cointegration test. the variables are identified to be cointegrated when stationary at the same order. the augmented dickey fuller (adf) test used to test the stasioner data. in the adf test is done by adding (augmenting) the value of the lag on the dependent variable. specifically, the adf test follows the following equation: δyt = β1 + + δyt β2t-1 + σ α δy t-1 + έt the study used data natural log (ln) of the variables, except for the variables that are already in the unit of percentage, that method is useful for solving the equation. logs model is a model which states measure the elasticity of y with respect to x, the size of the percentage change in the percentage change in y when x is known by the model ln_y = α + β1 + ε ln_x. vector autoregressive (var) is used to see the effect of macroeconomic shocks on the performance of the islamic banking. while the methods of vector error correction model (vecm) will be used if there are diffrent stationary variables. discussion in the first stage of data characteristics will be tested using the unit root test. unit root test is necessary to determine the data according to gujarati the data become stasioner if the data of the time series data sets (time series data) had an average (mean) and variance are constant over time, except that the value of covariance between two period of time only depends on the distance or lag of two periods of time and does not depend on waktu.data exchange in this study in the form of natural logarithm (ln), to simplify the analysis. the test of stasioner is a major requirement in the cointegration test, if the time series data are not stationary, then the model will have problems unit root, so that the handle unit root test (unit root test). in this study the unit root test is done yoghi citra pratama: macroeconomic variable and its influence 67 by using augmented dickey fuller test (adf test). variable that has a value smaller than its mckinnon then these variables have stationary. testing the unit root can also be determined by the value of its critical value, if the value of the adf is larger than the critical value then the variable valuenya stationary, otherwise if the adf if indigo is smaller than the value of critical value (cv) 5% then the data is not stationary. the results of the unit root test can be seen from the following table: table 2. augmented dickey fuller test (first diffrencing) no. variables ho = there is a stationary ha = stationaryadf test cv 5% 1 car -7.018919 -2.954021 stationary 2 fdr -7.143259 -2.951125 stationary 3 npf -7.704743 -2.951125 stationary 4 roa -8.973787 -2.951125 stationary 5 sbi -3.461580 -2.951125 stationary 6 inflation -3.765297 -2.951125 stationary 7 exchange -5.339399 -2.951125 stationary results of stationarity test data showed no variables are stationary at level. therefore variables derived in first-degree diffrencing, as listed in the table above. the next stage is the determination of the optimal lag. determination of the optimal lag is very important because the independent variable used is nothing but a lag of endogenous variables. determination of the optimal lag is done based on the value of schwartz information criterion (aic). selection of optimal lag cointegration test done before, it is important to do before estimating vector autoregressive (var) model. election lag length is important because it can affect the acceptance and rejection of the null hypothesis, resulting in biased estimates and could result in inaccurate predictions. graph 2. impulse response function on car -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dcar -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dinflasi -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dkurs -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dsbi response to cholesky one s.d. innovations the longer the lag is used to reduce the degree of freedom and the number of observations, while the amount of lag that is too short will result in incorrect al-iqtishad: vol. vii no. 1, januari 2015 68 specification (gujarati, 2007). the issue of the selection of lag length also increased with the assumption that the selection of the appropriate lag will result in residual (free from autocorrelation and hetroskedastisitas) (gujarati, 2007). to define the optimal lag value typically used akaike information criteria (aic), final prediction error (fpe), hannan-quinn information criterion (hq) and schwarz information criteria (sc). in this study the magnitude of the lag is selected based on the value of the smallest sc. sc calculations every lag. from the test results it is known that car models, fdr, npf and roa indicates optimal lag one, is evident from the value schawart information criteria and hannan-quinn information that shows the smallest value in lag 1. graph 3. impulse response function on fdr -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dfdr -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dinflasi -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dkurs -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dsbi response to cholesky one s.d. innovations from the graph 2, it is known that the impulse respone function test results showed that the car response to inflation shock. seen from the table above it can be seen that car responds positive to inflation shock until at 25th period, after it fluctuates into a negative and stable at zero in the long run in the 40th period. car response to fluctuations in the exchange rate is negative at15th period after having a positive movement in the short term and having stability at 35th period. firstly car response to sbi with fluctuates and have negative relationship at eight period after that in the short term car responds positively and achieve stable movement began at 25th period. graph 4. impulse response function on npf -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dnpf -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dinflasi -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dkurs -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dsbi response to cholesky one s.d. innovations yoghi citra pratama: macroeconomic variable and its influence 69 the graph 3, explains that fdr respond positive to movements the inflation in the short term until the 7th period but after that fdr had a tendency to respond negative to inflation. fdr suffered shocks to the exchange rate in the short-term and has positive response but at 2nd period until 3.5 period responded to the negative, then returned with a positive response at the 4th period and tend to have stability in 9 period. fdr’s response positive to sbi untilat 5th period after that fdr respond with negative long-term and having stable negative respond to sbi. inflation give a stable respond at the beginning of the second period, after that npf respond negatively to inflation shocks until the 4th period and thereafter gave a positive response, its mean the higher of the inflation rate will cause the greater the level of npf. exchange rate give negative effect to npf untill third period, after that at the fourth period the movement of npf as the respond of exchange rate is stable at posisitve respond. npf respond positively to the shock caused by sbi until seventh period, after that npf respond negativly to sbi. graph 5. impulse response function on roa -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to droa -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dinflasi -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dkurs -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dsbi response to cholesky one s.d. innovations the graph above explains that the inflation gave negative shock to roa but after second period, inflation tend to brought to the zero and roa gives a positive response to inflation until the seventh period. exchange rate shock give positive effect on roa and tend to be stable in the eight period after that roa tend to negative respond exchange rate. sbi give roa negative response and tend stable. table 3. variance decomposition model (1) car variance decomposition of dcar: period se dcar dinflasi dkurs dsbi 1 1.336783 100.0000 0.000000 0.000000 0.000000 2 1.402522 96.34677 0.999679 1.290292 1.363259 3 1.564987 77.39283 15.34615 3.777673 3.483345 4 1.718135 65.05940 27.45176 3.795459 3.693382 5 1.804432 59.68344 32.93968 3.840892 3.535995 6 1.853637 56.60407 35.79475 4.219619 3.381558 7 1.884897 54.74216 37.36704 4.613230 3.277570 al-iqtishad: vol. vii no. 1, januari 2015 70 8 1.903068 53.70180 38.09582 4.879719 3.322669 9 1.914722 53.05528 38.37929 5.049229 3.516196 10 1.924163 52.56504 38.50542 5.131814 3.797723 from the result of variance decomposition on table 3, it can be seen that in the first period car is influenced by variables itself with a value of 100%, in tenth periodcar is influnced by its own variables at 52.56% and other variables affecting the tenth period car is the inflation rate effect 38.50%, then the variable exchange rate effect of 5.13 % and sbi whose give influence of 3.79%. table 4. variance decomposition model (2) fdr variance decomposition of dfdr: period se dfdr dinflasi dkurs dsbi 1 2.814258 100.0000 0.000000 0.000000 0.000000 2 3.405376 84.61833 0.210797 0.092497 15.07838 3 3.668259 82.08140 0.448766 0.314167 17.15567 4 3.743162 80.62526 0.560337 0.556163 18.25824 5 3.762227 80.16739 0.715868 1.040097 18.07664 6 3.790074 79.08602 0.753053 1.856415 18.30451 7 3.828620 77.61979 0.750023 2.422237 19.20796 8 3.875368 76.01495 1.058916 2.624580 20.30155 9 3.935000 74.13494 2.129524 2.577904 21.15764 10 4.013154 71.73056 4.159672 2.495334 21.61443 from the table 4, it is known that variable fdr in the first period is influenced by the variable itself at 100%, then the period of ten variables fdr is affected by the variable itself influenced by71.73% and the second biggest variable whose gives influenced is sbi at 21.61%. further, inflation gives influenceat 4.1% in the period of ten and exchange rate effect of 2.49 percent in the period of ten. table 5. variance decomposition model (3) npf variance decomposition of dnpf: period se dnpf dinflasi dkurs dsbi 1 0.276172 100.0000 0.000000 0.000000 0.000000 2 0.333364 93.52451 0.002483 3.455156 3.017851 3 0.368386 91.48392 0.423766 2.847924 5.244388 4 0.389198 90.71460 0.379816 2.590996 6.314587 5 0.404310 89.79314 0.731620 2.935515 6.539726 6 0.418169 87.97660 2.022665 3.743844 6.256896 7 0.432684 85.32802 4.008094 4.819740 5.844142 yoghi citra pratama: macroeconomic variable and its influence 71 8 0.447077 82.50230 6.047942 5.901228 5.548534 9 0.459898 80.09056 7.595677 6.878989 5.434774 10 0.470083 78.34647 8.463037 7.726345 5.464146 from the table 5, it can be seen that the npf variable is influenced by the variable itself by 100% in the first period and the second period npf variable is affected by exchange rate at 3.45% and sbi at 3.01% and then inflation gives influence at 0.002%. in the period of ten variables npf influenced by variable itself by 78.34% and then followed by inflation at 8.46%, then the variable exchange rate influnced npf at 7.72% and then sbi gives influence to npf at 5.46%. table 6. variance decomposition model (4) roa variance decomposition of droa: period se droa dinflasi dkurs dsbi 1 0.199317 100.0000 0.000000 0.000000 0.000000 2 0.208445 91.79469 2.538893 5.466057 0.200362 3 0.214047 87.05893 4.309262 6.587490 2.044313 4 0.220805 81.81397 7.030236 7.716723 3.439071 5 0.225816 78.49478 8.614079 8.245917 4.645228 6 0.228713 76.77743 9.181591 8.347609 5.693366 7 0.230104 75.98051 9.143707 8.307620 6.568164 8 0.231127 75.34009 9.147700 8.234731 7.277482 9 0.232516 74.44299 9.549156 8.192048 7.815805 10 0.234446 73.24785 10.34849 8.208393 8.195273 from the table 6, it is known that the variable roa in the first period is influenced by the variable itself amounted to100% and then in the second period is affected by the exchange rate at 5.46%. further, it’s influenced by inflation at 2.5% and sbi gives influenced to roa at 0.20%. in the tenth period roa variable affecting itsself by73.24%, and further variable roa influenced by inflation of 10.34% and the exchange rate amounted to 8.2% and the last sbi gives influenced to roa at 8.19%. conclusion this empirical study provides several important findings; firstly based on analysis of impulse response function is known that the performance of the islamic banking which are proxied by car, fdr, npf and roa had short-term shocks to macroeconomic fluctuations due to the financial global crisis. however, the performance of islamic banking showed stable tendency in the long run. secondly, al-iqtishad: vol. vii no. 1, januari 2015 72 based on the test of variance decomposition is known that the performance of islamic banking which are proxied by car, fdr, npf and roa is affected by the variable itself in the first period and thereafter until the tenth period apparently inflation provide second biggest influence to islamic banking performance, it can be seen from its effect on car in the tenth period are giving out the effect of 38.5%, and give influence 8.46% to npf and 10.34% to roa. diffrent form others variables, the second biggest variables whose influenced fdr is sbi, whose gives the effect of 21.61%. the findings lead to the empirical conclusion that performance of islamic banking is affected by fluctuations in macroeconomic variables in the short term but has a tendency to improved and stabilized quickly, this is because islamic banking in running its operations related to the real sector, therefore the development of islamic banking should be encouraged as much as possible in order to encourage economic growth and sustainable development. references al-qur’an dan al-hadist. athanasoglu, p.p. et.al. 2005. bank-specific, industry specific, and macroeconomic determinants of bank profitability. athens: economic research department, bank of greece. ascarya. 2002. instrumen-instrumen pengendalian moneter. jakarta : bank indonesia. bank of england. 2003. assessing the strength of uk banks through macroeconomic stress tests. financial stability review, june, pp 91-103. england bank of indonesia. statistics of islamic banking. www.bi.go.id bank of indonesia. 2012. the development acceleration policy of islamic banking. www.bi.go.id bank of indonesia. 2013. the development report of islamic banking 2012. www. bi.go.id. clair, r.s.t. 2004. macroeconomic determinants of banking financial performance and resilence in singapore. singapore: monetary authority of singapore. gizycki, m. 2001. the effect of macroeconomic conditions on bank risk and profitability. reserve bank of australia discussion paper no.06. gujarati, d.n. 2007. basic econometrics. new york: mcgraw-hill education. mishkin, f.s. 2004. the economics of money, banking, and financial markets (seventh edition). new york: pearson addison wesley. nachrowi, n.d. & h. usman. 2007. pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan. jakarta: lp-feui. handi risza: kritik ilmu ekonomi strukturalis dan islam 251 kritik ilmu ekonomi strukturalis dan islam terhadap ekonomi neoklasikal handi risza1 abstract: the critics of structuralis economics and islam to neo-clasical economy. this reserach proves that in the islamic economic thought and structuralist discourse, the idea of economic and social transform is very strong, in the mean time, there is a lot of criticisms and corrections towards neoclassical economic thought. the idea of transformation is needed to reestablish economic credos and thoughts that put forward moral values and humanitarian system of ethics in the quest of economic justice and prosperity. the conclusion of this paper supports that there is an urgent need of social and economic transformation in order to establish social justice and economic prosperity. the conclusion is also a refutation to the views developed by neoclassical economic thinkers, who based their views on individual interest and free competition to realize prosperity and justice for the society. keyword: economics, neoclassical, structuralis, islam, transformation abstrak: kritik ilmu ekonomi strukturalis dan islam terhadap ekonomi klasikal. penelitian ini membuktikan bahwa dalam wacana pemikiran ekonomi islam dan strukturalis mengenai transformasi ekonomi dan sosial sangat kuat, sementara itu banyak gugatan dan koreksi terhadap paham ekonomi neoklasikal. gagasan transformasi diperlukan untuk menyusun kembali paham ekonomi yang lebih mengedepankan nilai-nilai moral dan etika kemanusiaan, dalam mencapai keadilan dan kesejahteraan. kesimpulan penelitian ini menyatakan bahwa diperlukan sebuah transformasi ekonomi dan sosial dalam rangka menciptakan keadilan ekonomi dan kesejahteraan sosial, sebagaimana yang disampaikan oleh para ekonom muslim dan strukturalis. penelitian ini membantah argumen yang dibangun oleh pemikiran ekonomi neoklasikal yang berbasis kepada pendekatan kepentingan individu dan persaingan bebas dalam menciptakan kesejahteraan dan keadilan bagi masyarakat. kata kunci: ekonomi, neoklasikal, strukturalis, islam, transformasi 1 diterima: 28 maret 2014, direvisi: 5 mei 2014, disetujui: 20 mei 2014 universitas paramadina, the energy tower lantai 22 scbd sudirman jakarta, email: handi@ paramadina.ac.id al-iqtishad: vol. vi no. 2, juli 2014 252 pendahuluan umer chapra (2000) mengungkapkan kegagalan ilmu ekonomi konvensional yang berbasis kepada ekonomi neoklasikal dalam mewujudkan keadilan dan kesejahteraan bagi semua orang. lebih jauh chapra mengungkapkan bahwa, ekonomi konvensional menjauhi pendekatan yang berdasarkan norma, konsentrasinya yang berlebihan pada maksimalisasi kekayaan, pemuasan keinginan serta pemenuhan kebutuhan perorangan. pendekatan ekonomi neoklasikal tersebut, telah memunculkan istilah liberalisasi ekonomi dalam wujud globalisasi ekonomi. kondisi tersebut telah menimbulkan banyak permasalahan dalam perekonomian negara. krisis keuangan yang berujung kepada krisis ekonomi akan menjadi bagian yang tidak terpisahkan dalam perjalanan ilmu ekonomi yang berbasiskan kepada pandangan ekonomi neo-klasikal. seperti yang disampaikan schumpeter (1972), bahwa ilmu ekonomi yang berbasis kepada pencarian kapital semata telah menciptakan suatu kerangka pikiran rasional, telah menghancurkan otoritas moral dan begitu banyak lembaga, pada akhirnya akan menghancurkan ilmu ekonomi itu sendiri. krisis keuangan yang kemudian membesar menjadi krisis ekonomi, telah menjadi masalah besar bagi semua bangsa di dunia. roy davies dan glyn davies dalam bukunnya the history of money from ancient time of present day mengungkapkan bahwa sepanjang abad 20 telah terjadi lebih 20 kali krisis besar yang melanda banyak negara. fakta ini menunjukkan bahwa, secara rata-rata setiap 5 tahun terjadi krisis keuangan hebat yang mengakibatkan penderitaan bagi ratusan juta umat manusia. kondisi ini tentu sangat mengkhawatirkan, oleh sebab itu perlu sebuah koreksi mendasar terhadap sistem ekonomi yang dianut oleh sebagian besar negara-negara didunia dewasa ini. disimpulkan oleh swasono bahwa terdapat lima generasi yang mengusulkan perlunya mengakui the end of laissez-faire yang dilakukan oleh para ekonom baik dari barat maupun yang berasal dari timur. pertama kali oleh tokoh besar john maynard keynes (1926); kedua oleh moh. hatta, karl polanyi (1934 dan 1944); ketiga oleh gunnar myrdal, john kenneth galbraith, francis bator, paul baran dll (19571960); keempat oleh robert kuttner, lester thurow, george soros, josep stiglitz, susan george (1990-2002). intinya adalah bahwa pasar tidaklah selfregulating, tidak self-correcting, penuh market failures, terutama dalam mengatasi ketimpangan struktural. kelima adalah para nobel laureates 2006 (edmund phelps); 2007 (eric maskin, loenid hurwicz, roger myerson); 2008 (paul krugman); 2009 (elinor ostrom dan george akerlof yang mendukung the end of laissez-faire. kritik yang dilontarkan kepada paham neoklasik tidak hanya dilakukan oleh kalangan strukturalis saja, tapi juga dilakukan oleh beberapa ekonom yang handi risza: kritik ilmu ekonomi strukturalis dan islam 253 mengembangkan pemikiran ekonomi islam (islamic economic) diantara tokoh terkemukanya antara lain umer chapra, najetulah siddiqi, khursyd ahmad, dan ekonom islam muda lainnya. walaupun ekonomi islam baru mengalami kebangkitan selama tiga-empat dekade terakhir, setelah tidur panjang selama berabad-abad. ekonomi islam sedang membangun sebuah struktur baru perekonomian dunia, ditengah merosotnya moral para pelaku ekonomi. dari penjelasan diatas terdapat titik temu antara pemikiran ekonomi strukturalis dan ekonomi islam dalam dua substansi pokok permasalahan, yaitu menyelesaikan masalah ketidakadilan sosial dan mengatasi persoalan ketimpanganketimpangan struktural, sebagai masalah sosial-ekonomi yang selama ini muncul. dalam mengatasi kedua substansi pokok tersebut, ekonomi struturalis dan ekonomi islam juga memiliki titik temu yang sangat kuat untuk menyelesaikan, yaitu mengutamakan pendekatan kebersamaan dan kekeluargaan, dalam mengelola perekonomian. dengan demikian, keinginan untuk melakukan transformasi ekonomi dan sosial akan semakin kuat. dari latar belakang masalah yang telah diuraikan di atas, ada beberapa permasalahan yang dapat diidentifikasikan, antara lain: pertama, neoklasikal berkeyakinan bahwa keseimbangan pada pasar bebas akan tercipta dengan sendirinya (invisible hand) dengan membentuk self-regulating dan self-correcting, tanpa campur tangan siapapun. instrument yang digunakan adalah pasar persaingan bebas (free market competition) dimana kekuatan utamanya terletak pada efisiensi dan persiangan bebas (free competition). kondisi inilah yang menyebabkan perilaku kapitalisme ekonomi muncul, karna adanya hegemoni untuk selalu memenangkan persaingan tanpa mengindahkan nilai-nilai moral dan kemanuasiaan. kedua, penguasaan sumber daya ekonomi yang hanya berputar disegelintir orang saja, telah menyebabkan perekonomian terdistorsi kedalam penguasaan sumberdaya ekonomi semata, akibatnya hubungan antar individu, pranata sosial berkurang bahkan menjadi hilang, yang pada akhirnya menimbulkan masalah ekonomi sosial di masyarakat seperti, kemiskinan, pengangguran, ketimpangan struktur dan ketimpangan pendapatan. oleh sebab itu munculnya trasnformasi ekonomi yang digagas oleh ekonom dan tokoh yang beraliran strukturalis dan islam haruslah diapresiasi secara mendalam, keinginan untuk menciptakan sistem ekonomi yang adil dan memberikan kesejahteraan penuh bagi masyarakat adalah sebuah keinginan dan cita-cita mulia. transformasi ekonomi yang digagas haruslah memiliki dampak dan pengaruh yang kuat terhadap sistem ekonomi dan sosial kemasyarakatan. diperlukan kajian, pemikiran yang mendalam dan konsisten agar keinginan dan cita-cita transformasi tersebut bisa berhasil. indonesia memiliki peluang untuk menjadi role model bagi al-iqtishad: vol. vi no. 2, juli 2014 254 negara berkembang, karena sudah memiliki dasar negara yang sejalan dengan citacita dan keinginan transformasi tersebut. kondisi tersebut telah tertuang dalam konstitusi negara yaitu pasal 27, 33 dan 34 uud 1945. metode metode penelitian yang dilakukan dalam penelitian ini, dilakukan dalam beberapa bentuk penelitian, antara lain: 1) studi kepustakaan studi kepustakaan atau studi literatur yang digunakan dalam penelitian ini untuk menghimpun semua pemikiran dan teori yang berkembang dalam ranah ekonomi neo-klasikal, ekonomi strukturalis dan ekonomi islam. semua literatur yang terkumpul kemudian dianalisa dan disusun keterkaitan antara satu paham ekonomi dengan paham ekonomi lainnya. sehingga nantinya akan terlihat hubungan antara teori yang berkembang dengan implikasi yang ditimbulkannya di lapangan. 2) observasi data metode observasi yang digunakan adalah metode yang menggunakan data yang telah tersedia (research with available data), yang diadaptasi dari metode penelitian royce a. singletonbruce c. straith (1999) dan earl babbie (1998). metode penelitian ini dimanfaatkan untuk menganalisis proposisi paradigma dan asumsi dasar dan kebijakan yang ditimbulkan dari paham ekonomi strukturalis dan ekonomi islam dalam menanggapi persoalan pokok ekonomi mengenai ketidakadilan sosial dan ketimpangan struktural yang ditimbulkan oleh kebijakan ekonomi paham neoklasikal. proposisi-proposisi ini nantinya akan diuji validitasnya dalam menjawab permasalahan pokok ekonomi tersebut. pendekatan yang digunakan dalam penelitian ini menggunakan dua pendekatan, yaitu pendekatan sosio-historik dan pendekatan ekonomi politik. adapun penjelasannya adalah sebagai berikut: 1) pendekatan sosio-historik pendekatan sosio-historik digunakan untuk memahami sejarah munculnya paham eonomi neoklasikal. penelitian ini dimulai dengan meneliti karakteristik sistem ekonomi neoklasikal semenjak adam smith dengan karyanya the wealth of nations (1776) hingga mankiw (2010) dengan karyanya the economics theory. meneliti pikiran-pikiran ekonomi strukturalis mulai dari karl polanyi dengan karyanya the great transformation (1957) hingga joseph e. stiglizt dengan karya terakhirnya free fall (2010). handi risza: kritik ilmu ekonomi strukturalis dan islam 255 2) pendekatan ekonomi-politik pendekatan ekonomi politik digunakan untuk melihat implikasi kebijakan yang ditimbulkan dari pemikiran paham ekonomi neo-klasikal. dari persoalan yang timbul, kemudian dianalisa secara mendalam penyebab dan solusi yang seharusnya dilakukan, dengan menggunakan pendekatan paham ekonomi strukturalis dan ekonomi islam. solusi yang dihasilkan akan berdampak secara ekonomi dan politik dalam bentuk kebijakan ekonomi sebuah negara. kritik ekonomi strukturalis dan islam kedudukan ilmu ekonomi sebagai ilmu yang berbasiskan kepada moralitas sesungguhnya telah dimulai oleh adam smith. sebelum menerbitkan bukunya yang sangat terkenal an inquiry into the nature and cause of the wealth of nation pada tahun 1776, smith telah menerbitkan the theory of moral sentiments, pada tahun 1759. dimana smith menggambarkan tentang empati dan kecenderungan cinta kasih kepada masyarakatnya. dalam perjalanannya terjadi perubahan pemikiran yang dilakukan oleh smith, melalui the wealth of nation terlihat inkonsistensi smith yang dikenal sebagai das smith problem (the problem of smith) dalam pandangannya terhadap etika individu dalam aktifitas ekonomi. perubahan pandangan smith tersebut disikapi berbeda oleh para pengikutnya yang di kemudian hari dikenal dengan nama kaum neoklasikal, mereka mengabaikan pemikiran smith yang tertuang dalam buku yang awal the theory of moral sentiments (1759) dan mengedepankan serta merujuk pandangan smith pada buku yang hadir belakangan an inquiry into the nature and cause of the wealth of nation (1776). dalam perkembangan pemikiran kaum neo-klasikal cenderung mengabaikan implikasi asumsi monoutilitas, dengan demikian mengabaikan kenyataan bi-utilitas yang menjadi pokok pikiran dalam buku the theory of moral sentiments. artinya kaum neo-klasikal hanya merujuk kepada satu pemikiran smith semata, sementara sisi lain dari pemikiran smith cenderung diabaikan. dalam perkembangannya gagasan smith dalam the wealth of nation diperbaharui oleh paul samuelson dalam bukunnya economics an introductory analysis. semenjak itu, lebih tepatnya semenjak perang dunia ii ilmu ekonomi yang diajarkan dan diterapkan di seluruh dunia dirintis oleh buku samuelson tersebut. inti ajaran yang dikemukakan oleh samuelson, kemudian dikenal sebagai teori ekonomi neo-klasikal. dengan sangat cepat paham neo-klasikal telah mempengaruhi pengajaran ilmu ekonomi hampir diseluruh negara di dunia, tidak terkecuali di indonesia. neo-klasikal membangun konsep dan pengajaran ilmu ekonominya dengan al-iqtishad: vol. vi no. 2, juli 2014 256 mengedepankan asumsi-asumsi dasar yang bersumber dari pemikiran smith dan secara modern diperbaharui oleh samuelson, yaitu bahwa; (1) keinginan manusia yang bersifat tidak terbatas (2) sumber-sumber ekonomi yang digunakan untuk memenuhi keinginan manusia yang terbatas dan (3) pengejaran akan pemenuhan maksimal kebutuhan individual yang relatif tidak terbatas. dampak dan konsekuensi dari ketiga asumsi dasar itu berkelanjutan dengan suatu anggapan bahwa akhlak dasar manusia adalah bertarung dan saling berebut untuk dirinya sendiri. asumsi dasar inilah yang kemudian melahirkan konsep efisiensi dalam mencapai tujuan tertentu baik dalam bentuk kepuasan pribadi (maximum satisfaction) maupun keuntungan maksimal (maximum profit). pemikiran ilmu ekonomi neo-klasikal kemudian berkembang dengan pesat, dengan fokus kajian yang semakin luas yang menyangkut pembentukan pasar dan manusianya (homo economicus dan invisible hand), dengan pendekatan marginal utility serta keseimbangan umum (general equilibrium). fokus pengajaran ekonomi neo-klasikal adalah bahwa mekanisme pasar persaingan bebas, dengan asumsiasumsi tertentu, selalu menuju keseimbangan dan efisiensi optimal yang baik bagi semua orang, dengan meminimalisir peran dan fungsi regulator dalam hal ini adalah pemerintah. artinya jika pasar dibiarkan bebas, tidak diganggu oleh aturan-aturan pemerintah yang bertujuan baik sekali pun, masyarakat secara keseluruhan akan mencapai kesejahteraan bersama yang optimal, dimana semua orang akan menjadi sejahtera tanpa harus mengorbankan orang lain atau pihak lain. neo-liberalisme merupakan wujud baru dari liberalisme sebagaimana neo-kapitalisme adalah wujud baru dari kapitalisme. dengan memanfaatkan isu globalisasi mereka terus bergerak untuk mengkampanyekan ide dan gagasan tentang liberalisasi ekonomi dalam pasar bebas dan persaingan bebas, jadi bisa dikatakan globalisasi merupakan persemaian baru dari gagasan liberalisme dan kapitalisme ekonomi dengan kata lain menemukan kembali mantelnya yang baru yang lebih radikal. setidaknya terdapat empat faktor yang mempengaruhi dan mengiringi kemunculan neo-liberalisme. pertama, munculnya perusahaan-perusahaan multinasional dengan aset lebih besar dari kekayaan negara-negara kecil di dunia. perusahaan-perusahaan ini mampu menembus batas teritori negara-negara sekaligus memanfaatkan infrastruktur negara tersebut. kedua, munculnya rezim-rezim internasional sebagai surveillance system untuk menjamin negara-negara patuh dan tunduk pada hukum pasar bebas. rezim-rezim itu adalah world trade organization (wto),world bank (wb), dan international monetary fund (imf), ketiga, revolusi teknologi komunikasi dan transportasi yang dahsyat, yang memudahkan bagi para pemilik modal untuk mengetahui perkembangan dan situasi sosial, ekonomi handi risza: kritik ilmu ekonomi strukturalis dan islam 257 dan politik di sebuah negara. keempat, dari perspektif realis bahwa negara-negara maju memakai kekuatannya untuk melakukan hegemoni terhadap negara-negara berkembang. mereka berkeyakinan bahwa masyarakat di seluruh dunia akan mendapatkan kemakmuran kalau semua negara di dunia ini mau saling membuka perbatasannya, dalam hal ini menciptakan pasar bebas. barang-barang dapat keluar dan masuk dengan bebas, begitu juga investasi, dalam konteks ini adalah terciptanya persaingan bebas antar sesama pelaku ekonomi. basis utama para pendukung neo-liberalisme ini adalah teori atau pandangan liberalisasi terhadap ekonomi. teori neo-liberalisme bisa dikatakan sebagai teori yang paling optimistis dan meyakini akan terciptanya kemakmuran dan kesejahteraan masyarakat dunia. mereka berpendapat bahwa struktur pasar internasional saat ini akan dapat membawa kemakmuran yang dicitacitakan. dunia memang terbagi antara negara-negara maju dan negara sedang berkembang. meski demikian, di antara keduanya tidak perlu terjadi antagonisme. keduanya dapat bekerja sama untuk menciptakan kemakmuran dunia. oleh sebab itu globalisasi akan mendapat tempat yang sangat pas dalam isu liberalisme ekonomi, karena akan bertujuan untuk mempersempit ruang antar negara, sehingga memungkinkan antar negara akan saling berhubungan tanpa ada hambatan yang berarti dari sisi teritori. tetapi di sisi lain para pakar yang mengusung paham ini, mengakui terdapat sejumlah kelemahan yang akan menjadi hambatan dalam menjalankan konsep ini. permasalahan yang bisa ditimbulkan menurut pendukung teori liberalisme adalah kelemahan yang terkandung dalam berbagai faktor produksi, terutama modal dan tenaga kerja, di mana keduanya merupakan unsur faktor produksi yang sangat penting dalam menciptakan output. teori liberalisme meyakini ada cara untuk mengatasi masalah yang ditimbukkan oleh faktor produksi tersebut terutama mengenai modal dan tenaga kerja. terdapat tiga pendekatan yang digunakan, anatara lain adalah: perdagangan, investasi asing, dan hutang luar negeri. jadi sangat jelas bahwasanya gagasan globalisasi telah menuai banyak kecaman dari banyak pakar bahkan menimbulkan kekecewaan, yang mungkin sebelumnya tidak terbayangkan oleh para penggagasnya. banyak persoalan yang akan menghadang dan perlu diselesaikan terlebih dahulu, seperti; kemiskinan, pengangguran, kepastian hidup, ketidakstabilan, kerusakan budaya, jurang pemisah antara yang kaya dan miskin, dan permasalahan sosial lainnya. oleh sebab itu perlu kiranya dicari sebuah terobosan baru, memperbaiki tata ekonomi dengan melibatkan secara bersama-sama pelaku ekonomi, mulai dari individu, komunitas, perusahaan, dan negara, sehingga perekonomian akan tumbuh dan berkembang sesuai dengan harapan dan keinginan masyarakat. al-iqtishad: vol. vi no. 2, juli 2014 258 kritik ekonomi strukturalis terhadap ekonomi neo-klasikal munculnya paham ekonomi strukturalis merupakan reaksi dari dominasi aliran ekonomi neo-klasikal yang selama ini banyak diterapkan di negara-negara maju, tetapi kemudian menimbulkan banyak masalah ketika diterapkan di negaranegara berkembang. sehingga mulai memunculkan banyak kritik dari para ekonom. isu-isu mengenai krisis finansial global, kemiskinan, pengangguran, ketimpangan sosial, keresahan sosial dan kerusakan lingkungan, selama ini menjadi ancaman tersendiri bagi negara berkembang. paradigma ekonomi yang berkembang di negara maju coba untuk diterapkan di negara-negara yang sedang berkembang. hampir semua negara berkembang memiliki sumber daya alam, tetapi miskin sumber daya manusia. untuk mengejar ketertinggalan dari negara maju, terdapat tiga resep yang selalu digunakan untuk negara berkembang (todaro, 1989). pertama, pertumbuhan ekonomi yang tinggi. kedua, untuk membiayai pembangunan khususnya infrastrutur, dibiayai dengan utang luar negeri. ketiga, membuka pasar, agar investasi dalam bentuk penanaman modal asing bisa masuk ke negara-negara sedang berkembang. ketiga kebijakan tersebut, telah menjadi bagian dari kebijakan pembangunan ekonomi di negara berkembang. para ekonom di negara-negara maju dan lembaga atau donor internasional ketika itu berkeyakinan, bahwa pasar bebas akan lebih efisien dalam alokasi segenap sumber daya ketimbang campur tangan pemerintah. praktis pembangunan lebih banyak dikendalikan oleh negara dan lembaga donor asing. dilema utama yang dihadapi oleh sebagian besar negara-negara berkembang adalah, ternyata pembangunan ekonomi yang yang mereka lakukan selama ini justru menimbulkan persoalan baru yang sangat pelik. apa yang telah diusulkan selama ini untuk mempercepat ketertinggalan dari negara maju tidak terbukti. akibatnya, kemiskinan, pengangguran dan ketimpangan pendapatan telah menjadi masalah besar disebagian besar negera berkembang. berbagai kegagalan struktural dari perekonomian global ini telah menciptakan bencana ekonomi (economic disaster) yang luar biasa di tengah-tengah keajaiban ekonomi (economic miracle) dunia. kemiskinan, ketimpangan pendapatan, dan pengangguran telah melahirkan berbagai tragedi kemanusiaan yang luas dan dalam sistem ekonomi yang digunakan oleh sebagian besar negara berkembang saat ini sangat dipengaruhi oleh pemahaman neoklasikal ekonomi, ternyata tidak mampu menyelesaikan masalah yang timbul akibat pembangunan ekonomi. oleh sebab itu, perlu sebuah pendekatan baru dalam mengelola perekonomian, khususnya perekonomian dinegara berkembang. ekonomi strukturalis dalam perkembangannya, telah menjadi bidang ilmu tersendiri. bahkan beberapa tokohnya telah meraih nobel ekonomi. gunnar myrdal yang memperoleh hadiah handi risza: kritik ilmu ekonomi strukturalis dan islam 259 nobel ekonomi pada tahun 1974 menyatakan dalam bukunya asian drama. an inquiry in to the poverty of nations bahwa teori ekonomi yang sekarang diajarkan dan diaplikasikan di seluruh dunia adalah berbasis kepada aliran neo-klasik yang cocok untuk negara maju. menurutnya teori ekonomi tersebut tidak dikembangkan untuk menganalisis masalah-masalah ekonomi negara-negara sedang berkembang, oleh karenanya bagi negara sedang berkembang diperlukan teori yang lain dengan negara maju karena perbedaan masalah sosial, ekonomi, politik, hukum dan budaya. munculnya pandangan strukturalis yang melakukan koreksi terhadap kebijakan ekonomi yang dipengaruhi oleh paham neo-klasikal, telah memberikan pencerahan terhadap kebuntuan ekonomi selama ini. terutama pada kondisi terjadinya ketimpangan struktural sebagai sumber ketidakadilan sosial-ekonomi. para ekonom strukturalis mencoba menguraikan bagaimana ketinpangan yang telah menimbulkan permasalahan ekonomi tersebut, terutama yang berkaitan dengan pemusatan penguasaan dan pemilikan aset ekonomi, ketimpangan distribusi pendapatan, produktivitas dan kesempatan ekonomi. selain itu juga terdapat ketimpangan dalam kelembagaan, ekonomi partisipasi, dan emansipasi sosial-ekonomi, pengangguran, kemiskinan, dan masalah ketergantungan serta subordinasi sosial-ekonomi. pandangan strukturalis mencoba mengembalikan ilmu ekonomi pada peran normatifnya, menjelajahi komposisi dan inter-relasi antara para aktor, sektorsektor dan variabel–variabel ekonomi dalam rangka mewujudkan keadilan dan kesetaraan sosio-ekonomi. untuk mewujudkan gagasan tersebut kaum strukturalis mengusulkan perlunya dilakukan transformasi ekonomi dan transformasi sosial dalam kebijakan ekonomi sebuah negara. tentu tuntutan strukturalis ini tidak mudah, karena akan langsung berhadapan dengan kepentingan ekonomi global yang hari ini telah menguasai sumber daya ekonomi di banyak negara. pandangan strukturalis mencoba melakukan koreksi terhadap kelemahan mendasar dari mekanisme pasar dan persaingan bebas, yang tidak mampu mengatasi ketimpangan– ketimpangan struktural yang semakin mengemuka, baik antar kaum pemilik modal dan buruhnya, maupun antar negara maju dengan negara miskin. oleh sebab itu strukturalisme berorientasi kepada strukturisasi dan restrukturisasi ekonomi yang disertai dengan intervensi mengatur dan mengontrol mekanisme pasar. ide dan gagasan tentang transformasi yang dilakukan untuk mengembalikan kedaulatan ekonomi oleh para pemikir strukturalis telah menjelma sebagai gagasan alternatif yang siap untuk dijalankan. kajian mengenai konsep transformasi ini, akan lebih mengutamakan pendekatan yang humanitarian, dimana pembangunan manusia dengan segala perangkatnya yang akan diutamakan. gagasan transformasi di indonesia sesungguhnya bukanlah gagasan yang baru, jauh hari bung hatta al-iqtishad: vol. vi no. 2, juli 2014 260 selaku konseptor dasar ekonomi indonesia sudah mengingatkan akan hal tersebut. gagasan pemikiran bung hatta adalah perlunya perekonomian nasional melakukan transformasi ekonomi dan transformasi sosial, apabila bangsa dan negara benarbenar ingin melepaskan diri dari sistem ekonomi penjajah yang subordinatif dan serba ketergantungan. kritik ekonomi islam terhadap ekonomi neo-klasikal perkembangan ekonomi islam dalam beberapa tahun terakhir telah memberikan wacana baru dalam perkembangan ilmu ekonomi kontemporer. islam sebagai pandangan hidup (way of life) tidak hanya berperan sebagai sebuah agama tetapi sebuah jalan hidup yang diyakini oleh pemeluknya untuk diikuti dan ditaati. oleh sebab itu pendekatan yang ditawarkan dalam ekonomi islam akan sangat berbeda sekali dengan pendekatan yang selama ini dipelajari dalam ekonomi umum atau yang lebih dikenal dengan istilah ekonomi konvensional, sebagaimana yang kita ketahui bersama sangat dipengaruhi oleh paham neo-klasikal ekonomi. ajaran islam telah memberikan tuntunan pada seluruh aspek kehidupan, baik hubungan manusia dengan tuhan, atau manusia dengan sesama mahluk tuhan lainnya. faktor inilah yang membuat ajaran islam sangat komprehensif dan menyeluruh (kaffah), tidak ada pemisahan antara urusan duniawi dengan akhirat yang selama ini sangat dipengaruhi oleh pemikiran kapitalisme ekonomi. implementasi islam secara kaffah mencakupi kepatuhan dan ketundukan dalam menjalankan ajaran islam secara keseluruhan, termasuk juga ketika dalam melaksanakan aktifitas ekonomi. pandangan islam telah memposisikan kegiatan mu’amalah dimana didalamnya terdapat aktifitas ekonomi sebagai salah satu aspek penting untuk mendapatkan kemuliaan, oleh sebab itu semua kegiatan ekonomi perlu tuntunan dan control yang kuat agar berjalan sebagaimana yang telah diajarkan dalam islam secara keseluruhan. falah hanya dapat diperoleh jika ajaran islam dilaksanakan secara kaffah. munculnya ekonomi islam sebagai sebuah pandangan baru dalam ekonomi tidak lepas dari para sarjana-sarjana ekonomi yang berbasis di timur tengah, pakistan, banglades dan malaysia, yang sebagian besar dari mereka telah mengenyam pendidikan tinggi di universitas-universitas ternama di amerika dan eropa. timbulnya kesadaran untuk terus memperdalam islam sebagai ideologi dalam ilmu ekonomi, tidak lepas dari keresahan mereka terhadap perkembangan ilmu ekonomi konvensional yang semakin menggiring ilmu ekonomi ke arah yang sangat hedonis, mengabaikan nilai-nilai moral dan kemanusiaan, sehingga yang tinggal hanya kerakusan semata. handi risza: kritik ilmu ekonomi strukturalis dan islam 261 momentum terbesar dalam sejarah perkembangan ilmu ekonomi islam adalah diselenggarakannya seminar internasional pertama yang bertemakan tentang perkembangan ekonomi islam di mekkah, saudi arabia. pada kesempatan tersebut mulai bermunculan pakar dan ekonom islam yang kelak akan mempengaruhi pemikiran ekonomi islam. perlahan namun pasti pemikiran ekonomi islam mulai dipelajari diberbagai perguruan tinggi dunia, mulai dari sebagai mata kuliah, hingga memiliki program tersendiri sampai pada level doktoral. ekonomi islam yang bersumber dari nilai islam, telah membalikkan paradigma ekonomi yang berpaham neo-klasikal yang selama ini telah menjadi mainstream di kalangan fakultas ekonomi hampir di seluruh dunia. ekonomi islam telah dibangun dengan dasar yang sangat kokoh, yaitu bersumber dari sumber utama (primary resources) al-quran dan sunnah, yang merupakan sumber rujukan utama dari ajaran islam. bisa dipastikan kekuatan moral dan nilai akan menjadi karakteristik yang tidak bisa dipisahkan dalam ilmu ekonomi islam. dalam ekonomi islam sesungguhnhya tidak terdapat pemisahan yang ekstrim antara tujuan positif dengan tujuan normatif, semuanya saling melengkapi dan saling mempengaruhi (khan, 1994). manusia dituntun dengan ketentuan yang sudah baku, sehingga setiap individu akan memiliki orientasi yang jelas dalam melakukan setiap aktivitas ekonominya. ekonomi islam telah mengembalikan peran moral dalam pencapaian setiap tujuan ekonominya, hal tersebut telah dijamin dalam maqashid syariah. dengan semakin memperkuat diri dari segi metodologinya, perkembangan ekonomi islam juga bisa tergambar dari perkembangan sistem keuangan islam yang sangat dinamis. pertumbuhan lembaga keuangan islam di banyak negara telah mampu mengalahkan pertumbuhan lembaga keuangan umum dimana dari sisi usia dan pengalaman sudah melebihi dari lembaga keuangan islam. selain mempengaruhi paradigma terhadap ilmu ekonomi yang sekarang dipahami oleh masyarakat, ilmu ekonomi islam telah menawarkan tugas penting yang bisa dilakukan untuk membuka ruang melakukan perbaikan, atau proses transformasi ekonomi dan sosial yang memiliki implikasi terhadap kehidupan masyarakat kelak. gagasan ekonomi islam dalam memperbaiki kondisi tersebut antara lain: pertama, memperbaiki dan membenahi perilaku individu, kelompok, pasar dan pemerintah yang selama ini tidak terlalu peduli dengan pendekatan moral. sebagian besar ajaran islam memaparkan tentang konsep perilaku (behavior) mulai dari individu hingga negara. sehingga ekonomi islam telah memiliki modal awal yang sangat berharga dalam membenahi perilaku masyarakat. kedua, mengimplementasikan dalam bentuk formulasi yang bisa langsung diakses oleh masyarakat mengenai tujuan dan sasaran setiap perilaku dan tingkah laku individu dan masyarakat. sehingga setiap adanya perubahan, akan langsung bisa al-iqtishad: vol. vi no. 2, juli 2014 262 dideteksi. dengan demikian pencapaian tujuan dalam ekonomi islam harus selaras dengan nilai-nilai kemanusiaan dan lingkungannya. ketiga, melakukan perubahan terhadap hubungan baik yang bersifat personal maupun kelembagaan yang ada di tengah masyarakat, sehingga hubungan antar setiap komponen akan menciptakan pranata sosial baru yang berorientasi kepada nilai-nilai kemanusiaan dalam rangka mencapai tingkat keadilan dan kesejahteraan bagi masyarakat. keempat, menyiapkan strategi dan kebijakan yang praktis untuk melakukan transformasi ekonomi dan sosial di tengah–tengah masyarakat. proses transformasi ekonomi dan sosial yang dibangun harus tetap berorientasi kepada nilai-nilai kemanusiaan yang sangat kental dalam islam. sehingga pengalokasian dan pendistribusian setiap sumber daya ekonomi akan bisa dirasakan oleh semua lapisan masyarakat tanpa terkecuali. oleh sebab itu peran ekonomi islam dalam mendorong transformasi ekonomi harus terus dilakukan, kekayaan nilai-nilai moral dan spiritual harus menjadi modal dasar untuk mengilhami lahirnya kekuatan ekonomi yang berpihak pada nilai-nilai kemanusiaan sejati. ekonomi islam harus mampu menawarkan sesuatu yang komprehensif untuk menjawab kelemahan sistem ekonomi yang selama ini berkembang banyaknya kritik yang dilakukan kepada aliran ekonomi neo-klasikal oleh berbagai kalangan ilmuwan, merupakan cermin kegagalan dalam pemikiran, pendidikan, penelitan, dan pengambilan kebijakan yang bertumpu kepada aliran ekonomi neo-klasikal. aliran ekonomi neo-klasikal yang mengandalkan kepada kebebasan ekonomi dan terlalu mengandalkan kepada superioritas mekanisme pasar dan invisible hand, pada kenyataannya justru menimbulkan masalah sosial dalam perekonomian, terjadinya ketimpangan struktural eksploitasi baik oleh negara kuat terhadap negara lemah, perusahaan atau institusi yang kuat terhadap usaha atau institusi yang lemah (perkins, 2004). inilah yang kemudian menjadi titik tolak mengenai kebutuhan akan paradigma baru ilmu ekonomi dalam bentuk transformasi ekonomi dan transformasi sosial. dalam hal ini, bisa dipastikan bahwa aspek moralitas dalam bentuk nilai-nilai kebersamaan dan kekeluargaan dianggap tidak begitu penting. akibatnya adalah, munculnya persoalan kemiskinan, ketimpangan dalam distribusi pendapatan, kerusakan lingkungan, berkembangnya budaya materialistik. kondisi tersebut tidak bisa dipisahkan dari keberadaan aliran ekonomi neo-klasikal yang mempengaruhi paham dan cara pandang dalam perekonomian. paham ekonomi neo-klasikal telah menciptakan identitasnya sendiri, munculnya individu-individu yang sangat fanatik terhadap paham tersebut, telah memunculkan ketergantungan yang sangat rentan terhadap mekanisme pasar. mekanisme pasar telah mengkerdilkan peran pemerintah, handi risza: kritik ilmu ekonomi strukturalis dan islam 263 dengan memberikan peran yang minimal dalam perekonomian. perekonomian di bawah sistem yang didasari oleh paham neo-klasikal semakin menjauh dari harmoni antara kepentingan pribadi dan kepentingan sosial. semakin disadari bahwa sistem ekonomi yang sekarang ada gagal mewujudkan kesejahteraan dan pemerataan dalam tatanan sosial-ekonomi dalam masyarakat. namun, alih-alih menyelesaikan konflik antara tujuan normatif dan strategi sekuler serta memperbaiki asumsi dan struktur logika yang mengiringi-nya, ekonom justru semakin tenggelam dalam kecanggihan matematika. hal ini tidak saja membuat ilmu ekonomi semakin abstrak dan sulit, namun juga semakin tidak relevan dengan pembuatan kebijakan. ilmu ekonomi dikembalikan kepada akarnya, yaitu ilmu yang bersumber kepada nilai nilai kemanusiaan yang didasarkan kepada nilai-nilai dan norma agama, dimana terdapat keseimbangan antara tujuan positif dan normatif yang ingin dicapai, perlu sebuah pendekatan baru dalam merumuskan hubungan atau relasi antar pelaku ekonomi. proses pencapaian kesejahteraan manusia tetap mengacu kepada nilai nilai dan norma yang berlaku di masyarakat. kekuatan kebersamaan (mutualism) dan persaudaraan (brotherhood) bisa menjadi solusi dalam mengatasi masalah ketidakadilan sosial dan ketimpangan struktural. dengan demikian, kesejahteraan dan kebahagian manusia tidak semata berlaku secara individual tetapi juga bersifat sosial, dalam ekonomi islam kemudian dikenal dengan istilah falah atau kebahagiaan dunia dan akhirat. perekonomian akan kembali kepada fungsi semulanya yaitu memberikan penghidupan yang layak. keadilan dan kesejahteraan bagi masyarakat. transformasi ekonomi adalah suatu upaya restrukturisasi terhadap paham dan pemikiran ekonomi tertentu, dalam rangka mengembalikan atau membentuk sistim ekonomi baru. upaya untuk menggagas kembali trasnformasi ekonomi, haruslah dimulai dengan merubah paradigma yang selama ini berkembang dan asumsi dasar yang selama terbangun dalam paham dan cara pandang yang lama, diantarannya yaitu meninggalkan asas perorangan dan menggantinnya dengan paham kebersamaan dan asas kekeluargaan, atau dengan kata lain merubah sistem ekonomi yang subordinatif menjadi sistem ekonomi nasional yang demokratis berdasarkan demokrasi ekonomi. proses berjalannya transformasi ekonomi tidak bisa dipisahkan dari transformasi sosial. tranformasi sosial akan membentuk pola-pola baru dalam hubungan ekonomi dan sosial di masyarakat, dalam hal ini akan membentuk hubungan ekonomi yang partisipatori-emansipatori, terbentuk pola kemitraan yang saling menjaga dan memiliki satu dengan yang lain. jika pola tersebut dipertahankan, maka akan timbul sebuah budaya baru dalam mengelola perekonomian dalam al-iqtishad: vol. vi no. 2, juli 2014 264 masyarakat. perlu disusun tahapan tahapan yang akan digunakan dalam melakukan proses transformasi ekonomi dan sosial. pertama, tahapan yang bersifat fundamental yaitu membangun kembali paradigma baru dan asumsi dasar dalam pemahaman dan pengajaran ilmu ekonomi. langkah pertama ini sangat penting, karena dasar dari pengembangan ilmu ekonomi ada pada paradigma dan asumsi dasar. proses internalisasi paham ekonomi kepada masyarakat terutama level pelajar dan mahasiswa dimulai dari bangku sekolah dan universitas. kedua, tahapan yang bersifat aplikasi. proses restrukturisasi kebijakan ekonomi berada pada tahapan ini. tahapan ini tidak hanya sekedar merumuskan kebijakan ekonomi baru tetapi juga melakukan restrukturisasi terhadap kebijakan–kebijakan ekonomi sebelumnya, yang tidak sesuai dengan nilai-nilai luhur demokrasi ekonomi, yang sudah dituangkan dalam konstitusi negara. proses transformasi ekonomi tidak hanya sekedar mengganti paham dan cara pandang terhadap ekonomi yang baru semata, tetapi juga merubah cara berfikir dan berperilaku setiap individu yang menjalankannya. oleh sebab itu perubahan paradigma dan asumsi dasar menjadi suatu hal yang tidak bisa dihindari dalam memulai proses transformasi. setelah persoalan mendasar tersebut selesai barulah kemudian mempersiapkan perangkat perangkat yang akan menjadi instrumen dalam proses transformasi ekonomi tersebut. tahapan selanjutnya adalah melaksanakan atau kembali kepada demokrasi ekonomi secara konsisten sesuai dengan kepribadian dan karakter masyarakat. demokrasi ekonomi telah disusun oleh para pendiri bangsa dengan memperhatikan aspek-aspek internal kebangsaan, tetapi juga memperhatikan aspek-aspek eksternal yang dipersiapkan untuk menghadapi tantangan masa depan yang lebih sulit. demokrasi ekonomi diharapkan akan menjadi dasar dalam setiap pengambilan kebijakan yang dipergunakan untuk kesejahteraan bangsa dan negara. besarnya pengaruh dan cara pandang paham ekonomi neo-klasikal dalam perekonomian nasional, telah menyebabkan nilai-nilai dasar yang menjadi ciri dan karakter perekonomian nasional sudah mulai terkikis. proses transformasi yang dilakukan bertujuan untuk mengembalikan ciri dan karakter perekonomian nasional kedalam nilai dasarnya, yaitu melaksanakan usaha bersama dalam membangun perekonomian, sehingga setiap potensi yang dimiliki warga negara akan mampu memberikan kontribusi dalam pembangunan. selain itu mengembalikan semangat kebersamaan dan asas kekeluargaan dalam kehidupan ekonomi dan sosial masyarakat. sehingga diharapkan nantinya perekonomian nasional akan memiliki fundamental ekonomi yang kuat dalam menghadapi persaiangan global. handi risza: kritik ilmu ekonomi strukturalis dan islam 265 proses transformasi ekonomi akan selalu diikuti dengan terjadinnya transformasi sosial dalam perekonomian. nilai-nilai dasar yang sudah terbentuk dalam transformasi ekonomi, kemudian ditransformasikan kedalam bentuk hubungan antar individu pelaku ekonomi yang lebih seimbang, berkeadilan dan harmonis. hubungan antar pelaku ekonomi yang selama ini mengarah kepada pola–pola kolonialisme seperti hubungan antara kaum pemilik modal dengan para pekerja, hubungan antara majikan dan pembantunya. pola hubungan sosial yang terbentuk adalah lebih bersifat kemitraan dan kerjasama yang saling menguntungkan tanpa ada yang merasa dirugikan atau dieksploitasi. atau dengan kata lain akan membentuk hubungan ekonomi partispatori-emansipatori. simpulan dari neo-klasikal lahirlah paham fundamentalisme pasar (market fundamentalism), yaitu mekanisme persaingan bebas (free perfect competition) dengan pasar bebas sempurna (free perfect market). konsekuensi logis dari paham tersebut kemudian melahirkan konsepsi kapitalisme global dan globalisasi ekonomi. cara pandang tersebut telah terinternalisasi dan tersosialisasi dalam kehidupan masyarakat selama bertahun-tahun. ketika isu globalisasi muncul, hampir semua negara mempersiapkannya dengan terbuka, berbicara dalam konteks bilateral maupun multilateral. tanpa pernah disadari, sesungguhnya globalisasi ekonomi juga menimbulkan kekecewaan (discontent) dalam bentuk ketimpangan (inequality) yang semakin lebar antar negara, ketimpangan struktural antar pelaku ekonomi, persoalan sosial ekonomi seperti kemiskinan yang semakin parah, tingkat pengangguran yang semakin meningkat. oleh sebab itu diperlukan paradigma baru dalam bentuk transformasi ekonomi untuk menata ulang konsepsi globalisasi. terdapat titik temu antara pemikiran ekonomi strukturalis dan ekonomi islam dalam dua substansi pokok permasalahan, yaitu menyelesaikan masalah ketidakadilan sosial dan mengatasi persoalan ketimpangan-ketimpangan struktural, sebagai masalah sosial-ekonomi yang selama ini muncul. dalam mengatasi kedua substansi pokok tersebut, ekonomi struturalis dan ekonomi islam juga memiliki titik temu yang sangat kuat, yaitu mengutamakan kebersamaan dan kekeluargaan. pustaka acuan al-mannan, m.a. 1992. “the behaviour of firm and its objectives in an islamic framework.” dalam s. taher, readings in microeconomics: an islamic perspective. malaysia: longman. al-iqtishad: vol. vi no. 2, juli 2014 266 ackerman, f, et al. 1998. the political economy of inequality. washington dc: island press. ahmad, k. 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random sampling technique. analysis was performed using the structural equation modeling (sem). results indicated that service quality and customer trust of islamic banks jointly had significant effects on customer satisfaction. service quality and customer trust had direct and indirect effects on customer loyalty mediated by satisfaction of islamic banks’ customer in east java. religious commitment had no direct and indirect effect on customer satisfaction and customer loyalty. keywords: service quality, trust, religious commitment, satisfaction and loyalty abstrak: pengaruh kualitas layanan, kepercayaan dan komitmen beragama nasabah terhadap kepuasan dan loyalitas nasabah bankbank syariah di jawa timur. penelitian ini menjelaskan hubungan antara kualitas layanan, kepercayaan nasabah dan komitmen beragama terhadap kepuasan dan loyalitas nasabah bank-bank syariah di jawa timur. responden adalah nasabah bank syariah yang berdomisili di jawa timur. penarikan sampel penelitian dilakukan dengan cara sampling acak sederhana, dengan jumlah yang telah ditentukan. analisis yang digunakan pada penelitian ini adalah model persamaan struktural (structural equation modeling atau sem). hasil penelitian ini menunjukkan bahwa kualitas layanan dan kepercayaan nasabah bank syariah secara bersama-sama berpengaruh signifikan terhadap kepuasan nasabah. kualitas layanan dan kepercayaan nasabah berpengaruh terhadap loyalitas nasabah, baik langsung maupun tidak langsung dengan dimediasi oleh kepuasan nasabah bank syariah di jawa timur. sedangkan komitmen beragama tidak berpengaruh terhadap kepuasan nasabah dan loyalitas nasabah baik langsung maupun tidak langsung. kata kunci: kualitas layanan, kepercayaan, komitmen beragama, kepuasan dan loyalitas first draft: january, 20th 2015, revision: march, 07th 2015, accepted: march, 28th 2015 1 department of industrial engineering, university of trunojoyo, department of islamic education, sti al-karimiyah email: rachmad_h@ymail.com, drs.mahmud.mpdi@gmail.com, sabarutm@gmail.com al-iqtishad: vol. vii no. 2, juli 2015 152 introduction islamic banking in indonesia is growing in an exceedingly rapid pace. it is no longer a mere fulfillment of sharia obligation but has become a necessity. the proportion of islamic banking for the next 10 years is expected to reach 15%−20% of the national banking system. in order to maintain the momentum of rapid-growing islamic finance industry in indonesia, various parties have been conducting several things, such as education and capacity building for islamic finance industry and encouraging innovations in islamic financial products to deepen the market and improve public access to islamic financial institutions. sharia financial industry, in particular islamic banks, will continue to evolve with the growth of muslim middle-class community. in addition to guaranteeing bank customer deposits, the deposit guaranty institution (known as lembaga penjamin simpanan or lps) actively participates in maintaining financial stability embodied in the rescue of banks, the source of which is not the state budget, but premiums from banks. at present, there is a difference between islamic banks and conventional banks with regard to deposit guaranty, in which the stipulation of lps interest rate does not apply to the former. the implementation of lps duties and functions is expected to reassure the customers of islamic banks and consequentially facilitate the operations of islamic banks. islamic banks operate in accordance with the principles of sharia, in which they are not burdened with paying interest for customer deposits. islamic banks only pay a share of profits in accordance with the profit-sharing ratios of islamic banking. with the profit-sharing system, islamic banks certainly survived the negative spread. rather than collapsed as with the conventional banks in general, the past economic and financial crisis, instead, had positive impacts on the development of islamic banks. until 2007, there were 3 commercial islamic banks,24 islamic business units and 105 islamic people’s credit banks (known as bprs or bank perkreditan rakyat syariah). islam, as a universal and integral teaching, regulates all aspects of human life, such as the social, cultural, political, legal, defense and security as well as economic and financial aspects. along with the development of islamic values within the society after the collapse of soviet communism in the 1990s, samuel paul hantington stated that the threat to western world is islamic civilization (qardhawi, 2001). the ultimate purposes of sharia are to bring about virtues and to prevent damage. sharia sets five basic human needs that must be protected by law: religion, life, property, reason, and offspring. it is in this respect that allah makes the teachings of the prophet muhammad rahmatan lil alamiin (or blessings to all).(q.s. al-anbiya [21] : 107). rachmad hidayat: effects of service quality 153 in the islamic economic system, the interest rate paid by banks to depositors is replaced by a percentage or portion of profit sharing and the interest rate received by the banks (from debtors) is replaced by a percentage of profit sharing. these two forms of the ratio of profits are used as the instrument to mobilize savings and to channel it to productive business activities. moslem economists emphasize that there is a built-in power of the islamic economic system to ensure stability. therefore, they argue that in the profit-sharing mechanism there will be no factor that leads to economic instability. in his analysis of the profit-sharing behavior with regard to economic stability, nejatullah siddiqi comments that:”the introduction of ratios of profit sharing to replace rate of interest will not destabilize the economy and that the change in the entrepreneurial profit will not get communicated back all along the line” (muhammad, 2001). an economic system based on profit sharing shall better ensure allocation of economic resources and more proper distribution of income. the role of profit sharing in the achievement of economic stability should be analyzed by the use of an equilibrium approach. islamic banking has been providing superior products that conform to the sharia. however, there are still many customers who are in doubt of its professionalism and service quality. superiority in products remains in sufficient for customer satisfaction and loyalty. banking customers are increasingly critical that the products and services provided affect banks’ survival (rahman, 2004). superior service quality will affect customer satisfaction (babin, et.al, 2005). consequently, high customer satisfaction translates to higher profits for banks. another advantage is an increased customer loyalty (chan, et.al. 2003; ruyter and bloemer, 1999; chan, et.al, 2004).there are a lot of criticisms associated with service quality of islamic banks, especially regarding the application of the profit-sharing system. some complained front-office service that seemed less professional. this situation should be resolved to maintain loyalty of customers who are motivated by sharia to use islamic banks. among the efforts to address this problem is to improve service quality of islamic banks that involve product conformity with islamic principles that differentiate islamic banks from conventional banks. literature review in the context of banking service quality, service quality is a relatively special or superior service delivery to the customer’s expectations (cronin & taylor, 1992). there are two factors that affect service quality: expected services and received services. service quality is the extent to which reality and customers’ expectations differ with regard to the services they perceive (parasurama, 1996). al-iqtishad: vol. vii no. 2, juli 2015 154 service quality is the outcome of consumers’ current evaluation and consumption experience and is expected to have a direct and positive effect on overall customer satisfaction (parasuraman, 1996). service quality is the level of satisfaction created by a particular transaction between the bank and the customer, which is a psychological condition generated when emotional factors encourage expectations and adapt to past consumption experience (oliver, 1981). satisfying customers for a company engaged in banking services is a key point that should not be overlooked, where customer satisfaction is a strategic aspect to win the competition and maintain the company’s image within the broader communities; thus, quality services to customers are of ultimate importance. entering the competition on a global scale, islamic banks are challenged to contribute to the national development through economic empowerment of the people. service quality is a form of consumers’ evaluation of the level of perceived services and the level of expected service. improving service quality constitutes a realistic way for a bank to win the competition and retain customers. hence, customer satisfaction in the service sector is an important and decisive element to develop the company in order for survival in the face of competition. this implies that there is a difference when service quality is seen as an attitude since satisfaction is different from attitude. customer’s attitude to a product or service is relative, while satisfaction is an emotional reaction to past consumption experience. in line with the difference, service quality can also be distinguished by the level of satisfaction since perception of service quality is a result of thorough consideration or attitude in response to the excellence of a service, while the level of satisfaction relates only to a particular transaction in a relatively short period. trust is the belief that the action of another person or a group is consistent with their beliefs. trust is created through a gradual and subsequently accumulated process (pradiansyah, 1999). consumer trust can be explained through dimensions of past experiences, information and enthusiasm. consumer trust depends on the consumer’s experience with consuming goods or services and receiving favorable information from the service provider. thus, experience and favorable information will foster consumer trust in a product or service. this is because the experiences stored in the memory of the consumer for a product or service are capable of establishing a person’s trust if the those experiences are enjoyable and satisfy them. consumer trust will be exhibited by their response to the information delivered by the service provider. consumer enthusiasm or attachment is their positive response to a product or service they receive. commitment is the motivation and engagement as well as performance and rachmad hidayat: effects of service quality 155 adherence to an organization (gunlach, 1995). religion provides the best that human beings need to determine the purposes of their lives. religion promises happiness and prosperity, morality, work ethics, management of justice and what human beings need in their association with their fellow human beings and all the elements of nature (achsien, 2000).thus, religious commitment is a form of adherence to religious teachings. to muslims, islam is a way of life that sets the whole aspects of life, in line with the order “o you, who have believed, enter into islam completely……..” (q.s. al baqarah [2] : 208). analysis of the relationship of religion and commitment with ethics does not end in religious affiliation. it is continued with religious commitment to reach religiosity. dimensions used to measure religious commitment are: first, visits to the place of worship; second, participation in religious activities; and third, the level of personal religious faith. the levels of religious faith are captured by four items: first, belief in god; second, belief after death; third, agreement with the idea that one has the right to question what his church teaches and fourth, agreement with the idea that one has the right of free speech includes the right to make speeches criticizing religion (taufik & karim, 1989). the relationship between the customer and the bank is more than a simple functional relationship; rather, it is exceptionally emotional and the tie can be very strong (shemwel, 1998). generally, banks want their customers can be retained for good. accordingly, in the context of banking services, customer loyalty is customer commitment to a bank based on a very positive attitude and is reflected in the consistent repeat purchases (fandi). repeat purchase may be the result of market dominance by a bank successfully making its products the only products available. consequently, customers do not any other option to look for other products. besides, it can repeat purchase may be the results of continuous promotion in order to entice and lure customers to use a product. in case of no market dominance and intensive promotion efforts, only the loyal customers are committed to repeat purchase. loyalty will be established by the habits and the long history of banking product consumption. customer loyalty is affected by continuously accumulated satisfaction or dissatisfaction in addition to the perceived quality of a product (boulding, et.al, 1993). banks capable of satisfying their customers in the long run make their customers loyal and making repeat purchases. additionally, perceived agreement of a bank’s performance is influenced by service quality of the bank concerned. if the bank is capable of providing service quality in accordance with customer expectations, the customer will be satisfied with the services provided by the bank. the more the quality of services provided by bank the more satisfied the al-iqtishad: vol. vii no. 2, juli 2015 156 customer will be. the better the service quality provided by the bank the more loyal the customer to the bank will be. this is in line with studies of cronin dan taylor (1992), zeithaml and bitner (1996), bloemer, et.al (1998), lassar et al.(2000), natalisa (2000), holm (2000), bei dan chian (2001), astuti (2001), kadir (2001), fullerton dan taylor (2002), caruana (2002), said (2004) that concluded that service quality has significant direct and indirect effects on customer loyalty mediated by customer satisfaction. islamic banks can be used for cash management, i.e. management of all the financial traffics of a company. therefore, customers will partner with only one islamic bank, making them more easily, efficiently and uncomplicatedly managing their finances. customers partnering with many banks may have inconvenience in managing their finances. one condition that needs to be considered in choosing which islamic banks to be used for cash management is that the bank is capable of serving various types of transaction that the company needs. trust and credibility constitute the main prerequisites for the bank to be chosen by customers in partnering or transacting. trust is to believe in a partner to a relationship due to the partner’s credibility and benevolence. credibility indicates trust gained from others due to having the desired expertise to perform a task. additionally, trust is gained due to having good manners to other partners to a relationship. trust arises from the ability to prove something, from reliability and from intentionality. trust is the desire of one party to be well-treated by the other party in the hope that the other party will take necessary actions to meet the expectation, regardless of the ability to monitor or control the other party (mayer, et.al, 1995). the components of trust are credibility, reliability and intimacy (peppers and roger, 1996). commitment is the desire to maintain connectivity in the long run. loyalty is a behavioral response that is biased or non-random, continuously revealed by decision makers by paying attention to one or more alternative products and a number of similar products and is a function of psychological processes (dharmesta, 1999). in contrast to repeat purchase, customer loyalty involves customer’s repeated psychological feelings towards products and services for a long period of time. loyalty will occur based on the experience with consuming a number of similar products. this experience will affect the final decision making where customers decide to be loyal to only one banking products. bank customers have a religious commitment reflected in the customers’ consumption attitudes and behaviors. this attitude is measured by way of asking the customers how they like the products offered, how strong their religious commitment to islamic banks and their tendency to recommend the bank to others as well as rachmad hidayat: effects of service quality 157 their beliefs and feelings to banking products. commitment is a determinant of the success of a long-term relationship between the consumer and the service provider (hazra and kailash, 2009). customer commitments play a key role in the success of a long-term relationship between service providers and customers, which in turn will create customer loyalty (ramadania, 2002). commitment is closely connected with customer loyalty, which is intention to making a purchase and intensive repeat purchases. repeat-purchase behavior can be described in two possibilities, loyalty and inertia (odin, et.al, 2001). repeat-purchase behavior in a situation of strong brand sensitivity is categorized as loyalty. conversely, repeat-purchase behavior in a situation of weak brand sensitivity is categorized as inertia. loyalty is long-term and cumulative (continuous) in nature; the longer the customers to be loyal, the more the profit the bank can obtainfrom the customer’s banking transactions. customers categorized as loyal are those customers who are so satisfied with a specific banking product that they are enthusiastic to introduce it to anyone they know (tjiptono, 2004). furthermore, customers will make repeat purchases of banking products they usually buy; even these customers will not use other banking products. the bank’s strengths and weaknesses will be informed to the bank and even the customer will inform the bank’s strengths to others. customer satisfaction is the level of customer feelings after comparing their perceived performance of a product or service to their expectations. satisfaction arises when customers compare their perceived performance of a product or service to their expectations (spreng, et.al, 1996). thus, customer satisfaction is formed after the perception of the value of an offer. or, in other words, the level of customer satisfaction is a function of the difference between the perceived performance and expectations. customer satisfaction occurs when the results of evaluation of the banking products used are at least equal to or exceed customer expectations, while dissatisfaction occurs when the results of evaluation do not meet or are below customer expectations. most customers like banking products after using them. repeat consumption leads to customer loyalty. loyalty is seen as a final effect of repeat purchases made by consumers (caruana, 2002). repeat purchase may be due to lack of compatibility after repeated use of banking products or customers are conditioned to use one only banking products. the final effect arising from these conditions is customers that will be loyal to an improved product by repeated consumption in the long term. loyalty can be as developing in three phases: cognitive, affective and conative. al-iqtishad: vol. vii no. 2, juli 2015 158 methods population in this study is all the customers of islamic banks in east java. samples were representatives of the population studied (arikunto, 2010). that were taken by the use the simple random sampling technique. a predetermined number of samples were randomly selected only in 3 major cities in east java – surabaya, sidoarjo and malang. the number of samples in this study was 150 respondents according to the sample size guideline of 100−200 (arikunto, 2010). fifty respondents were taken from each city. samples were islamic bank’s customers domiciled in east java. east java province would be developed to be the largest islamic economic region in indonesia. another reason was that east java province had the potential for the development of islamic economy with the support of 6,000 islamic boarding schools (known as pondok pesantren). the management of islamic boarding schools also asked the government to maximize the program. all muslim clerics (known as kiai) in east java have been supporting the concept of islamic economic restructuring. the institution of islamic boarding school, known as one of the means of islamic preaching, could be optimized to drive islamic financial education in indonesia. figure 1. the structural model x1.1 : tangibles x1.2 : reliability x1.3 : responsiveness x1.4 : assurance x1.5 : empathy x2.1: past experience x2.2: information and enthusiasm x3.1: visit to the place of worship x3.2: participation in religious activities x3.2: level of personal religious faith y1.1 : overall satisfaction y1.2 : confirmation of expectation y1.3 : comparison of ideal y2.1 : say positive thinsg y2.2 : recommed frend y2.3 : continue purchasing x1.1 x3.1 x3.2 x3.3 x3.2 x3.1 customer trust (x2) service quality industri (x1) religiouscom mintment (x3) y2.1 y2.2 y2.3 customer satisfaction (y1) customer loyality (y2) h4 h6 h5 h2 h7 h1 h3 x1.2 x1.3 x1.4 x1.5 y1.1 y1.1 y1.1 rachmad hidayat: effects of service quality 159 hypotheses proposed in this study were: h1: service quality of islamic banks had significant effects on customer satisfaction of islamic banks in east java; h2: customer trust of islamic banks had significant effects on customer satisfaction of islamic banks in east java; h3: religious commitment of islamic banks’ customers had significant effects on customer satisfaction of islamic banks in east java; h4: services quality of islamic banks had significant effects on customer loyalty of islamic banks in east java; h5: customer trust of islamic banks had significant effects on customer loyalty of islamic banks in east java; h6: religious commitment of customers of islamic banks had significant effects on customer loyalty of islamic banks in east java; h7: customer satisfaction of islamic banks had significant effects on customer loyalty of islamic banks in east java. structural equation modeling (sem) analysis was used to test the hypotheses. in order to test the goodness of fit of the model developed in the structural equation modeling, the fit index was used. if the model was not quite good, it is necessary to modify the model by adding or deleting the links so that the value of chi-square will decrease with the value of the index (ferdinant, 2000). figure 2. the result of structural model discussion hypotheses of the study were tested by partially examining each path of direct effects based on the results of the structural equation modeling (sem) analysis. indirect effectswere the byproducts of direct effects.hypotheses of direct effect were tested based on the value of cr> 1.96 and p<0.05, meaning a al-iqtishad: vol. vii no. 2, juli 2015 160 significant effect.results of hypothesis testing are as follows. independent variable dependent variable direct effect path coefficient koef. std note service quality customer satisfaction 0,68 significant customer trust customer satisfaction 0,18 significant religious commitment customer satisfaction -0,10 non significant service quality customer loyalty 0,35 significant customer trust customer loyalty 0,74 significant religious commitment customer loyalty 0,64 significant customer satisfaction customer loyalty 0,35 significant after testing and analyzing the effects of service quality, customer trust and customer religious commitment on customer satisfaction and customer loyalty of islamic banks in east java, and after reviewing theoretical concepts and empirical supports regarding the causal relationship between the variables affecting customer loyalty of islamic banks, the theoretical and empirical findings leading to the development of the theory generated in this study are: first, service quality and customer trust had effects on customer satisfaction of islamic banks. results showed that service quality was instrumental in creating customer satisfaction, while customer satisfaction was the dominant variable in building customer loyalty. efforts to retain customers of islamic banks will be realized by taking into account service quality and customer satisfaction in addition to the trust variable. customer satisfaction was to be achieved by improving service quality provided to customers. superior service quality can be created by providing appropriate training to all employees on how to serve customers in accordance with their expectations. training is provided not only to the division in charge of service encounter, but all parties should be involved in the training on service quality. involvement of all parties will lead to excellent service quality so that the image of islamic banks will be getting better in the eyes of customers. there is a need for evaluating the extent of customer loyalty of islamic banks. evaluation should be done on a regular basis so that the bank will always able to identify customer needs and respond them quickly. customer loyalty can also be enhanced by placing an emphasis on the intimate relationship with customers. programs long remembered in minds of customers will be able to strengthen the relationship with the customers, for example through islamic banks’ involvement in religious activities. rachmad hidayat: effects of service quality 161 second, in addition to service quality, customer satisfaction and loyalty of islamic banks are also influenced by customer trust. customer trust is an important element affecting the quality of a relationship. customer trust in the islamic banks will increase the levels of customer satisfaction with islamic banks. customer satisfaction will increase the likelihood that the customers make repeated consumption. the high level of trust will have an effect of reducing the possibility of customer shift to non-islamic banks. one effort that should be carried out by the management of islamic banks to increase customer trust in order to enhance customer satisfaction as the predictor of customer loyalty of islamic banks is to build the capacity of bank employees in serving customers. customer trust can also be built from the attitudes of islamic banks’ employees that promote honesty and do not take short-term advantage. long standing relationship with customers can be well-maintained. third, not all study variables had significant effects on service quality. religious commitment was shown to have no effect on customer satisfaction and customer loyalty of islamic banks. this was due to the fact that customers of islamic banks derived from a limited number of muslims in east java. additionally, the variable religious commitment was customer personal commitment to practicing islamic teachings. customer religious commitment had no direct effect on service quality, but customers with their beliefs in the functions and benefits of islamic banks straightly expressed their loyalty to islamic banks. customers chose and were loyal to islamic banks based on their religious faith and obligations to apply sharia in their everyday lives. thus, any form of service provided did not have significant effect on customer satisfaction. customers expressed their high loyalty to islamic banks regardless their satisfaction as reflected by service quality of islamic banking. in addition to the underlying personal factors, negative relationship between religious commitment and customer satisfaction was also due to the limitations of the study. negative effects on customer satisfaction and customer loyalty might be due to the fact that not all indicators of the variable religious commitment were able to explain comprehensively the relationships between customer satisfaction and customer loyalty. another factor was that the short period of the study, leading to fairly limited number of observations. the study location also influenced the effects of this relationship. east java was chosen as the study location since the province was considered as capable of implementing the program to accelerate the development of islamic economics. besides, as stated in the vision of islamic economic development in indonesia, east java province is to be developed as the largest islamic economic region in indonesia. east java also al-iqtishad: vol. vii no. 2, juli 2015 162 has the potential for the development of islamic economics in east java, which is supported by 6,000 islamic boarding schools. the management of islamic boarding schools also asked the government to maximize the program. all kiai in east java have been supporting the concept of islamic economic restructuring. the institution of islamic boarding school, known as one of the means of islamic preaching, could be optimized to drive islamic financial education in indonesia. with islamic banking restructuring, the economic concept can be realized with low-cost, simple, and blessed financing. conclusion results showed that service quality and customer trust of islamic banks were predictors of customer satisfaction and customer loyalty of islamic banks. customer satisfaction of islamic banks was the intervening variable linking service quality and customer trust of islamic banks to customer loyalty of islamic banks. customer religious commitment of islamic banks had no direct effect on service quality of islamic banks. this was due to the fact that customers of islamic banks derived from a limited number of muslims in east java. the variable religious commitment was the 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(unpublished disertation). surabaya: universitas airlangga. tjiptono, f. 2004. pemasaran jasa. malang: bayumedia. zeithaml, et.al. 1996. services marketing. new york: mcgrawhill. darwis harahap: analisis stabilitas dinar emas dan dolar as 269 analisis stabilitas dinar emas dan dolar as dalam denominasi rupiah darwis harahap1 abstract: stability analysis of gold dinar and us dollar in rupiah denomination. this study was aimed to (a) to know if there is a causality relation between gold dinar and u.s. dolar, (b) to know that gold dinar more stabil than u.s. dolar as, (c) to know whether gold dinar can be alternative currency as a substitute for u.s. dolar. the result is that the growth of gold dinar higher than u.s. dolar, the result of granger causality test shown that there was undirectional causality from gold dinar to u.s. dolar. the result of analysis of variance (anova) shown that u.s. than dinar gold more stabil dolar as that measured by rupiah. from all of result tests, it can conclude that gold dinar can be a alternative currency instead of u.s. dolar. keywords: gold dinar, volatility, granger causality test, anova abstrak: analisis stabilitas dinar emas dan dólar as dalam denominasi rupiah. penelitian ini bertujuan: (a) untuk mengetahui apakah ada hubungan volatilitas antara dinar emas dengan dolar as. (b). untuk mengetahui apakah dinar emas lebih stabil dari nilai tukar dolar. (c) untuk mengetahui apakah dinar emas bisa menjadi alternatif nilai tukar untuk menggantikan dolar as. hasil perhitungan laju pertumbuhan dolar as menunjukkan bahwa laju pertumbuhan dinar emas per bulan lebih tinggi daripada laju pertumbuhan dolar as. hasil uji kausalitas granger menunjukkan bahwa terjadi hubungan kausalitas searah antara harga emas dan dolar. dari hasil uji analysis of variance (anova) dapat diambil kesimpulan bahwa dinar emas lebih stabil dari pada dolar as. kesimpulannya, dinar emas bisa dijadikan alternatif pengganti dolar as karena nilainya yang stabil yang diukur dengan rupiah. kata kunci: dinar emas, volatilitas, uji kausalitas granger, anova 1 diterima: 12april 2014, direvisi:, 15 mei 2014, disetujui: 20 mei 2014 iain padangsidimpuan, jl. h. tengku rizal nurdin, km. 4,5, sihitang, padangsidimpuan. email: darwis05@yahoo.com al-iqtishad: vol. vi no. 2, juli 2014 270 pendahuluan para pakar sepakat bahwa krisis moneter yang terjadi pada tahun 1997 penyebabnya adalah adanya tekanan rupiah yang dipicu oleh kegiatan spekulasi yang dilakukan para spekulan asing yang berawal dari thailand. financil panic yang terjadi di thailand merembet ke berbagai negara, termasuk indonesia (siregar, 2002). krisis ekonomi yang terjadi di kawasan asia ini berawal dari krisis nilai tukar mata uang, yaitu semakin kuatnya mata uang asing -khususnya dolar asterhadap mata uang domestik. akibatnya harga-harga meningkat secara berlipat karena struktur ekonomi indonesia didominasi impor, baik bahan baku maupun barang jadi. di bidang jasa keuangan pun demikian, dan tingkat suku bunga meroket sehingga pada puncaknya pernah mencapai 90%. dunia usaha macet, tingkat pengangguran semakin besar, inflasi meninggi dan pertumbuhan yang negatif (hakim, 2001). ketidakstabilan nilai mata uang ini terhadap ekonomi secara khusus telah menyebabkan kejatuhan nilai mata uang di berbagai negara asia, seperti thailand, malaysia, indonesia, fhilipina dan korea selatan yang mengakibatkan modal swasta lari keluar sejak 1997. investor telah menaburkan dananya secara besar-besaran ke negara asia pada semester i dan menarik dananya pada musim panas. diyakini sekitar us$ 100 milyar arus dana bersih keluar dari daerah itu yang merupakan kejutan atau shock, jumlah ditaksir 10% dari gdp dari 5 negara tersebut. akibat dari ketidakstabilan nilai tukar yang ditandai dengan volatilitas nilai tukar mempengaruhi tingkat ekspor di berbagai negara-negara berkembang. esquivel and larrain (2002) telah melakukan penelitian dampak volatilitas nilai tukar g-3 pada negara-negara berkembang. hasil yang diperoleh menunjukkan bahwa kenaikan volatilitas 1 persen pada negara-negara berkembang akan mengurangi ekspor negara-negara berkembang sebanyak dua persen, selain itu hasil pengujian di beberapa negara menunjukkan bahwa peningkatan volatilitas satu persen juga akan berdampak negatif terhadap masuknya investasi asing ke dalam negeri. krisis moneter terjadi pada dasarnya disebabkan fungsi uang tidak lagi hanya sebagai alat tukar dan alat untuk berjaga-jaga (precautionary motive) tetapi telah menjadi kegiatan spekulatif untuk mencari keuntungan pada saat nilai tukar rupiah melemah terhadap dolar as. negara-negara yang terkena krisis moneter tersebut melakukan berbagai kebijakan ekonomi untuk keluar dari keterpurukan tersebut. namun, kebijakan moneter yang dilakukan berlandaskan kebijakan ekonomi konvensional ternyata tidak mampu menyelesaikan krisis ini. menurut chapra (2000), penyelesaian terhadap masalah ekonomi tidak pada akar masalah tapi hanya sebatas gejala, seperti ketidakseimbangan anggaran, ekpansi moneter yang berlebihan, defisit neraca pembayaran yang begitu besar, naiknya kecenderungan proteksionis, tidak memadainya bantuan asing, dan kerja sama darwis harahap: analisis stabilitas dinar emas dan dolar as 271 internasional yang tidak mencukupi. dalam sejarah ekonomi, baru pada tahun 1990-an inilah krisis mata uang muncul kembali setelah menimpa amerika pada tahun 1973. kali ini negaranegara yang terkena adalah negara-negara selain amerika dan eropa, terutama asia. sebelumnya ketika bretton wood agreement masih diikuti, dimana setiap mata uang harus dirujuk kepada emas, belum pernah terjadi krisis seperti ini. ketika amerika di bawah nixon yang kemudian membatalkan perjanjian bretton wood tersebut pada tahun 1971 ketika dolar as semakin lemah dan ekonomi amerika mengalami krisis. sejak saat itu dolar as tidak lagi didasarkan kepada emas. dengan demikian ekonomi dunia secara praktis telah dikuasai oleh amerika, mengingat mata uang rujukan dunia saat ini adalah dolar as, sedangkan mata uang tersebut sepenuhnya diatur oleh pemerintah amerika (hakim, 2001). sejak berlakunya standard uang teratur (managed money standard) terlihat dua fenomena yang terjadi, yaitu tingginya tingkat inflasi dan tidak stabilnya nilai tukar. selain itu kebijakan tersebut akan menimbulkan transaksi-transaksi maya di pasar uang. hal inilah yang merupakan salah satu penyebab terjadinya krisis mata uang karena tersedianya jumlah uang yang cukup besar namun tidak didukung oleh nilai instrinsiknya. krisis ekonomi yang melanda indonesia dan belahan lain, dipicu oleh dua sebab utama. pertama, persoalan mata uang dimana nilai mata uang suatu negara saat ini terikat kepada mata uang negara lain (misalnya rupiah terhadap us dolar), tidak pada dirinya sendiri sehingga nilainya tidak stabil, dan jika mata uang tertentu bergejolak, pasti mempengaruhi kestabilan mata uang tersebut. kedua, kenyataan bahwa uang tidak lagi dijadikan sebagai alat tukar saja, tapi juga sebagai komoditi yang diperdagangkan (dalam bursa valuta asing) dan diambil keuntungan (interest) alias bunga atau riba dari setiap transaksi peminjaman atau penyimpanan uang (yusanto, 2001). terjadinya krisis mata uang ini memicu negara-negara di asia untuk mengkaji kembali penggunaan uang kertas (fiat money) yang dipakai saat ini dengan penggunaan kembali dinar emas. gagasan awal dilakukan pada suatu konferensi pada bulan agustus 2002 dengan tema: “stable and just globar monetary system menghasilkan penerapan dinar emas pada transaksi perdagangan luar negerinya dengan mitra dagang melalui pengaturan pembiayaan bilateral (billateral payment arrangement) atau bpa. gagasan tersebut dilanjutkan pada seminar di kuala lumpur tanggal 2223 oktober 2002 dengan tema: “the gold dinar in multilateral trade” dengan menyetujui usulan kepala bank sentral iran, bijan latif untuk membentuk suatu sekretariat yang ditugasi mengkoordinir pengembangan kebijaksanaan dinar islami (perwaatmadja, 2003). al-iqtishad: vol. vi no. 2, juli 2014 272 hasil sidang ke-27 dewan gubernur islamic develpment bank (idb) tanggal 22-23 oktober 2002 di ouagadougu-burkin faso, delegasi malaysia dipimpin oleh deputi menteri keuangan syafie mohd salleh telah mengajak negara anggota idb, termasuk indonesia menerima konsep perdagangan dengan mempergunakan dinar emas untuk memfasilitasi dan meningkatkan perdagangan antar negara anggota dan mitra dagang lainnya. dan konferensi di kuala lumpur tgl 2-3 november 2002, indonesia telah menjadi salah satu negara pendiri the islamic financial service board (ifsb) bersama-sama dengan bahrain, iran, kuwait, malaysia, pakistan, saudi arabia, sudan, uni emirat arab dan islamic development bank (idb). dalam konferensi ini antara lain dibahas penerapan penting dari bank sentral dalam penerapan dinar emas pada penyelesaian pembayaran sistem perdagangan bilateral dan multilateral. alasan penggunaan dinar emas sebagai alat transaksi keuangan disamping nilainya yang stabil, penggunaan dinar akan mengurangi ketergantungan keuangan (financial dependensi) para penggunanya terhadap dolar as akibat mismanajemen modal. hal ini dapat dilihat dalam dunia perdagangan internasional. negara yang memiliki neraca perdagangan defisit (mayoritas dunia muslim) berarti jumlah dana dalam negeri lebih banyak mengalir ke luar negara ketimbang dana asing yang masuk ke dalam negara. dengan kata lain, jumlah impor jauh lebih besar dari pada jumlah ekspor. terjadinya capital flight yang tinggi menyebabkan devisa negara akan turun, kalaupun tidak minus. bila ini terjadi, maka untuk menutupi defisit anggaran negara terpaksa harus didanai dengan hutang luar negeri. (majid, 2005) keterpaksaan berhutang jelas telah memerangkapkan negara penghutang terhadap keharusan untuk memenuhi semua persyaratan yang ditetapkan negara donor (pemberi hutang), yang sifatnya sangat mencekik leher negara penghutang. keharusan menggunakan dolar as ketika membayar hutang akan menyebabkan nilai uang negara penghutang semakin rendah. konsekuensinya, negara penghutang berada di pihak yang dirugikan karena harus membayar hutang dalam jumlah yang lebih banyak dibandingkan dengan jumlah hutang yang sesungguhnya. ini sematamata karena ketidakstabilan (apresiasi) nilai dolar. (majid, 2005) kestabilan dinar emas akan mengeliminir upaya-upaya spekulasi di pasar valas. penggunaan uang hampa telah menyebabkan tindakan spekulatif di sebagian besar transaksi valas. hal ini sebagaimana disebutkan lietaer (1997) dalam makalahnya yang dipresentasikan dalam international forum on globalisation (ifg) sebagai berikut: “pada tahun 1975, sekitar 80% dari transaksi di pasar valas adalah melibatkan aktivitas bisnis sektor riel, yaitu transaksi yang benar-benar menghasilkan barang dan jasa dan sisanya 20% bersifat spekulatif. hari ini, transaksi di pasar valas yang melibatkan sektor riel turun menjadi 2.5% dan selebihnya 97.5% darwis harahap: analisis stabilitas dinar emas dan dolar as 273 adalah transaksi spekulatif ”. penggunaan dinar emas diyakini akan menutup semua gerak para spekulan untuk meraup keuntungan di pasar valas melalui aktivitas arbitraging. volatilitas nilai tukar dolar as telah menyebabkan instabilitas ekonomi di berbagai negara-negara berkembang. hal ini dibuktikan di berbagai negara berkembang yang menunjukkan bahwa kenaikan volatilitas pada negara-negara berkembang akan mengurangi ekspor negara-negara berkembang. selain itu, fenomena instabilitas uang kertas yang didominasi dolar as telah menyebabkan fluktuasi nilai tukar sehingga menyebabkan inflasi yang terus menerus juga menyebabkan nilai tukar rupiah terus mengalami depresiasi. devaluasi nilai mata uang memberikan pengaruh yang signifikan terhadap pendapatan dan harga-harga barang dan jasa. devaluasi juga menyebabkan membengkaknya nilai utang jangka pendek yang dihitung dengan kurs dolar as. penggunaan nilai tukar dolar as sebagai alat transaksi perdagangan dunia telah menyebabkan ketergantungan perekonomian terhadap amerika serikat. dominasi dolar as sebagai standar global dalam setiap aktivitas perdagangan global, eksporimpor, atau hutang piutang semakin sulit diprediksi. hal ini disebabkan nilai tukar dolar as terus mengalami fluktuasi sehingga menyebabkan gejolak ekonomi dan memiliki dampak yang sangat signifikan terhadap stabilitas perekonomian. fluktuasi nilai tukar dolar as yang demikian cepat semakin menjadikan perekonomian global sangat sulit diprediksi adanya instabilitas nilai tukar dolar as maka diperlukan mata uang stabil. dalam sejarah telah terbukti bahwa dinar emas stabil dan tidak pernah mengalami inflasi, sementara sejak perjalanan uang kertas atau uang hampa (fiat money) terus mengalami fluktuasi dan depresiasi. untuk itu, penggunaan mata uang dinar emas yang berbahan utama emas 22 karat diharapkan dapat menyelamatkan stabilitas mata uang. tinjauan pustaka dalam islam fungsi uang mencakup tiga hal, penyimpan nilai (store of value), alat tukar (medium of exchange), alat pengukur nilai (unit of account). sebagai fungsi alat tukar (medium of exchange) dan alat pengukur nilai (unit of account) telah dilakukan oleh fiat money, tetapi peran fiat money sebagai penyimpan nilai (store of value) akan berbeda dalam ekonomi islam. menurut syariah, uang itu sendiri tidak dapat diperoleh keuntungan (interest). menyimpan uang sebagai penyimpan nilai (store of value) akan terkikis keseimbangan rielnya karena inflasi dan pembayaran zakat (habib, 2002). al-iqtishad: vol. vi no. 2, juli 2014 274 dalam islam memegang uang hanya untuk transaksi dan menginvestasikan kelebihan dana pada asset untuk mendapatkan keuntungan. ketika tingkat bagi hasil meningkat maka akan diperoleh subtitusi dari uang terhadap asset-asset tersebut. dalam ekonomi konvensional, fungsi uang tidak lagi menujukkan esensinya sebagai alat penyimpan nilai karena itu terjadi fluktuasi, maka dalam islam, stabilitas nilai uang sangat penting dan objek fundamental dalam sebuah sistem ekonomi islam. dalam islam, stabilitas nilai tukar pada close economy berimplikasi pada ketiadaan bunga (interest). mempostulasikan permintaan uang dalam islam berhubungan positif dengan agregat output y (yang muncul dari tujuan-tujuan transaksi) dan sebaliknya pada tingkat bagi, r pada aset (yang muncul dari alasan penyimpan nilai). perubahan tingkat bagi hasil sebagai ganti bunga pada fungsi permintaan uang berbeda dalam ekonomi islam. sebab permintaan uang dalam islam tidak ada subtitusi antara uang dan bunga seperti pada obligasi dan derivatif (forward, futures, option dan lain-lain). persamaan penawaran uang di bank sentral dalam ekonomi islam sebanding dengan emas dan aset atau klaim terhadap uang. bank dapat meningkatkan penawaran uang dengan menaikkan salah satu dari tiga komponen asetnya. kemampuan bank islam untuk menciptakan uang melalui penciptaan kredit juga terbatas. bank islam hanya membiayai transaksi yang didukung oleh barang-barang riel dan aset atau menginvestasikan pada proyek dengan dasar frofit-sharing. bank islam tidak bisa membiayai semata-mata transaksi keuangan seperti membeli obligasi dan yang berhubungan dengan derivatif. jadi, kemampuan bank islam uutuk menciptakan uang lebih kecil dari bank konvensional sebagaimana harus berhubungan dengan ekonomi riil. untuk menentukan nilai tukar harus digunakan sebuah model moneter konvensional yang merepresentasikan model krisis keuangan generasi pertama. kegunaan dari model ini adalah modelnya sederhana dan dapat digunakan untuk mendiskusikan pengaruh model tersebut dan kebijakan fiskal (pembiayaan defisit) terhadap nilai tukar. model moneter yang dipresentasikan berikut adalah versi modifikasi dan perluasan yang digunakan oleh flood dan marrion (1998) dan frankle dan rose (1995). ekonomi menurut pertimbangan mereka dianggap kecil dan terbuka. kita akan menggunakan dua kondisi keseimbangan untuk menghubungkan ekonomi di seantero dunia. dua teori tentang penentuan nilai nilai tukar (exchange rate) diturunkan dari kondisi arbitrase (arbitrage) yang secara luas digunakan dalam open economy dalam ekonomi makro. pertama, berhubungan dengan arbitrase dalam pasar barang purchasing power parity (ppp) atau paritas daya beli. arbitrase (arbitrage) adalah pembelian dan atau penjualan secara simultan secara simultan atas darwis harahap: analisis stabilitas dinar emas dan dolar as 275 barang yang sama di dalam dua pasar atau lebih dengan harapan akan memproleh laba dari perbedaan harga, suwarno dkk: 2003. ppp telah berkembang menjadi salah satu teori-teori pokok penentuan nilai tukar dengan fiat money. dengan ppp, nilai tukar ditentukan oleh arbitrage sebagai rasio tingkat harga (tingkat inflasi) dari dua negara. kedua, arbitrage berhubungan dengan pasar aset finansial dan disebut the (uncover) interest parity (ip) atau paritas bunga (terbuka). dengan mobilitas modal dan tanpa biaya-biaya transaksi, modal jangka pendek (short term capital) mengalir melewati batas-batas untuk memperoleh tingkat keuntungan yang tinggi. mobilitas modal memberikan kesamaan tingkat return melewati batas. flood dan marion (1998) mendiskusikan bagaimana para spekulan melancarkan sebuah serangan terhadap nilai tukar ketika kebijakan moneter ekspansif yang tidak ditopang oleh cadangan dilakukan dalam sebuah ekonomi. para spekulan aktif dalam pasar-pasar uang untuk mengangambil keuntungan untuk pergerakan-pergerakan nilai tukar yang akan datang. perubahan-perubahan dalam ekpektasi depresiasi/appresiasi nilai tukar mempengaruhi permintaan uang dan juga sebagai nilai tukar. andaikan sebuah ekonomi dengan rejim nilai tukar tetap dimana pemerintah menjalankan defisit anggaran yang dibiayai oleh bank sentral. pembiayaan defisit meningkatkan penawaran uang yang menciptakan tekanan pada nilai tukar untuk terdepresiasi. untuk menjaga nilai tukar pada nilai par maka bank sentral harus menjual cadangan. para spekulan mengharapkan depresiasi pada mata uang domestik dan membeli nilai tukar luar negeri (cadangan yang dijual oleh bank pemerintah) pada pasar spot dan penjualan jangka pendek nilai tukar domestik di pasar future/forward. sebuah ekpektasi terhadap depresiasi nilai tukar domestik, akan menurunkan permintaan akan nilai tukar domestik untuk menjaga penawaran uang sejajar dengan permintaan yang rendah maka bank sentral perlu untuk menjual lebih banyak cadangan. sebuah stagnasi akan muncul ketika cadangan melemah. dalam hal ini, nilai par nilai tukar tidak dapat dijaga lagi dan nilai tukar menjadi collapse. ekspektasi para spekulan terealisir dan mereka memperoleh keuntungan. dari kebijakan yang dilakukan di atas masih belum dapat untuk menyelesaikan masalah ekonomi karena penyelesaian belum menyentuh akar permasalahan. saat ini, kestabilan nilai tukar ditentukan oleh dolar asamerika sebagai mata uang internasional, sebagai konsekuensi ketergantungan transaksi perdagangan yang telah dilakukan selama ini sehingga seluruh transaksi perdagangan dilakukan dengan dolar. untuk itu, untuk mengurangi demand for dolar as perlu dilakukan alat transaksi alternatif, yaitu mata uang emas sehingga permintaan terhadap dolar as akan menurun dan dengan sendirinya akan menstabilkan nilai tukar rupiah. al-iqtishad: vol. vi no. 2, juli 2014 276 dalam islam fungsi uang hanya sebagai medium of exchange dan bukan suatu komoditas yang bisa dijualbelikan dengan mengambil keuntungan secara on the spot maupun bukan. suatu karakteristik uang yang terpenting adalah bahwa uang bukan untuk dikonsumsi, ia tidak diperlukan untuk dirinya sendiri, tapi merupakan sarana yang diperlukan untuk membeli barang untuk memenuhi kebutuhan manusia. sebagaimana dijelaskan oleh imam ghazali bahwa emas dan perak hanyalah logam yang di dalam substansinya (zatnya itu sendiri) tidak ada manfaatnya atau tujuantujuannya. menurut beliau, “kedua-duanya tidak memiliki apa-apa tetapi keduanya berarti segala-galanya”. keduanya ibarat cermin, ia tidak memiliki warna namun ia bisa mencerminkan semua warna. pada umumnya para ulama dan ilmuwan sosial islam menyepakati fungsi uang sebagai alat tukar saja. deretan ulama ternama seperti imam ghazali, ibnu taymiyyah, ibnul qayyim al-jauziyyah, ar-raghib al-ashbahani, ibnu khaldun, al-maqrizi dan ibnu abidin dengan jelas menandaskan fungsi pokok uang sebagai alat tukar. bahkan ibnul qayyim mengecam sistem ekonomi yang menjadikan fulus (mata uang logam dari kuningan atau tembaga) sebagai komoditas biasa yang bisa diperjualbelikan dengan kelebihan untuk mendapatkan keuntungan. seharusnya mata uang itu bersifat tetap, nilainya tidak naik dan turun. marthon (2003), menyatakan uang selain berfungsi sebagai standar nilai dan satuan hitung, alat pembayaran (medium of exchange), dan alat penyimpan kekayaan (bukan penimbun kekayaan), menambahkan lagi bahwa fungsi uang sebagai alat pembayaran zakat dan kewajiban lainnya. sesuai yang dikemukakan saidi (2003) bahwa uang kertas yang saat ini nilainya berfluktuasi menyebabkan nilainya tidak tetap. sedangkan zakat harus dibayar sesuai dengan harta itu sendiri, seperti hewan ternak, hasil pertanian, hasil tambang dan sebagainya. demikian juga dengan emas dan perak merupakan nilai sejati dari harta, maka pembayaran zakat harta itu pun hanya sah bila dibayarkan dengan harta itu juga yakni emas dan perak. hal ini dapat dibuktikan pada zaman kekhalifahan usmaniah, ketika uang kertas telah lazim dipakai, pembayaran zakat mal hanya dibolehkan dengan emas dan perak. metode data yang dikumpulkan adalah data harga rata-rata emas 24 karat dan harga rata-rata dolar as. data tersebut diperoleh dari buletin statistik bulanan di badan pusat statistik (bps) jakarta-indonesia. 1) data indeks harga emas yang diperoleh dari perkembangan harga rata-rata valuta asing dan emas di pasaran jakarta. data yang diperoleh adalah perkembangan rata-rata bulanan selama 67 bulan, mulai januari 2001 sampai dengan tahun juli darwis harahap: analisis stabilitas dinar emas dan dolar as 277 2006. 2) data indeks nilai dolar as yang diperoleh dari perkembangan harga ratarata valuta asing dan emas di pasaran jakarta. data yang diperoleh adalah perkembangan rata-rata bulanan selama 67 bulan mulai januari 2001 sampai dengan tahun juli 2006. 3) indeks harga konsumen (consumer price index) yang diperoleh dari perkembangan indeks umum ihk di pasaran jakarta. data yang diperoleh adalah perkembangan rata-rata bulanan selama 67 bulan mulai januari 2001 sampai dengan tahun juli 2006. 4) sebagai proksi dinar emas, variabel dinar emas adalah indeks harga consumen (ihk) dibagi 100 kemudian dikalikan dengan harga emas maka diperoleh nilai riil emas. teknik analisis yang dipergunakan dalam penelitian ini ialah menggunakan uji kausalitas granger. uji ini digunakan untuk menganalisis apakah ada hubungan volatilitas antara dinar emas dengan dolar as. sedangkan untuk menganalisis apakah dinar emas lebih stabil dari nilai tukar dolar dipergunakan uji anova. pembahasan berdasarkan data harga emas dan dolar as yang ada didapat trend masingmasing variabel penelitian. variabel dolar as mempunyai trend naik turun dihitung dari data bulanan dari tahun 2001-2006. kenaikan nilai dolar as mengalami volitiltas tingkat yang kecil. kenaikan yang signifikan terjadi pada masa krisis 1998, namun, data tersebut tidak termasuk dalam penelitian ini karena tidak ekonomi dalam keadaan tidak normal. lain halnya yang terjadi sebelum krisis moneter. variabel dolar as mengalami stabilitas yang cukup baik walaupun terjadi fluktuasi namun tidak begitu signifikan. sementara itu, variabel emas mempunyai trend yang lebih stabil dalam volatilitasnya dalam beberapa bulan mulai tahun 2001-2006. namun, lain halnya dengan dolar as, kenaikan harga emas signifikan pada saat-saat tertentu dan kemudian stabil dalam jangka waktu yang lama. begitu juga hal yang terjadi sebelum krisis moneter, dimana trend harga emas stabil dalam waktu yang lama kemudian naik secara signifikan dan kemudian stabil dalam waktu yang lama. dari analisis model pertumbuhan yang diperoleh dari data emas dan dolar as diperoleh persamaan sebagai berikut: dinar = 10.989+ 0.017bulan se (0.010) (0.00) r2 : 0.931 al-iqtishad: vol. vi no. 2, juli 2014 278 pengolahan regresi dengan menggunakan metode ordinary least square (ols) hasil dari transformasi regresi non-linear menjadi regresi linear dalam bentuk model fungsional dalam bentuk log-lin. prinsip model ini yaitu melakukan transformasi logaritma terhadap data. model log-lin pada data ini, yaitu untuk mengetahui variabel emas dalam bentuk logaritma dan variabel bulan dalam bentuk linear. r2 untuk persamaan di atas cukup kuat, yaitu 93% artinya variabel lemas mampu menerangkan variabel bulan sebesar 93% sedangkan 7% lagi dijelaskan oleh variabel lain yang tidak terdapat dalam model. sementara dari uji t pada variabel bulan sebesar 488.410. variabel bulan secara signifikan berpengaruh terhadap variabel harga riil emas. secara singkat dapat dengan melihat besarnya nilai probabilitas yang signifikan ditampilan oleh e-views. variabel bulan mempunyai tanda positif, hal ini menunjukkan bahwa hubungan antara variabel bulan dengan lnemas adalah positif. ini menandakan bahwa apabila setiap bulan maka harga emas akan meningkat. nilai uji f yang didapatkan 882.456 signifikan pada tingkat 5%, hal ini karena nilai f hitung lebih besar daripada nilai f tabel. hal ini memperlihatkan bahwa seberapa besar pengaruh variabel independen yang ada berpengaruh secara bersama-sama terhadap variabel dependen. ini dapat ditunjukkan dengan nilai probabilita yang signifikan sebesar 0.00 yang ditampilkan oleh program e-views. model tersebut menyatakan bahwa α2 = 0.017. artinya, pertumbuhan harga emas per bulan sekitar 1.7% pada periode januari 2001 juli 2006. adapun untuk pertumbuhan dolar as per bulan dapat dilihat dari hasil output, diperoleh persamaan regresi sebagai berikut: ldolar = 9.014 + 0.004bulan se .005 0.000 r2 : 92% hasil pengolahan data pada persamaan laju pertumbuhan nilai dolar as di atas diperoleh nilai uji t pada variabel bulan sebesar 28.072. variabel bulan secara signifikan berpengaruh terhadap variabel lemas. secara singkat dapat dengan melihat besarnya nilai probabilitas yang ditampilan oleh e-views. variabel bulan mempunyai tanda positif, hal ini menunjukkan bahwa hubungan antara variabel bulan dengan lusd adalah positif. ini menandakan bahwa setiap bulan harga emas meningkat. nilai uji f yang didapatkan 788.017 signifikan pada tingkat 5%, hal ini karena nilai f hitung lebih besar daripada nilai f tabel. hal ini memperlihatkan darwis harahap: analisis stabilitas dinar emas dan dolar as 279 bahwa seberapa besar pengaruh variabel independen yang ada berpengaruh secara bersama-sama terhadap variabel dependen. ini dapat ditunjukkan dengan nilai probabilitas yang ditampilkan. koefisien determinasi (r2) yang didapat dalam persamaan ini adalah 92%. koefisien determinasi yang didapat dari persamaan diatas menandakan bahwa variabel bulan mampu menerangkan variabel ldolar assebesar 92%. sedangkan 8% lainnya diterangkan oleh variabel lain yang tidak terdapat dalam model. hasil output pengolahan regresi pada variabel ldolar as di atas dengan menggunakan metode ordinary least square (ols) menunjukkan bahwa laju pertumbuhan dolar as per bulan sekitar 0.4% pada periode periode januari 2001 juli 2006, hal ini dilihat dari koefisien variabel bulan. dari hasil pengalahan data pada variabel harga emas dan dolar as di atas, trend laju pertumbuhan emas dan dolar as menunjukkan bahwa pertumbuhan harga emas lebih tinggi dari pada harga dolar as. artinya, secara rata-rata pergerakan harga riil emas lebih cepat daripada pergerakan harga dolar as. diduga, volatilitas harga emas lebih tinggi daripada harga dolar as. untuk melihat tingkat volatilitas harga emas dan dolar as, maka selanjutnya dilakukan uji variansi berikutnya. setelah melihat trend pertumbuhan harga riil emas dan dolar as di atas maka selanjutnya akan dilihat pola hubungan antara harga riil emas dan dolar as dengan uji kausalitas granger. sebelum melakukan uji kausalitas granger, sebagai syarat utama data harus stasioner. maka dilakukan uji stasioneritas data. satu hal yang sering muncul pada data time series adalah stasioneritas data. data runtut waktu dalam ekonomi pada umumnya memiliki volatilitas yang tinggi tidak stasioner pada level. kondisi data yang tidak stasioner ini dapat digunakan dengan menggunakan grafik, correlogram, maupun unit root test. data stasioner merupakan syarat utama karena jika pada data yang tidak stasioner dilakukan regresi maka yang hasil yang diperoleh akan bersifat spurious, nonsense regression, atau miss leading yakni signifikan secara statistik namun tidak memiliki arti secara ekonomi. untuk itu, langkah utama yang dilakukan adalah melakukan uji akar unit atau unit root test/uji derajat integrasi dan juga dengan metode grafik. dimana untuk metode grafik ini, plot data dari masing-masing variabel dapat dilihat pada lampiran 1. untuk mendukung hasil pengamatan visual terhadap stasioneritas data, maka selanjutnya dilakukan uji akar unit. uji akar unit dapat dilakukan dengan dickey fuller test, augmented dickey fuller test dan philip peron test (pp). stasioner atau tidaknya data dapa dilihat dari nilai adf/pp. jika dari nilai adf/pp lebih besar dari mc kinnon critical value pada tingkat signifikansi tertentu (1%, 5% maupun 10%), al-iqtishad: vol. vi no. 2, juli 2014 280 berarti data dapat dikatakan stasioner. berdasarkan uji stasionaritas yang dilakukan terlihat bahwasanya variabel emas stasioner pada tingkat level karena nilai adf yang didapat berdasarkan pengolahan menggunakan unit root test nilai mutlak yang diperoleh sebesar 3.235615 lebih tinggi daripada nilai critical value pada tingkat kepercayaan 5% yaitu nilai mutlaknya sebesar -2.906210. pengujian yang dilakukan pada variabel dolar as stasioner pada tingkat level karena nilai mutlak adf yang didapat sebesar 3.276471 lebih tinggi daripada nilai mutlak critical value pada tingkat kepercayaan 5% yaitu -2.906210 sehingga tidak perlu dilakukan first differencing karena data telah stasioner pada tingkat level. berdasarkan hasil perhitungan diperoleh kesimpulan bahwa hasil estimasi kausalitas granger menunjukkan bahwa pada hipotesis yang menyatakan emas tidak menyebabkan dolar as emas ditolak, hal ini dapat dilihat f statistik yang signifikan pada tingkat kesalahan 5% yaitu sebesar 0.000. artinya kenaikan harga emas menyebabkan kenaikan harga dolar as. sebaliknya, hipotesis yang menyatakan bahwa dolar as tidak menyebabkan emas diterima, karena f statistik yang tidak signifikan pada alfa 5% yaitu sebesar 0.67730. artinya kenaikan atau penurunan harga dolar as menyebabkan penurunun/kenaikan harga emas. dari hasil uji kausalitas granger diketahui bahwa estimasi kausalitas menunjukkan harga emas mempengaruhi harga dolar. sementara nilai tukar dolar as tidak mempengaruhi harga emas. artinya, dinar emas mempengaruhi nilai tukar dolar as dan harga dolar as tidak mempengaruhi nilai riil emas. ini berarti volatilitas harga dolar as dipengaruhi volatiltas dinar emas dan volatilias dolar as tidak dipengaruhi dinar emas. jika trend volatilitas dinar emas tidak stabil, berarti dapat disimpulkan bahwa volatiltas dolar as juga tidak stabil. tetapi, jika dolar as tidak stabil belum tentu dinar emas tidak stabil. untuk melihat tingkat stabilitas nilai tukar dolar as dan emas dapat dilakukan dengan uji variance kedua variabel tersebut. dari hasil uji variance terhadap dua variabel di atas dapat diketahui bahwa nilai variance dolar as periode januari 2001-juli 2006 yakni 541634.3 dan variance dinar emas yakni 1,884,190,602.14 sedangkan nilai mean masing-masing variabel, untuk dolar as sebesar 9367 dan mean dinar emas 112693. perbedaan nilai mean yang begitu jauh tidak dapat dibandingkan dispersi datanya secara langsung. oleh karena itu, untuk menghitung nilai variance harus diakarkan kembali menjadi deviasi standar supaya ukuran dispersi menjadi jelas. dari hasil uji dengan deviasi standar diperoleh nilai standar deviasi variabel dolar as sebesar 735.9581 dan nilai standar deviasi untuk emas sebesar 43407. darwis harahap: analisis stabilitas dinar emas dan dolar as 281 namun, karena nilai mean dari dolar as sebesar 9039 dan nilai mean dari dinar emas sebesar 112693.yang berbeda maka tidak dapat diambil kesimpulan dari hasil uji variance tersebut. untuk itu, dilakukan uji 2 analisis of variance (anova). dalam bentuk yang paling sederhana, anova ini digunakan untuk menguji signifikansi dari perbedaan dua rata-rata dari sejumlah populasi yang berbeda. dari hasil uji analysis of variance (anova) dapat diambil kesimpulan bahwa dinar emas lebih stabil dari pada dolar as. hal ini dapat dilihat dari hasil uji analysis of variance (anova), yakni pada area reject h0. hal ini dapat dilihat dari nilai f-statistik 379.532 lebih besar dari pada critical value 3.99. dan nilai signifikansi yang ditampilkan oleh e-views yakni 0.000. dari hasil uji statistik di atas diambil kesimpulan bahwa volatilitas dinar emas lebih stabil dari dolar as. simpulan hasil perhitungan laju pertumbuhan dolar as secara bulanan selama periode penelitian menunjukan bahwa laju pertumbuhan harga dolar as per bulan sekitar 0.4%. sementara itu, laju pertumbuhan emas per bulan sekitar 2 % selama periode penelitian. dari hasil pengujian di atas, dapat diambil kesimpulan bahwa laju pertumbuhan emas lebih tinggi daripada laju pertumbuhan dolar as. dari hasil uji kausalitas granger diperoleh kesimpulan bahwa hasil estimasi kausalitas granger menunjukkan bahwa pada hipotesis yang menyatakan emas tidak menyebabkan dolar as emas ditolak, hal ini dapat dilihat f statistik yang signifikan pada alfa 5% yaitu sebesar 0.000. artinya kenaikan harga emas menyebabkan kenaikan harga dolar as. sebaliknya, hipotesis yang menyatakan bahwa dolar as tidak menyebabkan emas diterima, karena f statistik yang tidak signifikan pada alfa 5% yaitu sebesar 0.67730. artinya kenaikan atau penurunan harga dolar as tidak menyebabkan penurunun/kenaikan harga emas. volatilitas harga dolar as dipengaruhi volatiltas dinar emas dan volatilias dinar emas tidak dipengaruhi dolar as. jika trend volatilitas dinar emas tidak stabil, berarti dapat disimpulkan bahwa volatiltas dolar as juga tidak stabil. tetapi, jika dolar as tidak stabil belum tentu dinar emas tidak stabil. hasil uji analysis of variance (anova) dapat diambil kesimpulan bahwa dinar emas lebih stabil dari pada dolar as. hal ini dapat dilihat dari hasil uji analysis of variance (anova), yakni pada area reject h0. hal ini dapat dilihat dari nilai f-statistik 379.532 lebih besar dari pada critical value 3.99. dan nilai signifikansi yang ditampilkan oleh e-views 5 yakni 0.000. secara keseluruhan disimpulkan bahwa pada periode penelitian dinar emas bisa dijadikan alternatif pengganti dolar as karena nilainya yang stabil yang diukur dengan rupiah. al-iqtishad: vol. vi no. 2, juli 2014 282 pustaka acuan ahmed, h. 2002. “money and exchange rate in islamic economy”, hasil seminar stable and just global monetary system, viability of the islamic dinar. malaysia: iium. al arif, m. n. r. 2010. teori makroekonomi islam. bandung: alfabeta. -------------------. 2011. dasar-dasar ekonomi islam. surakarta: era intermedia. chapra, m.u. 2000. sistem moneter islam. jakarta: gema insani press. choudhury, m.a. 1997. money in islam. canada: routledge. esquivel, g & f.b. larrain. 2002. the impact of g-3 exchange rate volatility on developing countries. g-24 discussion paper series, united nations new york and geneva. hakim, c.m.. 2001. sistem dinar solusi perbankan syariah, dalam buku dinar emas solusi krisis moneter. jakarta: pirac, sem institut, jakarta. hamidi, m. 2007. gold dinar sistem moneter global yang stabil dan berkeadilan. cet. ke-1. jakarta: senayan abadi publishing. hasan, a. 2005. mata uang islami telaah komprehensif sistem keuangan islami. jakarta: pt. raja grafindo persada. huda, n, dkk. 2008. ekonomi makro islam: pendekatan teoritis. jakarta: kencana. mannan, m.a. 1992. ekonomi islam: teori dan praktik. jakarta: intermasa. marthon, s.s. 2004. ekonomi islam: di tengah krisis ekonomi global. jakarta: zikrul hakim. metwally, m. m. 1993. essays on islamic economics. calcutta: academic publisher muhammad. 2002. kebijakan fiskal dan moneter dalam ekonomi islam. yogyakarta: uii press. paolo p. & c. tile. 2003. aspek ekonomi dari krisis mata uang dan penularannya: suatu pengantar, dalam sofyan s. harahap, pelajaran dari krisis asia. jakarta: quantum. perwataatmadja, a.k. 2003. menggagas ekonomi syariah yang mantap dengan peraturan perundang-undangan yang baik, seminar nasional hukum ekonomi, senat mahasiswa fakultas hukum universitas indonesia, tanggal 25-27 februari 2003, kampus ui depok. siregar, m. 2002. ekonomi dan bank syariah pada millenium ketiga. medan: iain press. supriyanto, e. 2005. ekonomi islam: pendekatan ekonomi makro islam dan konvensional. bandung: graha ilmu. yusanto, ismail. 2001. mencari solusi krisis ekonomi, dalam buku dinar emas solusi krisis moneter. jakarta: pirac sem institut. 6-indah.indd indah mulia sari: factors that influenced people 73 factors that influenced people to become islamic bank customer: a study on kancana villagers indah mulia sari, hendro wibowo & edy suprapto1 abstract. factors that influenced people to become islamic bank customer: a study on kancana villagers. islamic finance and banking industry in indonesia has shown a significant growth, average growth of 30% more per year in the last five years, with a total number of islamic banks customers as much as 12 million accounts, or market share 4.8%. in this study, researchers attempt to describe the events in rural districts west java related to the factors that influence people to become customers of islamic banks. data processing by tabulation and scoring and based on the analysis and discussion are carried out. the results of this study indicate that the islamic bank customers’ data are mostly women in productive age with maximum a senior high school education and their profession up mostly are traders. others reasearch results related to factors which influence people to become customers of islamic banks were influenced by psychological, social, personal, economic and cultural factors. keywords: islamic banking and finance, islamic bank customers, consumer behavior abstrak. faktor-faktor yang mempengaruhi seseorang untuk menjadi nasabah bank syariah: studi pada penduduk desa kancana. industri keuangan dan perbankan islam di indonesia telah menunjukkan pertumbuhan yang signifikan, rata pertumbuhan mencapai 30% lebih pertahun dalam lima tahun terakhir, dengan jumlah total nasabah bank syariah sebesar 12 juta rekening atau market share mencapai 4.8%. dalam penelitian ini, penulis mencoba untuk menggambarkan peristiwa di pedesaan wilayah jawa barat terkait dengan faktor-faktor yang mempengaruhi orang untuk menjadi nasabah bank syariah. pengolahan data dilakukan dengan tabulasi dan scoring dan berdasarkan analisis dan pembahasan yang dilakukan. hasil penelitian ini menunjukkan bahwa data nasabah bank islam sebagian besar perempuan di usia produktif dengan maksimal pendidikan sma dan profesi mereka sampai sebagian besar adalah pedagang. hasil lain penelitian adalahterkait dengan faktor-faktor yang mempengaruhi orang untuk menjadi nasabah bank syariah dipengaruhi oleh faktor psikologis, personal, faktor sosial ekonomi dan budaya kata kunci : keuangan dan perbankan syariah, nasabah bank syariah, perilaku konsumen first draft: september, 10th 2014, revision: november, 25th 2014, accepted: december, 10th 2014 1 sebi school of islamic economic, address :bojong sari street depok west java, indonesia email: muliasari.indah@gmail.com; hendro.wibowo83@gmail.com; edy.suprapto77@gmail. com al-iqtishad: vol. vii no. 1, januari 2015 74 introduction islamic finance and banking industry in indonesia has shown a significant growth. its development has reached an average growth of 30% more per year in the last five years. this figure is above the average growth of islamic banking industry in the world which is only 10% to 15% per year. in fact, this growth rate is also higher than the average growth of the national banking industry, recorded an average of 16.7% per year. similarly, other islamic financial industry (islamic capital market and non-bank financial institutions) experienced rapid growth although not as fast as the islamic banking industry. formally, the developmentof islamic banking in indonesia has entered a period of 22 years starting in1992 to the present. based on islamic banking statistics data as of december 2013, the growth islamic banking assets which consist of islamic commercial banks (icb) and islamic business unit (ibu) increased from rp 195 trillion in 2012 to rp 242 trillion in 2013, increased by 24%. meanwhile, the volume of financing in the same period has reached rp 184 trillion (growing 25% -yoy) from the previous year 2012 which amount to rp 147 trillion and third-party funds that is achieved by the islamic banking amounted to rp 183 trillion (growing 24% -yoy) from the previous year 2012 which amount to rp147 trillion. for over the last five years, it has witnessed the growth rate of islamic banking, both in terms of assets, financing and third-party funds showed an upward trend. as we all know that the majority of indonesia’s population is muslim. it has become a necessity for muslims to use islamic principled financial services. moreover, the current development of islamic banking in indonesia from year to year is quite significant. thus, there is no longer any reason for the muslim community not to use the services of financial institutions in accordance with islamic principles. the reality has shown that the number of customers of islamic banks has increased in significant numbers. the data shows that the trend of growth in the number of customers increased year-over-year in average of 26%. the most significant growth trend shows in 2011 by 35%, despite the fact of a 20% downturn by the end of 2013, so that only grow on range of 11% away from the previous year in 2013 the trend growth of islamic banks customers by 32%. with a total number of islamic banks customer’s as much as 12 million accounts, it only reached 4.8% of the total population of indonesia at the end of december 2013 amounted to 248 million people (statistic indonesia, 2014). various factors can affect one’s lifestyle including demographics, personality, social class, and life cycle in the household. each person certainly has their own indah mulia sari: factors that influenced people 75 reasons. therefore, factors that underlying decision made by the district cikijing kancana villagers to become an islamic bank customers still an interesting topic to examine. from the above background, the formulation of the problem which is used to conduct this research: first, how are the characteristics of the district cikijing kancana villagers? second, what factors are affecting the district cikijing kancana villagers to become customers of islamic banks? given the extent of the topic about the community and the banking institutions, this paper limit the issues in this research are as follows: first, this research focuses on factors that affect the district cikijing kancana villagers to become customers of islamic banks; second, object of this research is the district cikijing kancana villagers who become bank’s customer in the district cikijing. literature review there are several definitions of consumer behaviour according to some marketing experts: consumer behaviour is “the study of individuals, groups or organizations and the processes undertaken in selecting, determining, obtaining, using, and discontinue using the products, services, experiences, or ideas to satisfy needs and the impact of these processes on consumers and society “(hawkins, et.al. 2001). consumer behaviour also can described as the mental and physical activity undertaken by household customers (end consumers) and business customers that result in a decision to pay, purchase, and use of certain products and services (sheth & mittal, 2004). based on those five standpoints regarding the definition of consumer behaviour, it can be summarized that consumer behaviour is a process undertaken by individuals / consumers in making decisions, both in the pre-purchase, purchase and post-purchase. consumer behaviour model was used as an effort to make it easier to understand consumer behaviour. a model is a simplification of the true picture (swasta & handoko, 2000). this simplification through setting aspects of reality and only consists of the aspects that make keen to the model maker (swasta & handoko, 2000). for example, if the intention is to interpret consumer behaviour as a decision-making process, the emphasis of the model is the process. the form of the model may vary, the model can be a verbal description, or by using mathematical symbols. most of consumer behaviour model described verbally. consumer behaviour will determine the decision-making processing purchasing. the purchasing process consists of fivesteps: first, needs identification; al-iqtishad: vol. vii no. 1, januari 2015 76 second, search for information; third, evaluate the information; fourth, purchase decision; fifth, post-purchase behavior. the overall process explained above is only occurred in certain circumstances, for example at the first purchase. this means that the entire above process is not always done by the consumer. consumers will be easier to take a decision in there-purchase or continuity in nature or in other words, if consumers are satisfied then they will not undertake initial process, they maybe immediately go to purchase decision process. the purpose of marketing activities is to influence consumers to buy certain goods or services. it is very important for marketing managers to understand why and how consumer behaviour so that the company can develop, pricing, promoting, and distributing its products better. by studying the consumer behavior, managers will know what the unmet wants and needs of their consumers so that they can identify it to make market segmentation. next, we will explain about islamic bank. islamic bank is a bank that is running its operations based on islamic principles and by the type it consists of islamic commercial banks (icb) and islamic rural banks (irb). islamic bank got the legitimacy from the indonesian government with the passage of the islamic banking act no.21 of 2008, on july 16, 2008. in islamic banking act no.21, 2008 the term of islamic credit bank was changed to islamic finance bank. this change made in order to emphasize the differences between credit and financing based on islamic principles. according triandaru and budisantoso (2006), islamic bank is a bank that its activities, both fund raising and distribution of funds provide there ward on the basis of islamic principles, namely buying and selling and profit-sharing. islamic bankis an intermediary institutions and financial service providers who work one thics and value system of islam, especially free from interest, free from nonproductive speculative activities such as gambling (masyir), free from the things that are not obvious and dubious (gharar), the principleof justice, and only pay for the lawful business activities. islamic banks actively participate in achieving the goals and objectives of islamic economics-oriented social welfare. in determining the price or profit for the islamic principles based bank are as follows: first, financing is based on the principle of profit sharing (mudharabah). second, financing based on the principle of equity (musharaka). third, the principle of trading to make a profit (murabaha). fourth, lease financing of capital goods based purely without choice (ijara). fifth, with the choice of the transfer of ownership of the goods are leased from the bank by the other party (ijara wa aqtina) indah mulia sari: factors that influenced people 77 methods this research is descriptive research, this means researcher sought to describes or depicts a social situation in broad and deep scope (sugiyono, 2008). in this study, researchers attempt to describe the events in rural districts cikijing kancana related to the factors that influence people to become customers of islamic banks, then processed and analyzed using descriptive quantitative analysis method. the research was conducted in the village of kancana the cikijing district, majalengka, west java. questionnaires distributed to kancana villagers by using a list of statements concerning the factors that affect the community in becoming customers of islamic banks. answer or assessment from respondent were compiled in frequencies table, then interpreted and analyzed based on the data analysis techniques, and the next process is discussing the result to determine a general overview of research results. based on the factors that influence people to become customers of islamic banks, therefore the two variables are the development of variables into sub-variables and indicators as contained in the following table: table 1. variable, sub variable and indicators variable & variable concept sub variable indicator factors that influenced customers “kotler (2000) state that factors that influenced consumer behavior namely: culture, social, individual and psychological factors. (simamora, 2002) culture fac-1. tor culturea. subcultureb. social classc. social factor2. refference groupa. familyb. role and statusc. i n d i v i d u a l 3. factor age and lifecycle a. phase jobb. economy c. circumstances lifestyled. personalities and e. individual concepts psychological 4. factors motivationa. perseptionb. knowledgec. attitude and trustd. educatione. source : data modified by authors, 2014 al-iqtishad: vol. vii no. 1, januari 2015 78 data processing is a process in order to gain the summary of data or figures by applying certain methods or formulas. tabulation is table construction process, containing the data that have been coded according to the analysis required. the process of determining the score of the respondent answers conducted by making classifications and categories that match depends on the assumptions or opinions of respondents. calculation of scoring is done by using a likert scale. stages in analyzing the data is as follows: likert scale used to measure the attitudes, opinions and perception of a person or group of people about social phenomena. in this study the likert scale is used to measure the attitudes and perceptions about the factors that influence people to become customers of islamic banks. based on the respondents’ answers, on the next phase we need to interprete those answers. distributed questionnaires carried out using a likert scale, the index scores were obtained as follows: based on the answers of the respondents will then be obtained on the respondents’ answers. questionnaires were distributed performed using a likert scale, the index scores were obtained as follows: table2. score interpretation criteria likert score score criteria 1 number 0% 20% worse 2 number 21% 40% bad 3 number 41% 60% adequate 4 number 61% 80% good 5 number 81%-100% very good source :(riduwan, 2006) once the data is collected through a questionnaire then the next step is to tabulate, which gives the value of the system in accordance with applied. data analysis was performed in this study by using quantitative and technical analysis using likert scale. discussion in this study, the authors distributed questionnaires to kancana villagers. the identity of the respondents include gender, age, education, home status, employment and incomeof the respondents. by gender, the percentage of women is 70%, and the percentage of men with 30%. this is becauseof the respondents, most women who like to engage in financial transactions with the bank. women in the village kencana have more sparetime than men. therefore, women that more frequently interaction with the bank. compared with men who generally do not have enough time to deal indah mulia sari: factors that influenced people 79 with the bank, and they preferred to trust his wife. majority of people who become customers of a bank: 34% of respondents aged 21-30 years, 30% of respondents aged 31-40 years, and respondents aged 41-50 by 23%. compared to respondents aged 51-60 years 10% and the percentage of respondents aged < 20 years numbered 1 person with the percentage of 3%. this shows that age is the productive age, so that the respondent wishes to investor become customers of the bank to prepare for the needs in the future. the majority of respondents that become customers of the bank: 46% graduated high school (sma), 23% graduated from junior high school (smp), 17% graduate bachelor degree (sarjana), and graduated from elementary school (sd) and vocational (diploma) 7% respectively. the education level of high school (sma) graduates have a high percentage, it is because the majority of the villagers are high school (sma) graduates. in this case meant the whole society kancana already own their home, or none of the mareleased/rented house. this is because a home is very important to have for the people kancana. and another thing because urban areas kancana not familiar with the culture of the lease/contract. the majority of people who become bank’s customers are dominated by people who work as self-employed is 57%. this is because most people kancana worked as a businessman. they can create their own jobs, and not a few of the mareable to provide jobs for other communities. furthermore, the 13% of civil servants, private sector employees is 10%. other work amounted to 6 people with a percentage of 20%. for employees of soes 0%, this is because people are not background by higher education, therefore kancana community until 2013 no one has worked in soes. in data the majority of income communities < rp. 2,200,000 (fifty percent), 23% are the people incomes rp. 2,200,000-5,000,000, and 27% are income > rp 5,000,000. this shows that the rural community is a society that is able to be customers of the bank. although more than 30 respondents are people who earn less than rp 2,200,000, but they can set aside money for savings in the bank. this is because the expenditure villagers still are manageable. community in the village of kancana provide feedback related to the factors that influence people to become islamic bank’s customers. the public response to the factors that influence people to become islamic bank’s customers are described as follows: first is the cultural factor. that of the sub-variable cultural factors, public response from the respondents in the indicator cultures, the majorityof people who claim not agree as much as 44%, 23% respondents is agreed, 17% respondent is sun decided, and the 13% percentage of respondents strongly disagree of respondents stating and very much as 3%. it is addressed that the majority of the villagers of kancana are less affected by the culture there. therefore the majority of the kancana’s villagers, culture are not a determinant of desires and behaviours al-iqtishad: vol. vii no. 1, januari 2015 80 of the most fundamental. data can be seen that the variable factors of subcultures, peoples answers on indicators of subcultures, the majority of people who expressed strongly agree with the percentage of 36.67%. respondents who had agreed were 23.3%, the public chose islamic banks because of its recognition of the islamic religion, some people claim islam as their religion then they should choose a system of islamic banking institutions. then 20% disagree and 13% of respondents stated strongly disagree. this is because they are already accustomed to using conventional banking services. and 6.7% of people undecided because respondents could still be influenced or not have a definite choice. it can be seen that the variable factors of subsocial classes, peoples answers located on indicators of social class, the vast majority of states do not agree 40.0% and 10% expressed strongly disagree, it shows that according to this respondent does not affect their social class in choosing to become a customer. compared with people who agree and strongly agreed that states 26.7% and 16.7%. this shows that the majority of the kancana villagers are not affected by their sociall class, as agreed percentage is much lower compared with those not agree. table 3. recapitulation of cultural factors no remarks mean sub-factors 1 culture 52.0 2 sub-cultural 70.0 3 social classes 62.0 source : data processed by authors, 2014 from table 3, it can be seen recapitulation of cultural factors. the highest indicator of respondents’ answers is the sub-culture items with an average value of 70.0, then the sub-cultures including good category. this indicated that the village communities affected by the culture there in becoming customers of islamic banks. for the culture itself that is most strongly influenced by the advice of the ustadz/ clergy. lowest indicator is subculture factor, with an average value of 52.0. it is addressing some people there who are affected by culture, because the virulence factors of the self, or as admitted to the defense of the religion. some people are affected by their social class in deciding to become islamic bank’s customers. when compared with indicators of the respondents’ answers to the items culture factor that only 52.0, social class more items affecting rural communities in deciding to become a customer. these results suggest that cultural factors influence the society was not so. culture there is not really influence the community in becoming islamic indah mulia sari: factors that influenced people 81 bank’s customer, because only a small proportion of people who are affected by culture invillage. second is the social factor. the response from the villagers about the factors that influence people to become islamic bank’s customers on social factors based on the results obtained data collection are as follows: data can be seen that the factor indicator of reference, the majority of people who disagree is 40%, while 27% of people stated strongly disagree, have shown that there is a majority of people who are not affected by the reference factors in rural communities. reference group in here is among friend and the people closest to them. compared with people who claim to agree as much as 17%, and 10% said strongly agree, this indicates that the reference factors influence the decision of a person in becoming islamic bank’s customer is weakness. it can be seen that the indicators of the family, 47%, the majority of people agree that the family had influence, 20% of people stated strongly agree, this shows that the majority of the communities affected by their family. compared by people who disagree and strongly disagree is 30% and 3%. it is much less as compared to respondents who answered agree, it means more people are affected by many factors in deciding their families to become customers of islamic banks. data can be seen that the respondents lies in the role and status indicators, 33% of respondents agreed, 13% of respondents strongly agreed with the stated percentage of 13%. this indicated that there are some people who are affected because of their social status in society that caused them to become islamic bank’s customers. while respondents disagree as much as 30% of respondents stated and strongly disagree with the percentage of 7%. it is addressed that there are some people who do not care about their status and role in society, so it does not affect the role and status in the community choose to be bank’s customers. respondents answer hesitation is17%. table 4. recapitulation of social factor no remarks mean sub-factor 1 references group 60.0 2 family 70.0 3 role and statuses 63.0 source : data processed by authors, 2014 from table 4, it can be seen recapitulation of village community feedback about the factors that influence people to become islamic bank’s customers on social al-iqtishad: vol. vii no. 1, januari 2015 82 factors. the highest indicator of respondents’ answers lies in a family of items with an average value of 70.0, the sub variables of social factors included in either category. this indicated that the village communities affected by the social there be islamic bank’s customer. the social factor itself is most strongly influenced by their families. family advice is affecting their decision in becoming customers of the bank. lowest indicator of respondents’ answers to the factor of reference group with an average value of 60.0, indicating some people there who are affected by the reference group, ie those whose behaviour is always to look like and their role model or example to be decided in terms of the bank’s customers. indicator on the role and status of items with an average is 63.0, also showed some people a little affected by the status and their role in the community. third is the personal factor. responses kancana’s villagers about the factors that influence people to become islamic bank’s customers on personal factors based on the results obtained data collection are as follows: data can be seen that the indicators of age and stage of life cycle. respondents disagree with the 33% and the percentage of respondents expressed strongly disagree as much as 13% as well. comparable to respondents who agree and strongly agree is 33% and 13%. this indicated that the villagers there are some who are affected by age and stage of life cycle, in part there is no effect. as for the respondents who expressed undecided are 7 %; and this number slightly. data can be seen that the indicators work, respondents who disagree 44%, respondents who expressed strongly disagree 3%, while 23% of respondents agreed and 10% strongly agree those states. this condition is largely due to the work of the villagers are self-employed, so they are not tied to their job. they can determine which banking institutions in accordance with their wishes. the respondents were hesitant to answer as much as 20%. data can be seen on the state of economic indicators, respondents who had agreed as much as 33%, and 10% said strongly agree. this indicated that some people argue that the economic situation was extremely influential decision to become customers of the bank. only a small proportion of those who stated that 17% disagree and strongly disagree that states as much as 7%. while the people who expressed doubt as much as 33%. apparently there are still many people who feel hesitant with their economic circumstances in determining banking institutions which they would choose. this is because the majority of village people’s livelihoods are businessmen, so their income is invested back in the business. data can be seen that the sub variables of personal factors, the life style indicators, 37% of respondents disagree and strongly disagree were expressed by 17%. this is because the villagers are not the type of people who are accustomed to a lifestyle change, respondents who agree as much as 33%, and that states could not agree 10%. it is claimed that there are some people who are affected indah mulia sari: factors that influenced people 83 because of his lifestyle. while doubtful, that the decision take effect life style is 3%. data can be seen that the influence of personality and self-concept indicators, 36% of respondents agreed there is the influence of personality and self-concept indicators, 11% of people stated strongly agree. compare with people who disagree and strongly disagree, respectively 43% and 3%. this shows that the majority of people affected by their personality in deciding to become customers of islamic banks. the last factor in deciding the choice is based on respondent itself. therefore, personal factors with indicators of personality and self-concept are impacting on the communities in the decision to become islamic bank’s customers. table 5. recapitulation of personal factor no remarks mean sub-factor 1 age and stage in the life cycle 62.7 2 occupation 58.7 3 economic circumstances 64.7 4 life style 56.7 5 personality and self-concept 64.0 source : data processed by authors, 2014 from table 5, it can be seen recapitulation of village community feedback about the factors that influence people to become islamic bank’s customers on personal factors. the highest indicator of respondents’ answers on the state of the economy subfactors with an average value of 64.7 then enter either category. this indicated that the village communities affected by their personal factors in becoming islamic bank’s customer. although there are factors that influence the decision making, but the deciding factor is itself. lowest indicator of respondents’ answers to the lifestyle subfactor with an average value 56.7. it is addressing some people have argued that lifestyle factors influence the decision not determining an option, as well subfactors jobs with an average 58.7 when viewed, this job is categorized simply, it means people are not so affected by their work in deciding to become a customer, especially since the majority of the villagers are entrepreneurs so they are not tied to their place of work. in addition, the average value of personality and self concept; age and stage in the life cycle subfactors, respectively, are 64.0 and 62.7. this show both subfactor has a good effect in a person decides to become islamic bank’s customers. fourth is the psychological factor. responses the kancana’s villagers about the al-iqtishad: vol. vii no. 1, januari 2015 84 factors that influence people to become islamic bank’s customers in the psychological factors based on the results obtained data collection are as follows: data can be seen that the sub variables of psychological factors, the indicators of motivation, respondents disagree and strongly disagree that motivation has an influence on the decision to become bank’s customers is 46% and 17%. it show that the villagers although given the motivation to be islamic bank’s customer, but has no effect. only asmall proportion of those who agree and strongly agreed, respectively is 7% and 13%, and respondents were undecided is 17%. this indicated that the rural population is not affected by motivation to become islamic banks customers. as for those who expressed hesitation due to the ignorance factor towards islamic banking institutions. data can be seen that the sub variables of psychological factors, the perception indicator, respondents disagree and strongly disagree states respectively are 33% and 10%, the data showed that the majority of the rural population is affected by the perception of banking institutions sharia, only a few of those who agree and strongly agree, respectively is 27% and 13%. while some people undecided as much as 13%. data can be seen that the sub variables ofpsychologicalfactors, indicators ofknowledge, 43% of respondents stated that states disagree and strongly disagree as much as 7%. respondents who agreed and strongly agreed respectively is 20% and 10%, where as others expressed doubt as much as 20% as well. this indicated that village communities are not affected by the increasing knowledge of the different banking institutions through the spread of information. data can be seen that the sub variables of psychological factors, trust and attitudes establishment indicator, respondents who disagree with the trust and attitudes of the establishment as much as 13%, and 13% strongly disagreed, while respondents said strongly agree and agree respectively with the percentage of 23% and 27%, and the latter is expressed doubt with the percentage of 23%. this indicated that the villager is agreed, that the establishment of trust and attitudes influence the person’s decision to become islamic bank’s customers. table 6. recapitulation psychological factors no remarks mean sub-factors 1 motivation 50.7 2 perception 57.3 3 knowledge 56.7 4 establishment trust and attitude 66.7 source : data processed by authors, 2014 indah mulia sari: factors that influenced people 85 from table 6, it can be seen recapitulation responses kancana’s villagers about the factors that influence people to become islamic bank’s customers on psychological factors. the highest indicator of respondent’s answers to the sub factors are confidence and attitude with an average value of 66.7, then categorized as good. this indicated that the village communities affected by their psychological factors in becoming islamic bank’s customer. they will be the islamic bank’s customer if it starts to grow confidence and attitude of the establishment. lowest indicators in the motivation of respondents with an average value of 50.7. it is addressed that the sub-factors of motivation so that they become customers of minimal influence. it is also influenced due to islamic banking institutions is still limited existence, and it affects people’s motivation patterns of islamic banking institutions. while indicators of the respondent’s answers to the sub factors knowledge is average of 56.7, include enough category, in the sense that people are starting to know about islamic banking. people are starting to know enough about islamic banking and influence. last indicator on sub factors perception of respondents with an average of 57.3 is categorized enough. conclusion based on the analysis and discussion are carried out, it can be obtained several conclusions, among others. first, jobs or livelihoods of rural people, correspond in general, rural livelihood is farming but not least also the livelihood trade or self-employed, because some areas agriculture can not be separated from business activities. therefore, the income level of villagers relatively small and depends on the condition of the rural economy. second, the factors that most influence to become the islamic bank’s customer in kancana’s village was sub factors family on social factors, in rural communities, family is very important when some one will make a decision. similarly, sub-cultural factors on cultural factors such as factor nationalities, religions, racial groups, and geographic regions, influence the decision of the villagers. furthermore, who has a strong influence of 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rajagrafindo persada. 42 pengaruh rentabilitas, efisiensi dan likuiditas terhadap kecukupan modal bank umum syariah siti fatimah1 abstract. the influence of rentability, efficiency, liquidity to capital adequacy ratio in islamic bank: study at pt bank syariah mandiri. the aim of this study is to analyze the influence of rentability (roa), efficiency (bopo), and liquidity (fdr) to capital adequacy ratio (car) in short-run and long-run. the method analysis that used in this study is vecm method. the result was shown that roa had a significant negative influence to car, bopo had a significant positive influence to car, and fdr had a significant negative influence to car. there were a long-run correlation between bopo and fdr to car, and there were a short-run correlation between roa, bopo, fdr to car. keywords. rentability, efficiency, liquidity, capital adequacy, vecm abstrak. pengaruh rentabilitas, efisiensi, dan likuiditas terhadap kecukupan modal bank umum syariah: study pada pt bank syariah mandiri tbk. penelitian ini bertujuan untuk menganalisis seberapa besar pengaruh rentabilitas (roa), efisiensi (bopo) dan likuiditas (fdr) terhadap kecukupan modal (car) dalam jangka pendek maupun jangka panjang. metode yang digunakan yaitu metode kuantitatif dengan alat analisis menggunakan metode analisis vecm. hasil penelitian menyatakan roa berpengaruh negatif signifikan terhadap car, bopo berpengaruh positif signifikan dan fdr berpengaruh negatif signifikan terhadap car selain itu, terdapat hubungan jangka panjang antara bopo dan fdr terhadap car, sedangkan dalam jangka pendek terdapat hubungan antara roa, bopo dan fdr terhadap car. kata kunci: rentabilitas, efisiensi, likuiditas, kecukupan modal, vecm 1naskahditerima 15 oktober 2013, direvisi 20 nopember 2013, disetujui 24 nopember 2013 bca finance, bca pondok indah lt. 2, jl. metro pondok indah, no. 10, jakarta. email: fatimahsitti86@yahoo.com 43 pendahuluan berkembangnya bank syariah di indonesia harus dibarengi dengan peningkatan kualitas dan kuantitas bank syariah, agar lebih mendapatkan kepercayaan dimata nasabahnya. salah satu upaya untuk menjaga eksistensi bank syariah, pihak manajemen perlu memperhatikan kriteria pengukuran kesehatan dan kinerja perbankan. salah satu indikator kesehatan perbankan yang sangat penting yaitu indikator modal. indikator modal perbankan harus dikedepankan mengingat dalam mekanismenya perbankan merupakan industri yang usahanya mengandalkan kepercayaan masyarakat. kesehatan bank yang dapat dilihat dengan indikator modal sudah seharusnya dilihat masyarakat untuk membangun kepercayaan dalam meyerahkan dananya pada bank. hal ini mengingat citra perbankan nasional yang ternodai oleh berbagai kasus penyelewengan dana nasabah oleh pihak manajamen bank, maupun masalah perbankan yang tidak liquid. demi menciptakan perbankan yang sehat, bi telah mengeluarkan program arsitektur perbankan indonesia (api) yaitu program penguatan struktur perbankan nasional yang bertujuan untuk memperkuat permodalan bank dalam rangka meningkatkan kemampuan bank mengelola usaha maupun risiko. upaya pemerintah yang lain yaitu dengan dikeluarkanya peraturan bank indonesia nomor: 6/10/pbi/2004 tentang sistem penilaian tingkat kesehatan bank umum. ketentuan yang salah satu diantaranya adalah mengatur tentang permodalan bank ( car) minimum sebesar 8 % (delapan persen). pada tahun 2011 total asset bank syariah hanya 2,6% dibandingkan dengan bank umum. tetapi pada 2012 jumlah perbandingan total asetnya naik menjadi 3,24%. perbandingan antara tahun 2011 dan 2012 total aset dari bank umum sendiri naik 20,3% sementara total aset dari bank syariah naik 47,4%. peningkatan aset bank syariah ditunjang dengan banyaknya bank umum syariah di indonesia hingga saat ini, dengan bank syariah mandiri sebagai bank umum syariah dengan aset terbesar yaitu senilai rp 49,70 triliun per juni 2012. berdasarkan peraturan pemerintah mengenai tingkat kesehatan bank umum, setiap bank berusaha untuk menjaga nilai car perusahaanya dengan tujuan untuk mempertahankan tingkat kesehatan bank tersebut. dalam implementasinya bank syariah mandiri sebagai bank dengan aset terbesar tetap mengalami fluktuasi dalam perkembangan kecukupan modalnya. hal ini terlihat dari nilai car bank umum syariah periode pengamatan 2009-2012 pada tabel 1 berikut ini: tabel 1 car bank syariah mandiri periode 2009-2012(dalam %) sumber: laporan keuangan bank syariah mandiri (data diolah kembali) berdasarkan tabel diatas dapat dilihat bahwa car bank syariah mandiri tahun 2009-2012 mengalami perubahan naik turun namun tetap dalam kondisi sehat karena berada diatas 8%. selain itu, dari data diatas terlihat bahwa car bank syariah mandiri tahun 2009 hingga 2011 mengalami penurunan. namun terlihat pada tahun 2012 car bank syariah mandiri kembali meningkat. tahun 2009 2010 2011 2012 car 13,67 11,78 12,24 13,69 44 pergerakan car yang fluktuatif tersebut perlu dilakukan tindak lanjut oleh pihak manajemen agar mengetahui faktor-faktor apa saja yang mempengaruhi perubahan car tersebut. sebagai bank umum syariah dengan aset terbesar bank syariah mandiri tetap membutuhkan tambahan modal. hal tersebut diperlukan untuk mendukung kesinambungan ekspansi pembiayaan pada tahun berikutnya. rasio kecukupan modal (car), bank syariah terbesar di indonesia ini kerap tergerus secara cepat akibat ekspansi pembiayaan yang tinggi. menurut zainal fanani, direktur kepatuhan sekaligus chief financial officer bsm, mengatakan perseroan menargetkan ekspansi pembiayaan sebesar 25% selama tahun ini, dibandingkan dengan akhir 2011 rp36,72 triliun. pada akhir 2011 car bsm 14,57% dan dengan perkembangan bisnis selama tahun 2012 pihak bsm meprediksi car bisa dipertahankan di atas 12%. selama 2011 car bsm meningkat dari 10,6% menjadi 14,57%, yang ditopang oleh suntikan modal dari bank mandiri sebesar rp500 miliar yang diberikan dua kali, yakni pada pertengahan maret 2011 dan akhir desember 2011. penambahan modal itu meningkatkan modal disetor bsm menjadi rp1,16 triliun pada akhir 2011, dibandingkan dengan 2010 yang tercatat rp658,24 triliun. pemilihan variabel car sebagai variabel dependen dikarenakan car merupakan indikator yang sangat penting menurut bank indonesia dalam menjaga tingkat kesehatan bank. dimana capital adequacy ratio (car) adalah rasio kinerja bank sebagai pengukur kecukupan modal yang dimiliki bank untuk menunjang aktiva yang mengandung atau menghasilkan risiko, misalnya kredit yang diberikan. car merupakan indikator terhadap kemampuan bank untuk menutupi penurunan aktivanya sebagai akibat dari kerugian-kerugian bank yang disebabkan oleh aktiva yang berisiko (dendawijaya, 2005). melihat fenomena perbankan di indonesia yang mengalami tidak likuid karena tingkat car yang tidak mencukupi, dapat dilihat bahwa terdapat hubungan antara rasio likuiditas dengan car. dimana likuiditas merupakan kemampuan bank dalam memenuhi kewajiban jangka pendeknya saat ditagih (kasmir, 2009). dalam hal ini, likuiditas tersebut dijelaskan oleh financing to deposit ratio (fdr) yaitu rasio antara seluruh jumlah pembiayaan yang diberikan dengan dana yang diterima bank (dendawijaya, 2005). fdr menyatakan seberapa jauh kemampuan bank dalam membayar kembali penarikan dana yang dilakukan deposan dengan mengandalkan pembiayaan yang diberikan sebagai sumber likuiditasnya. berdasarkan pengertian tersebut, dapat dilihat hubungan fdr dengan car yaitu, saat fdr tinggi yang disebabkan pembiayaan tinggi sedangkan dana yang dihimpun sedikit dapat menyebabkan car menurun (dengan asumsi car digunakan untuk menutupi kekurangan dana tersebut). hal ini sesuai dengan pendapat dahlan siamat yang mengemukakan bahwa faktor-faktor yang dipertimbangkan dalam menilai kecukupan modal bank antara lain adalah likuiditas (siamat, 2004). rasio rentabilitas yang dilihat dengan menggunakan return on assets (roa). roa adalah rasio yang digunakan untuk mengukur kemampuan manajemen bank dalam memperoleh keuntungan (laba) secara keseluruhan. semakin besar roa suatu bank, semakin besar pula tingkat keuntungan yang 45 dicapai bank tersebut dan semakin baik pula posisi bank tersebut dari segi penggunaan asset. berdasarkan pengertian tersebut, apabila laba suatu bank meningkat maka akan meningkatkan modal bank tersebut pula, dengan asumsi laba tersebut ditanamkan kembali ke dalam modal bank dalam bentuk laba ditahan. hal ini senada dengan pendapat ali (2006) yang menyatakan setiap kali bank mengalami kerugian, modal bank menjadi berkurang nilainya dan sebaliknya jika bank meraih untung maka modalnya akan bertambah. bopo merupakan rasio perbandingan biaya operasional terhadap pendapatan operasional. rasio ini digunakan untuk mengukur tingkat efisiensi dan kemampuan bank dalam melakukan kegiatan operasinya terutama kredit (dendawijaya, 2005). sama halnya dengan roa, secara teoritis bopo juga memiliki hubungan dengan car, dengan asumsi semakin efisien bank menghasilkan laba melalui biaya operasionalnya, semakin meningkat pula modal yang ditanamkannya. selain itu bopo yang tinggi menunjukan kurangnya efisien bank dalam menjalankan kegiatan operasionalnya karena biaya operasional yang harus ditanggung lebih besar daripada pendapatan operasional yang diperoleh sehingga ada kemungkinan modal digunakan untuk menutupi biaya operasional yang tidak tertutup oleh pendapatan operasional (abdullah, 2003). berdasarkan uraian diatas kondisi pertumbuhan bank syariah yang lebih cepat dibandingkan bank konvensional, diperlukan penelitian mengenai kesehatan bank yang salah satunya menggunakan indikator kecukupan modal. oleh karena itu, tujuan yang ingin dicapai dalam penelitian ini yaitu: 1. menganalisis pengaruh rentabilitas, efisiensi dan likuiditas terhadap kecukupan modal bank umum syariah. 2. menganalisis hubungan rentabilitas, efisiensi dan likuiditas dalam jangka pendek maupun jangka panjang terhadap kecukupan modal bank umum syariah. tinjauan pustaka rasio keuangan bank salah satu cara untuk menguji kecukupan modal adalah dengan melihat rasio modal itu terhadap berbagai aset bank yang bersangkutan. dimana, rasio kecukupan modal bank adalah rasio yang digunakan untuk mengukur kemampuan bank mencari sumber dana untuk membiayai kegiatannya. salah satu penilaian modal perbankan yaitu dengan menganalisis rasio permodalanya yang dijelaskan dengan car (capital adequecy ratio). penilaian tersebut dapat diukur dengan dua cara yaitu membandingkan modal dengan dana-dana pihak ketiga dan membandingkan modal dengan aktiva berisiko. menurut r. arif ginanjar dalam penelitiannya menyebutkan terdapat delapan faktor yang mempengaruhi kecukupan modal. faktor tersebut yaitu: kualitas manajemen, likuiditas aset, riwayat laba dan riwayat laba yang ditahan, kualitas dan sifat kepemilikan, potensi perubahan struktur aset, kualitas prosedur operasi, kemampuan untuk memenuhi kebutuhan keuangan, dan beban untuk menutupi biaya penempatan. capital adequacy ratio (car) adalah rasio kewajiban pemenuhan modal minimum yang harus dimiliki oleh bank (riyadi, 2004). car merupakan indikator terhadap kemampuan bank untuk menutupi penurunan aktivanya sebagai akibat dari kerugian-kerugian bank yang disebabkan oleh aktiva yang berisiko 46 (dendawijaya, 2005). car dapat dihitung dengan membandingkan modal terhadap aktiva tertimbang menurut risiko (atmr). car dapat dihitung menggunakan rumus berikut (dendawijaya, 2005): bi menetapkan ketentuan modal minimum bagi perbankan sebagaimana ketentuan dalam standar bank for international settlements (bis) bahwa setiap bank umum diwajibkan menyediakan modal minimum sebesar 8% dari total aktiva tertimbang menurut risiko (atmr). rentabilitas rasio sering juga disebut profitabilitas usaha. dimana rentabilitas adalah aspek yang digunakan untuk mengukur kemampuan bank dalam meningkatkan keuntungan. salah satu rasio yang digunakan untuk mengukur tingkat rentabilitas bank ialah roa (return on assets). rentabilitas bank sangat penting, dimana, laba sebagai sumber dana bank yang utama dalam meningkatkan modal inti, sangat tergantung pada kemampuan rentabilitas (earning power). roa menunjukan kemampuan bank dalam memperoleh keuntungan (laba) secara keseluruhan dari aset yang dimiliki. semakin besar roa suatu bank, semakin besar pula tingkat keuntungan yang dicapai bank tersebut dan semakin baik pula posisi bank tersebut dari segi penggunaan aset. sebaliknya, semakin kecil roa suatu bank, semakin kecil keuntungan yang dicapai bank tersebut dan semakin kecil pula posisi bank tersebut dari segi penggunaan aset. efisiensi bank adalah kemampuan bank untuk menggunakan faktor –faktor produksi secara tepat atau efektif. pengukuran tingkat efisiensi bank dapat dilakukan dengan menganalisis rasio bopo. bopo merupakan rasio perbandingan biaya operasional terhadap pendapatan operasional. bopo menurut kamus keuangan adalah kelompok rasio yang mengukur efisiensi dan efektivitas operasional suatu perusahaan dengan jalur membandingkan yang satu terhadap yang lainnya. rasio ini digunakan untuk mengukur tingkat efisiensi dan kemampuan bank dalam melakukan kegiatan operasinya, terutama kredit. semakin kecil bopo menunjukan semakin efisien bank dalam menjalankan aktivitas usahanya. begitupun sebaliknya, semakin besar nilai bopo semakin tidak efisien bank dalam menjalankan aktivitas usahanya. likuiditas menunjukan persediaan uang tunai dan aset lain yang dengan mudah dijadikan uang tunai. oleh karena itu, likuiditas adalah suatu keadaan yang berhubungan dengan persediaan uang tunai dan alat-alat likuid lainnya yang dikuasai bank yang bersangkutan. likuiditas bank adalah kemampuan bank untuk membayar hutang jangka pendeknya (kasmir, 2008). salah satu ukuran likuid dari konsep persediaan adalah rasio pinjaman terhadap pembiayaan yang diukur dengan fdr. fdr ialah rasio antara seluruh jumlah pembiayaan yang diberikan bank dengan dana yang diterima oleh bank. fdr menyatakan seberapa jauh kemampuan bank dalam membayar kembali penarikan dana yang dilakukan deposan dengan mengandalkan pembiayaan yang diberikan sebagai sumber likuiditasnya. dengan kata lain, seberapa jauh pemberian pembiayaan kepada nasabah dapat mengimbangi kewajiban bank car = modal x 100% atmr 47 untuk segera memenuhi permintaan deposan yang ingin menarik kembali uangnya yang telah digunakan oleh bank untuk memberikan pembiayaan. semakin tinggi fdr, maka semakin rendah kemampuan likuiditas bank tersebut. selain mencerminkan kondisi likuiditas bank, rasio ini juga digunakan untuk mengukur tingkat risiko yang menjadi beban bank dalam menjalankan usahanya (suhirman, 2001). pengaruh rasio keuangan terhadap kecukupan modal rasio keuangan yang sering digunakan perbankan terdiri dari beberapa rasio seperti rasio likuiditas, rasio rentabilitas, rasio efisiensi, rasio solvabilitas dan rasi kecukupan modal. adapun dalam penelitian ini hanya mengulas pengaruh rentabilitas, efisiensi dan likuiditas terhadap kecukupan modal bank umum syariah. pengaruh rasio-rasio tersebut terhadap kecukupan modal bank diuraikan sebagai berikut: car merupakan indikator terhadap kemampuan bank untuk menutupi penurunan aktivanya sebagai akibat dari kerugian-kerugian bank yang disebabkan oleh aktiva yang berisiko. dapat diduga, apabila laba suatu bank meningkat maka akan meningkatkan modal bank tersebut pula, dengan asumsi laba tersebut ditanamkan kembali ke dalam modal bank dalam bentuk laba ditahan. hal tersebut senada dengan yang dikemukakan oleh ali (2006) bahwa setiap kali bank mengalami kerugian, modal bank menjadi berkurang nilainya dan sebaliknya jika bank meraih untung maka modalnya akan bertambah. pendapat tersebut juga didukung dengan hasil penelitian f. artin shitawati (2006) yang menyebutkan bahwa roa secara parsial berpengaruh signifikan positif terhadap car. selain itu, dilihat dari hubungan laba, asset dan modal yaitu jika laju pertumbuhan laba dan asset berjalan lambat, maka bank yang bersangkutan akan menghadapi risiko yang lebih besar dibandingkan dengan bank yang mengalami pertumbuhan yang sehat. oleh karena itu, untuk mengatasi risiko yang lebih besar dari itu, maka diperlukan modal yang lebih besar. semakin besar bopo menunjukan kurang efisiennya bank dalam menjalankan kegiatan operasionalnya karena biaya operasional yang harus ditanggung lebih besar dari pada pendapatan operasional yang diperoleh sehingga ada kemungkinan modal digunakan untuk menutupi biaya operasional yang tidak tertutup oleh pendapatan operasional (abdullah, 2003). sebaliknya, semakin kecil bopo menunjukan semakin efisiennya bank dalam menjalankan kegiatan operasionalnya, karena biaya operasional yang harus ditanggung lebih kecil dari pada pendapatan operasionalnya. sehingga aktivitas operasional bank menghasilkan keuntungan, dimana hal tersebut mampu meningkatkan modal bank dan meminimumkan tingkat risikonya. selain itu, hubungan bopo dengan car dapat dilihat semakin efisien bank menghasilkan laba melalui biaya operasionalnya, semakin meningkat pula modal yang ditanamkannya. sehingga dapat dilihat hubungan negatif antara bopo dengan car. saat bopo tinggi akan menurunkan car, dan begitupun sebaliknya. saat bopo rendah akan meningkatkan car. hal ini, sesuai dengan hasil penelitian f. artin shitawati (2006) yang menyebutkan bahwa secara parsial bopo berpengaruh signifikan negatif terhadap car. fdr merupakan rasio likuiditas yang sering digunakan bank. fdr ini dapat mengukur jumlah pembiayaan yang diberikan bank dengan dana yang diterima oleh bank. fdr yang rendah menunjukan jumlah pembiayaan yang diberikan lebih 48 kecil dari pada pertumbuhan jumlah dana yang dihimpun. begitupun sebaliknya, fdr yang tinggi menunjukan pertumbuhan jumlah pembiayaan yang diberikan lebih besar dari pada pertumbuhan jumlah dana yang dihimpun sehingga mengindikasikan semakin rendahnya kemampuan likuiditas bank. hal ini disebabkan karena jumlah dana yang diperlukan untuk membiayai pembiayaan semakin besar. suatu bank yang memiliki alat-alat likuid yang sangat terbatas dalam memenuhi kewajiban-kewajibannya, akan ada kemungkinan penyediaan likuiditas tersebut akan diambil dari permodalannya (abdullah, 2003). hal ini juga sesuai dengan hasil penelitian f. artin shitawati (2006) yang menyebutkan bahwa fdr secara parsial berpengaruh negatif dan signifikan terhadap car bank umum syariah. selain itu, dapat dilihat hubungan fdr dengan car yaitu, saat fdr tinggi yang disebabkan pembiayaan tinggi sedangkan dana yang dihimpun sedikit dapat menyebabkan car menurun (dengan asumsi car digunakan untuk menutupi kekurangan dana tersebut). metode ruang lingkup penelitian ini adalah bank syariah mandiri.penelitian ini bertujuan untuk menganalisis pengaruh variabel independen (bebas) terhadap variabel dependen (terikat). adapun variabel dependen (y) penelitian ini adalah kecukupan modal yang dijelaskan oleh car. sedangkan variabel independennya (x) terdiri dari tiga variabel yaitu rentabilitas yang dijelaskan oleh roa (x1), efisiensi oleh bopo (x2) dan likuiditas oleh fdr (x3). periode penelitian ini januari 2009 sampai dengan desember 2012. teknik yang digunakan untuk menganalisis data ialah metode analisis vecm (vektor error corection model). dimana metode analisis vecm menurut kostiv dan lingard yang dikutip rohmatul (2011) menjelaskan bahwa vecm merupakan suatu metode analisis yang dapat digunakan untuk mengetahui tingkah laku jangka pendek dari suatu variabel terhadap jangka panjangnya, akibat adanya shock (perubahan) yang permanen. asumsi yang harus dipenuhi dalam analisis vecm adalah semua variabel independen harus stasioner. jika dalam uji stasioner data belum menunjukan stasioner dapat diestimasi sehingga data stasioner pada tingkat diferensiasi. selain stasioner variabel, hal penting lain dalam analisis vecm ialah kointegrasi yang menjelaskan hubungan jangka pendek dan jangka panjang antarvariabel. jika variabel stasioner dan tidak terkointegrasi dapat menggunakan model analisis var, tapi jika variabel stasioner pada tingkat diferensiasi dan terkointegrasi model analisis yang digunakan ialah vecm. vecm juga dapat digunakan untuk menghitung hubungan jangka pendek antarvariabel melalui koefisien standard dan mengestimasi hubungan jangka panjang dengan menggunakan lag residual dari regresi yang terkointegrasi. secara umum, model hoffman dan rasche (1997) menjelaskan tentang model estimasi vecm untuk data time series xt vector (p x 1) yang terkointegrasi tiap komponennya dalam bentuk persamaan dibawah ini: ∆xt = 𝜇𝜇 + 𝛼𝛼𝛽𝛽′xt−1 + � f1 𝑘𝑘 𝑖𝑖=1 ∆xt−1 + ϵt dimana: f1 : koefisien matriks (p x p): i = 1,….,k 𝜇𝜇 : vektor (p x 1) yang meliputi seluruh komponen deteriminan dalam sistem 49 α,β : matriks (p x r); 0 < r <p dan r merupakan jumlah kombinasi linear elemen xt yang hanya dipengaruhi oleh shock transistor β’xt-1 : error correction term, yaitu jumlahpenmberat pembalik rata-rata pada vector kointegrasi data ke t-1 α : matriks dari koefisien error correction. langkah-langkah yang dilakukan dalam analisis vecm terdiri dari beberapa langkah, yaitu; 1. uji asumsi klasik sebelum data diolah dan mengeluarkan hasilnya, data harus di uji terlebih dahulu. uji data tersebut yaitu, uji asumsi klasik yang terdiri dari uji normalitas, multikolinearitas, uji autokorelasi dan uji heteroskedastisitas. normalitas bertujuan untuk menguji apakah variabel bebas, variabel tidak bebas, atau keduanya mempunyai distribusi normal atau tidak. salah satu cara untuk melihat normalitas residual adalah dengan menggunakan metode jarquebera (jb). jika probabilitas obs*r2 lebih besar dari 0,05 maka model tersebut dikatakan normal. apabila obs*r2 lebih kecil dari 0,05 maka model tersebut dikatakan tidak normal. multikolinearitas adalah hubungan linear antarvariabel bebas. sehingga uji multikolinearitas ini dibutuhkan untuk mengetahui ada atau tidaknya hubungan linear antarvariabel bebas tersebut. uji multikolinearitas pada penelitian ini menggunakan koefisien korelasi. dimana, salah satu cara untuk mendeteksi terjadinya multikolinearitas yaitu dengan menggunakan matriks korelasi (correlation matrix). jika hubungan antara variabel bebas yang satu dengan yang lainnya diatas 0,85 maka antarvariabel tersebut terdapat gejala multikolinearitas. begitupun sebaliknya, jika hubungan antara variabel bebas yang satu dengan yang lainnya dibawah 0,85 maka antarvariabel tersebut tidak terdapat gejala multikolinearitas. uji ini bertujuan untuk menguji apakah terdapat kesamaan variance dari residual satu pengamatan kepengamatan lain. jika probabilitas obs*r2 lebih besar dari 0,05 maka model tersebut tidak terdapat heteroskedastisitas. apabila obs*r2 lebih kecil dari 0,05 maka model tersebut terdapat heteroskedastisitas. autokorelasi adalah hubungan antara residual satu observasi dengan residual observasi lainnya. oleh karena itu, uji autokorelasi bertujuan untuk melihat ada atau tidaknya hubungan antara residual satu observasi dengan residual observasi lainnya.dalam penelitian ini, uji autokorelasi menggunakan metode uji breusch-godfrey. jika nilai probabilitas lebih kecil dari 0,05 maka dapat disimpulkan bahwa terdapat masalah autokorelasi pada model tersebut. selain itu, jika terdapat masalah autokorelasi dapat diatasi dengan meningkatkan standar diferensiasi dari tingkat dasar menjadi tingkat 1. 2. uji stasioneritas uji stasioneritas sangat penting bagi data time series dan uji ini dilakukan sebelum data dianalisis. sekumpulan data dinyatakan stasioner jika nilai rata-rata dan varian dari data time series tersebut tidak mengalami perubahan secara sistematik sepanjang waktu sehingga data tersebut konstan. dalam penelitian ini menggunakan metode uji akar unit agar mendapatkan hasil yang lebih akurat. jika nilai probabilitas lebih kecil dari 0,05 maka dapat disimpulkan bahwa data stasioner. sedangkan jika nilai probabilitas lebih besar dari 0,05 maka data tidak 50 stasioner. jika data tidak stasioner dilevel normal, data dapat dinaikan ke diferensiasi tingkat 1. 3. uji lag length uji lag length bertujuan untuk mengetahui lag optimal yang digunakan dalam model penelitian. hal ini dikarenakan jika lag yang digunakan terlalu sedikit, maka residual dari regresi tidak akan menampilkan proses white noise sehingga model tidak dapat mengestimasi actual error secara tepat. akibatnya standar kesalahan tidak diestimasi secara baik. selain itu jika memasukan lag terlalu banyak akan mengurangi kemampuan menolak ho dan dapat mengurangi derajat kebebasan. 4. uji kausalitas granger uji kausalitas granger bertujuan untuk melihat apakah suatu variabel mempunyai hubungan dua arah atau hanya satu arah saja. pada uji ini yang dilihat adalah pengaruh masa lalu terhadap kodisi sekarang, sehingga data yang digunakan adalah data time series. hubungan kausalitas antarvariabel dapat dilihat menggunakan nilai probabilitasnya. jika nilai probabilitas masing-masing variabel lebih kecil daripada nialai 𝛼𝛼, maka dapat dinyatakan terdapat hubungan kausalitas antar variabel. begitupun sebaliknya, jika nilai probabilitas lebih besar dari 0,05 maka tidak terdapat hubungan kausalitas antar varabel. 5. uji kointegrasi uji kointegrasi dilakukan untuk mendeteksi stabilitas hubungan jangka panjang dua variabel atau lebih. kointegrasi adalah suatu hubungan jangka panjang atau ekuilibrium antara variabel-variabel yang tidak stasioner. dengan kata lain, walau secara individual variabel-variabel tersebut tidak stasioner, namun kombinasi antar variabel tersebut bisa menjadi stasioner. jika nilai trace statisticnya lebih kecil dibanding nilai kritis pada tingkat keyakinan 5% maupun 1% dapat disimpulkan bahwa antar variabel tidak saling berkointegrasi. 6. estimasi vecm berdasarkan tujuan analisis vecm yaitu untuk mengetahui tingkah laku jangka pendek dari suatu variabel terhadap jangka panjangnya, akibat adanya shock (perubahan) yang permanen, maka estimasi yang dapat digunakan sebagai bentuk dari persamaan sebelumnya dengan membaca hasil olahan data. dimana, jika nilai t-statistik hasil estimasi lebih besar daripada nilai t-tabelnya, maka dapat dikatakan terdapat hubungan jangka panjang atau jangka pendek. sedangkan, jika nilai t-statistik hasil estimasi lebih kecil daripada nilai t-tabelnya, maka dapat dikatakan tidak terdapat hubungan jangka panjang atau jangka pendek. 7. uji irf irf berfungsi menggambarkan ekspektasi k-periode ke depan dari kesalahan prediksi suatu variabel akibat inovasi dari variabel yang lain. degan demikian, lamanya pengaruh dari shock suatu variabel terhadap variabel lain sampai pengaruhnya hilang atau kembali ke titik seimbangnya dapat dilihat atau diketahui. sehingga, uji ini bertujuan untuk melihat gambaran pergerakan variabel yang disebabkan adanya shock variabel lain. respon variabel terikat terhadap variabel bebasnya dapat digambarkan dalam grafik irf itu sendiri. jika grafik irf berada diatas titik keseimbangan maka respon variabel yang dianalisis adalah positif. sedangkan, jika grafik irf berada dibawah titik keseimbangan maka variabel yang dianalisis memberikan respon negatif atau mengalami penurunan. 51 8. uji variance decomposition variance decomposition atau disebut juga forecast error variance decompotition merupakan perangkat dalam model var yang akan memisahkan variasi dari sejumlah variabel yang diestimasi menjadi variabel innovation, dengan asumsi bahwa variabel-variabel innovation tidak saling berkorelasi. setelah variabel tersebut terpisah, kemudian variabel decompotion akan memberikan informasi mengenai proporsi dari pergerakan pengaruh shock pada sebuah variabel terhadap shock variabel lainnya pada periode saat ini dan yang akan datang. pembahasan uji asumsi klasik • uji normalitas dari tabel 2 dapat dilihat bahwa nilai probabilitasnya car sebesar 0,316486, roa sebesar 0,335976, bopo sebesar 0,006516 dan fdr sebesar 0,523212. nilai probabilitas keempat variabel tersebut > dari derajat kesalahan (α) 5% yaitu (0.05) maka ho ditolak, sehingga data tersebut dinyatakan terdistribusi normal sehingga bisa dilanjutkan kepengujian yang lainnya. tabel 2 hasil uji normalitas sumber: output eviews 6 (data diolah) • uji multikolinearitas berdasarkan tabel 3 dapat dilihat bahwa nilai korelasi variabel independen antara x1 (roa) dan x2 (bopo) sebesar -0,517396, antara x1 (roa) dan x3 (fdr) sebesar 0,241364, antara x2 (bopo) dan x3 (fdr) sebesar 0,592355.nilai korelasi variabel independen (roa, bopo dan fdr) tertinggi hanya mencapapai 0,241364 yaitu antara x1 (roa) dan x3 (fdr) . karena nilai nilai 0.2431364< 0.85 maka diputuskan ho ditolak, sehingga dapat dikatakan tidak terdapat multikolinieritas. hasil tersebut menyatakan bahwa vaiabel bebas penelitian ini terbebas dari gejala multikolinieritas. tabel 3. hasil uji multikolinearitas sumber: output eviews 6 (data diolah) • uji heteroksedasitas berdasarkan hasil yang didapat, data membentuk pola tertentu sehingga dapat dikatakan data tersebut tidak bersifat heteroskesdatisitas melainkan bersifat homoskesdatisitas. sedangkan dalam uji park masalah heteroskedastisitas dilihat melalui nilai probabilitas obs*r2. setelah diolah, dapat dilihat nilai probabilitas car sebesar 0,6860, roa sebesar 0,1109, bopo sebesar 0,1320 dan fdr sebesar 0,5547 yang artinya nilai probabilitas keempat variabel tersebut lebih besar dari 0,05 sehingga dapat disimpulkan y x1 x2 x3 probability 0.316486 0.335976 0.006516 0.523212 x1 roa x2 bopo x3 fdr x1 roa 1.000000 -0.517396 0.241364 x2 bopo -0.517396 1.000000 -0.592355 x3 fdr 0.241364 -0.592355 1.000000 52 data tidak bersifat heteroksedastisitas melainkan bersifat homoksedastisitas sehingga ho ditolak. • uji autokorelasi berdasarkan tabel 4 diperoleh nilai probabilitas sebesar 0.4794 setelah diestimasi, dan karena nilai probabilitas lebih besar dari 0,05 maka dapat disimpulkan h0 ditolak dan tidak terdapat masalah autokorelasi pada model tersebut. tabel 4. hasil uji breusch-godfrey setelah diestimasi sumber: output eviews 6 (data diolah) uji stasioneritas berdasarkan tabel 5 dapat dilihat bahwa nilai probabilitas variabel penelitian pada tingkat diferensiasi 1 yaitu car sebesar 0,000, roa sebesar 0,000, bopo sebesar 0,000 dan fdr sebesar 0,0000 dimana hal itu menunjukan bahwa nilai probabilitas keempat variabel tersebut lebih kecil dari 0,05, sehingga ho ditolak. hal tersebut menjelaskan bahwa variabel car, roa, bopo dan fdr stasioner dengan tingkat diferensiasi 1. tabel 5. hasil uji akar unit (unit root) adf test prob.* car 0.0000 roa 0.0000 bopo 0.0000 fdr 0.0000 sumber: output eviews 6 (data diolah) uji lag length berdasarkan tabel 6, dapat dilihat hasil lag yang digunakan untuk model pengujian selanjutnya yaitu lag 2. hal ini dikarenakan nilai lr, fpe dan aic terkecil diantara lag yang lain ditandai dengan adanya tanda bintang terdapat pada lag 2. tabel 6 hasil uji lag length sumber: output eviews 6 (data diolah) uji kausalitas granger berdasarkan tabel 7 dapat dilihat hasil uji kausalitas granger pada lag 2 menyebutkan bahwa tidak terdapat hubungan kausalitas dua arah diantara variabel-variabel yang diamati. sebagian variabel yang diamati hanya memiliki hubungan kausalitas satu arah dan sebagian lainnya tidak memiliki hubungan kausalitas. hubungan kausalitas satu arah terjadi pada hubungan y(car) yang mempengaruhi x2 (bopo) dan x3 (fdr) mempengaruhi y(car) dengan α = 5%. sedangkan antarvariabel lainnya tidak menunjukan adanya hubungan kausalitas. breusch-godfrey serial correlation lm test: f-statistic 0.748613 prob. f(2,41) 0.4794 obs*r-squared 1.655863 prob. chi-square(2) 0.4370 lag logl lr fpe aic 0 -268.0831 na 2.761951 12.36741 1 -162.4349 187.2854 0.047120 8.292496 2 -145.7029 26.61906* 0.046474* 8.259224* 3 -131.6114 19.85625 0.053242 8.345973 4 -117.1573 17.73916 0.062911 8.416240 53 tabel 7. hasil uji kausalitas granger lag 2 null hypothesis: obs f-statistic prob. x1 does not granger cause y 46 2.74664 0.0760 y does not granger cause x1 1.10341 0.3414 x2 does not granger cause y 46 0.32676 0.7231 y does not granger cause x2 9.47252 0.0004 x3 does not granger cause y 46 4.48461 0.0173 y does not granger cause x3 0.48462 0.6194 x2 does not granger cause x1 46 0.77291 0.4683 x1 does not granger cause x2 2.49921 0.0946 x3 does not granger cause x1 46 0.18660 0.8305 x1 does not granger cause x3 1.11749 0.3369 x3 does not granger cause x2 46 1.09164 0.3452 x2 does not granger cause x3 5.40853 0.0082 sumber: output eviews 6 (data diolah) uji kointegrasi berdasarkan tabel 8 dapat dilihat bahwa nilaitrace statistic sebesar 75,10663 lebih besar dibandingkan dengan nilai kritis pada tingkat keyakinan 5% yaitu sebesar 63,87610, hal tersebut menunjukan bahwa terjadi kointegrasi antarvariabel pada tingkat keyakinan 5%. sehingga dapat dilanjukan ke model vecm. tabel 8. hasil uji kointegrasi hypothesized trace 0.05 no. of ce(s) eigenvalu e statistic critical value none * 0.634112 75.10663 63.87610 at most 1 0.306086 29.86233 42.91525 at most 2 0.168139 13.41903 25.87211 at most 3 0.107841 5.135011 12.51798 trace test indicates 1 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **mackinnon-haug-michelis (1999) p-values sumber: output eviews 6 (data diolah) estimasi vecm berdasarkan hasil uji vecm pada lag 2 dengan t-tabel sebesar 1,684 dihasilkan nilai t-hitung roa sebesar 6.58706, bopo sebesar 14.5920 dan fdr sebesar -6.14056 ketiga nilai t-hitung variabel-variabel tersebut lebih besar dibandingkan dengan nilai t-tabel. oleh karena itu dapat dilihat bahwa roa, bopo dan fdr memiliki hubungan jangka pendek dengan car. sedangkan dalam jangka panjang, hanya variabel bopo periode t-2 dan fdr periode t-2 yang memiliki hubungan dengan nilai t-hitung yang lebih besar dibandingkan t-tabelnya. sedangkan roa menunjukan tidak adanya hubungan jangka panjang dengan car karena nilai t-hitungnya yang lebih kecil dibanding t-tabel. 54 uji irf (impulse response function) uji irf bertujuan untuk melihat gambaran pergerakan variabel yang disebabkan adanya shock variabel lain. irf pada penelitian ini difokuskan untuk melihat respon nilai car terhadap shock (perubahan) variabel roa, bopo dan fdr bank syariah mandiri. uji irf ini dtunjukan dengan grafik. berdasarkan hasil uji irf menunjukan respon car terhadap shock (perubahan) nilai variabel roa, bopo dan fdr bank syariah mandiri yaitu sebagai berikut: pertama, respon car terhadap shock (perubahan) roa dalam jangka waktu 48 bulan menunjukan respon yang negatif. grafik irf menunjukan respon car bulan ke-1 (januari 2009) hingga bulan ke-10 (oktober 2009) negative fluktuatif, sedangkan bulan ke-11 (november 2009) hingga bulan ke-48 (desember 2012) negatif dan stabil. secara terperinci jika dilihat dari tabel nilai respon car terhadap perubahan nilai roa yaitu pada awal titik keseimbangan dan menunurun menjadi -0.198465 pada periode kedua. penurunan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi -0.153182. artinya, setiap perubahan kenaikan 1% roa akan menurunkan car hingga 0,15%. kedua, respon car terhadap shock (perubahan) bopo dalam jangka waktu 48 bulan menunjukan respon yang positif. grafik irf menunjukan respon car bulan ke-1 (januari 2009) hingga bulan ke-12 (desember 2009) positif fluktuatif, sedangkan bulan ke-13 (januari 2010) hingga bulan ke-48 (desember 2012) positif dan stabil. secara terperinci jika dilihat dari tabel nilai respon car terhadap perubahan nilai bopo yaitu pada awal titik keseimbangan dan meningkat menjadi 0.105167 pada periode kedua. peningkatan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi 0,134466. artinya, setiap perubahan kenaikan 1% bopo akan menaikan car hingga 0,14%. ketiga, respon car terhadap shock (perubahan) fdr dalam jangka waktu 48 bulan menunjukan respon yang negatif. grafik irf menunjukan respon car bulan ke-1 (januari 2009) hingga bulan ke-5 (mei 2009) negatif fluktuatif, sedangkan bulan ke-6 (juni 2009) hingga bulan ke-48 (desember 2012) negatif dan stabil. secara terperinci jika dilihat dari tabel nilai respon car terhadap perubahan nilai roa yaitu pada awal titik keseimbangan dan menunurun menjadi -0.166459 pada periode kedua. penurunan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi -0.008459. artinya, setiap perubahan kenaikan 1% fdr akan menurunkan car hingga 0,008%. uji variance decomposition uji variance decomposition atau disebut juga forecast error variance decompotition bertujuan untuk memberikan informasi mengenai proporsi dari pergerakan pengaruh shock pada sebuah variabel terhadap shock variabel lainnya pada periode saat ini dan yang akan datang. berdasarkan grafik dan tabel diatas dapat dilihat hasil uji variance decomposition menunjukan kontribusi nilai variabel roa, bopo dan fdr dalam menjelaskan variabel car bank syariah mandiri yaitu sebagai berikut: pertama, kontribusi nilai roa dalam menjelaskan variabilitas car pada periode kedua sebesar 4,64%. kontribusi roa dalam menjelaskan variabilitas car tersebut terus meningkat hingga periode ke-48 mendatang menjadi 6,72%. kedua, kontribusi nilai bopo dalam menjelaskan variabilitas car pada periode kedua sebesar 1,30%. kontribusi bopo dalam menjelaskan variabilitas car tersebut terus meningkat hingga periode ke-48 mendatang menjadi 5,25%. ketiga, kontribusi nilai fdr dalam menjelaskan variabilitas car pada periode kedua sebesar 3,26%. 55 kontribusi fdr dalam menjelaskan variabilitas car tersebut menurun hingga periode ke-48 mendatang menjadi 0,18%. data variabel car, roa, bopo dan fdr stasioner pada tingkat diferensiasi 1 (first difference), sehingga menyebabkan data terkointegrasi yang menunjukan adanya stabilitasnya hubungan jangka panjang antarvariabel penelitian tersebut. selain itu, hubungan kausalitas antara car, roa, bopo dan fdr tidak terdapat hubungan kausalitas dua arah. berdasarkan pengujian terlihat yang ada hanya hubungan searah. oleh karena itu, dilakukan uji vecm untuk melihat pengaruh antarvariabel penelitian ini. berdasarkan uji irf menunjukan respon car terhadap perubahan yang terjadi pada roa secara negatif dan respon tersebut terjadi hingga periode ke-48 dengan nilai respon menjadi -0.153182. artinya, setiap perubahan kenaikan 1% roa akan menurunkan car hingga 0,15%. selain itu kontribusi nilai roa dalam menjelaskan variabilitas car terus meningkat hingga periode ke-48 mendatang menjadi 6,72%. berdasarkan hasil penelitian tersebut dapat disimpulkan ho 1 ditolak yang berarti roa berpengaruh signifikan negatif terhadap car bank syariah mandiri. selain itu, berdasarkan hasil uji vecm menyebutkan terdapat hubungan jangka pendek yang positif antara roa dengan car bsm, sedangkan dalam jangka panjang tidak terdapat hubungan yang signifikan antara roa dengan car sehingga ho 4 ditolak. hasil penelitian tersebut sesuai dengan hasil penelitian f. artin shitawati dan teori yang dikemukakan oleh masyhud ali tentang adanya pengaruh roa dengan car, yang membedakanya adalah hubungan tersebut, dimana berdasarkan hasil penelitian ini terdapat hubungan negatif sedangkan berdasarkan penelitian terdahulu dan teori menjelaskan adanya hubungan positif. hasil penelitian f. artin shitawati tersebut menyebutkan bahwa roa secara parsial berpengaruh signifikan positif terhadap car bank umum di indonesia. selain itu, masyhud ali (2006) mengemukakan teori bahwa setiap kali bank mengalami kerugian, modal bank menjadi berkurang nilainya dan sebaliknya jika bank meraih untung maka modalnya akan bertambah. hubungan negatif antara roa dengan car dalam penelitian ini menunjukan bahwa roa yang tinggi menurunkan nilai car bank syariah mandiri. hal ini mengindikasikan tingginya laba tersebut bisa berasal dari modal yang digunakan untuk meningkatkan laba bank syariah mandiri itu sendiri, selain itu dapat diindikasikan bahwa peningkatan laba bank syariah mandiri tidak disimpan dalam modal cadangan, sehingga laba tidak mampu meningkatkan car. hal ini bisa terjadi dikarenakan tingginya ekspansi pembiayaan, sehingga laba yang diperoleh digunakan untuk permintaan pembiayaan tersebut. respon car terhadap shock (perubahan) bopo dalam jangka waktu 48 bulan menunjukan respon yang positif. peningkatan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi 0,134466. artinya, setiap perubahan kenaikan 1% bopo akan menaikan car hingga 0,14%. kontribusi bopo dalam menjelaskan variabilitas car tersebut terus meningkat hingga periode ke-48 mendatang menjadi 5,25%. berdasarkan hasil penelitian dapat disimpulkan ho 2 ditolak yang berarti bopo berpengaruh signifikan positif terhadap car bank syariah mandiri. selain itu, berdasarkan etsimasi vecm diperoleh hasil terdapat hubungan jangka pendek maupun jangka panjang yang positif antara bopo dengan car bsm, sedangkan dalam jangka panjang tidak terdapat hubungan yang signifikan antara bopo 56 dengan car sehingga ho 4 ditolak. hasil penelitian ini sesuai dengan penelitian f. artin shitawati yang menyebutkan bahwa bopo berpengaruh signifikan negatif terhadap car dan faisal abdullah (2003) yang menyatakan semakin besar bopo menunjukan kurang efisiennya bank dalam menjalankan kegiatan operasionalnya karena biaya operasional yang harus ditanggung lebih besar dari pada pendapatan operasional yang diperoleh sehingga ada kemungkinan modal digunakan untuk menutupi biaya operasional yang tidak tertutup oleh pendapatan operasional. perbedaan hasil penelitian ini dengan penelitian sebelumnya dan teori yang ada yaitu terletak pada hubungan yang positif antara bopo dengan car mengindikasikan bahwa saat bopo tinggi maka car akan meningkat, begitupun sebaliknya saat bopo turun car akan menurun. hal ini dikarenakan bopo yang tinggi mengindikasikan kurang efisiennya bank dalam menghasilkan labanya menggunakan biaya operasional, sehingga dapat dilihat bahwa modal tidak digunakan dalam usaha bank untuk mengefisienkan pendapatan perasional melalui biaya operasional. respon car terhadap shock (perubahan) fdr dalam jangka waktu 48 bulan menunjukan respon yang negatif. penurunan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi -0.008459. artinya, setiap perubahan kenaikan 1% fdr akan menurunkan car hingga 0,008%. kontribusi fdr dalam menjelaskan variabilitas car tersebut menurun hingga periode ke-48 mendatang menjadi 0,18%. sehingga dapat disimpulkan ho 3 ditolak yang berarti fdr berpengaruh signifikan positif terhadap car bank syariah mandiri. berdasarkan etsimasi vecm diperoleh hasil terdapat hubungan jangka pendek yang signifikan negatif, sedangkan jangka panjang terdapat hubungan yang signifikan positif antara bopo dengan car bsm, sehingga dapat disimpulkan ho 4 ditolak. hasil penelitian ini sesuai dengan penelitian f. artin shitawati yang menyebutkan bahwa bopo berpengaruh signifikan negatif terhadap car dan teori faisal abdullah yang menyatakan suatu bank yang memiliki alat-alat likuid yang sangat terbatas dalam memenuhi kewajiban-kewajibannya, akan ada kemungkinan penyediaan likuiditas tersebut akan diambil dari permodalannya (abdullah, 2003). hubungan yang negatif antara fdr dengan car mengindikasikan bahwa saat fdr tinggi maka car akan menurun, begitupun sebaliknya saat fdr turun car akan naik. hal ini dikarenakan jumlah pembiayaan yang disalurkan bank syariah mandiri sangat tinggi sehingga terjadi ekspansi pembiayaan yang mengharuskan bank menambahkan dananya melalui modal sendiri untuk membiayai jumlah pembiayaan yang disalurkan dan memenuhi likuiditasnya. simpulan berdasarkan hasil yang didapat, menunjukkan bahwa roa, bopo dan fdr berpengaruh secara parsial terhadap car bank syariah mandiri. roa berpengaruh secara parsial terhadap car bank syariah mandiri sehingga hipotesis (ho 1) ditolak. pengaruh roa terhadap car ini merupakan pengaruh yang negatif signifikan. dimana, ketika nilai roa tinggi maka akan terjadi penurunan nilai car, begitupun sebaliknya. variabel car dapat dijelaskan oleh roa sebesar 6,72%. bopo berpengaruh secara parsial terhadap car bank syariah mandiri sehingga hipotesis (ho 2) ditolak. pengaruh bopo terhadap car ini merupakan pengaruh yang positif signifikan. dimana, ketika nilai bopo tinggi maka akan 57 terjadi peningkatan nilai car, begitupun sebaliknya. variabel car dapat dijelaskan oleh bopo sebesar 5,25%. fdr berpengaruh secara parsial terhadap car bank syariah mandiri sehingga hipotesis (ho 3) ditolak. pengaruh fdr terhadap car ini merupakan pengaruh yang negatif signifikan. dimana, ketika nilai fdr tinggi maka akan terjadi penurunan nilai car, begitupun sebaliknya. variabel car dapat dijelaskan oleh fdr sebesar 0,008%. hubungan roa dengan car dalam jangka pendek yaitu hubungan yang positif, sedangkan dalam jangka panjang tidak terdapat hubungan (pengaruh) antara roa dengan car bank syariah mandiri. hubungan bopo dengan car dalam jangka pendek maupun jangka panjang yaitu hubungan yang signifikan positif. hubungan fdr dengan car dalam jangka pendek yaitu hubungan yang signifikan negatif, sedangkan dalam jangka panjang terdapat hubungan (pengaruh) signifikan positif antara fdr dengan car bank syariah mandiri. pustaka acuan abdullah, faisal. 2003. manajemen perbankan (teknik analisis kinerja keuangan bank). malang: universitas muhammadiyah malang (umm) press al arif, m. n. r. 2012. lembaga keuangan syariah: kajian teoritis praktis. bandung: pustaka setia ali, masyhud. 2006. manajemen risiko: strategi perbankan dan dunia usaha menghadapi tantangan globalisasi bisnis. jakarta: pt rajagrafindo persada artin, f. s. 2006. “analisis faktor-faktor yang berpengaruh terhadap capital adequecy ratio (studi empiris: bank umum di indonesia periode 20012004)”. tesis s2 program studi magister manajemen, universitas diponegoro dendawijaya, lukman. 2005. manajemen perbankan (edisi kedua). bogor: ghalia indonesia fitriyani, mena. 2011. “faktor-faktor yang mempengaruhi capital adequecy ratio pada bank umum syariah di indonesia periode 2006-2009”. skripsi s1 fakultas syariah dan hukum, universitas islam negeri sunan kalijaga hasibuan, malayu s.p. 2006. dasar-dasar perbankan. jakarta: pt bumi aksara kasmir. 2003. manajemen perbankan. jakarta: pt. raja grafindo persada ----------. 2009. analisis laporan keuangan. jakarta : pt. rajawali press ----------. 2008. bank dan lembaga keuangan lainnya. jakarta: pt rajagrafindo persada kuncoro, mudrajad. 2003. metode riset untuk bisnis dan ekonomi. jakarta: erlangga kuncoro, mudrajad dan suhardjono. 2002. manajemen perbankan teori dan aplikasi. edisi pertama. yogyakarta: bpfe yogyakarta laurence, a. m. 2002. ”analisis pengaruh rentabilitas terhadap rasio kecukupan modal pada bank tabungan pensiunan nasional”,mediariset bisnis dan manajemen, vol.2, no.1, 2002, pp.26 – 47. martono. 2002. bank dan lembaga keuangan lain. edisi pertama. yogyakarta: penerbit ekosinia mustofa. 2009. “analisa pengakuan laba dalam perbankan syariah dan pengaruhnya terhadap car”. skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarif hidyatullah jakarta nachrowi,n. d dan hardius usman. 2008. penggunaan teknik ekonometri: pendekatan popular dan praktis dilengkapi teknik analisis dan pengolahan data dengan menggunakan paket program spss. jakarta: pt. raja grafindo persada 58 noris, s. u. 2011. “analisis pengaruh ldr, npl dan inflasi terhadap car serta implikasinya terhadap penyaluran kredit di bank persero”. skripsi s1 fakultas ekonomi dan bisnis, universitas islam negeri syarif hidyatullah jakarta peraturan bank indonesia nomor: 6/10/pbi/2004 tentang sistem penilaian tingkat kesehatan bank umum. peraturan bank indonesia nomor: 7/13/pbi/2005 tanggal 10 juni 2005 tentang kewajiban penyediaan modal minimum bank umum berdasarkan prinsip syariah. riyadi, slamet. 2004. banking asset and liability management. jakarta: fakultas ekonomi ui rohamtul, s. a. 2011. cara cerdas menguasai eviews. jakarta: salemba empat siamat, dahlan. 2004. manajemen lembaga keuangan (edisi keempat). jakarta: fakultas ekonomi universitas indonesia soeratno dan l. arsyad. 2003. metodologi penelitian untuk ekonomi dan bisnis. yogyakarta: upp akademi manajemen perusahaan ykpn suhirman. 2001. kajian tentang perkembangan ldr dan dampaknya bagi rentabilitas bank. jakarta: institut bankir indonesia teguh, muhamad. 2005. metodologi penelitian ekonomi teori dan aplikasi, jakarta: pt. raja grafindo persada winarno, w wahyu. 2007. ekonometrika dan statistik dengan eviews. yogyakarta: sekolah tinggi ilmu manajemen ykpn any setianingrum: application of pattern of islamic state 251 application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal any setianingrum1 abstract. application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal. the aim of this study is to analyze the possibility of islamic state revenue to improve the ability of indonesia’s fiscal. this thing is important in the way to diversify the fiscal instruments in indonesia. the result shows that several islamic revenues instruments still relevant to applied in indonesia, exclude the ghanimah and jizya. but, it is necessary to adjust the nomenclature and connectivity with state financial regulations. the application does not have to be exclusive and labels associated with islam, but should be more focused on the exploration of universal values and utility, which is inherent in all of islam income instruments. keywords: fiscal instruments, historical analysis, case study abstrak. aplikasi kebijakan pendapatan islami untuk meningkatkan kemampuan fiskal indonesia. tujuan dari penelitian ini ialah untuk menganalisis kemungkinan penerapan kebijakan pendapatan pada negara islam dalam meningkatkan kemampuan fiskal indonesia. hal ini penting dilakukan dalam rangka diversifikasi instrument fiskal di indonesia. teknik analisis yang dipergunakan dalam penelitian ini ialah teknik analisis historis dan studi kasus. hasil yang didapat menunjukkan bahwa instrumen pendapatan islam masih relevan untuk diterapkan pada pemerintahan di indonesia, kecuali ghanimah dan jizya. akan tetapi aplikasi instrument pendapatan pada negara muslim kontemporer saat ini memerlukan penyesuaian nomenklatur dan keterkaitan dengan regulasi yang berlaku. aplikasi tersebut tidak harus bersifat eksklusif dan dikaitkan dengan label-label islam, tetapi harus lebih focus terhadap eksplorasi nilai dan utiliti yang bersifat universal, yang sudah melekat pada semua instrument pendapatan islam. kata kunci: instrument fiskal, analisis historis, studi kasus first draft: february, 5th 2015, revision: march, 15th 2015, accepted: april, 2nd 2015 1 doctoral students at airlangga university, surabaya email: anysetianingrum@yahoo.com al-iqtishad: vol. vii no. 2, juli 2015 252 introduction the management of government finances is also widely expected to greatly affect the domestic economy, the private sector and the overall economy. moreover, in the government’s financial management policies are also attached to the functions of public finance policy, namely the function of allocation, distribution and stabilization. effectiveness and efficiency of the passage of these functions depend on how strong the system is applied to the financial management of central and local government. in other words, the successful handling of market failure, the need for public goods and externalities factors handling by the government to be very dependent on how the government’s financial management is executed. domino effect of government financial management is also very broad, covering the role of stimulator, facilitator, coordinator and entrepreneurs in regional development, which can boost growth and equitable income distribution. while at the same time there are still many problems that arise in the government’s financial management system. some real problems are found from the results of various research areas in indonesia’s financial pattern is, most of the proposed program of results from musrenbang (consensus development plan), followed by all elements of society can’t be realized because of limited state funds. results interview with the mayor of bekasi (2014) stated that the 30% of new development programs that can be handled by the state budget. in the other words, there are 70% of programs and activities that should be funded by the budget, but can’t be realized because of region fiscal constraints. other real problems that are found by several studies almost all local governments in indonesia have the same problems that have a low degree of fiscal decentralization (kuncoro, 1995). this indicates the weakness of the financial management area and the need to improve strategies and seek new breakthrough in terms of financial management. the foregoing is also confirmed in research amri in halim (2012), explained that the management of revenue and expenditure management is an important part in the management of government finances. however, until now attempt to explore the sources of revenue still has many obstacles, both in terms of limited financial resources itself and in terms of capabilities and management systems as well as administration (dewi in halim, 2001). in fact, development needs still need to be accelerated and enlarged in order to improve the welfare of the community. but in fact, the construction still has many obstacles and challenges are not small. the presence, the entire classical problem is still not ideally show local financial management system that is capable of moving the revenue potential any setianingrum: application of pattern of islamic state 253 and development programs needed optimum community. the main cause of this problem is the allocation of limited funds both from local government sources and the central government. therefore, local and central governments must still required to be able to look for alternative ways so that development can be further expanded and enlarged. then the solution is the need to explore funding, including the conduct of innovation creation of resources for regional and central growth. since the multidimensional crisis that hit indonesia has alerted us all of the need for reinforcement of the paradigm and economic activities based on moral and ethical. so that the current era is needed to evaluate alternative approaches as well as strengthen existing economic structure. the implication in the current era is needed to evaluate alternative approaches as well as strengthen existing economic structure, including in areas such as public financial management. alternative paradigms that are currently being taken into account by economists are islamic economic system. economist belief that islamic economic system is capable of being a favored alternative system is supported also by the islamic financial performance that proved to have better durability in a period of economic crisis that happened in the world since 1998. in the perspective of islamic-based financial system, potential sources of revenue in each region in indonesia are still a lot and not maximized empowered. the practice of public finances during the reign of the prophet muhammad and the first four caliphs had income instruments and mechanisms that have been proven history, able to function well in the distribution of income, economic growth while socio-economic stability. this fact is supported by the western economist, adam smith, in his book the wealth of nations (1976), which makes two classes of countries, namely the developed and underdeveloped countries. and by smith (1976), medina in mahomet and his immediate leadership successors (muhammad and the first four caliphs) the majority of the livelihoods of its people are traders classed as a developed and prosperous country at the time. based on the track record, in this study will be an analysis of the management of incomes policy at the time of the prophet muhammad and the first four caliphs to be a reference as well as how to dig and revitalize their income instruments for strengthening the financial system in the present area. based on the description above background drafted this paper, by using qualitative research methodology, the historical analysis methodology and case studies conducted from june to january 2014. the historical analysis methodology used to analyze and explore the instruments and mechanisms for government financial management pattern at the time of the prophet muhammad and the first four caliphs. the case study methodology is used to analyze and explore how and al-iqtishad: vol. vii no. 2, juli 2015 254 why patterns of local finance and mechanisms implemented under the current structure. case studies carried out in the local government city of bekasi, as a representation of local government in indonesia. literature review below will describe some of the results of research on financial policy that occurs in the central and local governments in indonesia. before analyzing the results of financial management at the local government level, will be examined in the study at the national level first. however, either directly or indirectly, a financial policy at the national level will give effect to the policy in the region. the discussion on the issue, starting on tax policy in the republic of indonesia, which done by surjaningsih (2012), the research found there is a co-integration relationship between government spending and taxes on output in the long run. in the long term taxation, there is a positive impact on economic growth while government spending is doesn’t give an impact. short-term adjustment shows that the shock of the rising in government spending has a positive impact on output while shock negative impact of tax increases. more dominant effect of government spending on output in the short term than the show is still quite effective tax policies to stimulate economic growth, especially in times of recession. while the increase in government spending led to a decrease in inflation, while tax increases lead to an increase in inflation. this study also showed the absence of discretionary fiscal policy conducted by the government. from research surjaningsih (2012), can be considered for local governments to regulate taxation and spending policies, which have a different impact in the short and long term growth and macroeconomic indicators in general. other studies are useful to complement the considerations in determining the pattern of regional finance is the state budget process in indonesia. indayani research results (2006) found that: first, outside of routine spending of foreign debt was under pressure because they have to make sacrifices for the payment of foreign debt increased tendency to be from year to year. second, direct development budget even more depressed because domestic revenues also have to be sacrificed for routine expenditure, which is dominated by foreign debt payments. third, the position of the government savings is actually quite large, at least seen from the existing economic conditions. indayani (2006) show reminiscent of the government that in addition to issues of taxation and spending policies will affect the macroeconomic indicators in general. looking at the results of the research described above, the various problems that accompany financial management, the improvement of income and expenditure any setianingrum: application of pattern of islamic state 255 policies become very urgent. one of the most pressing policies to be improved is the taxation policy as wide domino effect. it is as stated by yudhoyono (2010), that tax policy should be improved to make to be more fair because it involves economic policy and fiscal policies in general. not optimal tax administration indonesia caused by lack of clarity in the direction of development and the achievement of the ideals of the tax. as a result, the tax administration system becomes very weak. this is what makes many people take advantage of the tax for the benefit of themselves and each group (commission, 2014). after knowing the results of research on financial policy at the national level in outline, the following will describe the extent of the challenges and obstacles in financial management in the various regions in indonesia to provide an overview, information and inventory issues as a preliminary study of the practice in the field. in terms of financial management area there are several things that must be considered, related to law no.32 / 2004. the area has a larger role in managing local financial. this condition is an opportunity for local government to demonstrate its ability to manage finances without interference from higher levels of government (yunasman in halim, 2012). below are some studies that explain the multiplicity and complexity of the challenges and constraints. in terms of financial expenditure areas, the results amri in halim (2012), found that the lack of planning expenditures will eventually bring up the possibility of under-financing or over-financing, which all affect the level of efficiency and effectiveness of the work units of local government. from the results of previous studies as described above, found many factors that influence the effectiveness of revenue and expenditure policies of local governments. these factors are policies covering taxation revenue and average revenue is still low, government spending policies, the amount of debt payments, professionalism and human morality, both the executive and the judiciary. methods to answer the question in this study used qualitative research methods. consideration of the use of qualitative research approach is more complete data obtained, more in-depth, credible and meaningful so that the goal of this research can be achieved (sugiyono, 2013). the strength of qualitative research lies in its ability to provide a textual description of the complex, in particular information that is the human side, such as behaviors, beliefs, opinions, emotions, and interaction between individuals. qualitative methods are also effective in identifying intangible factors, such as social norms, socioeconomic status, gender rules, ethnicity, religion and the whole issue is not legible appearance. al-iqtishad: vol. vii no. 2, juli 2015 256 according sugiyono (2007), qualitative research is divided into three stages: first, stage description or the orientation phase, at this stage the researchers describe what is seen, heard and felt on the information obtained; second, reduction stage, at this stage of research to reduce any information obtained to focus on a specific issue focus; third, the selection stage, at this stage the researcher outlines the focus that has been determined to be more detailed and in-depth analysis. the research methods used on this research are the historical analysis and case studies. in the analysis of historical, scientific history writing is required to generate explanations regarding the issues discussed. explanation was obtained through the analysis. an important step in making a historical analysis is to provide a framework or frame of reference that covers a wide range of concepts and theories that will be used to make the analysis. historical research is supported by theories reliable, is more accountable objectivity history of science itself (kartodirdjo, 1988). case study is a research method that specifically investigates a contemporary phenomenon that is present in the context of real life, which is implemented when the boundaries between phenomenon and context is not clear, by using various data sources (yin, 2003). position theory constructed in a case study can be improve, supplement or enhance existing theories based on the latest developments and changes in facts. stake (1995; 2005) and creswell (1998), yin (2003) argues that a case study using a variety of data sources to reveal the facts behind the cases studied. the diversity of data sources are intended to achieve the validity and reliability of the data, so that the results can be true. the fact is achieved through assessment of connectedness evidence from multiple data sources. discussion paradigm, concept and implementation of financial management in the islamic government had a difference principle with conventional systems. the most fundamental difference is because in islam there is a prohibition of usury and mechanisms of charity, donation, shadaqa, endowments and resource management must be adapted to the rule of the al-quran and al-hadith. among the differences in terms of revenue islamic state is, charity is the main instrument for the muslims, along with the poll and kharaj for non-muslims, and supported by the social sector instrument donation, sadaqah and endowments. while the tax levy in the islamic state is not permanent, so that the government would seek to minimize taxes. it is different from the conventional system, which the tax became the main instruments of fiscal policy. policies in the next income is the optimization of the social sector policies that donation, sadaqah and endowments as has mentioned above, in order to support the mandatory instruments such as zakah, jizya and kharaj, which are not any setianingrum: application of pattern of islamic state 257 found in conventional economic system. the social sector instruments can be used as funding social welfare, defense and security and development under government management through baitulmaal institutions. another difference was also found in government spending policies. each source of income in the islamic state has had certain rules of sharia in the distribution, which must be based on the quran and sunnah. with a distribution system that already has a special rule, the outline will suppress the emergence of irregularities over the allocation of funds and ensure the creation of distributive justice and prevent buildup of development results in the development of certain areas only. the mechanism of government spending was not found in conventional systems. the pattern of future government revenue policy of the prophet muhammad and the first four caliphs had differences with the pattern of government financial policy in modern times is now based conventional economic system. however, both systems can’t be compared, because of the situation and its condition at the components of the two systems are different can’t be synchronized at this time. until today, there is no standard formula of how the application of public finance in the modern islam that refers to the government in time of the prophet and the first four caliphs. taking into account this reality, so in this paper, the analysis of comparison used is to explore aspects of the similarities and differences to the fullest, to analyze how the existing gap of the two systems, it can be concluded until the application prospect of financial instruments and mechanisms of government policy at the time of the prophet muhammad and the first four caliphs in today’s modern times. tracking process undertaken to explore aspects of the similarities, differences and gaps against income instruments and how the enforcement mechanisms on both systems. from the comparative analysis of islamic and conventional revenue policy, it can be seen the main points of similarities, differences and gaps, which is the result of the analysis of historical exploration and case studies on local government of bekasi. besides that, there is a difference both in the principles and mechanisms differ only in nomenclature. differences in principle, in the management of the islamic state, the instrument is a charity and ushr obligatory for the muslim population, whereas for the non-muslim population is kharaj, jizya and ushr. tax instruments in financial nomenclature islamic state can be equated with kharaj and jizya were only imposed on non-muslim population, so it is not permanent, because if they converted to islam no longer paid the taxes. other instruments are equivalent to a tax is imposed nawaib only to muslims who are very rich in the current size, in emergency conditions such as war and disasters. in principle, the tax imposed on the population of muslims in islamic countries used to fund a variety of needs and al-iqtishad: vol. vii no. 2, juli 2015 258 expenditure items that are required, the treasury condition no money / possessions. the obligation to pay the tax imposed only on those who had the ability to meet basic needs and complementary in kindness. while the tax instruments as a source of income in the indonesian government imposed on private persons and legal entities of all mandatory, regardless of religion and is permanent. the number of income instruments during the reign of the prophet muhammad and the first four caliphs who have the potential to be used as a reference and is applied directly as the original structure in the government of indonesia, in today’s modern times. adoption of such instruments should not be exclusive, but still adapted to the regulations or existing state finance law, the nomenclature and mechanismadjustable. if there is an instrument that has great potential and the need to support regulations and laws should be the executive and the legislative act proactively. there are several instruments that can be adopted and promoted by the indonesian government. zakah is very relevant instruments to be used as one source of local government revenue, considering that indonesia is the largest muslim country in the world. nomenclature and regulatory constraints should not be a hindrance in attracting zakah, compared with the advantages and the benefits, so that these constraints must be overcome. zakah has the potential of increasing the fiscal capacity of the government is still needed today. zakah is widely also imply, directly or indirectly, will be able to: first, maintain a minimum wage of workers at the level of the distribution of zakah; second, as a final shield for the economy so that no stagnation / consumption under crisis conditions. third, pressing the accumulation of wealth, possessions forced turnover; fourth, press the number of social problems: crime, prostitution, vagrants, beggars, etc; fifth, guard aqidah; sixth, in mathematical proofs, zakah not decrease consumption, because the next process will be neutralized by mustahik consumption. even during the reign of umar bin abdul aziz under the umayyad dynasty, in less than three years, the number of zakah payers continues is increases, while the number of recipients continues to decreases (huda et al, 2012). as a result of excess surplus be used to subsidize private debt payments (private), social subsidies in the form of financing basic needs that are not the responsibility of the state as to bear the entire cost of weddings every youth who want to get married at a young age. al arif (2010) stated that several positioning between zakah and tax, such as: first, only zakah that imposed for the society and the jizyah for the non-moslem. second, zakah as the main sources of income, but the state can used the tax as additional income. third, zakah and taxes is perfect subtition. so if the people had already paid the zakah, the individual is permitted to don’t pay the tax. fourth¸the any setianingrum: application of pattern of islamic state 259 zakah and tax must to be paid by the society. while the instruments which have in common with the nomenclature of indonesian government’s income instruments, which can be used as a reference to correct and improve the performance of existing ones, such as: rikaz, kharaj, jizya and ushr. in handling rikaz or artifacts / richness of the earth, the state can get 20%, far greater than the indonesian government’s acquisition of natural resource revenue sharing privately run both local and foreign so far. tax form kharaj calculated based on the results obtained from the use of the land. calculations based kharaj could be a reference which is complementary as an alternative calculation technique considering the heterogeneous region. the jizya or head tax for residents of non-moslem that are able to pay, can be adopted to impose a tax on account of indonesian citizens who put their funds abroad. ushr or customs on goods entering and leaving the islamic state imposed on moslems who do not pay zakah on the international merchandise, and also against non-muslims. ushr also remain subject to the illicit goods brought non-muslim citizens, as khamr (huda et al, 2011). although these instruments based regulation can only be done by the central government, but the increase and decrease in revenue will remain affected the local government in the form of profit sharing. the other income instruments that still relevant with the current administration are aml-fadla. aml-fadla is an estate that no heirs can be referenced in the same case if it happened in indonesia. withdrawal of corruption is also very relevant property to be used as a source of reference, considering that indonesia has a high level of corruption by various international agencies assessment. transparency international in 2010 establishes indonesia is the most corrupt of 16 investment destinations businesses in asia pacific. corruption not only violates the moral and religious, but very detrimental to the business world, because it raises the cost of high economic and legal uncertainty. nawaib is a tax imposed on the rich muslim countries due to lack of funds due to the long war and spent the state treasury, at the time of the prophet muhammad nawaib government never practiced in the battle of tabuk. the spirit is still very relevant nawaib applied in today’s modern government when a state of emergency, such as a catastrophe. moreover, people are very rich in indonesia amounted to minority and majority control of existing wealth, then they are very reasonable assume obligations in times of national emergencies. voluntary instrument in the form of donation, sadaqah and endowments are also very relevant to being involved in economic development. basically realize the public interest is the collective responsibility of government and society. because islam requires a community to make a series of arrangements that can ensure the fulfillment of the needs of all members of society. there are various types of needs al-iqtishad: vol. vii no. 2, juli 2015 260 in the community. some of them can be met by the community itself. part of the others can be met by the government (huda et al, 2012). although voluntary, this instrument also has contributed enormously, especially when the sector shall not be sufficient to fund the programs and activities of the state. even the amount of the voluntary instrument is much more comprehensive indicator to measure the responsibility and community participation in the life of the nation. many productive assets such as luxury hotels, hospitals, schools superior, even shop funded by endowment funds, where the results of the profits earmarked for the benefit of the people. endowments powerful productive by reducing personal mastery will give birth conglomerates are prone to problematic because of greed. productive endowments also effectively prevent the ownership control of the economic sectoreither by adverse foreign and private lives of many people in a country, which in turn can reduce the rate of inflation. sources of financing in the form of islamic state in principle can be flow creating more equity than debt creating flows (huda, 2012). compared with the debt in conventional, the cooperation schemes in the form of equity participation look more constructive, proportionate and fair as a source of financing, because there are cost and risk sharing (iskandar, 2010). other types of financing sources are sukuk. sukuk is a financial instrument that is very strategic for local governments. sukuk must be based on an underlying asset, the lease contract or for the results as a basis of calculation. sukuk for local projects / government could also increase the role of the community to actively participate in the development and ownership of the fund the project, it is very effective in reducing the foreign debt and foreign dependence. conclusion fiscal policy in the islamic countries aiming to develop a society based on the distribution of wealth with the content of the material and spiritual values equitably. islamic law on state finances is very elastic so it can be expanded to meet the requirements modern times. all income instruments from islamic countries is very relevant to be applied in the central government and local governments in indonesia, except ghanimah instruments and jizya. ghanimah irrelevant applied because there is no source of income of the spoils of war in the present. similarly, is the jizya instruments is not relevant to be applied today. because indonesian government don’t imposed the tax that based on the individual religion. relevance application of all the instruments is needed to be adjusted nomenclature and connectivity with existing regulations. the application does not have to be exclusive and fixated on the label of islam, but should be focused on the exploration of values and universal any setianingrum: application of pattern of islamic state 261 benefits that have been attached to almost all islamic state income instruments. load the value and benefits that are universal and are needed to strengthen the fiscal capacity of central and local government should not be hampered its application for nomenclature and regulatory constraints. the executive and the legislature should be proactive in addressing the constraints and the impasse in order to achieve the objectives and benefits of a more strategic and wide. patterns of government policy in the islamic state that can be used as a reference or normative complementary sources, to strengthen the ability of national and local government fiscal in indonesia, such as: the instrument of charity, kharaj, ushr, donation, endowment, natural resource management with rikaz system, and other income derived from the state of corporate profits, state wealth and asset management, amwal al-fadla, withdrawal of illegal assets / corruptors, expiation and sacrifices. references ahmad, a. & t. khan. 1997. islamic financial instruments for public sector resource mobilization. seminar proceedings no.39. jeddah: islamic development bank islamic research and training institute. al arif, m.n.r. 2010. teori makroekonomi islam. bandung: alfabeta. gulaid, m.a. & m.a. abdullah. 1995. reading in public finance. jeddah: islamic development bank islamic research and training institute. huda, n. et.al. 2012. keuangan publik islami: pendekatan teoritis dan sejarah. jakarta: kencana. huda, n. & a. muti. 2011. keuangan publik islami pendekatan al-kharaj: imam abu yusuf .bogor: ghalia indonesia. inayah, g. 2003. teori komprehensif tentang zakah dan pajak. yogya: pt tiara wacana. johari, f. & p. ibrahim. 2010. the dynamism in the implementation of al-kharaj during the islamic rule. shariah journal, vol 18, no.3 (2010), pp. 629658. moleong. l.j. 2002. metode penelitian kualitatif. bandung: pt rosdakarya. qardhawy, y. 1988. hukum zakah. jakarta: pustaka litera antar nusa. sugiyono. 2013. memahami penelitian kualitatif. bandung: alfabeta suharto, u. 2005. kitabal-amwal: abu ubayd’s concept of public finance. malaysia: international institute of islamic thought and civilization (istac), international islamic university malaysia (iium). suharto, u. 2009. zakah sebagai lembaga keuangan publik khusus: refleksi kitabal amwal karya abu ubaid (w 838 m). jurnal pemikiran dan gagasan – vol ii 2009, pp. 15-30. abdul razak abdul hadi is the lecture from university of kuala lumpur, malaysia. he also as a researcher on islamic economics and finance studies. any setianingrum is doctoral student of islamic economics department at university of airlangga. she also as a researcher on islamic economics and finance studies. burhanuddin yusuf is the lecture at syarif hidayatullah state islamic university jakarta. he completedly his doctoral degree at state university of jakarta (unj). also as a researcher on islamic economics and finance studies. chandra warsito is the lecture of iain purwokerto. he also as a researcher on islamic economics and finance studies. erika amelia is the lecture of syarif hidayatullah state islamic university jakarta. she completedly her master degree at university of indonesia. kurniasih finished her bachelor degree ats syarif hidayatullah state islamic university jakarta. now she as a researcher on islamic economics and finance studies. mahmud is a lecturer at the stia al karimiyyah sumenep. expertise in islamic education studies. muniaty aisyah is the lecture at syarif hidayatullah state islamic university jakarta. shee completedly her doctoral degree at university of trisakti. now she as a head of management department at syarif hidayatullah state islamic university jakarta nurul huda is a lecture at faculty of economic university of yarsi. finished his master degree at university of indonesia, and doctoral degree at university of airlangga. now he as a head of master of management department university of yarsi. also as a researcher on islamic economics and finance studies. rachmad hidayat is a lecturer at the industrial engineering department, university of trunojoyo madura. rizky andriati finished the bachelor degree at jakarta state university (unj) and master degree at middle eastern and islamic studies from university of indonesia. also as a reporter on islamic economics and finance. rizqon halal syah aji, is the lecture at syarif hidayatullah state islamic university jakarta. he completedly his bachelor degree at islamic university of asy-syafiiyah, and master degree at university of indonesia. now he as a head of computation laboratorium at faculty economics and business syarif hidayatullah state islamic university jakarta. about authors sabarudin akhmad is a lecture at the industrial engineering department at university of trunojoyo. he also as a researcher on industrial engineering studies. tulus suryanto is the lecture of iain raden intan lampung indonesia. he also as a researcher on islamic economics and finance studies. articles and authors vol. vii, no. 1, january 2015 no name title note 1 titi dewi warninda & m. nadratuzzaman hosen mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 2 euis amalia & mahmudah atiqah evaluating the models of sharia microfinance in indonesia: analytical network process approach lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 3 hardius usman the role of religious norm on selecting the islamic bank lecture of middle east and islamic studies department at university of indonesia. 4 suryani & hendryadi a developing model of relationship between service quality, customer satisfaction, loyalty, and word of mouth in islamic banking lecture of stain malikussaleh and lecture of at-thahiriyah islamic university jakarta 5 yoghi citra pratama macroeconomic variable and its influence on performance of indonesian islamic banking lecture of syarif hidayatullah state islamic university jakarta 6 indah mulia sari, hendro wibowo, & edy suprapto factors that influenced people to become islamic bank customer: a study on kancana villagers lecture of sebi islamic business school. also as a researcher on islamic economics and finance studies 7 irfan syauqi beik & laily dwi arsyianti construction of cibest model as measurement of poverty and welfare indices from islamic perspective lectures of agricultural institute bogor (ipb). also as a researcher at cibest 8 m. sabri haron, riki rahman & bayu t possumah the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective lecturer at pusat citra universiti, universiti kebangsaan malaysia (ukm). also researcher on islamic economics and finance studies 9 abdul hamid the impact of spin-off policy to the profitability on indonesian islamic banking industry lecture of syarif hidayatullah state islamic university jakarta. 10 zuhairan y. yunan & mia rahmasari measurement of shariah stock performance using risk adjusted performance lecture of syarif hidayatullah state islamic university jakarta. researcher at university of prof. dr. hamka (uhamka) vol. vii, no. 2, july 2015 no name title note 1 wiwiek rabiatul adawiyah the impact of financial liberalization on islamic bank’s efficiency in indonesia lecture of university of jenderal soedirman. also as a researcher on economics and finance studies 2 rachmad hidayat, sabarudin akhmad, machmud effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java lecture of industrial engineering department university of trunojoyo. lecture of islamic education department, sti alkarimiyah 3 muniaty aisyah peer group effects on moslem consumer’s decision to purchase halal-labeled cosmetics lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 4 rizqon halal syah aji & kurniasih the intellectural capital effect on financial performances at islamic insurance lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 5 tulus suryanto & abd razak abdul hadi capital market integration: palestine and isreaeli experience lecture of iain raden intan lampung. lecture of university of kuala lumpur 6 rizky andriati & nurul huda the effect of productive zakah mentoring on the wealth of mustahik lecture at university of yarsi. researcher on islamic economics and finance studies 7 chandra warsito the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto lecture at iain purwokerto. researcher on islamic economics and finance studies 8 erika amelia financial ratio and its influence to profitability in islamic banks lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic banking studies 9 burhanuddin yusuf human resources development of sharia banking: phenomenological approach lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 10 any setianingrum application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal doctoral student at islamic economics department at university of airlangga index analytical network process anova bopo capital adequacy ratio capital market integration case study analysis cibest model contemporary group consumer’s behavior customer’s loyalty customer’s satisfaction customer’s trust data envelopment analysis deposit margin dog quadrant dummy variable efficiency finance financial liberalization financial ratio financing to deposit ratio fiscal halal-labeled historical analysis human resources human resources management image inclusiveness principles intellectual capital islamic bank islamic insurance islamic rural bank loyalty macroeconomic variables management maqashid shariah marketing new economic model non performing finance partial least square peer group performance phenomenological approach poverty profitability prosperity question-mark quadrant religious commitments religious norms revenue risk adjusted performance saving behavior service quality shariah compliance shariah microfinance shariah stock sleeper quadrant spin-off star quadrant stock performance strategy structural equation model traditional group vector auto regressive vector error correction model welfare indices word of mouth zakah mentoring al-iqtishad journal of islamic economics vguidance for writing in journal of al-iqtishad the manuscripts represent academic research in islamic economics and finance disci-1. pline. upon the publication of the manuscript, the author should provide a letter states that the 2. manuscripts have never been, or under consideration to be, published in other journal publications. structure of the manuscripts3. title.a. the title should be short, clear, and informative, but does not exceed 9 words. author’s names and institutionsb. . the author’s names should be accompanied by the author’s institutions and email addresses, without any academic titles and/or job title. abstract and keywordsc. . the abstract should be less than 150 words. the key words should be 2 to 5 phrases. introduction.d. this section explains the backround of the study, and aims of the manuscripts. it should be written without numbers and/or pointers. literature review.e. this section explains the theoretical framework that used on this research, a review on the previous research in the area. methods.f. this section describes the tools of analysis along with the data and their sources. discussion.g. this section explains the results of the study. conclusions.h. this section concludes and provides policy implications, if any, of the study. references.i. this section lists only the papers, books, or other types of publications referred in the manuscript. the authors should provide an index of subject, namely the specific terms in the 4. manuscript. the authors should also provide the index of authors, namely the key authors of papers referred in the manuscript. please write the family name followed by the given name. estimation result from a software package is not allowed to be directly presented in the 5. paper. they should be presented in equations with the appropriate estimation results. table format should contains only heading and contents. please provide the top 6. and bottom lines, along with the line(s) that separate the heading and the contents. example: table 1. the growth of third party fund, financing and asset (billion rupiah) 2009 2010 2011 2012 2013 2014* fundraising 52.271 76.036 115.415 147.512 174.018 186.608 financing 46.886 68.181 102.655 147.505 179.284 187.886 asset 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia acknowledgment, if any, should be written as the foot-note of the manuscript’s title.7. the manuscript is prepared in a quarto paper, single-sided, and double-space format. a 8. new paragraph should start 5 characters from the left margin, using 12-size, times-newromans font type. the manuscript is written in proper english, either british or american english, but not 9. the combination of both, except for special editions. the manuscript should be in no less than 25 pages long.10. the top and bottom margins are 1 inch.11. the title is written using capital letters of 14 font size, centre position.12. sub titles are written using capital letters, started from the left margin.13. sub of sub titles are written using capital letters only at the beginning of each word ex-14. cept for connecting words. they should be started from the left margin. references should be those of the last ten years publication, unless they are key refer-15. ences. citation in the text body should be written using the family name and years of publica-16. tion. example: hill (2001) suggests that the objective of depreciation ….a. according to kotter (1867), intra industry trade can be …b. wagner (in mccain, 1982) states that …c. the definition of flypaper effect is … (wagner, 1976).d. tables and figures should be presented as follows:17. the name of tables and figures should follow a numbering system (arabic number-a. ing system). the names of the tables and figures are on the top and bottom parts of the tables, respectively. the tables and figures should provide the source of information, if any, at the bottom b. part of both. references should be written in alphabetical order, without any number. they should be 18. written using the following criteria: for books, the format should follow the following example:a. al arif, m. n. r. 2010. dasar-dasar pemasaran bank syariah. bandung: alfabeta. for papers that are part of a book, the format should follow the following example:b. bahl, r. 2000. how to design a fiscal decentralization. in sahid, y. (eds.), local dynamics in an era of globalization, 25-26, london: oxford university press. for journal/magazine papers, the format should follow the following example:c. al arif, m. n. r. 2012. efek multiplier wakaf uang dan pengaruhnya terhadap program pengentasan kemiskinan. jurnal asy-syir’ah fakultas syariah uin sunan kalijaga yogyakarta, vol. 46, no. 1, januari 2012, hlm. 10 – 12. for internet references, the format should follow the following example:d. kharlie, ahmad tholabi. 2006. “formalisasi syariat islam, mengapa tidak?”, http// www.ahmadtholabi.wordpress.com, accesed on 17 maret 2014 fore. magazine, the format should follow the following example: asa, syu’bah. 2004 “pengantin darah”, dalam tempo, no. 30/xxx111/20, 20 september 2004 transliteration19. guidance (from arabic to latin) consonant a = (ا) z = (ز) q = (ق) b = (ب) s = (س) k = (ك) t = (ت) sy = (ش) l = (ل) ts = (ث) sh = (ص) m = (م) j = (ج) dh = (ض) n = (ن) h = (ح) th = (ط) w = (و) kh = (خ) zh = (ظ) h = (ه) d = (د) ‘ = (ع) ’ = (ء) dz = (ذ) gh = (غ) y = (ي) r = (ر) f = (ف) t = ( ة ) short vocal long vocal ______ = a â = (ـــ ا) ______ = i î = (ـــ ى) ______ = u û = (ـــ و) diftong pembauran aw = (أو) al = (ال) ay = (أي) al-sy = (الش) -wa al = (وال) the manuscript in microsoft word should be sent to 20. editor.iqtishad@yahoo.com a brief cv that records full name, academic title, institution, telephone, fax and mobile 21. number should accompany the manuscript. the decision of the manuscript are:22. accepted without revision, ora. accepted with minor revision, orb. accepted with major revision, orc. rejected.d. upon the publication of the manuscript in the journal, the author will receive a publica-23. tion proof number and 3 off-prints. 11_amy_ok 12_konrributor_ok 13_petunjuk penulisan_ok 19 analisis kesesuaian konstitusi ekonomi indonesia terhadap ekonomi islam ali rama1 makhlani abstract. the similarities of indonesian economy constitution to islamic economy. this study invistigates the similarities between the constitution of the indonesian economy and islamic economic system. it finds that the constitution of indonesian economy contained in the 1945 section 33, 34, 23, 27 and 28 have in common with the islamic economic system, especially at the basic values, basic principles and instrumentals. the main similarities lie in the principle of economic activities based on the principles of solidarity and togatherness and the role of the state in the allocation of economic resources for economic prosperity and welfare of the whole people. another important similarity is the presence of high concern towards the needy and neglected children through various economic policy instruments such as social security and social protection programs. therefore, it is no longger relevant to polorize between the indonesian economic constitution or pancasila economic system and islamic economic system. because each is derived from an understanding of the islamic teaching. keywords: constitution of indonesian economy, uud 1945, islamic economic system, the role of the state abstrak. analisis kesesuaian konstitusi ekonomi indonesia terhadap ekonomi islam. penelitian ini berusaha untuk melihat kesamaan antara kandungan konstitusi ekonomi indonesia dengan ekonomi islam. secara garis besar konstitusi ekonomi indonesia yang tertuan dalam uud 1945 pasal 33, 34, 23, 27 dan 28 memiliki kesamaan dengan sistem ekonomi islam khususnya pada tataran nilai dasar, prinsip dasar dan instrumentalnya. kesamaan dasarnya terletak pada asas kegiatan ekonominya yang didasarkan pada prinsip kekeluaragaan dan kebersamaan beserta peranan penting negara dalam pengalokasian sumber daya ekonomi untuk kemakmuran dan kesejahteraan bersama. kesamaan penting lainnya adalah adanya kepedulian yang tinggi terhadap kaum fakir miskin dan anak-anak yang terlantar melalui instrumen-intrumen kebijakan ekonomi berupa jaminan dan perlindungan sosial. olehnya, tidak perlu dilakukan pertentangan antara konstitusi ekonomi indonesia atau ekonomi pancasila dengan ekonomi islam. karena masing-masing merupakan turunan dari pemahaman terhadap agama islam. kata kunci: konstitusi ekonomi indonesia, uud 1945, ekonomi islam, peran negara. 1 naskah diterima: 12 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 fakultas ekonomi dan bisnis uin syarif hidayatullah jakarta, e-mail: rama_clb_ku@yahoo.com ex.idb representative indonesia, e-mail: makhlani@yahoo.com mailto:rama_clb_ku@yahoo.com 20 pendahuluan corak sistem perekonomian suatu negara bisa saja sangat dipengaruhi oleh sistem ekonomi global seperti kapitalisme dan sosialisme yang hampir menjadi rujukan setiap negara dalam mendesain kebijakan ekonomi. begitupula dengan islam sebagai sistem kehidupan (way of life) suatu masyarakat memberikan pengaruh dalam desain sistem perekonomian suatu negara. pedoman dan arah perekonomian suatu negara umumnya tertuan dalam undang-undang dasar atau konstitusi yang menjadi konsesus bersama negera tersebut. konstitusi harus dijadikan sebagai acuan substantif dalam setiap kebijakan yang diambil dalam proses pembangunan ekonomi. kebijakan-kebijakan ekonomi yang diterapkan tidak seharusnya mengikut begitu saja terhadap arus perkembangan ekonomi yang terjadi, baik pada tataran nasional maupun global. logika pembangunan ekonomi tidak semestinya dibangun semata atas pertimbangan pengalaman empiris di lapangan atau pun teori-teori dan kisah-kisah sukses di negara-negara lain yang dipandang layak dijadikan sebagai rujukan. misalnya, teori pembangunan seperti yang dikembangkan di barat banyak dipengaruhi oleh karakteristik unik, masalah spesifik, nilai eksplisit dan implisit serta infrastruktur sosial-politik ekonomi barat (ahmad, 1997). teori demikian jelas tidak bisa secara serta merta diaplikasikan di dunia muslim yang memiliki nilai-nilai yang berbeda. dengan demikian suatu teori yang cocok dan dapat diterima dalam suatu sistem masyarakat dengan pandangan hidup tertentu, belum tentu cocok bagi yang lain (an-nabhani, 1996) (ash shadr, 2008). berdasarkan perspektif tersebut, teori ekonomi yang dipengaruhi oleh doktrin (sistem) suatu masyarakat tertentu belum tentu cocok dengan suatu masyarakat yang memiliki doktrin atau pandangan dunia (worldview) yang berbeda. teori ekonomi pembangunan yang sukses di suatu daerah belum tentu cocok dan sukses di tempat lain, dikarenakan perbedaan pandangan hidup (chapra, 2000). alasan ini yang mendasari kenapa sistem sosialisme teruatama pola strategi pembangunan yang diadopsi bahkan dipaksakan pada negara-negara berkembang terutama negara-negara muslim mengalami kegagalan bahkan berujung pada chaos dalam segala bidang (matta, 1997). kegagalan ini utamanya disebabkan oleh sistem atau doktrin yang terkandung dalam sosialisme memiliki perbedaan yang tajam dengan masyarakat muslim yang sangat dipengaruhi oleh doktrin islam. sistem sosialisme yang diimpor ke dalam negara-negara muslim menghadapi akal yang berbeda dengan akal yang berbeda dengan akal yang menciptakannya, ditawarkan kepada masyarakat yang berbeda di mana sistem itu diterapkan – baik pada latar historisnya maupun struktur kesadarannya – dan disosialisasikan pada tanah dan waktu yang lain yang berbeda dengan tanah dan waktu darimana ia berasal. maka yang terjadi kemudian adalah munculnya hasil yang berbeda (matta, 1997). meskipun kenyataan saat ini, negara-negara dituntut untuk bergaul dengan sistem ekonomi global yang lebih cenderung kepada sistem ekonomi pasar kapitalisme yang mengedepankan liberalisasi perdagangan dan globalisasi ekonomi. hegemoni sistem ekonomi global yang lebih cenderung dipengaruhi oleh sistem kapitalisme memberikan pengaruh yang besar dalam penyusunan dan pembuatan kebijakankebijakan ekonomi di negara-negara berkembang dan atau di negara-negara muslim di mana indonesia salah satu di dalamnya. negara yang terbelakang dari berbagai aspek umumnya akan mengikut ke negara yang sudah relatif maju (khaldun, 2000). olehnya, untuk mencegah arus pengaruh sistem eksternal terhadap kebijakan ekonomi nasional maka seluruh kebijakan ekonomi yang diambil harus mengacu dan tidak boleh bertentangan dengan konstitusi ekonomi, uud 1945 yang sudah menjadi konsensus 21 bersama bangsa indonesia yang disusun berdasarkan tujuan dan national interest yang ingin dicapai secara bersama sebagai bangsa indonesia. apalagi, uud 1945 memuat dokumen ekonomi tentang ketentuan-ketentuan dalam bidang perekonomian yang merupakan cita-cita luhur yang diperjuangkan oleh para founding fathers dari republik ini. uud 1945 sebagai konstitusi ekonomi mengatur mengenai pilihan-pilihan kebijakan ekonomi dan anutan prinsip-prinsip tertentu di bidang hak-hak ekonomi (economic rights). konstitusi ekonomi memuat ketentuan mengenai perekonomian nasional. banyak kalangan yang menilai bahwa konstitusi ekonomi indonesia memiliki corak sesuai dengan nilai-nilai dan karakter budaya indonesia yang sangat dipengaruhi oleh agama. meskipun secara redaksional simbol-simbol agama tidak terlalu nampak dalam konstitusi ekonomi indonesia tetapi nilai-nilai agama memiliki pengaruh yang kuat terhadap substansi yang dikandungnya. apalagi banyak kalangan yang menilai bahwa konstitusi ekonomi indonesia sangat dipengaruhi oleh pemikiran bung hatta yang terutama tertuang dalam pasal 33 dan 34 uud 1945. bung hatta adalah merupakan tokoh nasional yang mempunyai kesempatan untuk mengenyam pendidikan di barat sehingga tahu betul dinamika sistem ekonomi yang berkembang di barat seperti sistem kapitalisme dan sosialisme. beliau tahu betul kelemanan dari sistem kapitalisme dan sosialisme sehingga tidak cocok untuk diimplementasikan di indonesia. meskipun diakui bahwa pemikiran ekonomi bung hatta banyak dipengaruhi oleh paham sosialisme, tetapi sosialisme yang ingin dibangun di indonesia adalah sosialisme yang berwatak agama atau sosialisme religius yang sesuia dengan agama masyarakat indonesia secara umum. bukan justru sosialisme yang anti agama atau ateis. bahkan bung hatta sebenarnya memiliki pemikiran ekonomi yang sangat sesuai dengan pemikiran ekonomi islam, tetapi pendekatan yang beliau lakukan lebih bersifat substansial dibandingkan dengan simbolistis (abbas, 2008). kandungan konstitusi ekonomi yang ada dalam uud 1945 bisa saja dipengaruhi oleh sistem ekonomi global di awal perumusannya. seperti misalnya pengaruh prinsipprinsip sosialisme dalam penyusunan beberapa pasal tentang ekonomi dalam uud 1945. akan tetapi banyak pula kalangan yang menilai bahwa pasal-pasal ekonomi dalam uud 1945 sangat dipengaruhi oleh nilai-nilai agama yang berkembang di tengah-tengah masyarakat indonesia. dalam artian, pemahaman dan kepercayaan agama khususnya islam memiliki pengaruh kuat dalam filosofi dan prinsip dasar serta tujuan yang ingin dicapai yang terkandung dalam konstitusi ekonomi indonesia. menurut dawam raharjo, konstitusi ekonomi indonesia dilandasi oleh nilai-nilai yang terdapat dalam lima sila pancasila. pancasila, katanya, pada intinya adalah kombinasi tiga ideologi, yaitu nasionalisme, sosialisme dan demokrasi, tetapi kesemuanya didasarkan pada humanisme dan kepercayaan monoteisme. bahkan bung karno menyebut pancasila sebagai hasil gabungan dari tiga ideologi, yaitu nasionalisme, islamisme dan komunisme yang biasa disebut sebagai nasakom. sementara bung hatta menyebut tiga sumber lain, yaitu islam, sosialisme dan budaya indonesia. konstitusi ekonomi indonesia memuat beberapa ketentuan-ketentuan ekonomi nasional seperti sistem kepemilikan sumber daya ekonomi, tujuan pembangunan ekonomi, pengelolaan sumber daya ekonomi, bentuk usaha ekonomi, sistem jaminan sosial, peran negara dalam pembangunan ekonomi, dan lainnya. berdasarkan pada ketentuan-ketentuan pengaturan ekonomi yang terkandung dalam konstitusi ekonomi indonesia maka perlu dilakukan analisis kesesuaian antara konsep ekonomi yang terkandung dalam konstitusi ekonomi indonesia dengan konsep ekonomi dalam islam. 22 sehingga akan ditemukan sejauh mana kesesuaian dan atau paralelitas antara konstitusi ekonomi indonesia dengan konsep ekonomi islam sehingga didapatkan kesimpulan yang utuh, komprehensif dan akurat tentang konstitusi ekonomi indonesia ditinjau dari perspektif ekonomi islam yang dapat dipertanggungjawabkan secara ilmiah. uud 1945 sebagai konstitusi ekonomi indonesia pada umumnya, organisasi negara selalu memiliki naskah yang disebut sebagai konstitusi atau undang-undang dasar (uud). berlakunya suatu konstitusi sebagai hukum dasar yang mengikat didasarkan atas kekuasaan tertinggi atau prinsip kedaulatan yang dianut dalam suatu negara. jika negara itu menganut paham kedaulatan rakyat, maka sumber legitimasi konstitusi itu adalah rakyat. begitu pula jika yang berlaku adalah kedaulatan raja, maka raja yang menentukan berlaku tidaknya suatu konstitusi. oleh karenanya, indonesia sebagai negara yang menganut sistem demokrasi menempatkan rakyat sebagai penentu berlakunya suatu konstitusi. uud bukanlah undang-undang biasa. konstitusi atau uud dalam konteks indonesia tidak ditetapkan oleh legislatif yang biasa, tetapi oleh badan yang lebih khusus dan lebih tinggi kedudukannya, yaitu majelis permusyawaratan rakyat (mpr). jika terdapat suatu undang-undang bertentangan dengan norma dasar yang terkandung di dalam uud, maka uud itulah yang berlaku. konstitusi menurut asshiddiqie, adalah perjanjian, konsensus, atau kesepakatan tertinggi dalam kegiatan bernegara. kesepakatan adalah hukum bagi siapa saja yang mengikatkan diri di dalamnya. demikian pula konstitusi sebagai kesepakatan tertinggi, tentunya memiliki daya paksa yang juga bersifat tinggi. konstitusi ekonomi adalah konstitusi yang mengatur mengenai pilihan-pilihan kebijakan ekonomi dan anutan prinsip-prinsip tertentu di bidang hak-hak ekonomi (abbas, 2014). oleh sebab itu, para perumus kebijakan ekonomi harus menjadikan uud 1945 sebagai hukum dan kebijakan yang tertinggi di bidang perekonomian. setiap kebijakan ekonomi yang bertentangan dengan konstitusi ekonomi dapat dibatalkan dan dianggap tidak berlaku melalui mekanisme konstitusional, yaitu judical review di mahkamah konstitusi (mk). uud 1945 dikatakan sebagai konstitusi ekonomi karena mengatur ketentuan mengenai kebijakan ekonomi seperti yang tercantum dalam pasal 33 uud 1945. pasal 33 menentukan, (1) perekonomian disusun sebagai usaha bersama berdasarkan atas asas kekeluargaan; (2) bumi dan air dan kekayaan yang terkandung didalamnya dikuasai oleh negara dan dipergunakan untuk sebesar-besarnya kemakmuran rakyat. hasil amandemen paska reformasi atas uud 1945, bab xiv yang semula hanya, “kesejahteraan sosial” direvisi menjadi “perekonomian nasional dan kesejahteraan sosial” dimana memuat dua pasal, yaitu pasal 33 dan pasal 34 beserta penyempurnaan ayat-ayatnya. pasal-pasal lainnya yang berkaitan dengan ekonomi yang ada dalam uud 1945 adalah pasal 23 mengenai keuangan negara dan hal-hal yang terkait, pasal 27 ayat 2 tentang pekerjaan dan peghidupan yang layak bagi kemanusiaan, dan pasal 28 tentang hak asasi manusia. bahkan alinea iv pembukaan uud 1945 yang berisi prinsip-prinsip dasar pancasila dan tujuan bernegara secara tidak langsung juga mengandung gagasan mengenai kesejahteraan sosial dan ekonomi. jika dilihat dari segi sistem ekonomi, ekonomi indonesia tidak bisa sepenuhnya dikatakan menganut sistem kapitalisme ataupun sosialisme ataupun gabungan dari kedua dari sistem tersebut (mixed economy). misalnya dari segi kepemilikan sumber daya ekonomi atau faktor-faktor produksi, tak terdapat alasan untuk mengatakan bahwa 23 sistem ekonomi indonesia adalah kapitalisme. sama halnya, tidak terdapat argumentasi yang cukup untuk mengatakan, bahwa kita menganut sistem ekonomi sosialis. indonesia mengakui kepemilikan individual atas faktor-faktor produksi, kecuali untuk sumber daya-sumber daya yang menguasai hidup orang banyak, dikuasai oleh negara (tambunan, 2011). hal ini secara tegas diatur oleh pasal 33 uud 1945. jadi secara konstitusional, sistem ekonomi indonesia tidak mengikut secara absolut terhadap sistem ekonomi kapitalisme maupun sosialisme. sistem ekonomi indonesia, menurut mubyarto (1987), adalah sistem ekonomi pancasila yang didasarkan pada lima sila yang dimilikinya. akan tetapi jika dilihat dari nilai-nilai dan sistem kepemilikan yang dianutnya, sistem ekonomi indonesia memiliki kesamaan yang besar dengan sistem ekonomi islam. sistem ekonomi indonesia pengertian tentang sistem ekonomi sangat beragam. sanusi (2010) menjelaskan sistem ekonomi merupakan suatu organisasi yang terdiri atas sejumlah lembaga dan pranata (ekonomi, sosial-politik, ide-ide) yang saling mempengaruhi satu dengan yang lainnya dan ditujukan ke arah pemecahan problem-problem serta produksi-distribusi konsumsi yang merupakan problem dasar setiap perekonomian. dengan kata lain, sistem ekonomi dapat diartikan sebagai suatu totalitas terpadu yang terdiri dari atas unsur-unsur yang saling berhubungan, saling terkait, saling mempengaruhi, dan saling tergantung untuk mencapai tujuan bersama. selanjutnya, dumairy (2011) mengartikan sistem ekonomi adalah suatu sistem yang mengatur serta menjalin hubungan ekonomi antarmanusia dengan seperangkat kelembagaan dalam suatu tatanan kehidupan. sebuah sistem ekonomi terdiri atas unsur-unsur manusia sebagai subjek; barang-barang ekonomi sebagai objek; serta seperangkat kelembagaan yang mengatur dan menjalinnya dalam kegiatan perekonomian. perangkat kelembagaan dimaksud meliputi lembaga-lembaga ekonomi (formal maupun informal); cara kerja; mekanisme hubungan; hukum dan peraturanperaturan perekonomian; serta kaidah dan norma-norma lain (tertulis maupun tidak tertulis); yang dipilih atau diterima atau ditetapkan oleh masyarakat di tempat tatanan kehidupan yang bersangkutan berlangsung. jadi dalam perangkat kelembagaan ini termasuk juga kebiasaan, perilaku, dan etika masyarakat; sebagaimana mereka terapkan dalam berbagai aktivitas yang berkenaan denga pemanfaatan sumber daya bagi pemenuhan kebutuhan. berdasarkan definisi ini menunjukkan bahwa mengkaji sistem ekonomi berarti meliputi tentang pelaku-pelaku ekonomi, lembaga-lembaga ekonomi, mekanisme, aturan-aturan dan doktrin atau paradigma ekonomi yang dianut. definisi serupa juga dikemukan oleh grossman (1995) yaitu sistem ekonomi adalah sekumpulan komponen atau unsur terdiri atas unit dan agen ekonomi serta lembaga (institusi) ekonomi, yang bukan saja saling berhubungan dan berinteraksi melainkan juga sampai tingkat tetentu saling menopang dan mempengaruhi. sementara itu, triono (2011) menganggap bahwa sistem ekonomi berkaitan dengan pandangan, keyakinan, kepercayaan ataupun ideologi tertentu, khususnya terhadap alokasi sumber daya ekonomi yang ada di bumi ini. sehingga sistem ekonomi akan menyangkut pandangan terhadap kepemilikan, pemanfaatan, maupun distribusi sumber daya ekonomi. sehingga sistem ekonomi itu tidak netral dan bersifat subjektif karena dipengaruhi oleh pandangan-pandangan hidup atau paradigma tertentu di mana sistem ekonomi itu diterapkan. konsekuesinya, berdasarkan definisi ini, sistem ekonomi yang diterapkan dan dianut dalam suatu perekonomian negara sangat memungkinkan berbeda dengan sistem ekonomi yang diterapkan di tempat atau negara lain, tergantung pada pandangan dan paradigma yang dianutnya terutama dalam hal kepemilikan, 24 pemanfaatan dan distribusi sumber daya ekonomi yang dimiliki dalam suatu perekonomian. kahf (1999) mendefinisikan sistem ekonomi sebagai seperangkat prinsip-prinsip yang merupakan kerangka organisasi kegiatan ekonomi. sehingga sistem ekonomi tertentu tersusun dari seperangkat nilai-nilai yang dapat membangun kerangka organisasi kegiatan ekonomi menurut kerangka referensi tertentu. perangka nilai-nilai ini di satu pihak akan berdasarkan pandangan filsafat tentang kegiatan ekonomi, dan dipihak lain interaksi nilai-nilai ini membentuk perangkat nilai dasar dan nilai instrumental bagi kegiatan ekonomi yang dikehendaki oleh sistem. dalam literatur ekonomi dan bahkan tataran penerapan perekonomian, dikenal dua sistem ekonomi yang sering diperbincangkan dan mempengaruhi suatu perekonomian, yaitu kapitalisme pasar dan sosialisme terpimpin. dua sistem ekonomi ini sebenarnya saling terkait. sistem ekonomi sosialisme muncul atas kritik terhadap sistem kapitalisme yang tidak bisa mewujudkan kesejahteraan bagi berbagai lapisan masyarakat. inti dari sistem ekonomi kapitalisme adalah pemecahan masalah ekonomi yang meliputi produksi, konsumsi dan distribusi melalui mekanisme pasar bebas demi tercapainya kesejahteraan masyarakat secara bersama. sementara ekonomi sosialisme meyakini bahwa penghapusan kepemilikan individu terhadap aset-aset produksi adalah solusi untuk menyelesaikan problem ekonomi yang dihadapi oleh manusia dan merupakan pendekatan yang paling ampuh untuk mewujudkan kesejahetaraan yang merata. kehadiran dua sistem ekonomi itu, berkontribusi dalam menciptakan polarisasi hegemonis sistem ekonomi dalam tataran global. kedua sistem ekonomi ini saling berusaha mencari pengikut (follower) dan situasi ini memicu munculnya konflik seperti yang pernah terjadi pada perang dingin (cold war) antara amerika serikat (as) sebagai pengusung utama sistem ekonomi kapitalisme dengan uni soviet sebagai pengusung sistem sosialisme. kedua sistem ekonomi itu menghegemoni khususnya di negaranegara berkembang. akhirnya banyak negara-negara berkembang meyakini bahwa untuk mencapai kemajuan ekonomi caranya adalah dengan mengadopsi salah satu sistem ekonomi tersebut, sistem kapitalisme atau sistem sosialisme. akan tetapi dalam peraktiknya, sistem ekonomi yang dijalankan oleh negaranegara di dunia saat ini tidak sepenuhnya seperti sistem kapitalisme atau sistem sosialisme yang berada pada titik ekstrim sebagaimana dicetuskan oleh masing-masing penggagasnya yaitu adam smith dan karl max. justru sistem perekonomian yang diterapkan di berbagai negara saat ini berada di sepanjang spektrum dua sistem tersebut. apa yang disebut kapitalisme dan sosialisme memiliki banyak bentuk variannya dalam tataran prakteknya. akan tetapi perlu diakui kedua sistem tersebut sangat mempengaruhi sistem ekonomi yang berlaku di dunia ini dengan penyesuaian sesuai dengan kepentingan pragmatis negara yang mengadopsinya. kedua sistem tersebut dalam tataran implementasinya juga disesuaikan dengan nilai-nilai dan normanorma serta agama yang berlaku dalam suatu masyarakat. selain kedua sistem tersebut, dalam perekonomian modern juga dikenal sistem ekonomi campuran (mixed economy) yaitu sistem yang mengandung beberapa elemen dari sistem ekonomi kapitalisme dan sistem ekonomi sosialisme. sebagaimana dikemukan sebelumnya, tidak ada perekonomian yang ada saat ini yang mengadopsi sepenuhnya sistem ekonomi sosialis atau kapitalis. yang berlaku justru campuran antara kedua ekstrim sistem ekonomi tersebut, dengan berbagai varian kadar dominasinya. 25 deklarasi indonesia sebagai negara merdeka terjadi bersamaan dengan puncak perseturuan antara sistem ekonomi kapitalisme yang diwakili oleh amerika serikat yang kemudian membuat sekutu dengan sebutan blok barat dan sistem ekonomi sosialisme yang dikomandoi oleh uni soviet dengan blok timurnya. pertanyaannya kemudian adalah apakah pembentukan sistem ekonomi indonesia seteleh proklamasi kemerdekaannya (17 agustus 1945) dipengaruhi oleh dua arus sistem tersebut atau dua blok politik tersebut? sebagaimana diketahui setelah kemerdekaan republik indonesia (ri), presiden pertama ri, soekarno justru memploklamirkan blok baru bernama gerakan non-blok yang tidak berafiliasi dengan blok barat maupun blok timur yang lagi berebutan mencari pengaruh dan sekutu pada saat itu. pandangan politik ini sebenarnya juga berpengaruh pada sistem ekonomi yang dianut indonesia yang tidak menganut sitem ekonomi kapitalis ataupun sistem ekonomi sosialis sepenuhnya. sistem ekonomi apa yang diterapkan di indonesia, kapitalisme, sosilisme, atau gabungan (mixed) dari kedua sistem tersebut? untuk menjawab pertanyaan ini, dumairy (1996) menegaskan sebagai berikut, “ditinjau berdasarkan sistem kepemilikan sumber daya ekonomi atau faktor-faktor produksi, tak terdapat alasan untuk menyatakan bahwa sistem ekonomi kita adalah kapitalisme. sama halnya, tak pula cukup argumentasi untuk mengatakan, bahwa kita menganut sistem ekonomi sosialis. indonesia mengakui pemilikan individual atas faktor-faktor produksi, kecuali untuk diatur dengan tegas oleh pasal 33 uud 1945. jadi, secara konstitusional, sistem ekonomi indonesia bukan kapitalisme dan bukan pula sosialisme.” untuk memahami sistem ekonomi apa yang diterapkan di indonesia paling tidak secara konstitusional maka perlu memahami terlebih dahulu ideologi yang dianut oleh indonesia. sistem ekonomi atau perekonomian indonesia tidak terlepas dari prinsipprinsip dasar dari pembentukan negara republik indonesia yang tercantum dalam pancasila dan undang-undangan dasar (uud) 1945. sistem ekonomi pancasila 1. pancasila dan agama pancasila sebagai ideologi indonesia sebenarnya dalam proses pembentukannya sangat dipengaruhi oleh ajaran-ajaran islam. pancasila sebagaimana dituliskan oleh adian husaini (2010) adalah merupakan hasil karya bersama, bukanlah rumusan semata seorang bung karno sendirian. pancasila adalah hasil kesepakatan tokoh-tokoh islam yang memiliki berbagai aspirasi ideologis, termasuk tokoh-tokoh islam yang tergabung dalam panitia sembilan di bpupk, yaitu kh. wahid hasyim, haji agus salim, abikoesno tjokrosoejoso dan abdul kahar muzakkir. salah satu bukti utama jikalau pancasila yang kemudia menjadi landasan ideologi bangsa indonesia begitupula dalam sistem ekonominya sangat dipengaruhi oleh ajaran islam atau pandangan islam (islamic worldview) adalah adanya rumusan tujuh kata pada sila pertama, yaitu “ketuhanan, dengan kewajiban menjalankan syariah islam bagi pemeluk-pemeluknya” yang kemudian dikenal sebagai rumusan piagam pancasila vesi piagam jakarta (pembukaan uud 1945). akan tetapi karena suatu hal, sila pertama pancasila ini diganti menjadi “ketuhanan yang maha esa”. sila pertama ini menurut adian husaini adalah representasi dari ajaran tauhid dalam agama islam. bukti-bukti lainnya bahwa pancasila sangat dipengaruhi oleh ajaran islam adalah bisa dilihat dari sila-sila lainnya. karim (2004) mengungkapkan penilaian yang sama. ia menganggap bahwa nilai-nilai universal islam secara eksplisit menjiawai muatan pancasila yang berprinsip ketuhanan, kemanusiaan, persatuan, permusyawaratan, dan keadilan. hal ini sejalan dengan islam yang menekankan persamaan, persaudaraan, permusyawaratan, keadilan dan 26 ketuhanan. oleh karenanya, rumusan dan penafsiran sila-sila pancasila terutama sila pertama jelas tidak bisa dipisahkan dari konteks sejarah munculnya rumusan tersebut. harus diakui bahwa pada masa lalu ada mutual understanding antara islam sebagai agama dan pancasila sebagai ideologi. kesalahpahaman itu lebih banyak pada berbagai kepentingan politik daripada dalam substansinya; atau lebih dikarenakan oleh ketidakjelasan paradigma dan cara pandang. substansinya keduanya jelas berbeda. islam adalah agama, sedangkan pancasila adalah ideologi. esensi (hakekat) islam dan pancasila tidak bertentangan, namun kenyataan eksistensinya (sejarahnya) dapat saja dipertentangkan terutama untuk melayani kepentingan-kepentingan kelompok sosial (karim, 2004). contohnya misalnya sebagaimana yang diungkapkan oleh adnan buyung nasution sebagaimana dikutip oleh adian husaini terjadinya polemik dan komprontasi ide antara islam dan pancasila dalam sejarah di indonesia adalah akibat dikembangkannnya konsep pancasila sebagai doktrin atau pandangan hidup (worldview) yang kompleks dan khas, sehingga berbenturan dengan pandangan dunia lain, seperti islam. bahkan lebih jauh rezim orde baru menjadikan pancasila sebagai landasan amal dan moral dimana wilayah ini sebenarnya menjadi wilayah agama. pancasila berusaha ditafsirkan oleh penguasa melampaui kewenangannya bahkan masuk ke kewenangan agama. justru pancasila sebagai landasan negara jika dilihat dalam konteks sejarahnya tidak bertentangan dengan ajaran agama khususnya agama islam, bahkan nilai-nilai universalnya terinspirasi oleh nilai-nilai universal islam sebagaimana tercantum dalam sila-sila pancasila. pancasila sebagai ideologi sebenarnya merupakan objektivikasi dari islam. objektivikasi adalah penterjemahan nilai-nilai internal ke dalam kategori-kategori objektif. atau dengan kata lain, objektivikasi adalah merupakan konkritisasi dari keyakinan internal. hal ini berarti unsur-unsur objektif agama ada dalam pancasila. 2. sistem ekonomi pancasila istilah ‘ekonomi pancasila’, menurut dawam rahardjo, dipopulerkan oleh emil salim dalam salah satu artikelnya pada tahun 1976. menurut beliau ekonomi pancasila merupakan suatu konsep kebijakan ekonomi, setelah mengalami pergerakan seperti bandul jam dari kiri ke kanan, hingga mencapai titik keseimbangan. ke kanan artinya bebas mengikuti aturan pasar, sedangkan ke kiri artinya mengalami intervensi negara dalam bentuk perencanaan memusat. ekonomi pancasila juga dapat diartikan sebagai sistem ekonomi pasar dengan pengendalian pemerintah atau “ekonomi pasar terkendali”. mungkin istilah lain yang lebih mendekati dan populer dengan pengertian ‘ekonomi pancasila’ adalah ‘sistem ekonomi campuran’ (mixed economy), maksudnya campuran antara sistem akpitalisme dan sosialisme atau ‘sistem ekonomi jalan tengah’. pancasila menurut soekarno adalah merupakan hasil kombinasi ideologi ‘nasionalisme’, ‘islamisme’, dan ‘komunisme’. sedangkan bung hatta menyebutnya sebagai kombinasi dari ‘islam’, ‘sosialisme’, dan ‘budaya indonesia’. dengan demikian, jika ekonomi pancasila dirumuskan sebagai ‘ekonomi yang mendasarkan dari nilai-nilai pancasila’, maka ekonomi pancasila sebenarnya adalah sebuah sistem ekonomi campuran. ekonomi pancasila juga biasa disebut sebagai ‘ekonomi kerakyatan’, sebagaimana dijelaskan oleh mubyarto (1987) bahwa praktek ekonomi pancasila atau ekonomi pancasila in action, dengan mudah dapat dijumpai dan dikenali di mana-mana di seluruh indonesia. praktek ekonomi ini seringpula disebut ‘ekonomi rakyat’ yang bersifat moralistik, demokratik dan mandiri. dengan gambaran dan pembahasan itu sering ekonomi pancasila diidentikkan dengan ekonomi rakyat. perekonomian rakyat pada dasarnya adalah perekonomian pasar yang didasarkan pada sistem kepemilikan individu dan kolektif. 27 ekonomi pancasila disebut juga sebagai ekonomi yang berasaskan kekeluargaan, kegotong-royongan dan kerjasama. ini adalah nilai-nilai tradisional yang bersumber dari budaya indonesia, yang bisa saja sangat dipengaruhi oleh nilai-nilai agama yang dianut oleh masyarakat indonesia. asas kekeluargaan ini, yang berdasarkan pada solidaritas mekanis, menurut dawam rahardjo, telah ditransformasikan menjadi solidaritas fungsional, dengan nilai-nilai individualitas dalam lembaga koperasi. jika ekonomi pancasila didasarkan pada pasal 33 uud 1945 yang menyebutkan bahwa cabang-cabang penting kebutuhan rakyat dikuasai oleh negara, sehingga melahirkan bumn. jika ini menjadi ciri ekonomi pancasila, maka ekonomi pancasila mengikuti model negara kesejahteraaan (welfare state) yang umumnya berkembang di negara-negara eropa. mubyarto (1987) mendefinisikan ekonomi pancasila sebagai sistem ekonomi, atau sistem perekonomian yang dijiwai oleh ideologi pancasila, yaitu ekonomi yang dijiwai oleh usaha berdasarkan pada asas kekeluargaan dan kegotongroyongan nasional. mengenai ekonomi pancasila, mubyarto mengemukakan lima karakter utamanya. kelima ciri tersebut masih harus dikembangkan, ditumbuhkan dan diperjuangkan dalam sistem perekonomian indonesia. kelima ciri ekonomi pancasila tersebut diserap dari uud 1945 dan dari keseluruhan jiwa pancasila itu sendiri. kelimanya adalah sebagai berikut: pertama, dalam sistem ekonomi pancasila, koperasi merupakan soko guru perekonomian. kedua, perekonomian digerakkan oleh ransangan-ransangan ekonomi, sosial dan moral. ketiga, egalitarianisme yaitu bahwa kemerataan sosial mengandaikan terpenuhinya semangat kekeluargaan, saling menyayanging sesama manusia dan solidaritas persaudaraan. keempat, bagian ini berhubungan dengan sila ketiga “persatuan indonesia”. kelima, pengandalan pada sistem desentralisasi dalam pelaksanaan kegiatan-kegiatan ekonomi, diimbangi dengan perencanaan yang kuat sebagai pemberi arah bagi perkembangan ekonomi. sebagian menilai bahwa ekonomi pancasila sangat dipengaruhi oleh nilai-nilai agama, meskipun menggunakan bahasa yang universal tanpa simbol-simbol agama di dalamnya. ekonomi pancasila adalah ekonomi yang didasarkan pada monoteisme dan humanisme. prinsip dalam sila pertama; ketuhanan yang maha esa dan sila kelima; keadilan sosial bagi seluruh rakyat indonesia. merupakan hasil pemikiran manusia indonesia yang berakar dari prinsip-prinsip nilai agama (tauhid), demikian pula dengan humanisme, berakar pada nilai-nilai agama. namun demikian, kajian terhadap ekonomi pancasila terutama dari segi ontologi, epistimologi dan aksiologi masih jarang dilakukan. dari segi ontologinya misalnya, apa itu ekonomi pancasila secara teoritis-konseptual maupun empirisnya? selanjutnya adalah masalah epistimologis yang menyangkut pemahamam dan praktek pengembangan ekonomi pancasila. sementara dari segi epistimologi juga masih belum bayak dikaji. masalah ini membutuhkan kajian teori dan empiris guna mengetahui tujuan dan hasil akhir proses ekonomi pancasila. konstitusi ekonomi indonesia berdasarkan uud 1945 dalam pembukaan uud 1945 secara jelas dikemukakan kembali istilah “ketuhanan yang maha esa”. ini menandakan bahwa konstitusi negara republik indonesia didasarkan pada agama (tauhid). artinya, penafsiran dari lima sila dari pancasila tidak bisa dipisahkan dari cara pandang agama (worldview). hal ini secara jelas termaktub dalam pasar 29 ayat 2: “negara berdasarkan atas ketuhanan yang maha esa”. sebagaimana dijelaskan sebelumnya kalimat tersebut merujuk pada ajaran tauhid dalam agama islam. ketentuan-ketentuan dasar konsttusional mengenani kehidupan ekonomi berdasarkan pancasila dan uud 1945 antara lain tercermin dalam pasal-pasal berikut: 28 23, 33 dan 34 uud 1945. secara rinci, pasal 33 uud 1945 menetapkan tiga hal, yaitu: pertama, ‘perekonomian disusun sebagai usaha bersama berdasarkan atas asas kekeluargaan’. menurut gunadi (1981), pernyataan ini adalah pernyataan asasi dan monumental bagi sistem perekonomian indonesia menurut pancasila dan uud 1945. dari pernyataan ini menunjukkan bahwa perekonomian dilakukan secara bersama yang menggambarkan adalanya kehidupan sosial yang harmonis. penyebutan asas kekeluargaan menunjukkan bahwa hasil produksi yang diperoleh dari pengembangan perekonomian itu dipergunakan untuk kesejahteraanb bersama/sosial. azas kekeluargaan menurut asshiddiqie (2010) menunjukkan bahwa perekonomian indonesia tidak didasari pada persaingan yang sengit tetapi lebih mengutamakan kerjasama. istilah ‘disusun’ menurut sri edi swasono menunjukkan bahwa perekonomian harus ‘disusun’ tidak dibiarkan ‘tersusun’ sendiri melalui mekanisme pasar ala competitive economics. pada pasal ini mengindikasikan perlunya keterlibatan negara dalam perekonomian. sementara itu, gunadi (1981) menganggap bahwa pasal 33 ayat 1 ini adalah merupakan cita-cita perekonomian yang dipandang sebagai jalan terbaik untuk membela ekonomi yang lemah. kedua, ‘cabang-cabang produksi yang penting bagi negara dan menguasai hajat hidup orang banyak dikuasai oleh negara’. ketentuan dalam pasal ini mengarah kepada sistem sosial dalam arti hasil produksi yang penting jangan sampai dikuasai oleh orang per orang, akan tetapi oleh negara dalam arti agar pendistribusiannya dapat dilaksanakan secara merata. ini menunjukkan bahwa pemerintah sendiri yang menjadi pemilik dan sekaligus pelaku usaha dengan bentuk organisasi pengelolaannya di lapangan. ketiga, bumi dan air dan kekayaan alam yang terkandung di dalamnya dikuasai oleh negara dan dipergunkan untuk sebesar-besarnya kemakmuran rakyat. pasal ini menunjukkan bahwa semua kekayaan yang terkandung di dalam bumi, air, dan alam tidak dikuasai oleh perseorangan atau suatu kelompok, melainkan dikuasai oleh negara dan dipergunakan untuk sebesar-besarnya untuk kesejahteraan rakyat. ayat ini memperjelas bahwa sistem ekonomi indonesia menganut sistem kepemilikan individu, umum dan negara. sedangkan pasal 27 ayat 2 menerapkan bahwa setiap warga negara (wni) berhak atas pekerjaan serta penghidupan yang layak; dan pasal 34 menetapkan bahwa kaum masyarakat miskin dan anak-anak yang terlantar dipelihara negara. pasal ini melindungi warga negara yang karena keterbatasannya tidak mampu mencari sumber penghidupan atau mereka yang mampu memperoleh pekerjaan tetapi hasilnya tidak mencukupi. begitupula dengan anak-anak terlantar, fakir miskin, patut mendapatkan perlindungan dan santunan dari pemerintah agar mereka dapat menikmati hasil pembangunan ekonomi indonesia. ini menunjukkan bahwa negara punya peranan besar dalam menciptakan keadilan sosial bagi seluruh rakyatnya. oleh karena itu dapat disimpulkan bahwa sistem ekonomi indonesia tercermin dalam pancasila dan uud 1945. bahkan banyak kalangan seperti misalnya mubyarto, muhammad hatta, dawam rahardjo, sri-edi swasono, dll mengatakan bahwa sistem ekonomi indonesia adalah sistem ekonomi pancasila. menurut dawam rahardjo (1997) ekonomi pancasila dapat disebut sebagai sistem ekonomi pancasila. akan tetapi ia membedakan antara sistem ekonomi pancasila dengan sistem ekonomi indonenesia. ekonomi pancasila yang dia maksud adalah suatu konsep yang sifatnya teoritis. sementara sistem ekonomi indonesia adalah sistem ekonomi nasional berdasarkan pancasila dan uud 1945. artinya sistem ini adalah konsep operasional sistem ekonomi yang berlaku di indonesia. keduanya tidak identik atau sama, bahkan sistem ekonomi 29 indonesia yang berlaku bisa saja berbeda bahkan bertentangan dengan sistem ekonomi pancasila. bahkan lebih jauh dawam rahardjo setelah melihat persamaan dan kesamaan prinsip-prinsip ekonomi yang ada dalam sistem ekonomi pancasila mengambil kesimpulan bahwa sistem ekonomi pancasila adalah sistem ekonomi islam dalam konteks indonesia. hal ini sejalan dengan yang dikemukan oleh abdul karim sebelumnya bahwa pancasila pada hakekatnya adalah hasil objektifikasi dari ajaranajaran yang dianut oleh masyarakat indonesia. sementara itu, sri-edi swasono (2012) mengatakan bahwa ekonomi pancasila bisa dikatakan seiring dan selaras dengan apa yang sering diungkapkan oleh sebagai ekonomi syariah/islam, keduanya compatible meskipun tidak sepenuhnya substitutable, dengan kata lain ekonomi pancasila sudah sangat islami. namun dalam perakteknya, sistem ekonomi indonesia dalam praktek penerapannya dalam beberapa dekade belakangan ini sejak era orde baru cenderung kapitalis dan cenderung bersifat sosialis di era soekarno. ini jelas bertentangan dengan konstitusi negara yang tidak menganut sistem kapitalis dan sosialisme. ini mengindikasikan bahwa sistem ekonomi indonesia selalu berjalan sesuai dengan selera dan kepentingan politik para penguasa yang sedang berkuasa. padahal jika dilihat secara historis dan isi dari konstitusi republik indonesia dimana sistem ekonominya dilandasi oleh pancasila dan uud 1945 justru sangat sejalan dengan ajaran-ajaran islam khususnya dalam bidang ekonomi islamnya. akan tetapi perjalanan bangsa indonesia dalam membangun ekonomi berdasarkan pada landasan konstitusinya (pancasila dan uud 1945) cenderung terbawa arus pada pola pembangunan ala sistem sosialisme dan sistem kapitalisme justru menjadi warisan kekayaan atau aset bangsa indonesia dalam menemukan format pembangunan ekonomi yang sejalan dengan kepribadian bangsa indonesia. warisan pola pembangunan ini tentunya juga akan memperkaya konsep ekonomi islam yang sangat normatif untuk melakukan eksperimentasi dalam mencari bentuknya. hal ini sejalan dengan apa yang diungkapkan oleh dawam rahadjo (1997) bahwa penafsiaran dan pengembangan ekonomi islam ternyata lebih kaya dan yang lebih penting menjadi relevan jika didasarkan pada pengalaman-pengalaman konkrit pembangunan, baik di negara-negara muslim maupun di indonesia. dalam mencari hukum-hukum ekonomi sejalan dengan asas tauhid, pengalaman-pengalaman praktik nerupakan bahan bagi validasi hukum-hukum ekonomi islam. dengan pendekatan ini, maka perlu mememulai kerja praktik pembangunan, berdasarkan teori dan konsepkonsep yang garis besar saja. dewasa ini pengalaman praktik pembangunan di indonesia telah dipakai sebagai bahan untuk mengembangkan ekonomi islam lebih lanjut dan relevan. uud 1945 dan ekonomi islam pembukaan uud 1945 memuat empat tujuan negara indonesia yaitu, “…. untuk membentuk suatu pemerintahan negara indonesia yang melindungi segenap bangsa indonesia dan seluruh tumpah darah indonesia dan untuk memajukan kesejahteraan umum, mencerdaskan kehidupan bangsa, dan ikut melaksanakan ketertiban dunia yang berdasarkan kemerdekaan, perdamaian abad dan keadilan sosial,…”. untuk mencapai keempat tujuan tersebut, terutama untuk memajukan kesejahteraan umum dan mencerdaskan kehidupan bangsa, diadakan pengaturan-pengaturan mengenai anggaran pendapatan dan belanja negara ( bab viii dan bab viiia); mengenai hak-hak asasi manusia dan warga negara di bidang ekonomi dan kesejahteraan rakyat (bab xa); didukung oleh bab tentang pendidikan bagi warga negara indonesia sebagai subjek 30 pembangunan kesejahteraan tersebut; dan (bab xiii); dan khusus mengenai kebijakan perekonomian nasional dan kesejahteraan sosial diatur dalam bab xiv. hasil amandemen uud 1945 pasca reformasi, pasal-pasal perekonomian dirumuskan dalam bab tersendiri, yaitu bab xiv yang semula berjudul “kesejahteraan sosial” diamandemen menjadi “perekonomian nasional dan kesejahteraan sosial”. adapun kandungan pasalnya terdiri dari dua pasal, yaitu pasal 33 yang terdiri atas 5 ayat dan pasal 34 yang terdiri atas 4 ayat. 1. pasal 33 uud 1945 pasal 33 uud 1945 terdiri dari 5 ayat, tiga ayat pertama adalah merupakan warisan dari the founding leaders. sementara dua sisanya merupakan hasil amandemen pada tahun 2002. adapun ayat yang terkandung dalam pasal 33 uud 1945 adalah sebagai berikut: (1) perekonomian disusun sebagai usaha bersama berdasarkan atas asas kekeluargaan; (2) cabang-cabang produksi yang penting bagi negara dan yang menguasai hajat hidup orang banyak dikuasai oleh negara; (3) bumi dan air dan kekayaan alam yang terkandung di dalamnya dikuasai oleh negara dan digunakan untuk sebesar-besar kemamkmuran rakyat; (4) perekonomian nasional diselenggarakan berdasarkan atas demokrasi ekonomi dengan prinsip kebersamaan, efisiensi-berkeadilan, berkelanjutan, berwawasan lingkungan, kemandirian, serta dengan menjaga keseimbangan kemajuan dan kesatuan ekonomi nasional; (5) ketentuan lebih lanjut mengenai pelaksanaan pasal ini diatur dalam undangundang. pasal 33 ayat (1) uud 1945 berbunyi, “perekonomian disusun sebagai usaha bersama berdasarkan atas asas kekeluargaan”. sri-edi swasono menginterpretasikan kata ‘disusun’ sebagai bentuk imperatif yang berarti harus disusun dan tidak boleh dibiarkan tersusun dengan sendirinya. artinya, perekonomian harus disusun dan tidak boleh dibiarkan tersusun sendiri melalui mekanisme pasar bebas. karena jika perekonomian dibiarkan tersusun sendiri seperti dalam aliran competitive economics, maka akan berdampak pada persaingan yang tidak adil. pemodal yang besar punya peluang untuk menguasai dan mengeksploitasi para pemodal kecil (lihat qs al-hasy: 7). semangat pengaturan ini menempatkan pemerintah/negara sebagai salah satu elemen penting dalam perekonomian. dalam perspektif ekonomi islam, negara melalui dengan lembaga hisbah-nya punya otoritas untuk melindungi kepentingan orang-orang yang lemah supaya terjadi keseimbangan dalam perekonomian. penafsiran yang agak berbeda terhadap kata “disusun” dikemukakan oleh asshiddiqie (2010). menurutnya, kata ‘disusun’ berarti susunan kebijakan yang sistematis dan menyeluruh, mulai dari susunan tingkat nasional sampai ke susunan di daerah-daerah provinsi dan kabupaten/kota di seluruh indonesia. susunan perekonomian merupakan suatu bentuk “usaha bersama” atas dasar ‘asas kekeluargaan”. usaha bersama atas dasar kekeluargaan dapat dilihat dari tiga aspek, yaitu pengertian mikro, pengertian makro dan usaha bersama sebagai prinsip atau sebagai jiwa. pengertian mikro dari usaha bersama dapat dikaitkan pada bentuk usahanya yaitu koperasi sebagai bentuk usaha bersama. pengertian ini tidak bisa sepenuhnya digunakan karena susunan perekonomian indonesia tidak sepenuhnya berbentuk koperasi. sementara pengertian makro diartikan sebagai usaha bersama seluruh rakyat indonesia di bidang perekonomian. pengertian kebersamaan tidak hanya berkaitan 31 dengan konsep bentuk usaha, tetapi lebih jauh lagi berkaitan dengan konsep pelaku ekonomi yang tidak hanya dijalankan oleh bangun perusahaan. pengertian pelaku ekonomi tidak hanya terbatas pada bumn, perusahaan swasta dan koperasi, tetapi mencakup juga semua subjek ekonomi seperti produsen, distributor, maupun konsumen baik dilakukan secara perorangan, kelompok, organisasi ataupun badan hukum. sementara pengertian yang ketiga aadalah berjiwa koperasi, artinya yang terpenting adalah bahwa di semua bentuk-bentuk usaha koperasi, perseroan, dan/atau badan usaha milik negara selalu harus berjiwa koperasi yang di dalamnya terdapat usaha bersama berdasarkan asas kekeluargaan. misalnya, meskipun bentuk usahanya adalah perusahaan swasta, akan tetapi karyawan diberikan peluang untuk memiliki perusahaan dalam bentuk kepemilikan saham, maka hal tersebut bisa dianggap memiliki jiwa koperasi. selanjutnya, kata ‘usaha bersama’ dapat diartikan sebagai usaha berjamaah, yang dalam bahasa ekonominya disebut mutualism, melalui perserikatan ini, yang berarti menolak individualisme atau asas perorangan. demikian pula dengan kata ‘asas kekeluargaan’ yang dalam bahasa ekonominya disebut brotherhood, yang dalam bahasa agamanya disebut ukhuwah, baik persaudaraan secara agama, kemanusiaan, maupun bangsa. kehidupan bermasyarakat dimana sektor ekonomi termasuk di dalamnya adalah merupakan prinsip-prinsip dasar yang sangat dianjurkan dalam islam. istilah ‘usaha bersama’ dan ‘asas kekeluargaan’ sering dikaitkan dengan kata kerjasama dan persaudaraan. salah satu prinsip dasar ekonomi islam setelah tauhid menurut abu sulayman (1968) adalah persaudaraan (brotherhood). prinsip persaudaraan yang terkandung dalam ajaran islam dapat membentuk karakter masyarakat muslim untuk saling memandang dengan posisi yang sama dan saling kerjasama (lihat qs al-hujurat: 10). ekonomi islam secara instrumental demi memperkuat persaudaraan di tengah masyarakat muslim menganjurkan adanya zakat, infak dan sedekah untuk memperkuat ikatan persaudaraan mereka sekaligus untuk mengurangi kesenjangan ekonomi di antara mereka. dalam konteks aktivitas ekonomi, ekonomi islam memperkenalkan konsep kerjasama usaha yang biasa disebut mudharabah dan musyarakah. bentuk kerjsama aktivitas ekonomi ini adalah merupakan nilai instrumental sistem ekonomi islam untuk membangun perekonomian yang seimbang tanpa adanya eksploitasi. pengertian ‘usaha bersama’ kadang direduksi maknanya dalam bentuk mikro dan sempit, yaitu dikaitkan dengan koperasi sebagai bentuk usaha bersama. hal ini tentunya tidak salah, tetapi pengertian ini menafikan bahwa bentuk usaha dalam perekonomian indonesia bukan hanya koperasi saja. penafsiran mikro ini merujuk pada bung hatta sebagai salah satu pencetus dari pasal 33 ini yang kemudian bentuk konkritnya diterjemhakan sebagai koperasi. secara historis gagasan tentang koperasi sebagai soko guru perekonomian digagas oleh bung hatta. koperasi adalah wujud konkrit dari “usaha bersama berdasarkan atas asas kekeluargaan”. koperasi menurut bung hatta dianggap sebagai soko guru perekonomian karena: (i) koperasi mendidik self-helping; (ii) koperasi mempunyai sifat kemasyarakatan di mana kepentingan masyarakat harus lebih diutamakan daripada kepentingan diri dan golongan sendiri; (iii) koperasi digali dari budaya asli bangsa indonesia; (iv) koperasi menentang segala bentuk individualisme dan kapitalisme. hal ini menunjukkan bahwa secara ideologi, bung hatta ingin membangun sebuah sistem ekonomi yang sesuai dengan watak bangsa indonesia yang religious dan memiliki nilai-nilai yang luhur yang menjunjung tinggi prinsip dan cita-cita tolong 32 menolong, persaudaraan dan kerjasama, bukan mementingkan diri sendiri sekuler dan ateistis (lihat qs. al maidah: 2 dan at-taubah: 71). ayat-ayat al-quran dan al-hadist di atas menerangkan secara tegas pentingnya sikap saling tolong menolong di antara sesama manusia. ia menjadi elemen penting dalam membangun hubungan sosial yang harmonis, integrasi antar semua elemen masyarakat dan memperkuat solidaritas sosial. bahkan hadist di atas menganggap seorang mukmin sebagai sebuah bangunan yang saling menyangga, dan tentunya sifat dan akhlak saling tolong menolong adalah elemen perekatnya. sehingga bisa dikatakan bahwa asas kekeluargaan dalam redaksi uud 1945 memiliki semangat dan cita-cita yang sama dengan ajaran-ajaran islam atau maqashid syariah. islam secara terang-terang melarang umatnya untuk tidak berbuat dzalim demi untuk meraup keuntungan sendiri, yang mana berlawanan dari asas kekeluargaan sebagaimana tercantum dalam uud 1945 (lihat qs an-nisaa: 29). untuk memperkuat nilai kekeluargaan dan kerjasama di tengah-tengah masyarakat, islam memperkenalkan beberapa instrumen yang harus dilakukan, yaitu zakat, infak dan sedekah. instrumen religius ini bertujuan untuk memperkuat bangunan solidaritas sosial sehingga terwujud masyarakat yang berdiri di atas asas kekeluargaan dan kebersamaan serta tolong-menolong (qs al-baqarah: 267). dalam pandangan ekonomi islam memang tidak secara spesifik mengatur bentuk usaha dalam perekonomian. usaha bisa dilakukan secara perorangan, kelompok, organisasi maupun badan hukum. yang diatur secara detail dalam ekonomi islam adalah nilai-nilai dan prinsip-prinisp umum yang harus diterapkan oleh para pelaku ekonomi dalam menjalankan aktivitas usahanya. pasal 33 ayat (2) uud 1945 menyatakan “cabang-cabang produksi yang penting bagi negara dan yang menguasai hajat hidup orang banyak dikuasai oleh negara”. “dikuasai oleh negara” dimaknai sebagai penguasaan dalam arti yang luas. penguasaan di sini bisa berarti kepemilikan dalam arti publik dan termasuk kekuasaan dalam mengendalikan dan mengelola bidang-bidang usaha secara langsung oleh pemerintah. kata “penguasaan” itu tidak bisa diartikan sebagai kepemilikan seratus persen. artinya, meskipun sebagian sahamnya tidak dimiliki oleh pemerintah, tetapi perusahaan itu tetap dikuasai oleh pemerintah. sementara yang dikuasai oleh negara adalah “cabang produksi yang penting bagi negara dan menguasai hajat hidup orang banyak”. pasal 33 (2) uud 1945 ini menunjukkan pentingnya intervensi pemerintah dalam pengelolaan sumber daya ekonomi yang strategis dan penting untuk dikuasai oleh negara untuk digunakan atas nama rakyat dan digunakan sepenuhnya untuk kepentingan dan kesejahteraan masyarakat. jika diberikan kebebasan kepada sektor swasta, maka dikhawatirkan digunakan untuk meraup keuntungan yang sebesarbesarnya tanpa memperhatikan kepentingan masyarakat secara umum. berdasarkan pada maksud ini, al ghazali sebagaimana dikutip oleh al-arif (2011) secara moral mengimbau untuk tidak mencari keuntungan pada penjualan barang-barang pokok dengan mengatakan: “karena makanan adalah kebutuhan pokok, perdagangan makanan harus seminimal mungkin didorong oleh motif mencari keuntungan untuk menghindari eksploitasi melalui pengenaan harga yang lebih tinggi dan keuntungan yang lebih besar. keuntungan semacam ini seyogyanya dicari dari barang-barang yang bukan merupakan kebutuhan pokok.” kandungan makna pasal 33 (2) sebenarnya menjelaskan tentang sistem kepemilikan dalam perekonomian. berdasarkan pada pasal tersebut, konstitusi ekonomi indonesia mengakui adanya kepemilikan individu atas faktor-faktor produksi atau 33 sumber daya ekonomi, kecuali sumber daya ekonomi yang menguasai hajat hidup orang banyak, dikuasai oleh negara. ini menunjukkan bahwa uud 1945 mengakui adanya jenis kepemilikan individu dan kepemilika negara atas sumber daya ekonomi. jika dilihat dari perspektif ekonomi islam, kepemilikan (al-milkiyah) sumber daya ekonomi dibagi menjadi tiga (an-nabhani, 1996), yakni: kepemilikan individu, kepemilikan umum, dan kepemilikan negara. ekonomi islam, sebagaimana juga konstitusi ekonomi indonesia, tidak mengakui kepemilikan sepenuhnya hanya pihak individu atau swasta seperti yang berlaku pada sistem kapitalisme, atau kepemilikan sepenuhnya hanya dimiliki oleh negara atas nama rakyat sebagaimana berlaku pada sistem sosialisme. kepemilikan oleh individu terhadap sumber-sumber ekonomi menjadi insentif bagi setiap orang untuk bekerja dan mengembangkan kekayaan/harta. sementara kepemilikan umum dan kepemilikan negara dilandasai pada tujuan syariah. fungsi negara dalam perspektif ekonomi islam sangat penting dalam menciptakan perimbangan dan pemerataan kekayaan dan pendapatan. negara memiliki tanggung jawab untuk mencegah terjadinya ketimpangan dan ketidakadilan dalam penguasaan dan pendistribusian sumber daya ekonomi. maksud ini sejalan dengan hadist nabi saw: “imam adalah (laksana) pengembala (pelayan). dan dia akan dimintai pertanggungjawaban terhadap urusan rakyatnya” (hr bukhari). agar negara dapat melaksanakan kewajibannya, maka negara diberikan kekuasaan untuk mengelola harta kepemilikan umum dan kepemilikan negara dan tidak mengijinkan bagi individu atau swasta untuk mengambil dan memanfaatkannya demi meraup keuntungan sebesar-besarnya. kepemilikan umum menurut pandangan sistem ekonomi islam dapat dibagi menjadi tiga, yakni (triyono, 2011): barang kebutuhan umum, barang tambang yang besar, dan sumber daya alam, yang sifat pembentukannya menghalangi untuk dimiliki individu. sementara, kepemilikan negara adalah harta yang tidak termasuk kategori milik umum melainkan milik pribadi, namun barang-barang tersebut terkait dengan hak kaum muslimin secara umum. pengelolaannya menjadi hak sepenuhnya dari pemerintah atas dasar kepentingan masyarakat secara umum. harta jenis ini dalam konteks ekonomi islam adalah seperti jizyah, ghanimah, fa’i, kharaj, ‘usyur, dan khumuz. untuk konteks kontemporer yang menjadi harta milik negara adalah pajak, dividen dari badan usaha milik negara (bumn), hibah, dan lain-lain. olehnya, semangat yang terkandung pada pasal 33 (2) uud 1945 yang mengatur tentang kepemilikan sumber daya ekonomi, terutama sumber daya ekonomi yang strategis dan menguasai hidup hajat orang banyak dikuasai oleh negara, sangat sejalan dengan tujuan dari ajaran islam (maqashid syariah) yang mengharapkan terciptanya pemerataan kekayaan dan pendapatan di tengah-tengah masyarakat. negara diharapkan dapat berperan secara startegis dalam menciptakan distribusi kekayaan ekonomi secara adil dan merata kepada rakyatnya melalui pengelolaan dan penguasaan sumber daya ekonomi strategis untuk kepentingan masyarakat umum. pasal 33 ayat (3) uud 1945 menentukan “bumi dan air dan kekayaan alam yang terkandung di dalamnya dikuasai oleh negara dan digunakan untuk sebesar-besar kemakmuran rakyat”. maksud dari ayat ini adalah penguasaan oleh negara atas segenap sumber daya yang terdapat di dalam bumi, air, wilaya udara indonesia serta segenap kekayaan yang terkandung di dalamnya, haruslah dipergunakan hanya sebesarbesarnya kemakmuran seluruh rakyat, bukan hanya kemakmuran untuk orang perorang. tujuan akhir dari kegiatan ekonomi yang pokok justru adalah terwujudnya ide masyarakat adil dan makmur berdasarkan amanat dari uud 1945. dengan demikian, yang harus mendapat manfaat dari usaha pemanfaatan kekayaan alam yang tersedia itu 34 adalah seluruh rakyat. kepemilikan perseorangan, dalam perspektif ekonomi islam, tidak diperbolehkan pada sumber-sumber daya ekonomi yang menyangkut kepentingan umum atau berhubungan dengan hajat hidup orang banyak. sumber-sumber ekonomi tersebut menjadi miliki bersama, atau milik umum, atau negara. menurut mayoritas ulama, sumber daya alam yang strategis tidak bisa dijadikan sebagai milik pribadi, harus dijadikan sebagai milik bersama yang penggunaan dan pemanfaatannya untuk kepentingan seluruh masyarakat. secara detail, rasulullah mengemukakan contoh bentuk jenis sumber daya ekonomi yang harus dijadikan milik bersama, “semua orang islam berserikat dalam tiga hal; dalam hal air, rumput dan api, dan garam” (hr ahmad dan abu dawud) sementara itu, pasal 33 ayat (4) uud 1945 berbunyi “perekonomian nasional diselenggarakan berdasar atas demokrasi ekonomi dengan prinsip kebersamaan, efisiensi-berkeadilan, berkelanjutan, berwawasan lingkungan, kemandirian, serta dengan menjaga keseimbangan kemajuan dan kesatuan ekonomi nasional”. konsep demokrasi ekonomi yang terkandung dalam pasal 33 (4) tersebut menempatkan pengutamaan kepentingan rakyat, khususnya hajat hidup orang banyak, yang bersumber pada kedaulatan rakyat atau demokrasi. format demokrasi yang ingin dikembangkan di indonesia bukan demokrasi liberalisme dan individualieme seperti yang berkembang di negara-negara barat, tetapi demokrasi yang didasari pada kebersamaan yang berdasarkan pada sikap saling tolong-monolong (ta’awun), persaudaraan (ukhuwah), dan kerjasama, bukan mengutamakan persaingan (free competition). prinsip kebersamaan dan kekeluargaan menjadi hal utama dalam pengelolaan ekonomi negara. kepentingan masyarakatlah yang diutamakan, bukan kepentingan orang-per orang, namun hal-hal dan harkat martabat individu orang per orang tetap dilindungi dan dihargai. pandangan seperti ini sangat jelas sesuai dengan nilai-nilai dan ajaran islam yang menghormati manusia dan menekankan masalah persaudaraan. perekonomian nasional selanjutnya dibangun di atas prinsip efisiensiberkeadilan, berkelanjutan, berwawasan lingkungan, kemandirian dan keseimbangan. efisiensi-berkeadilan sebagaiman dimaknai oleh jimly asshiddiqie (2010) adalah bahwa untuk memajukan dan menciptakan etos kerja dikalangan para pelaku ekonomi perlu diciptakan iklim persaingan yang sehat di antara mereka untuk mewujudkan efisiensi ekonomi, akan tetapi efisiensi ini dalam bingkai untuk mencapai keadilan. persaingan sekaligus melindungi kepentingan orang-orang lemah (prinsip keadilan) sangat selaras dengan nilai dan ajaran islam. islam mendorong terjadinya persaingan yang berbasiskan pada saling tolong menolong dan juga mendorong terjadinya keadilan. sementara itu, ayat terakhir dari pasal 33 uud 1945 itu adalah ayat (5) yang berbunyi, “ketentuan lebih lanjut mengenai pelaksanaan pasal ini diatur dalam undangundang”. semua ketentuan yang terkandung dalam pasal 33 uud 1945 itu berisi kebijakan-kebijakan konstitusional mengenai perekonomian nasional, yang rinciannya serta operasionalisasinya masih perlu dijabarkan secara konkrit dan dapat dijadikan pedoman yang secara hukum mengikat secara umum. artinya, dpr bersama pemerintah masih harus menjabarkan kebijakan konstitusional di bidang perekonomian nasional dalam bentuk undang-undang sebagai produk legislasi. namun demikian, jika terdapat produk-produk legislasi atau kebijakan pemerintah yang bertentangan dengan konstitusi ekonomi maka bisa diajukan judical review ke mahkamah konstitusi untuk dibatalkan dangan dinyatakan tidak sah dan tidak berlaku lagi. 35 2. pasal 34 uud 1945 pasal 34 uud 1945 mengandung 4 ayat. pasal 34 memperkuat peran negara dalam perekonomian, khususnya dalam hal perlindungan terhadap fakir miskin dan anak-anak terlantar melalui, penyediaan sistem jariangan sosial bagi seluruh rakyat indonesia. pasal ini juga mewajibkan negara untuk atas penyediaan fasilitas-fasilitas umum yang berkaitan dengan kepentingan masyarakat umum, seperti kesehatan, pendidikan, infrastruktur, dan sebagainya. adapun kandungan ayat dari pasal 34 uud 1945 adalah sebagai berikut: (1) fakir miskin dan anak-anak yang terlantar dipelihara oleh negara; (2) negara mengembangkan sistem jaringan sosial bagi seluruh rakyat dan memperdayakan masyarakat yang lemah dan tidak mampu sesuai dengan martabat kemanusiaan; (3) negara bertanggung jawab atas penyediaan fasilitas pelayanan kesehatan dan fasilitas pelayanan umum yang layak; dan (4) ketentuan lebih lanjut mengenai pelaksanaan pasal ini diatur dalam undangundang. pasal 34 ayat (1) menyatakan, “fakir miskin dan anak-anak yang terlantar dipelihara oleh negara”. artinya, konstitusi negara memerintahkan negara untuk menjamin kelangsungan hidup terhadap (setidaknya) tiga golongan, yaitu kaum fakir dan miskin dan anak-anak yang terlantar. negara memiliki kewajiban mengikat untuk melindungi hak-hak, khususnya hak hidup dari orang-orang miskin, fakir dan anak-anak yang terlantar. dalam prakteknya, menurut asshiddiqie (2010), tidak mungkin semua orang yang fakir, miskin dan anak terlantar dipelihara langsung oleh institusi atau badanbadan atau petugas-petugas pemerintahan. partama, sudah sejak lama, bahkan sebelum kemerdekaan republik indonesia, sudah hadir lembaga-lembaga sosial yang melakukan pemeliharaan terhadap anak yatim dan terlantar serta orang fakir dan miskin. misalnya, institusi-institusi keagamaan, seperti lembaga zakat, infak dan shadaqah sudah berkemban sejak masa awak perkembangan agama islam di indonesia. kegiatankegiatan lembaga swasta tersebut tidak perlu “dinegarakan” semuanya. kedua, jumlah orang fakir, miskin dan anak terlantar banyak sekali, tidak mampu sepenuhnya ditangani oleh pemerintah. artinya, negara bisa mengembangkan berbagai macam cara baik terlibat secara lagsung ataupun tidak, asalkan kekuasaan negara tidak hilang dan beban tanggungjawab negara tidak dilupakan. selain itu, pemeliharaan terhadap tiga golongan tersebut dapat pula dilakukan dengan sistem asuransi dan jaminan sosial. berdasarkan pada isi pasal 34 ayat (1) uud 1945 serta penjelasannya di atas, semangat yang terkandung dalam konstitusi ekonomi tersebut sangat sesuai dengan ajaran islam terutama pada keberpihakannya terhadap perlindungan kaum lemah, fakir dan miskin. dalam ajaran islam, negara memiliki kewajiban untuk melindungi kepentingan orang-orang yang tidak mampu dari eksploitasi orang-orang kuat. salah satu penekanan dalam ekonomi islam adalah keberpihakan terhadap golongan lemah, seperti kaum fakir dan miskin serta orang tidak mampu. ajaran islam menempatkan negara sebagai pihak yang harus melindungi hak-hak mereka, khususnya berhubungan dengan pemenuhan kebutuhan dasar mereka. bahkan, islam tidak hanya menempatkan negara sebagai pihak yang bertanggungjawab, tetapi juga seluruh umat muslim yang mampu diwajibkan untuk membantu mereka, melalui mekanisme zakat, infak dan sedekah. adanya perbedaan dalam kemampuan serta perbedaan dalam kesempatan dapat diduga sebagai sebab-musabab dari perbedaan dalam rezeki yang meungkin diterima 36 oleh seseorang. perbedaan tingkatan kemampuan serta spesialisasi menunjukkan keterbatasan kemampuan yang dimiliki oleh masing-masing orang dalam kehidupan pada umumnya, dan proses produksi khususnya. di samping itu orang menghadapi kenyataan keterbatasan dalam kesempatan, baik karena waktu maupun karena kemampuan yang dimiliki oleh seseorang. konsekuenisnya adalah lahirnya golongan kaya dan miskin dalam masyarakat. islam memiliki prinsip-prinsip tersendiri di dalam memandang masalah kayamiskin serta cara yang harus ditemput untuk mengatasi masalah tersebut, yaitu saefudin, 1987): (i) bahwa dalam hidup ini orang diharuskan untuk saling kenalmengenal dan bantu-membantu. (ii) seorang mukmin dengan yang lain adalah bersaudara, dan selayaknya dapat merasakan penderitaan yang lain. dalam sebuah hadist rasululullah saw berkata, “perumpamaan orang-orang mukmin dalam hubungan kasih sayang di antara mereka adalah seperti satu badan; apabila salah satu anggota badan merasa sakit, maka seluruh badan ikut merasakannya dengan rasa panas dan tidak dapat tidur”. (iii) umat islam diwajibkan memperhatikan dan membantu orang miskin dan orang-orang yang dalam kesulitan. (iv) islam selalu mendorong umat untuk selalu beramal dan bersedekah. (v) bahwa setiap muslim wajib membayar zakat, sesuai dengan ketentuan-ketentuan yang berlaku. secara umum pasal 34 ayat (1,2,3,4) uud 1945, menjelaskan tentang peran negara dalam perekonomian khususnya dalam melindungi kehidupan orang-orang yang lemah, seperti orang yang fakir dan miskin dan anak-anak yang terlantar dalam memenuhi kehidupan dasar mereka. untuk menjamin hal tersebut negara mengembangkan sistem jaringan sosial untuk memberdayakan masyarakat yang lemah. pasal tersebut juga memberikan tanggung jawab kepada negara untuk menyediakan fasilitas umum yang layak bagi seluruh rakyatnya. salah satu elemen penting menurut ekonomi islam adalah negara. negara memiliki beberapa tanggung jawab terkait dalam memberikan jaminan sosial dan keseimbangan sosial. menurut abu a’la al-maududi (1990), negara diberi tanggung jawab untuk menjamin kebutuhan-kebutuhan pokok hidup, sandang, pangan, papa, kesehatan, dan pendidikan, bagi semua warga negara tanpa pembedaan ras atau agama, kepada yang mungkin tidak mampu, baik untuk sementara maupun selamanya; untuk memperolehnya karena menganggur, sakit atau alasan-alasan lainnya. sementara itu, penguasa sebagai pihak yang bertanggung jawab atas kekayaan umum menurut umar bin khattab layaknya sebagai seorang pengasuh anak yatim. artinya, kekayaan umum seperti anak yatim yang tidak dapat digunakan langsung dengan sepengetahuan pemiliknya, sebab pemiliknya adalah rakyat yang pengaturannya diwakilkan kepada penguasa di negara islam. bahkan lebih jauh islam mengatur secara terperinci bagaimana cara menjamin kelangsungan hidup orang-orang miskin, yaitu melalui instrumen zakat, infak dan sedekah. islam membebankan kewajiban bagi setiap individu yang memiliki kekayaan yang sudah memenuhi nasab dan kepemilikannya sudah lebih dari satu tahun untuk mengeluarkan zakatnya yang diperuntukkan bagi orang-orang yang membutuhkan. selain hal tersebut, islam juga menganjurkan untuk banyak berinfak demi menegakkan saling tolong-monolong dan peduli antar sesama terutama bagi mereka yang kekuarangan secara ekonomi. peran negara yang termaktub pada pasal 34 uud 1945 terutama dalam menjamin kehidupan orang-orang lemah dan penyedian fasilitas umum sangat sejalan dengan peran negara dalam konsep ekonomi islam. menurut muhammad baqir ash 37 shadr (2008) tanggung jawab negara dalam ekonomi islam terdiri dari penyediaan jaminan sosial dan keseimbangan sosial. 1. jaminan sosial islam telah menugaskan negara untuk menyediakan jaminan sosial guna memelihara standar hidup seluruh individu dalam masyarakat islam. lazimnya, negara menunaikan kewajibannya ini dalam dua bentuk. pertama, negara memberi individu kesempatan yang luas untuk melakukan kerja produktif, sehingga ia bisa memenuhi kebutuhan hidupnya dari kerja dan usahanya sendiri. namun, jika negara tidak mampu menyediakan pekerjaan buat mereka, maka berlakulah bentuk yang kedua di mana negara mengaplikasikan prinsip jaminan sosial dengan cara menyediakan uang dalam jumlah yang cukup untuk membiayai kebutuhan individu tersebut dan untuk memperbaiki standar hidupnya. prinsip jaminan sosial didasarkan pada dua basis doktrin ekonomi islam, yakni; kewajiban timbal balik masyarakat dan hak masyarakat atas sumber daya (kekayaan) publik yang dikuasai oleh negara. islam telah mewajibkan (fardhu al kifayah) setiap muslim untuk saling tolong menolong. negara punya hak memaksa terhadap setiap individu yang ada di bawah kekuasaanya untuk melaksanakan kewajiban agamanya. islam mengaitkan jaminan sosial dengan prinsip umum persaudaraan islam guna menunjukkan bahwa kewajiban tersebut bukanlah semacam pajak penghasilan khusus, melainkan sebuah ekspresi praktis dari persaudaraan di antara sesama muslim. sehingga kerangka moral islamnya adalah hak seorang individu atas bantuan dan pemeliharaan individu lain beroleh pengertian islaminya dari rasa persaudaraan dan pertalian dalam keluarga besar manusia yang berkeadilan. basis lain dari aplikasi jaminan sosial adalah hak masyarakat atas sumbersumber kekayaan. dasar teoritis dari gagasan ini adalah pengakuan islam terhadap hak masyarakat atas seluruh sumber kekayaan (alam), karena seluruh sumber kekayaan alam telah diciptakan bagi masyarakat secara keseluruhan, bukan hanya untuk sekelompok orang. “dialah allah, yang menjadikan segala yang ada di bumi untuk kalian….”. maksudnya, setiap individu berhak atas pemanfaatan kekayaan alam dan berhak atas hidup yang layak berkat manfaat tersebut. jadi siapa saja yang mampu bekerja, negara harus memberinya kesempatan keraja. sementara, bagi mereka yang tidak mampu bekerja, negara wajib memberinya manfaat kekayaan alam dengan menyediakan berbagai sarana bagain agar dapat mempertahankan standar hidup yang layak. demikianlah tanggung jawab negara berkenaan hak masyarakat atas kekayaan alam. penjelasan-penjelasan di atas sangat sejalan dengan pasal 34 ayat (1 dan 2) uud 1945. berdasarkan pada doktrin ekonomi islam tersebut agar negara menjamin pemenuhan hak bagi seluruh rakyatnya termasuk mereka yang fakir, miskin dan anak terlantar adalah dengan menciptakan sektor publik islam yang dibiayai dari sumbersumber keuangan publik dan properti negara. hal ini sejalan dengan pasal 34 ayat (3), terkait kewajiban negara dalam menyediakan fasilitas umum bagi seluruh rakyatnya. 2. keseimbangan sosial pada prinsipnya, islam mengakui adanya perbedaan tingkat kekayaan di antara masyarakat sebagai konsekuensi dari perbedaan bakat dan kemampuan di antara mereka. yang diinginkan oleh islam menurut baqir ash shadr adalah keseimbangan sosial, yaitu keseimbangan standar hidup di antara para individu dalam masyarakat. islam menjadikan keseimbangan sosial, yakni keseimbangan standar hidup, sebagai 38 sasaran dan tujuan yang harus diperjuangkan oleh negara dengen sebaik-baiknya, dalam batasan-batasan kemapuan dan kapasitasnya. secara eksplisit, tujuan yang ingin dicapai oleh islam di sini adalah memakmurkan setiap individu anggota masyarakat. pemerataan kemakmuran adalah tujuan yang dibebankan oleh teks-teks kepada imam selaku kepala negara. kemakmuran menurut baqir ash shadr adalah keadaan dimana seseorang mampu menghidupi diri dan keluarganya, di mana ia sejajar dengan masyarakat umum, yang berarti dalam menjalani kehidupannnya ke depan ia memiliki pijakan yang sama dengan masyarakat umum, menikmati standar hidup yang sama dengan mereka tanpa ada kesulitan dan kesukaran. pandangan ini sesuai dengan konstitusi ekonomi kita yang tercantum dalam alinea iv pembukaan uud 1945 dan pasal 33 dan 34. dalam menciptakan keseimbangan sosial, islam tidak hanya memberlakukan pajak dan zakat saja, tetapi juga mewajibkan negara untuk memanfaatkan sektor-sektor publik guna mencapai tujuan tersebut. dalam konteks negara islam, pemerintah dapat mengambil kekayaan dan baitul mal untuk menciptakan keseimbangan sosial dengan menyejahterahkan orang-orang miskin dan meningkatkan taraf hidupnya. al quran merinci pemanfaatan fay’ sebagai salah satu sumber pendapatan baitul mal. 3. pasal 27 ayat (2) pasal-pasal lain yang berkaitan dengan ekonomi yang ada dalam uud 1945 adalah pasal 23 tentang keuangan negara dan hal-hal yang terkait dan pasal 27 ayat 2 tentang pekerjaan dan peghidupan yang layak bagi kemanusiaan, dan pasal 28 tentang hak asasi manusia. bagian ini hanya akan membahas pasal 27 ayat (2) yang berkaitan dengan hak warga negara untuk mendapatka penghidupan yang layak. pasal 27 ayat (2) uud 1945 berbunyi, “tiap-tiap warga negara berhak atas pekerjaan dan penghidupan yang layak bagi kemanusiaan”. dalam rangka hidup layak, seseorang atau suatu keluarga harus bekerja untuk menghidupi dan memenuhi kebutuhan dasarnya. oleh karenanya, setiap warga negara berhak melakukan pekerjaan yang halal selama dilakukan dengan cara yang tidak bertentangan dengan hukum yang berlaku, atau melanggar hak orang lain. setiap orang tidak boleh dihalangi untuk mendapatkan kesempatan pekerjaan dengan imbalan yang layak, adil dan tanpa diskriminasi. hak mendapatkan kesempatan bekerja adalah hak yang dijamin oleh konstitusi. negara atau pihak siapa saja tidak boleh berlaku diskriminasi dalam pemberian kesempatan kerja. semua warga negara memiliki kesamaan status dalam mendapatkan pekerjaan, meskipun memiliki latar belakang agama, suku, bahasa, ras dan budaya yang berbeda. hak mendapatkan pekerjaan dan imbalan yang layak adalah hak asasi setiap manusia. secara normatif, agama islam sebagaimana juga dalam konstitusi ekonomi mendorong setiap individu untuk bekerja demi memenuhi kebutuhan hidup diri sendiri dan keluarganya atau orang yang menjadi tanggungannya. al quran penuh dan sering serta berkali-kali mendesak manusia untuk bekerja. semua insentif yang ada diperuntukkan untuk manusia agar dia terlibat dalam aktivitas yang produktif (ahmad, 2006). sikap islam terhadap anjuran untuk bekerja dapat dilihat dari ayat-ayat al quran berikut ini:” selain ayat suci al quran, banyak hadist juga yang mendesak manusia untuk bekerja, misalnya: “harta yang paling baik adalah harta yang diperoleh lewat tangannya yang menginginkan kebaikan lewat produksi.” menurut abdil’ati sebagaimana dikutip ahmad (2006), islam sangat menghormati segala bentuk pekerjaan untuk menghasilkan sarana hidup, sepanjang 39 tidak ada kesenonohan dan tindakan yang salah dan merugikan. dalam sebuah hadist rasulullah bersabda, “sesungguhnya yang mengambil seutas tali, lalu memotong ranting pohon dan mengikatnya dengan tali pula, lalu menjualnya untuk memenuhi kebutuhan hidupnya dan menyedekahkannya adalah lebih baik daripada meminta-minta pada orang lain. baik orang yang dia minta itu memberi ataupun menolak.” (hr bukhari dan ibnu majah) dalam konteks peran negara, menurut baqir ash shadr (2008), negara selayaknya memberi individu kesempatan yang luas untuk melakukan kerja produktif, sehingga ia dapat memenuhi kebutuhan dasar dari kerja dan usahanya sendiri. negara juga harus memastikan tidak terjadinya perlakuan tidak adil dan diskriminasi di tempat kerja dan tingkat upah atau gaji atas setiap pekerja. bagi mereka karena suatu hal tertentu sehingga tidak dapat bekerja, maka negara berkewajiban untuk membiayai kebutuhan hidupnya dan memperbaiki standar hidupnya. yang menjadi hak setiap individu sebagaimana tercantum pada pasal 27 ayat (2) bukan hanya hak untuk mendapatkan pekerjaan, tetapi juga penghidupan yang layak. setiap warga negara berhak hidup secara layak sesuai dengan standar atau kehidupan rata-rata di mana mereka menetap. fungsi negara, sebagimana diungkapkan oleh monzer kahf (1991) adalah “guaranteeing a minimum level of living for all those whose own earning fall shorter than satisfying their basic needs”. pernyataan kahf ini menunjukkan bahwa negara berkewajiban untuk menjamin standar hidup yang layak bagi mereka yang memiliki pendapatan di bawah dari kemampuan untuk memenuhi kebutuhan dasar hidupnya. pendapat kahf tentang peran negara dalam memberikan kehidupan yang layak bagi warganya sejalan dengan pendapat baqir ash shadr yang menempatkan negara sebagai pihak yang berkewajiban untuk memberikan jaminan atas pemberian bantuan dan sarana agar individu bisa hidup sesuai dengan standar hidup masyarakat islam (sesuai dengan standar hidup di mana mereka berada) dan mempertahankannya. negara dapat menggunakan kekayaan negara untuk memberikan kelayakan hidup bagi masyarakatnya. berdasarkan pada argumentasi di atas, dapat disimpulkan bahwa pasal 27 ayat (2) yang berhubungan dengan hak setiap individu untuk mendapatkan pekerjaan dan penghidupan yang layak serta bagaimana peran negara untuk mewujudkannya sangat sesuai dengan teks-teks yang terkandung dalam al quran dan al hadist yang menganjurkan untuk berkerja dan mencari penghidupan yang layak. peran negara dalam perekonomian dalam ajaran islam juga menempatkan negara sebagai pihak yang berkewajiban untuk menyediakan pekerjaan dan penghidupan yang layak bagi warganya. simpulan undang-undang dasar suatu negara atau biasa disebut konstitusi negara tidak hanya terbatas sebagai dokumen politik, tetapi juga dokumen ekonomi yang setidak-tidaknya mempengaruhi dinamika perkembangan perekonomian suatu negara. konstitusi ekonomi menjadi hukum tertinggi dan harus dijadikan sebagai acuan dan rujukan dalam setiap pengembangan kebijakan ekonomi. jika terjadi pertentangan antara undangundang, peraturan ataupun kebijakan dengan konstitusi ekonomi (uud 1945) maka dapat dibatalkan melalui mekanisme judical review melalui mahkamah konstitusi. konstitusi ekonomi indonesia tertuan dalam beberapa pasal yang ada dalam uud 1945, khususnya pasal 33, 34, 23, 27 dan 28. bahkan alinea iv pembukaan uud 1945 40 yang berisi prinsip-prinsip dasar pancasila dan tujuan bernegara secara tidak langsung juga mengandung gagasan mengenai kesejahteraan sosial dan eonomi. jika dilihat dari segi sistem ekonomi, ekonomi indonesia tidak bisa sepenuhnya dikatakan menganut sistem kapitalisme ataupun sosialisme ataupun gabungan dari kedua dari sistem tersebut (mixed economy). misalnya dari segi kepemilikan sumber daya ekonomi atau faktor-faktor produksi, tak terdapat alasan untuk mengatakan bahwa sistem ekonomi indonesia adalah kapitalisme. sama halnya, tidak terdapat argumentasi yang cukup untuk mengatakan, bahwa indonesia menganut sistem ekonomi sosialis. indonesia mengakui kepemilikan individual atas faktor-faktor produksi, kecuali untuk sumber daya-sumber daya yang menguasai hidup orang banyak, dikuasai oleh negara. kemunculan ekonomi islam belakangan yang secara historis memiliki perbedaan dengan sistem kapitalisme dan sosialisme dipandang memiliki banyak kesamaan dengan konstitusi ekonomi indonesia yang tertuang dalam beberapa pasal yang ada dalam uud 1945. secara garis besar dalam konstitusi ekonomi khususnya pasal 33 mengatur tentang asas dasar perekonomian indonesia yang berdasarkan pada asas kekeluargaan, bukan kompetisi murni. juga mengatur sistem kepemilikan yang mengakui adanya kepemilikan individu dan kepemilikan bersama. di pasal yang sama juga ditekankan perlunya intervensi negara dalam penguasaan sektor-sektor ekonomi yang strategis yang penggunaannya untuk kemakmuran masyarakat indonesia. di sisi yang sama, ekonomi islam sangat mengedepankan prinsip kebersamaa, persaudaraan dan tolong meolong sebagai asas utama dalam aktivitas ekonomi. ekonomi islam memperkenalkan sistem bagi hasil yang memiliki kesamaan dengan bentuk usaha kekeluargaan yang disebut sebagai koperasi. begitupula dengan sistem kepemilikan, ekonomi islam mengakui adanya kepemilikan individu dan bersama, akan tetapi ekonomi islam secara spesifik mengatur tatacara memperolehnya dan pemanfaatannya. sstem ekonomi islam menempatkan negara sebagai salah satu variabel penting dalam perekonomian baik dalam bentuk intervensi kebijakan maupun sebagai pelaku ekonomi. ekonomi islam juga memiliki perhatian yang tinggi terhadap golongan yang tidak mampu, seperti fakir miskin dan anak-anak yang terlantar. bahkan ekonomi islam menyediakan sistem untuk melindungi hak-hak mereka melalui mekanisme infak, sedekah dan zakat begitupula dengan kehadiran lembaga-lembaga keuangan seperti bmt dan micro finance lainnya. di sisi lain negara punya kewajiban untuk menyediakan barang-barang publik untuk kesejahteraan masyarakat. prinsip ekonomi islam ini sangat sejalan dengan kandungan uud 1945 pasal 34. di samping itu pula saat ini sudah bermunculan undang-undang, peraturan dan kebijakan yang berhubungan dengan pengembangan ekonomi islam di indonesia yang secara langsung menunjukkan bahwa perangkat-perangkat regulasi yang mengatur eksistensi ekonomi islam tidak bertentangan dengan konstitusi ekonomi. karena jika bertentangan maka akan digugat di mahkamah konstitusi untuk dibatalakan pemberlakuannnya. oleh karenanaya tidak perlu ada usaha untuk membenturkan antara konstitusi ekonomi indonesia dengan ekonomi islam atau antara ekonomi pancasila dengan ekonomi islam karena masing-masing sistem tersebut diinspirasi dari ajaran islam. hal tersebut terlihat pada adanya 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