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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.

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Development Bank Islamic Research and Training Institute.
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Jakarta: Kencana.
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Abu Yusuf .Bogor: Ghalia Indonesia.
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Wacana.
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During The Islamic Rule. Shariah Journal, Vol 18, No.3 (2010), pp. 629-
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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
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International Institute of Islamic Thought and Civilization (ISTAC), 
International Islamic University Malaysia (IIUM).

Suharto, U. 2009. Zakah Sebagai Lembaga Keuangan Publik Khusus: Refleksi Kitabal 
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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 Al-
Karimiyah

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-new-
romans 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 Dy-

namics 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 Pro-
gram Pengentasan Kemiskinan. Jurnal Asy-Syir’ah Fakultas Syariah UIN Sunan Kali-
jaga 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 Sep-
tember 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. 


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