Bukhori: Kajian Ekonomi dan Keuangan Islam

Bukhori: Kajian Ekonomi dan Keuangan Islam is a scientific publication media that publishes selected manuscripts with current topics in Islamic economics and financial studies. Bukhori aims to be a useful platform for spreading scientific studies on various issues and a strategic tool for developing theories and practices in the fields of Islamic Economy and Finance.

Current Issue

Bukhori: Kajian Ekonomi dan Keuangan Islam is a scientific publication media that publishes selected manuscripts with current topics in Islamic economics and financial studies. Bukhori aims to be a useful platform for spreading scientific studies on various issues and a strategic tool for developing theories and practices in the fields of Islamic Economy and Finance.
Published
2024-12-31

Articles

Determinants of West Java MSMEs Readiness to Support Indonesia's Journey Towards a Global Halal Hub

Purpose: This study aims to examine the determinants of West Java MSMEs' readiness for the intention to contribute to the Global Halal Hub (GHH) using the Theory of Planned Behavior (TPB). Methodology: A systematic random sampling survey was employed to gather data, and an online questionnaire was disseminated to MSMEs in West Java that had obtained halal certification. SmartPLS 3.2.9 was utilized to conduct an analysis of the data gathered from 150 respondents by Structural Equation Modeling (SEM). Results: The research findings indicate that all TPB variables (attitude, subjective norm, and perceived behavioral control) and government support were found to have a positive and statistically significant impact on the readiness of West Java MSMEs. However, religiosity did not have a positive and significant effect on the readiness of West Java MSMEs. Conclusion: Overall, the readiness variable was found to have a dominant, positive, and significant influence on the intensity of West Java MSMEs' intention to contribute to the GHH. Limitation: This study is limited to certain MSMEs, affecting generalizability, and relies on potentially biased survey and interview data. External factors like regulations and supply chains were not deeply explored. Future research with broader samples and methods is needed to better understand MSMEs' readiness for the Global Halal Hub. Contribution: It is expected that this research can serve as a foundation for the development of programs that support the readiness of MSMEs in meeting halal standards and competing in the global market.

The Nexus between Sharia Principles and Banking: Why Islamic Values Matter in Islamic Banking?

Purpose: This study aims to examine how Islamic principles and values serve as essential pillars in Islamic banking, distinguishing it from conventional practices. By analyzing the rationale behind prohibitions in Islamic banking, this research provides insights into their impact on stakeholders, clients, the Islamic banking industry, and society at large. Research Methodology: This study uses qualitative library research to explore the integration of Shariah principle in Islamic banking. Primary Islamic texts and secondary scholarly sources are reviewed systematically, and inductive thematic analysis highlights the ethical rationale behind prohibitions on interest (riba) and unethical investments, underscoring Shariah adherence as a foundational framework in Islamic finance. Results/Findings: Findings indicate that the adherence to Sharia principles within Islamic banks drives efficiency, risk protection, socio-economic benefits, such as wealth distribution, fair income distribution, sustainable growth, and social welfare. This provides a rational foundation for eliminating prohibited elements, emphasizing the broader social mission of Islamic banking. Conclusion: This study underscores the critical role of Sharia principles in Islamic banking, particularly emphasizing the prohibitions against riba, excessive uncertainty, and highly speculative investment. Limitations: This study focuses on the rationale behind prohibitions in Islamic banking broadly and does not empirically test the impact of each prohibition. Contribution: The study contributes to the field by rationalizing the importance of Sharia values in banking practices, illustrating how these principles create an ethical banking system that fosters mutual benefit rather than exploitation. This insight adds a nuanced perspective on the socio-economic benefits of non-interest-based banking models, which prioritize fairness and community welfare.

Kinerja dan Profesionalisme Pegawai sebagai Kunci Kepuasaan Nasabah Bank Syariah Indonesia

Purpose: This study aims to identify the relationship between employee performance and professionalism and the level of customer satisfaction at Bank Syariah Indonesia (BSI), especially in the West Jakarta area. Research Methodology:  This type of research is quantitative using a correlational approach. Data collection techniques included questionnaires and data analysis tools using smartphones. Data analysis techniques include outer model tests consisting of convergent validity, descriptive validity, and internal consistency reliability, whereas inner model tests consist of determination coefficients, predictive relevance, goodness of fit, and hypothesis testing. The number of respondents in this research is 160 respondents. Results: Employee performance and professionalism have a significant positive influence on customer satisfaction. Professionalism has proven to have a more dominant influence than employee performance. Conclusion: Employee performance and professionalism significantly and positively affect customer satisfaction at Bank Syariah Indonesia, West Jakarta. Limitation: This study is limited to the West Jakarta area and only uses secondary data of 160 respondents consisting of 35 customers of KCP Jakarta Cengkareng, 8 customers of KCP Duri Kosambi, 6 customers of KCP Jakarta Joglo, 9 customers of KCP Jakarta Kalideres, 8 customers of KCP Jakarta Kedoya, 7 customers of KCP Jakarta Kelapa Dua, 8 customers of KCP Jakarta Kemanggisan, so the results may not fully reflect conditions in other areas or include other relevant variables in the Islamic banking industry. Contribution: This study provides a practical contribution by highlighting the importance of improving employee competency and compliance with professional standards to improve customer satisfaction. Academically, this study adds to the literature on the influence of human resources on service quality in the Islamic banking sector.

Persaingan Pasar dan Tantangan Industri Farmasi Halal di Indonesia

Purpose: This research aims to ascertain the degree of competitiveness and obstacles faced by the Indonesia Stock Exchange-listed halal pharmaceutical sector between 2012 and 2022 Methodology: This study consists of quantitative and qualitative data sources from the financial reports of 10 halal pharmaceutical companies listed on the Indonesia Stock Exchange in 2022, as well as a literature review of the halal pharmaceutical industry. The data collection and analysis technique uses panel data with the Panzar and Roose market competition model approach and a secondary data approach based on a literature review. Results: Based on research testing, two results were obtained. The first is from the Panzar and Roose models, showing that the halal pharmaceutical industry in Indonesia from 2012 to 2021 was in non-equilibrium and competed in a monopolistic market. The results indicate that pharmaceutical companies use non-price tactics and policies to remain in business. Second, the literature review found that the halal pharmaceutical industry has the potential to increase growth due to the increasing public interest in buying halal products and the existence of mandatory halal regulations under the Halal Product Assurance Organizing Agency (BPJPH) Law. Conclusion: However, there are obstacles and challenges faced in the development of the halal pharmaceutical industry, such as the limitations of halal-certified medicines, supply chains, raw materials still being imported, and the quality of human resources Limitations: The limitation of this study is that it only uses financial ratio data including solvency ratios, activities and profitability ratios in 10 pharmaceutical companies and scientific articles about the halal industry. The research does not involve halal pharmaceutical industry players with a direct interview approach. Contribution: This research is useful for pharmaceutical industry players looking at competition between companies, especially increasing competition instead of price and innovation. It is necessary for the government to implement massive policies in terms of both business supervision and halal products.

Umar Bin Abdul Aziz's Role through Zakat to Improve Islamic Public Financial

Purpose: Good zakat management has always been a challenge for zakat institutions. For this reason, the main reference that is often used is to imitate the management of zakat that has been done by Umar bin Abdul Aziz. This study aims to determine the role of public financial management through the zakat instrument applied during the reign of Umar bin Abdul Aziz. Islamic public financial management, especially zakat, aims to achieve the goal of community life, namely prosperity and welfare. Methodology/approach: This research method is a literature-based qualitative research to explore the role of zakat management as Islamic public policy during the time of Umar bin Abdul Aziz. This research takes various references related to the role of Islamic public policy in a structured manner ranging from primary and secondary books and journals that discuss this matter. Results/findings: The conclusion of this research shows that the key to success during the reign of Umar bin Abdul Aziz was the fair and targeted management of zakat. The success carried out by Umar bin Abdul Aziz was by conducting several programs, including integrating the management of zakat by the state, being selective in choosing amil, expanding the object of zakat, and distributing the distribution of zakat funds on target. By doing this, Umar bin Abdul Aziz was able to provide a general picture of being able to manage Islamic public finances so that all levels of society benefited. Conclusion: Zakat is one of the pillars of Islam that must be practiced. Zakat also plays a role in eliminating the gap between the poor and the rich. In addition, zakat also plays a role in reducing the poverty rate in a country. Limitations: In this study, researchers focus on the strategy and management of zakat during the reign of Umar bin Abdul Aziz in managing Islamic public finance to create justice for the entire community. Contribution: This research has a contribution to explain how the management of zakat instruments should be fair and right on target. The potential of zakat is very high but the achievement of zakat fund collection has not been able to be absorbed properly so that the distribution of zakat has not been evenly distributed.

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