The Role of Islamic Financial Institutions in Supporting Economic Growth in the Digital Era: Case Study in Indonesia

Santoso, Ivan Rahmad; Canon, Syarwani; Pakaya, Abd.

doi:10.4108/eai.10-9-2019.2289380

Cited by 4 publications

(5 citation statements)

References 17 publications

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“…The results of this study support the findings (Santoso, Canon, & Pakaya, 2019) which conclude that the better the Islamic economic education, the higher the socioeconomic impact of the community, not only at the level of behavior and understanding of the economy, but also on the welfare of birth and inner society, including the welfare of the religious community. When the community has had a good Islamic economic education, the religious prosperity in the sense of not bearing sin to God is getting better.…”

Section: The Social Impact Of Financial Technology and Islamic Economic Educationsupporting

confidence: 87%

“…Through Islamic economic education, the special dimensions involving three main elements such as the prohibition of interest (riba), optimization of zakat, and spiritual, moral, and intellectual characteristics will be realized acceleratively in the future. This is the main goal of Islamic economic education to create a fair and equitable welfare for the community (Santoso, Canon, & Pakaya, 2019). Where human resources who have the ability in Islamic economics are needed to be able to drive the economic development of sharia towards the country's development.…”

Section: Basrowi Social Impact Of Financial Technology and Islamic Economics Educationmentioning

confidence: 99%

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Social Impact of Financial Technology and Islamic Economics Education

Basrowi¹

2021

Sinergi J. Ilm. Ilmu Manaj

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The purpose of this study is to test hypotheses about how the impact of financial technology (Fintech) and Islamic economic education in improving social welfare. Correlational quantitative research was chosen to reveal the social impact of the two variables. The research population is all people in Lampung Province, Indonesia who are educated in Islamic economics, who at the time of the study were at least sitting in the fifth semester undergraduate program. The sample is 308 people or 10% of the population of 3080 people. Data were collected using a questioner that was shared using Google Form. Data analysis was performed using a structural equation model (SEM) approach with the Lisrel 8.80 program. The results showed that, the social impact of utilizing financial technology and Islamic economic education includes two aspects, namely positive and negative impacts which are all related to people's economic behavior, economic learning, and psychological and spiritual health. Positive impacts dominate more than negative impacts.

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Section: The Social Impact Of Financial Technology and Islamic Economic Educationsupporting

confidence: 87%

Section: Basrowi Social Impact Of Financial Technology and Islamic Economics Educationmentioning

confidence: 99%

Social Impact of Financial Technology and Islamic Economics Education

Basrowi¹

2021

Sinergi J. Ilm. Ilmu Manaj

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“…As an Islamic finance institution that is making breakthroughs in financial technology, the P2P lending transaction format can deliver innovation in products and services, as well as strengthen shariah supervision. 44 Strengthening supervision of Islamic P2P lending providers is not limited to the role of Shariah Supervisory Boards, but also subsumes every element of the provider that strengthens a transaction. It is unlikely that a Shariah Supervisory Board can oversee the shariah compliance of every contract and transaction.…”

Section: Challenges and Opportunitiesmentioning

confidence: 99%

The Shariah Compliance of Islamic Peer-to-Peer (P2P) Lending Practices in Indonesia: Identification of Issues and the Way Forward

Takidah

Kassim

2022

ICR Journal

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Shariah compliance is an important aspect of all Islamic financial instruments and transactions. With the growth of innovation in the finance industry, Islamic fintech's presence has added players, such as digital platforms, which need to comply with shariah. Therefore, this study aims to examine Islamic Peer-to-Peer (P2P) financing activity implementation as part of the fintech business model. Through a descriptive qualitative approach, a thorough analysis was conducted of digital contract papers, prospectuses, and the positions of parties involved in six Indonesian Islamic fintech companies. This involved analysing the shariah compliant quantitative characteristics of a company's prospectus, with financial reports related to interest, debt, and non-permissible income screening. The shariah compliance implementation is not only the duty of Shariah Supervisory Boards, but also involved all interested parties, namely investors, providers, partners, and business owners/borrowers. The results of the study show that shariah compliance in Islamic P2P platforms has been well enforced, therefore avoiding usury (riba), uncertainty (gharar), and gambling (maysir), while ensuring that businesses are offering halal products. Also, the results are expected to provide insight into shariah compliant fintech and how it can continue to develop in terms of Islamic financial products and services. In addition, this study can become a benchmark in the implementation of shariah compliant fintech products.

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“…In Indonesia, Islamic economics is expected to play a role not only at the micro level, but also at the macro level 29 . Islamic economics believes it is critical to expand into the macro domain in order to have a greater impact through government policies.…”

Section: Conditions In Indonesiamentioning

confidence: 99%

An Islamic Perspectives, the Current State of Indonesia in the Globalization Era

Mas'ud¹,

El-badriati²,

Azizurrohman³

2022

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Countries must be able to compete due to the high global intensity of trade and agreements. As a first step in dealing with this, many countries employ economic concepts that are tailored to their specific circumstances. The goal of this research is to look at the role of Islamic economics in dealing with the onslaught of economic globalization, such as China's Belt Road Initiative (BRI), and multi-sectoral institutions like the IMF and the World Bank. The literature research approach used in this paper is qualitative using literature review method. The results of this study found that the Indonesian government was in the midst of a powerful wave that required strong captains and ships. In other words, the existence of BRI, IMF and World Bank will be a threat if they are not controlled properly. As a result, the government has to divert this funding to productive areas such as agriculture. Furthermore, given China's concentration on Islamic banking, Indonesia may be able to persuade China to involve the Indonesian people in developing its products. Furthermore, the Indonesian government must be able to read every step taken by BRI, IMF, and World Bank so as not to be trapped in debt investment. Keywords: Islamic economic, belt road initiative, IMF, worldbank

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The Role of Islamic Financial Institutions in Supporting Economic Growth in the Digital Era: Case Study in Indonesia

Cited by 4 publications

References 17 publications

Social Impact of Financial Technology and Islamic Economics Education

Social Impact of Financial Technology and Islamic Economics Education

The Shariah Compliance of Islamic Peer-to-Peer (P2P) Lending Practices in Indonesia: Identification of Issues and the Way Forward

An Islamic Perspectives, the Current State of Indonesia in the Globalization Era

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