Fitri Hastuti | University of Padjadjaran (UNPAD) (original) (raw)
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This paper attempts to fill the shortage on literature review of the efficient management of Hajj... more This paper attempts to fill the shortage on literature review of the efficient management of Hajj funds. The aims of this paper are to provide empirical review on optimal portfolio return of hajj fund, to assess the sensitivity of hajj fund portfolio return, as well as to determine important factor that affect the change of hajj fund portfolio return in Indonesia. The management of Hajj fund is in the authority of Ministry of Religious Affairs. Until 2012, hajj fund raised during this pilgrimage was approximately Rp. 40 trillion. On 2011, the hajj fund portfolio consists of investment in Sukuk 64%, Islamic banks 8%, and conventional banks 28%. However, since July 2012 most of the fund has been placed in Sukuk 80%, Islamic banks 6% and conventional banks 14%. Efficient portfolio is generated through the combination of Sukuk 40%, Conventional Banking 50%, and Islamic Banking 10% whose Sharpe ratio is 1.094. Sensitivity analysis is used to find significant variables determining the change of hajj fund portfolio return. It is statistically significant influenced by excess return of Sukuk coupon rate over risk free asset, excess return of Islamic bank as well as conventional bank over risk free asset, and government policy on the placement in Sukuk with 95% confidence level.
This paper mainly focused in comparing the role of conventional and Islamic banking on the develo... more This paper mainly focused in comparing the role of conventional and Islamic banking on the development of real sectors in Indonesia. This study also included the analysis for economic sector growth. The Growth Regression Cross Sectional was used as quantitative analysis to capture the significant effect of both conventional and Islamic banking credit on the development of economic sector in different provinces in Indonesia. This research captured the lending activity of Islamic banks and conventional banks in 9 provinces with the highest Islamic banking activities from 2007 until 2010. Although overall Islamic bank financing activity did not affect output in province samples significantly, based on economic sector analysis Islamic banks had a major role in the development of agricultural, transportation, and services sectors. Lending activity from Islamic banking statistically affect the increase of output in those sectors, with the confidence level of 95%. The increase of Rp. 1 billion lending value from Islamic banks will give impact as follows: 1) an increase in agricultural sector output of Rp. 10.5
This study tries to analyze significant determinants of Islamic Banking that affect its role as f... more This study tries to analyze significant determinants of Islamic Banking that affect its role as focal financial intermediaries in Indonesia. Islamic Banking in this research covers Islamic Commercial Banks, Islamic Business Unit as well as Islamic Rural Banks. The investigation will use descriptive and quantitative method applying regression method for the 2013 Islamic Banking Statistics data. Financing to deposit ratio is preferred in describing the intermediary function of Islamic banks. Independent variables used in regression models are non performing financing ratio, difference between bonus from musharaka financing and time deposit (spread), bank type, allowance for earning assets losses, training cost, promotion cost, placement of funds in other banks and written off earning assets. The results demonstrate that most of independent variables are statistically significant in improving the intermediary function of Islamic banks at 95% of confidence level. Non performing financing ratio, placement of funds in other banks and written off earning asset should be maintained low, promotion cost needs to proportional enough to training cost, while spread, allowance for earning assets losses, training cost should retain high in developing Islamic banks as a focal financial intermediaries in Indonesia.
This paper attempts to fill the shortage on literature review of the efficient management of Hajj... more This paper attempts to fill the shortage on literature review of the efficient management of Hajj funds. The aims of this paper are to provide empirical review on optimal portfolio return of hajj fund, to assess the sensitivity of hajj fund portfolio return, as well as to determine important factor that affect the change of hajj fund portfolio return in Indonesia. The management of Hajj fund is in the authority of Ministry of Religious Affairs. Until 2012, hajj fund raised during this pilgrimage was approximately Rp. 40 trillion. On 2011, the hajj fund portfolio consists of investment in Sukuk 64%, Islamic banks 8%, and conventional banks 28%. However, since July 2012 most of the fund has been placed in Sukuk 80%, Islamic banks 6% and conventional banks 14%. Efficient portfolio is generated through the combination of Sukuk 40%, Conventional Banking 50%, and Islamic Banking 10% whose Sharpe ratio is 1.094. Sensitivity analysis is used to find significant variables determining the change of hajj fund portfolio return. It is statistically significant influenced by excess return of Sukuk coupon rate over risk free asset, excess return of Islamic bank as well as conventional bank over risk free asset, and government policy on the placement in Sukuk with 95% confidence level.
This paper mainly focused in comparing the role of conventional and Islamic banking on the develo... more This paper mainly focused in comparing the role of conventional and Islamic banking on the development of real sectors in Indonesia. This study also included the analysis for economic sector growth. The Growth Regression Cross Sectional was used as quantitative analysis to capture the significant effect of both conventional and Islamic banking credit on the development of economic sector in different provinces in Indonesia. This research captured the lending activity of Islamic banks and conventional banks in 9 provinces with the highest Islamic banking activities from 2007 until 2010. Although overall Islamic bank financing activity did not affect output in province samples significantly, based on economic sector analysis Islamic banks had a major role in the development of agricultural, transportation, and services sectors. Lending activity from Islamic banking statistically affect the increase of output in those sectors, with the confidence level of 95%. The increase of Rp. 1 billion lending value from Islamic banks will give impact as follows: 1) an increase in agricultural sector output of Rp. 10.5
This study tries to analyze significant determinants of Islamic Banking that affect its role as f... more This study tries to analyze significant determinants of Islamic Banking that affect its role as focal financial intermediaries in Indonesia. Islamic Banking in this research covers Islamic Commercial Banks, Islamic Business Unit as well as Islamic Rural Banks. The investigation will use descriptive and quantitative method applying regression method for the 2013 Islamic Banking Statistics data. Financing to deposit ratio is preferred in describing the intermediary function of Islamic banks. Independent variables used in regression models are non performing financing ratio, difference between bonus from musharaka financing and time deposit (spread), bank type, allowance for earning assets losses, training cost, promotion cost, placement of funds in other banks and written off earning assets. The results demonstrate that most of independent variables are statistically significant in improving the intermediary function of Islamic banks at 95% of confidence level. Non performing financing ratio, placement of funds in other banks and written off earning asset should be maintained low, promotion cost needs to proportional enough to training cost, while spread, allowance for earning assets losses, training cost should retain high in developing Islamic banks as a focal financial intermediaries in Indonesia.