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Purpose This study aims to formulate a strategy for optimizing zakat governance in zakat institutions in East Java Province by identifying priority problems, creating solutions and developing strategies. Design/methodology/approach This qualitative research uses the analytical network process method. Ten respondents representing practitioners, academics, associations and regulators were selected for their expertise in zakat governance. The data were processed using Super Decision software program and Excel. Findings Priority issues in optimizing zakat governance found in this study are lack of information on Mustahik’s needs and development to Muzakki and the low motivation and ability of Mustahik to develop. Improving the quality and capacity of Amil’s, especially in the technological aspect, is a priority solution. The priority strategy considers intensification (by developing Amil’s ability to use technology) and extensification (by increasing Amil’s numbers who master technology). Practical implications The results highlight the urgency of increasing Amil’s capacity and capability in technology-based zakat management. Zakat institutions need to prepare for management’s transformation toward zakat technology as one of the priorities in optimizing zakat governance. Originality/value Problems, solutions and strategies for optimizing zakat governance are collected by connecting it to the Zakat Core Principles, namely, the ninth principle of collection management and the tenth principle of distribution management. Further, for identifying problems, solutions and strategies, four aspects must be considered of Amil, Muzakki, Mustahiq and other supporting elements to present better policies to optimize zakat governance.

This study explores the effect of zakat and non-zakat empowerment programs on the beneficiaries' welfare (mustahiq). This study focuses on the influence of the intervening variable, namely the mustahiq businesses' growth on mustahiq welfare. This study also examines the role of demographic characteristics, such as age, gender, and years of education on mustahiq business growth. This study employs the Partial Least Square-Structural Equation Model (PLS-SEM) using data from 100 respondents who received empowerment assistance from three different zakat institutions. The sample of mustahiq was selected from three zakat institutions to provide a diversity of respondents. The results indicate that zakat and non-zakat programs' empowerment through business growth has significantly affected mustahiq welfare. With these results, both zakat and non-zakat productive programs should be more developed to assist the community businesses' growth optimally. Previous studies measure the welfare of mustahiq with material aspects. In this study, the indicator of welfare is based on maqashid sharia, which includes the protection of Ad-Din (religion), An-Nafs (Soul), Al-Aql (intellect), Al-Nasl (descendant), and Al-Maal (wealth). Examining the impact of two variables, namely productive empowerment programs through zakat and non-zakat, on mustahiq business growth and welfare is the novelty of this study.

This study attempts to identify the causes and dominant factors that hinder the development of cash waqf in Indonesia, using the IFE-EFE Matrix and SWOT methods, while offering solutions to solve it. Based on the results of IFE analysis, the highest-rank of strengths is the ability of cash waqf in expanding the base of waqf fund sources followed by the ease and zero cost of funds. In comparison, the top weaknesses are the lack of socialisation to the community and the lack of professional nazhir human resources. The results of EFE analysis imply the highest-rank opportunity is the potential of unlimited cash waqf followed by the emergence of many sharia financial institutions and Islamic economics study programs in universities. Meanwhile, the top threat is a weak political will of authorities, followed by the majority of traditional nazhir. It is expected that there will be a joint commitment from various parties, both from policymakers and academics and practitioners to support and encourage efforts to develop the Islamic (social) finance industry, especially in developing cash waqf in Indonesia.

Purpose of the study: Indonesia is a country with a majority of the Muslim population and the development of the halal industry should be the main focus. This study aims at examining the obstacles of halal industry development in Indonesia. It also attempts to provide strategies on how to accelerate the development of the halal industry in Indonesia. Methodology: This study used a qualitative research approach with the Analytic Network Process (A.N.P.) analysis techniques. This analysis process is supported by Microsoft Excel and A.N.P. software (Superdecisions). The analysis results from A.N.P. are in the order of priority. Because the A.N.P. analysis technique only uses the opinions of the experts, the results of this study will be robust enough. Main Findings: Based on the results of literature and in-depth interviews with experts, there are several important obstacles related to the development of the halal industry in Indonesia. Those obstacles are policy, production, socialization, infrastructure, and human resources. Based on the A.N.P. analysis result, from five groups found, the biggest weight is the human resource, infrastructure, production, policy, and socialization. Applications of this study: This research compiles the development strategy of the halal industry in Indonesia based on the priority obstacles agreed by the experts. This strategy focuses on the role of four economic participants, namely governments, consumers, investors, and industry. Therefore, it will be easier to continue the strategy into the halal industry development program in Indonesia. Novelty/Originality of this study: This study considers the priority of obstacles in the purposing strategy for developing the halal industry in Indonesia, which has never been done in previous studies. In addition, the analysis technique used refers to the opinions of experts in the Indonesian halal industry, so the results can be more applicable.

Objective – Islamic Banks have a distinct advantage that is not only conduct a commercial operation, but to also conduct social operations. Therefore, Islamic Banks plays an important role in developing the Indonesian economy. The aim of this study is to investigate the impact of internal and external factors that affect the profitability of Islamic Banks in Indonesia. Methodology/Technique – The methodology of this research is multiple regression. The object of this research is the Islamic banking industry in Indonesia. Internal factors include size, liquidity, asset quality, management, and efficiency ratio. External factors include interest rate and inflation. Return on Assets is used to measure profitability. The monthly data is collected from the financial reports of Islamic Banks between 2011 to 2016. Findings – The findings show that size, liquidity, assets quality, management ratio, interest rate and inflation lead to a greater Return on Assets (profitability) in Islamic Banks in Indonesia. Efficiency however does not have a significant effect on profitability of Islamic Banks in Indonesia. Novelty – Based on the results of this research, it can be concluded that the Islamic banking industry can use those variables to improve the profitability of Islamic banks in the future. In addition, there are two variables that affect the profitability of Islamic banking industry. For the Islamic banking industry should anticipate the movement of inflation and interest to improve the profitability of Islamic banks. Type of Paper: Empirical paper. Keywords: Islamic Banks; Profitability; Internal Factors; External Factors; Indonesia. Reference to this paper should be made as follows: Sukmaningrum, P.S; Pirzada, K; Rusmita, S.A; Hasib, F.F; Widiastuti, T; Hendratmi, A. 2020. Determinants of Islamic Bank Profitability: Evidence from Indonesia, J. Fin. Bank. Review, 5 (1): pp. 01 – 13 https://doi.org/10.35609/jfbr.2020.5.1(1) JEL Classification: G21, G24.

Purpose of the study: This study aims to determine factors that influence the practice of income smoothing in a company. Methodology: Method of analysis applied logistic regression. This study employed a logistic regression analysis. The use of logistic regression is because the dependent variable is a dummy variable. Main Findings: Results of the test results show that company size significantly influences the income smoothing practice; while for variables of financial leverage, profitability, and public ownership partially give no effect on the practice of income smoothing. Applications of this study: Observations were done in oil and natural gas mining companies during 2012-2016. Novelty/Originality of this study: The results of this study show that the size of the company affects the practice of income smoothing in the oil and natural gas mining companies listed in Indonesia Stock Exchange during the 2012-2016 period. Meanwhile, the financial leverage, profitability, and public ownership partially have an insignificant influence on the practice of income smoothing.

Purpose of the study: This study discusses the differences of Internet Financial Reporting Quality between Islamic Bank and Conventional Bank in Indonesia as a means of banking management communication with their stakeholders. The Internet Financial Reporting quality form assessed by four components based on Internet Financial Reporting Index, which are content, timeliness, technology and user support. Methodology: This study used a quantitative approach with independent sample T-test. The hypothesis testing tool is assisted by SPSS 22 data processing software. The data of this study were collected from the official website for each bank institution, and for the sample that chooses this study used a purposive sampling technique. Main Findings: : There is a significant difference at the 5% significance level between Internet Financial Reporting quality between the two, with the result that conventional bank has better quality than Islamic bank. On the contrary, in the technology and user support component, there are insignificant differences. Applications of this study: The results of this study are useful for several parties involved. First for the stakeholders of the banking industry in Indonesia. Second for banks in Indonesia. Third for regulators, it is expected to be able to provide more detailed regulations. Finally, it gave an opportunity to other researchers for making some further study. Novelty/Originality of this study: This research is the first study that comprehensively compares the quality of Internet Financial Reporting in Islamic and conventional banking institutions. This study also succeeded to find that in management communication to stakeholders using Internet Financial Reporting, Islamic Banks were able to compete with Conventional Banks.

Purpose of the study: This study aims to examine foreign debt as a source of financing for economic development. This research is expected to provide (1) an overview of debt as a source of funding for state projects, (2) investigate its impacts and (3) offer additional knowledge of its Islamic perspective. Methodology: This research is a qualitative study using the study literature approach. This research is conducted by analysing books, literature, journals, and magazines with themes related to the focus of the discussion on this study. It is expected that the method used can provide insight, general knowledge, and develop the view of Islam in relation to foreign debt. Main Findings: The government has to ensure that the state has the ability to pay off its obligations in the future; guarantee that loans have to be free from interest; prioritize taking loans from internal sources rather than external sources. In Addition, debts are not intended for deferred needs and not taking loans that exceed their needs. Applications of this study: basically the results of this study can be applied to any country that considers the use of public debt, like other Islamic systems. Novelty/Originality of this study: This research is conceptual research in an Islamic perspective. This study successfully examined comprehensively related to the public debt with the Islamic approach.

Purpose of the study: This paper will discuss the application of maqasid al shariah as a benchmark in the Corruption Measurement Model (CMM) based on Maqasid Syariah. Dimensions to be assessed on maqasid al shariah based on the opinions of Syathibi include hifdzun Dhin, hifdzun an-nafsh, hifdzun al-aql, hifdzun an-nasl, and hifdzun al-maal. Methodology: In addition to successfully formulating all the relevant details of maqasid al shariah for corruption measurement, this study is the first research that uses quantitative methods like ANOVA on data from all provinces in Indonesia. Main findings: The result is the average score from the Corruption Measurement Model (CMM) in Indonesia which is found to be good enough. The empirical study using ANOVA shows that there is no significant difference in the maqasid dimension among provinces in Indonesia, with a significance of 0.05. Applications of this study: The results of this study enables researcher, practitioner and policy maker to understand the implication of corruption and its impact on the society. Novelty/ Originality of this study: The application of maqasid al shariah is tested to explain the impact of corruption on the inadequacy of infrastructure and inefficient bureaucracy.

Purpose: The implementation of zakat fund management especially in some zakat institutions is considered not optimum yet. This condition is represented by disparity between potential and actual collection. In Islam, the objective of zakat is not only to collect wealth and keep it idle, instead zakat should become a source of productive fund to fulfill societal needs. Some countries with advanced zakat institutions have developed zakat to become a pillar of economic development. Today, each zakat institution is competing against each other to innovate in zakat fund management. Empowerment in zakat institutions with the appropriate strategies will enhance zakat management and distribution for the betterment of zakat recipients (mustahiq) and the Muslim society at large. Design/Methodology/Approach: This research is aimed to analyze optimization of management in regional zakat institution with SWOT (strength, weakness, opportunity, threat) analysis approach with IFE-EFE Matrix. Descriptive qualitative analysis is used to explain optimization of fund in zakat institution. Major Findings:Findings of this research shows that zakat institution should improve their strategy by developing strength and turning threat into opportunities. Originality/Value: The study provides a guideline for regional zakat institution on how they can enhance their role and efficiency to boost the economic growth for the Islamic community in Indonesia. It may also be instrumental for the government to improve in efficiency and innovative manpower, considerable research and development in optimizing Islamic Gift Economy to enhance economic growth of the Islamic community of Indonesia.

Zakat is an instrument of Islamic economic and social funds that contributes to the achievement of people wellbeing. This study examines the business growth as a mediating variable on the relationship between the impact of the zakat empowerment programs and mustahiq’s (zakat recipient) welfare. This quantitative study employs Partial Least Square Structural Equation Modelling (PLS-SEM) analysis on 100 mustahiqs from different zakat empowerment programs in East Java and DI Yogyakarta. Zakat empowerment positively affects mustahiq’s welfare. This indicates that the empowerment program successfully increases mustahiqs’ wellbeing and their business. Business growth as a mediating variable on the relationship between business assistantship and mustahiq welfare also shows a positive and significant effect. Further, macroeconomic indicators consisting of GRDP and inflation and internal factors consisting of age and educational level, have different impacts on the business growth of mustahiq. This study confirms the zakat empowerment program’s role in improving the mustahiq’s welfare based on maqashid al-shariah (the Islamic objectives). Zakat community empowerment is a solution to suppress the poverty rate and possible for reducing inequality and ending poverty in Indonesia. This study extends the literature by providing a unique measurement of mustahiq welfare. This study incorporates maqashid al-shariah considerations to measure the wellbeing.

The purpose of this research is to investigate the extent of the Intermediary Function aspect of the Zakat Core Principles that are applied in the management of BAZNAS in the Sidoarjo Regency, which then will be formulated solutions to strive for optimization. The results of the study showed that the information regarding the Zakat Core Principles had not yet reached the Sidoarjo Regency BAZNAS, which certainly had not been applied in its management activities. In its collection, the BAZNAS of Sidoarjo Regency focused on ASNs, but not as muzakki. In the distribution, there were no obstacles so that the ratio of distribution to funds collected was included in the effective or even very effective category, even the synergy between BAZ and LAZ was able to be created. Government support is most needed to optimize the performance of BAZNAS on the Intermediary Function aspect.Keywords: Management of BAZNAS, BAZNAS, Zakat Core Principles, Optimization of Intermediary Function

The purpose of this study was to find out how to optimize the management of productive zakat funds LAZ Nurul Hayat Surabaya in the goat livestock sector to achieve their desired goals. As well as the material and non-material impacts felt by mustahiq farmers from the optimization. This study uses qualitative methods with a descriptive case study strategy. The object of this research is LAZ Nurul Hayat Surabaya. By conducting in-depth interviews with 5 respondents consisting of program directors, program managers, PIC programs, and 2 assisted farmers. After interviewing the results of the study were analyzed using data triangulation to obtain conclusions. The results of this study indicate that LAZ Nurul Hayat has been optimal in managing productive zakat in the goat breeding sector. This is because LAZ Nurul Hayat in carrying out the Village Empowerment Livestock program applies three important stages, Mustahiq Screening, Production Process, and Market Potential. From this stage it can have a positive impact on mustahiq from additional income, amount of mustahiq, knowledge, to the desire to be independent.Keywords: Optimization, Management, Zakat ProductiveREFFERENCESAbdullah, Naziruddin. 2014. The effectiveness of zakat in alleviating poverty and inequalities, A measurement using a newly developed technique. Humanomics Vo. 31, No.3 : pp 314-329Adhianto, Kusuma, dkk. 2015. Analisis Ekonomi Usaha Penggemukan Kambing dengan Pakan Komplit. Prosiding Seminar Nasional Swasemabada Pangan. Politeknik Negeri Lampung.Aji, Ahmad Mukri. 2014. Optimalisasi Peran Strategis Amil Zakat dalam Perspektif Hukum Islam dan Hukum Positif Indonesia. Salam. Jurnal Filsafat dan Budaya Hukum.Akmal, Raihanul. 2018. Zakat Produktif Untuk Pengentasan Kemiskinan. Ekonomi Syariah. Fakultas Ekonomi dan Bisnis Islam. Universitas Islam Negri Ar-RaniryAli, Usman, dkk. 2012. Pembinaaan Masyarakat tani Peternak kambing dan Domba di Desa Sumbersekar, Kecamatan Dau, Kabupaten Malang. Dedikasi Vol. 9 : 60-66Almasri dan Deswimar, Devi. 2014. Peran Pemberdayaan Masyarakat Desa Dalam Pembangunan Pedesaan. Jurnal El-Riyasah Vol. 5, No. 1Al-Atsari, Abu Ihsan & E.M, M. ‘Abdul Ghoffar (Penterjemah). 2012. Tafsir Ibnu Katsir Jilid 5 & 6. Jakarta : Pustaka Imam Asy-Syafi’iAl-Ayubi, Solahuddin, dkk. 2018. Examining the Efficiency of Zakat Management : Indonesian Zakat Institutions Experiensces. . International Journal of Zakat Vol. 3(1) : p 37-55Amrullah, Haji Abdulmalik Abdulkarim.1987. Tafsir Al-Azhar jus 13-14. Jakarta : Pustaka PanjimasAtabik, Ahmad. 2015. Manajemen Pengelolaan Zakat Yang Efektif di Era Kontemporer. ZISWAF. Vol. 2, No. 1: p 57-58Aziz, Harry Azhar, dkk. 2017. Zakat & Pemberdayaan – Indonesia Zakat Development Report. Surbaya : AUP.Darmawan, Dede dan Sophia, Annisa. 2016. Pemberdayaan Masyarakat Melalui Program ternak Domba Terpadu di Desa Karanglayung, Kecamatan Sukra, Indramayu, Jawa Barat. Jurnal CARE. Vol. 1 : 21-25Kasim, M Arif Budiman dan Siswanto, Izzuding Edi. 2014. Analisis Efektifitas Pendayagunaan Zakat produktif Pada program Pemberdayaan Masyarkat di Wilayah Sukabumi (Studi kasus : Kampoeng Ternak Dompet Dhuafa). Jurnal ekonomi dan Perbankan Syariah.Kasri, Rahmatina A. dan Putri, Niken I.S. 2018. Does Strategic Planning Matter in Enhacing Performance of Zakah Organization? Some Insight from Zakah Management in Indonesia. International Journal of Zakat Vol. 3(1) : p 1-21Muhamat, Amirul Afif, dkk. 2013. An appraisal on the business success of entrepreneurial asnaf. An empirical sudy on the state zakat organization (the Selangor Zakat board or Lembaga Zakat Selangor) in Malaysia. Journal of Financial Reporting and Accounting Vol. 11, No. 1Nurzaman, Mohamad Soleh, dkk. 2017. Evaluating of the Productive Zakat Program of BAZNAS : A Case From Western Indonesia. . International Journal of Zakat Vol. 2(1) : p 81-93Obaidullah, Mohammed. 2015. Enhacing Food security with Islamic microfinance : insights from some recent experiments. Agricultural Finance Review Vol. 75 No 2 : p 151-153Object Management Group, inc. 2011. Business Process Model and Notation Version 2.0 (Online), (http://www.omg.org/spec/BPMN/2.0), diakses 23 Januari 2019_______________________.2010. BPMN 2.0 by Example Version 1.0 (non-normative), (Online), (http://www.omg.org/spec/BPMN/2.0/examples/ZIP) diakses 23 Januari 2019Shaikh, Salman Ahmed. 2017. Role of Zakat in Sustainable Development Goals. . International Journal of Zakat Vol. 2(2) : p 1-9Sholikah, Marátus. 2017. Peran Lembaga Amil Zakat (LAZ) Dompet Dhuafa (DD) Jawa Timur Dalam Pemberdayaan ekonomi peternak Program “Ternak berdaya”di Bangkalan. Ekonomi Islam. Fakultas Ekonomi dan Bisnis. Universitas AirlanggaWidiastuti, Tika dan Mawardi, Imron. 2016. Optimalisasi Pengelolaan Dana Zakat di Lembaga Zakat Daerah : pendekatan SWOT (Strenght, Weakness, Opportunity, Threat) Analysis. Prosiding Seminar Nasional ASBIS. Politeknik Negeri BanjarmasinWidiastuti, Tika. 2015. Model Pendayagunaan Zakat Produktif Oleh Lembaga Zakat Dalam Meningkatkan Pendapatan Mustahiq. JEBIS. Vol. 1, No. 1 : p 93-94Widiyono, Irkham dan Sarmin. 2017. Pemberdayaan Peternak Marginal : Studi kasus di Wilayah Banguntapan Bantul. Indonesian Journal of Community Engagement. Vlo. 2, No. 2 : p 170-171Yaqin, Ainol. 2015. Optimalisasi Zakat Produktif Dalam Pengentasan Problem Kemiskinan. Iqtishadia Vol. 2, No. 2Website Nurul Hayat. 2019. (Online), (http://www.nurulhayat.org, diakses pada 28 Januari 2019).Badan Pusat Statistik. 2019.Import Daging 2018. (http://www.bps.go.iddiakses 20 Februari 2019).

This research aimed to identify and assess the effectivity of village empowerment using Zakat Village Index (IDZ). This empowermentanalyzed included five main dimensions, which are economy, health, education, social communiy, and da’wah. This research result based on IDZ Score Range. This research used descriptive-quantitative method with case study. The object of the research was Laharpang Village—Desa Laharpang, Kabupaten Kediri. It also used interview based on questionnaire, observation, and documentation. Then, the result of the research was analyzed by based on the procedure of IDZ to get result and conclusion. The result of the research showed that the calculation of Zakat Village Index indicated the excellent village quality and create effective empowerment using zakat with IDZ score 0,896 that means very good and effective.Keywords: Effectivity, Village Empowerment, Zakat, Zakat Village Index (IDZ)

In the current literature, the study of the collective benefits of Zakat is more emphasized on the material economic aspects by using modern economic tools. Meanwhile, Zakat has a significant social role in the community. Therefore, Allah mentions in Qur'an the command of Zakat and prayer together as much as 22 times. It shows that the role of Zakat socially in human relationships with each other is comparable to the relationship with God. This paper will try to explore and analyze the social role (Social Psychology) of Zakat as an obligatory system from Sūrah al-Tawbah: 103. The method used in this paper is a qualitative method by using content analysis that combines tafsīr bi al-ra’yi with tafsīr bi al-ma’thūr. By using social tafsīr, it is found that Zakat should be an obligatory system and its management must be done centrally by the government. BAZNAS can be a representation of the government to perform the task. Then, it will result in the creation of equal degree and status between mustahiq and muzakki. Meanwhile, the implication of Zakat in the context of social interaction of the society is the creation of tranquility, security, and harmony for the whole society. Keywords: Zakat, Social Tafsīr, Social Psychology

The profession of migrant workers in some cases bring the person concerned to get the treasures expected success, but not rarely contain a number of risks that need to get the attention of government authorities. A number of problems that might be experienced when Indonesian Labor not available works. Therefore it takes a model economic empowerment for the labor of Indonesia, when he returned to his country was able to survive and improve the well-being of himself and of his family. This research aims to know the role of zakah's institution towards the empowerment of Indonesia's labor and to devise appropriate empowerment model for Indonesian Workforce by Institution of Zakah. Data analysis was done with a qualitative approach. Analytical techniques in the study will be conducted with qualitative analysis approach, a case study of eksplanation to explain how the empowerment model right for Indonesia in Labor Studies. Based on the data and the results of the analysis that has been done can be known that Dompet Dhuafa has role in Indonesia Workforce empowerment. The empowerment Model implemented by Dompet Dhuafa form the Groove program that may help the former workforce of Indonesia after plunging back to life in his native region. Former Indonesian workforce empowerment meant to monitor and nurture the entrepreneurial activities are continuously carried out by former Indonesian labor so that it can be a permanent effort.

Objective - Islamic Microfinance Institutions (IMFIs) grown very rapidly in the last 10 years in Indonesia. On 2015, the number of IMFIs' reached more than 5,000. As a business and social entity, IMFIs has various business models, the way in providing services and manages the business to achieve its goals. This study aims to determine the business models of IMFIs. Methodology/Technique - This study uses qualitative approach by case study technique of Robert K. Yin. Subjects of this study are IMFIs in Indonesia that selected purposively with managers as a key informant. Findings - The result is the business model of IMFI is determined by eight elements, namely: organizational orientation, business and social functions, the source of capital and allocation, investors and customers, financing usage, types of contract, allocation technique, and membership. Novelty - The elements that determine IMFI, will form a business model of IMFI which determine how IMFI runs its business activities to achieve organization objective. Type of Paper Review Keywords: Islamic Microfinance Institution; Business Model; Social Function. JEL Classification: G21, L22.

The purpose of this research is to analyze the influence of country of origin image, product knowledge, brand familiarity on purchase intention with information seeking as the mediation variable with Etude House cosmetic product as the object research in Indonesia. This research is a quantitative research that using SEM AMOS and Sobel test to analyze data. Sample of this research were 213 women in Indonesia who have known brand Etude House and never bought them but they knew that Etude House is Korea brand. The results of this research show that country of origin image, information seeking, and brand familiarity have positive impacts on purchase intention, and information seeking mediated the influence of country image on purchase intention, but product knowledge have negative impact on both information seeking and purchase intention, but also information seeking is not mediated the influence of product knowledge on purchase intention.

Zakah institution is the intermediary organizations based on social. Although based on social activities, but the management is still needs to uphold professional, accountability and transparency principles. This study attempts to analyze the productivity level of zakat organization in Indonesia, both in terms of changes of its efficiency and also its technological. There are two things that are calculated in Malmquist index measurement that is catch-up effect and frontier shift effect. The catch-up effect measures the rate of change in relative efficiency from period 1 to period 2. Meanwhile the frontier shift effect measures the rate of technological change that is a combination of input and output from period 1 to period 2. The frontier shift effect is often called an innovation effect. Findings from the results of the productivity index analysis are very interesting. In general, there has been an increase in the level of productivity of zakat institutions in Indonesia in the period 2011 to 2016. The increase in productivity growth (1.013) of zakat institutions in Indonesia is generally caused by technological change (1.014) instead of changes in efficiency (0.999). Thus the service of zakat institutions is needed which is more innovative in relation to the development of technology in the future.

The purpose of this study was to determine the role of economic empowerment throughqardhulhasan’ skim against mustahiq business development at Al Azhar Caring Ummah (APU Foundation). QardhulHasanis a financial product for micro businesses that do not provide financial benefits for the lender.Qardhulhasanfunds managed Al Azhar Care for People (APU Foundation) came from zakat, infaq, charity Islamicbanking.Economic empowerment of Al Azhar that carried the People Concerned role in business developmentprogram mustahiq dam frame a million defenseless. The program use to improve the local economy and buildmicro-economic resilience and make bankable for the mustahiq

This research is to serve the information on the role of productive zakat empowerment that affects the success of mustahik efforts by IZI LAZ Surabaya. This research uses the qualitative research method, which is narrative descriptive with a study case research technique. This research object is the alms empowerment program by IZI LAZ Surabaya. It is located in Kalipare village, Malang, Jawa Timur. The result of this research shows that the empowerment by IZI affects mustahik’s development. In the beginning, the mustahik in Kalipare, Malang are lack of employment. With the shuttlecock industry that is empowered by IZI LAZ Surabaya, they managed to lure the people and open new employments for mustahik in Kalipare.Keyword: Empowerment, Productive zakat, MustahikREFFERENCE Suprayitno, Eko. (2005). Ekonomi Islam: Pendekatan ekonomi makro Islam dan konvensional. Yogyakarta: Penerbit Graha Ilmu.Thoriquddin, Moh. (2015). Pengelolaan zakat produktif perspektif maqasid al-syari’ah ibnu ‘asyur. Malang: Penerbit UIN-Maliki Press.Asnaini. (2007). Zakat produktif dalam perspektif hukum Islam. Yogyakarta: Pustaka Belajar.Ansori, Teguh. (2018). Pengelolaan dana zakat produktif untuk pemberdayaan mustahik pada Lazisnu Ponorogo. Muslim Heritage, 3(1), 165-183. DOI: https://doi.org/10.21154/muslimheritage.v3i1.1274Ahmad., Abdullah. (2014). Metode penelitian ekonomi Islam muamalah. Bandung: Pustaka Setya.A.M. Panjaitan., Jobiliong E., Jony. (2015). Strategi peningkatan jumlah konsumen di rumah makan long’s food. Journal Industrial Services, 1(1), 44-47. DOI: http://dx.doi.org/10.36055/jiss.v1i1.319Wulansari Dwi, Setiawan Hendra. (2014). Analisis peranan dana zakat produktif terhadap perkembangan usaha mikro mustahik (penerima zakat) (studi kasus Rumah Zakat Kota Semarang). Diponegoro Journal of Economics, 3(1): 1-15.Firmansyah. (2013). Zakat sebagai instrumen pengentasan kemiskinan dan kesenjangan pendapatan. Jurnal Ekonomi dan Pembangunan, 21(2), 179-190.Putri PP, Prahesti DD. (2018). Peran dana zakat terhadap peningkatan penghasilan melalui bantuan modal usaha kecil dan mikro. 1, 119-134. DOI: 10.30874/comdev.2017.17Purwanti, Endang. (2012). Pengaruh karakteristik wirausaha, modal usaha, strategi pemasaran terhadap perkembangan UMKM di Desa dayaan dan Kalilondo Salatiga. Among Makarti, 5(9), 13-28.

As one of the members of the Organisation of Islamic Corporation (OIC), Indonesia has excellent trade prospects. Therefore, this study has a purpose to examine the impact of macroeconomics factors on trade between Indonesia and intra-OIC countries. The variables of macroeconomics in this study consist of country risks, inflation, exchange rate, oil price, and economic growth. Quantitative is the right method for this study, applying Ordinary Least Square (OLS) regression with the help of EViews. The data used for the analysis is a time horizon with annual frequency from 1986 to 2016. Furthermore, finding shows that almost all variables of macroeconomics play an insignificant role in determining the trade between Indonesia and Islamic countries. However, the oil price is the only variable to show its contribution towards trade between Indonesia and intra-OIC countries. The results indicate that macroeconomic variables do not contribute to the key decisions for conducting trade internationally. Political factors and bilateral treaties become better variables to explain Indonesia's trade with other Islamic countries. Keywords: Country Risk, International Trade, Macroeconomic, Organisation of Islamic Corporation, Indonesia.

The purpose of this study is to find out and analyze the role of productive financing of East Java ABA Sharia cooperative in delivering economic welfare to their member based on Maqashid Sharia. The research method used is a descriptive qualitative approach with a type of case study research. This study has some units of analysis which are productive financing of East Java ABA Sharia cooperatives and welfare enhancement of financed members. The Data processing techniques used are data reduction methods, data presentation, conclusions and verification. The results of the study will be described descriptively and accompanied by tables. The results of the study can be concluded that the financing of the East Java ABA Sharia cooperative plays a role in improving the welfare of members even though there are differences in the increase in welfare felt by each member. Welfare is measured by using the indicators of the maintenance of the five basic needs under the Maqashid Sharia, namely maintenance of religion, the soul, the mind, the descendant, and the wealth. Some members experience an increase in the maintenance of the five elements of these needs at once and some members only maintain a few elements of the needs that have increased. Generally, members experience an increase in well-being that only occurs in some elements of necessity maintenance.Keywords: Financing, Sharia Cooperatives, Welfare, and Maqashid ShariaREFFERENCE Kuncoro, Mudrajat. (2006). Ekonomi pembangunan: teori, masalah dan kebijakan. Yogyakarta: UPP STIM YKPN.Solihin, Ahmad Ifham. (2010). Pedoman umum lembaga keuangan syariah. Jakarta: Kompas Gramedia. Subagyo, Ahmad. (2015). Keuangan mikro syariah. Jakarta: Mitra wacana media. Said Saad Marathon. (2014). Ekonomi Islam, Cetakan kedua. Jakarta: Zikrul Hakim.Amin Widjaja Tunggal. (1995). Akuntansi untuk koperasi. Cetakan pertama. Jakarta: PT Rineka Cipta.Rujito. (2003). Pengenasan Kemiskinan. Jurnal Ekonomi Rakyat No.1 Maret 2003. Yogyakarta: Bank Rakyat Indonesia. Buchori, Nur Syamsudin. (2012). Koperasi syariah: teori & praktek. Tangerang: Pustaka Aufa Media (PAM Press). ---------. Menteri Negara Koperasi Dan Usaha Kecil Dan Menengah Republik Indonesia. (2007). Peraturan Nomor: 35.3/Per/M.KUKM/X/2007. Tentang penilaian kesehatan Koperasi Jasa Keuangan Syariah (KJKS).---------. Menteri Negara Koperasi Dan Usaha Kecil Dan Menengah. (2007). Peraturan Nomor: 35.2 /Per/M.KUKM/X/2007. Tentang pedoman standar operasional manajemen koperasi jasa keuangan syariah dan unit jasa keuangan syariah koperasi. ojk.go.idbps.go.id

Baitul Mal Wat Tamwil is an institution of Islamic micro finance which has a role and function to improve the economics potential and ability of members particularly and community commonly, to improve economic welfare. This research aims to find out the role of financing fund which is given by BMT to the prosperity of SME using perspective of maqasid shariah. The approach used is qualitative approach with case study method. Technique of gathering data uses direct interview to related informants. The result of this research show that BMT MUDA Jatim has played a role improving the properity of SME who has received financing funds by using perspective of maqasid shariah through any program Islamic finance.Keywords: Baitul Mal Wat Tamwil, Financing Fund, Prosperity, SME, Maqasid shariah

This research aims at determining the competence of Nazhir on its efforts to manage cash waqf to empower productive society. Analysis technic done on this study is descriptive qualitative with case study method where this research is done by doing direct observation, taking documentation and all the data provided, and interviewing all the related parties to this matter, so that the data gained are able to answer all the research questions. The result of this research show that Indonesian Waqf Board has done its duty in accordance with the Regulation no 41 year 2004 to manage and develop cash waqf properly, it needs human resources which are reliable, professional, knowledgeable in economics, perseverance, and having strong commitment. Therefore, cash waqf institution has a really strategic role on creating a productive waqf in Indonesia, therefore a training is needed to the waqf managers (nazhirs), a continuous socialization from academicians, ulamas, sharia economics practicians, either from seminar, training, preaches, or mass media articles.Keywords: Baitul Mal Wat Tamwil, Financing Fund, Prosperity, SME, Maqasid shariah

Islamic economic empowerment is an activity of giving power, ability, or power to the helpless party with effort to help society to improve its ability in creating new entrepreneur in accordance with the laws of the Qur’an and Hadith. In the application of social capital-based that is trust, norm, and network is part of social life that can encourage the achievement of common goals. By means of Sharia cooperative and its network is useful to improve prosperity for society and jama'ah in the scope of hut. So it can empower santri and jama'ah to improve their economy. This research uses descriptive qualitative approach. The research strategy used is case study on Islamic Economic Empowerment based on social capital case study of sharia cooperative in Surabaya. Data collection used is by interview, observation and documentation. The validation technique uses source triangulation and engineering triangulation. Data analysis using the theory put forward by Miles and Huberman. The result of the research based on data analysis shows that the role of Kopontren Ummul Quroo is able to empower and give enough improvement of Islamic welfare where each informant has fulfilled at least the dharuriyat level requirement consisting of clothing needs, food requirement, health requirement, education requirement and requirement vehicle.Keywords: Empowerment, Social Capital, and Sharia Cooperatives

The Purpose of this research is to Find out the effect of macro economics factor including syaria economics like SBIS, JUB, and Inflation Rare in effect to Exchange rate Agaisnt US Dollar, in Long Term or Short Term in 2012-2017. This Research is a quantitative research using data time series. method used in this research is multiple linear regression with monthly data in 2012-2017 period. this research use data gained from the Central Statistic Agency (BPS) and Indonesia Economic Finance Statistic (SEKI). Result of this Research showed partialy, Bank of Indonesia Syaria Certificate and Total Issued Money are positively and significantly effecting exchange rate against US Dollar in 2012-2017 Period, in the other hand Inflation Rate are negatively and not significantly effecting the exchange rate against US Dollar in 2012-2017 Period. Simultaniously, Bank of Indonesia syaria Ceritificate (SBIS), Total Issued Money (JUB), and Inflation Rate are significantly effecting the exchange rate against US Dollar in 2012-2017 Period.Key Words : Exchange Rate, SBIS, JUB, Inflation

The purpose of this study was to compile a model of empowerment and a form of economic independence conducted at Mamba'us Sholihin Gresik Islamic Boarding School. The research method used is a descriptive qualitative approach with a case study method. Data collection was carried out by interviewing boarding school leaders, koppontren leaders, and leaders of pesantren social institutions, santri, surrounding communities, observation, and documentation. Secondary data collection came from journals, text books, boarding schools and literature. The results of this study are Islamic Boarding School Mamba'us Sholihin using a Muslim model in empowering santri through practice, training and becoming employees in the business units owned by Islamic boarding. Whereas in the empowerment of the surrounding community it is carried out through Islamic boarding social institutions, namely in the form of basic food assistance, routine studies, Ramadhan guidance, free medical assistance, and assistance in the event of a natural disaster. The manifestation of Islamic boarding’s economic independence is being able to meet the operational needs of Islamic boarding from the profit of the business units owned by the Islamic boarding.Keywords: Islamic Boarding School, Empowerment, Economic IndependenceREFERENCESAl-Quran Terjemahan. 2015. Departemen Agama RI. Bandung: CV DarusSunnah.Afifuddin dan Beni Ahmad Saebani. 2009. Metodologi Penelitian Kualitatif. Bandung: Pustaka Setia. Anas. 2012. “K.H. Mufid Mas’ud dan Aktivitas Dakwahnya di Dusun Candi Sardonoharjo Ngaglik Sleman”. Skripsi Fakultas Adab dan Ilmu Budaya UIN Sunan Kalijaga Yogyakarta. Tidak dipublikasikan.Basit, Abdul. 2009. “Program Pemberdayaan Ekonomi Pada Pondok Pesantren As-Salafiyah Desa Cicantayan Cisaat Sukabumi”. Skripsi FakultasDakwah dan Komunikasi Universitas Islam Negeri Syarif Hidayatullah. Jakarta: Repository UIN Jakarta. Dhofier, Zamakhsyari. 2005. Tradisi Pesantren: Studi Pandangan Hidup Kyai dan Visinya mengenai masa depan Indonesia. LP3ES: Jakarta.Dhofier, Zamakhsyari. 2011. Tradisi Pesantren. LP3ES: Jakarta.Emzir. 2012. Metodologi Penelitian Pendidikan Kuantitatif dan Kualitatif. Bandung: Rajagrafindo Persada. Halim, A. dkk. 2005. Manajemen Pesantren. Yogyakarta: Pustaka Pesantren.Madjid, Noer Cholis. 1997 Bilik-Bilik Pesantren: Sebuah potret perjalanan.Jakarta:Paramadina. Mahmud dan Khusnurdillo. 2005. Model-model pembelajaran di Pesantren. Jakarta:Diva Pustaka. Masrun, dkk. (1986). Studi Mengenai Kemandirian pada Penduduk di Tiga Suku Bangsa (Jawa, Batak, Bugis). Laporan Penelitian. Yogyakarta: PPKLH Universitas Gajah Mada.Mastuhu.1994. Dinamika Sistem Pendidikan Pesantren. Jakarta: INIS.Moleong, Lexy J. 2017. Metodologi Penelititan Kualitatif. Bandung: Remaja Rosda KaryaMoleong, Lexy J. 2010. Metodologi Penelititan Kualitatif. Bandung: Remaja Rosda Karya.Moleong, L. J. (1999). Metodologi penelitian. Bandung: PT. Remaja Rosda Karya.Muhtarom. 2005. Reproduksi Ulama’ di Era Globalisasi;Resistensi Tradisional Islam. Yogyakarta: Pustaka Pelajar. Muttaqin, R. 2011. Kemandirian dan Pemberdayaan Ekonomi Berbasis Pesantren. Jurnal Ekonomi Syariah Indonesia. Vol. 1(2): 65-94.Noor, dkk. 2006. Zakat dan Peran Negara. Jakarta: Forum Zakat Al-Utsaimin.Prijono. 1996. Pemberdayaan: Konsep, Kebijakan, dan Implementasi. Jakarta:CSIS. Qomar, Mujamil. 2006. Pesantren Dari Transformasi Metodologi Menuju DemokrasiQomar, Mujamil. 2008. Pesantren Dari Transformasi Metodologi Menuju DemokrasiRahmat, Ginanjar. 2014. Pemberdayaan Masyarakat Sebagai Bagian Dari Pembangunan Ekonomi Lokal. Skripsi. Departemen Ilmu Kesejahteraan Sosial, Universitas Indonesia Depok Jakarta.Rosyidi, S. (2006). Pengantar Teori Ekonomi:Pendekatan Kepada Teori Ekonomi Mikro dan Makro. Raja GrafindoPersada, Jakarta.Sanrego dan Taufik. 2016. Fiqih Tamkin (Fiqih Pemberdayaan). Jakarta: QisthiPress.Sugiyono. 2012.Metode Penelitian Bisnis. Bandung : AlfabetaSutrisno, Edi. 2009. Manajemen Sumber Daya Manusia Edisi Pertama. Jakarta: Kencana Prenada Media Grup. Yin, Robert K. 2015. Studi Kasus :Desain dan Metode. Jakarta: Raja Grafindo Persada.Yin, Robert K. 2010. Qualitative Research From Start to Finish. Jakarta: Raja Grafindo Persada. Yin, Robert K. 2008. Case Study Research: Design and Method (Applied Social Research Methods). Illinois: Sage Publications Inc. Yin, Robert K. 2014. Studi Kasus Desain & Metode. Jakarta: Rajawali Pers. Ziemek, Manfred. 1986. Pesantren dalam Perubahan Sosial. Jakarta: P3M Jakarta.(www.pondoktremas.com 19 April 2018 pukul 13.22 wib). (www.tafsircahcepu., diakses pada 18 September 2018 pukul 18.09). (www.republika.co.id/berita/ekonomi/syariahekonomi/17/12/25/p1i2oo382-bmt ugt-sidogiri-pasuruan-catat-pertumbuhan-positif dikutip pada 18 agustus 2018 pukul 11.20). (http://mamba’ussholihin.net/ dikutip pada 23 September 2018 pukul 09.40). (www.kemenag.go.id)(Mahdi Hadawi Tehrani, Maktab wa Nizhâm Iqtishâdi Islâm, hal. 83, Nainawa, Tahun 1383 S dikutip.

The purpose of this research is to acknowledge the utilization of Yayasan Dana Sosial Al Falah’s (YDSF) infaq funds and inmates empowerment at Medaeng Correctional Facility. The motive behind this research is the phenomenon of inmates empowerment in Medaeng Correctional Facility that is done by YDSF by utilizing infaq funds. Empowerment is purposed to develop inmates to become a better person in behavior, spiritual, and social connection. This is a qualitative research. The approach of this research is using case study method. Informants in this research is YDSF, correctional facility staffs, and inmates. Data gathering technique is done by data reduction, data presentation, and data conclusion. Findings in this research show that infaq utilization affect da’wah aspect which is inmates empowerment in Medaeng correctional facility. This is not only develops inmates to become a better person, but also their spirituality and religion activity so when they done their time, they’ll be easily accepted by the people.Keywords: infaq, Empowerment, DevelopmentREFERENCES Bably, Muhammad. M. 1990. Kedudukan Harta Menurut Pandangan Islam.Terj. Abdul Idris. Jakarta.Hafidhuddin, D. 1998. Panduan Praktis tentang Zakat, Infaq, dan Shadaqah.Jakarta: gema Insani.Mardany. 2012. Fiqh Mu’amalah. Jakarta: Kencana Media Group.Priliyanti, Indah. 2010. Transformasi Tradisi Filantropi Islam : Studi Model Pendayagunaan Zakat, Infaq, sadaqah, Wakaf di indonesia. Jurnal Economica. No. 11/ Edisi II/ November 2010.Mustofa, Muhammad. 2007. Kriminologi kajian sosiologi terhadap kriminalitas perilaku menyimpang dan pelanggaran hukum. Depok: FISIP UI Press.Direktorat Jenderal LAPAS. 2008. Cetak biru pembaharuan pelaksanaan sistem LAPAS. Jakarta: Departemen Hukum dan Hak Asasi Manusia Direktorat Jenderal LAPAS.Direktorat Jendral Pemasyarakatan, 2009:11Teuku A, 2017. Peran Pemberdayaan Dana Zakat, Infaq dan Shadaqah Dalam Bidang Pendidikan (studi kasus: Yayasan Dana Sosial Al-Falah dan Rumah Kepemimpinan Surabaya).Skripsi. Tidak Diterbitkan. Fakultas Ekonomi dan Bisnis. Universitas Airlangga. Moloeng, Lexy. 2012. Metodologi Penelitian Kualitatif. Jakarta. Remaja Rosdakarya Sugiyono. 2011. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: AfabetaSugiyono. 2012. Metode Penelitian Kuantitatif, kualitatif dan R & D. Bandung. Alfabeta.Miles, M.B., dan Michael Huberman. 2009. Analisis Data Kualitatif Buku Sumber Tentang Metode-Metode Baru. Jakarta. UI Press.Peraturan Perundang-undangan:Undang-Undang No. 12 Tahun 1995 tentang PemasyarakatanPeraturan Pemerintah No. 31 Tahun 1999 tentang Pembinaan dan Pembimbingan Warga Binaan Pemasyarakatan.

Poverty is the main issue of Indonesia that until now has not been successfully addressed. More than 27 million people are poor (2015). Various ways have been conducted to reduce poverty. One of them is productive zakat that held by Zakat Institution (LAZ and BAZ). The number of poor people very much, so it needs to know what the key to success lifts them out of poverty through productive zakat. This study aims to determine how mustahiq move out of poverty and know the characteristics of successful mustahiq out of poverty. This study use qualitatif approach by interview and focus group discussion with mustahiq of productive zakat (movers, cronic poors, and fallers from poverty) and some program manager of Zakat institution in Indonesia. This study show that the success of the movers appears be determined by individual as well as collective capacities. The capacity of movers, in general, better than the fallers and the chronic poor. The results also show that movers have several characteristics: the majority are productive age (31-50 years of age), have skills, attained formal education (primary and secondary levels), and have good health. Movers also have good social networks (family, neighbors, and community) that are broader and beneficial as well as relatively higher rates of social participation, especially in various socio-political activities or in various formal organizations.

This study aims to analyze the influence of ZIS fund's and inflation towards the economic growth in Indonesia during 2011-2015. The research method is quantitative method with multiple linear regression technique. The data used is the collected secondary data of remittances of ZIS from BAZNAS (national amil zakat agency) and inflation rate of BI (Bank of Indonesia) in Indonesia during 2011-2015 that includes monthly data all over Indonesia. The results of the research indicates that the funds of ZIS (X1) affects positively and significantly towards Indonesia's economic growth and inflation (X2) do not affect significantly to economic growth in Indonesia as well as ZIS fund and the inflation simultaneously affected the economic growth significantly during 2011-2015 in Indonesia.

The study aims to understand the economic empowerment model of Muslim converts by amil zakat institution, taking what LAZ BMH has done to Tengger’s Muslim converts as study case. Using qualitative descriptive approach with study case, the data collected through interviews with empowerment manager of BMH, Tengger’s Muslim converts, and the preacher, direct participatory observation, as well as documentation. In validating the data, this study uses data triangulation technique before analyzing through data reduction, presentation, and conclusion. The results of this study indicate that BMH has a role in economic empowerment of Tengger’s Muslim converts. It could be seen through their resurgent Islamic rituals, still-good relationships with their neighbors, and their success in making ends meet. Not only economically empowered, Tengger’s Muslim converts also become religiously stronger.

This research purpose is to know the comparison empowerment of productive zakah between rural and urban communities in West Kalimantan Province. This research was conducted in two places, namely Lembaga Amil Zakah (LAZ) Rumah Zakah and Lembaga Amil Zakah (LAZ) Dompet Peduli Ummat. The discussion of this research is about how the comparation of productive zakah empowerment performed by LAZ Rumah Zakah to urban and LAZ Dompet Umat to rural communities in West Kalimantan Province. This research was design in the form of a qualitative descriptive research throughout case studies strategy. In this research, the researcher using observation, interview and documentation as the instruments of data collection. The researcher was interested using a pairing pattern, making of explanation and analysis of time series in technique of data analysis. Research result shows that, zakah empowerment that conducted by LAZ Rumah Zakah to urban community has fulfilled in one of the indicators which is the ability to take advantage of future enterprises. Whereas, the empowerment programs which conducted by LAZ Dompet Umat to rural community also fulfilled two indicators: the decision-making ability and economic independence. For overall, the empowerment programs which conducted by LAZ Dompet Umat is better than what LAZ Rumah Zakah did to the urban because there are two indicators achieved

Islamic Boarding School is Islamic school that most of students are boarders. In the last 20 years, when the Islamic economy developed in Indonesia, many islamic boarding school established financial institutions and businesses that comply to Islamic law. The existence of the business and financial institutions (business network) were expected to encourage the implementation of Islamic law on economics and business in society, and also able to carry out economic and business practices according to sharia. This study will examine the existence of business network model and what are the benefits of business network model for the While in the era of colonialism adjustment occurs through the transformation of values where the islamic boarding school acts as an Islamic institution or institutionalization of Islamic values that have a mission-oriented ideology-political or religious-political. Where the motivation is to seize independence and liberate the people from the shackles of penghisaban by the invaders (Arifin, 2013). For now the existence of islamic boarding school is more related to learning process and education. In other words, islamic boarding school is a religious education institution capable of issuing certificates recognized in the national education system in Indonesia. This can be regarded as a islamic boarding school negotiation of new values that develop in society as a result of the advancement of science, knowledge, and technology (Izfannah, 2012).sustainability of business unit. The renewal of this research illustrates the business model practiced by islamic boarding school cottages especially PP Sidogiri as a whole and formulates the right business development strategy for business unit PP Sidogiri in order to maximize the role and social function of the islamic boarding school business unit. This research uses case study method on mixed islamic boarding school especially on Sidogiri Islamic Boarding School. The results of research to find out the ideal strategy in the implementation of business network as the development of a business model strategy of Islamic boarding schools in order to develop Islamic boarding school's business.

This paper aims to examine the influence of macroeconomic variables namely inflation rate, industrial production index, and the interest rate on Indonesia Islamic stock that be measured by Indonesia Islamic Stock Index (ISSI). This index consists of 350 Islamic stocks at Indonesia Stock Exchange. Investors generally believe that macroeconomic activities give a large impact on the volatility of the stock prices (Gan et al., 2006). This study uses quantitative approach with multiple linear regression by utilizing monthly data over the period of May 2011 to November 2017. The results of this empirical research show that Indonesia Sharia Stock Index is affected significantly by the inflation rate, industrial production index, and interest rate. Therefore, this is necessary to evaluate the relationship between macroeconomic variables and Islamic stock prices since the results would bring an impact to stimulate the existence of Islamic capital market in Indonesia. Keywords: Macroeconomic Variables, Islamic Stock Prices, Indonesia Sharia Stock Index

This study aims to analyze the influence of ZIS fund's and inflation towards the economic growth in Indonesia during 2011-2015. The research method is quantitative method with multiple linear regression technique. The data used is the collected secondary data of remittances of ZIS from BAZNAS (national amil zakat agency) and inflation rate of BI (Bank of Indonesia) in Indonesia during 2011-2015 that includes monthly data all over Indonesia. The results of the research indicates that the funds of ZIS (X1) affects positively and significantly towards Indonesia's economic growth and inflation (X2) do not affect significantly to economic growth in Indonesia as well as ZIS fund and the inflation simultaneously affected the economic growth significantly during 2011-2015 in Indonesia.

The purpose of this research is to examine the effect of the exchange rate, and the return rate of Bank Indonesia Sharia Certificate (SBIS) on inflation in Indonesia during the period January 2009 to December 2015. The approach used in this research is quantitative research using Error Correction Model (ECM) by Eviews program 8. The data used are secondary data from the official website of Bank Indonesia. The results showed that the Exchange rate and the rate of SBIS have a significant and positive correlation against inflation in the short term and long term during the period January 2009 to December 2015.

The background on this research that there are many people who have not managed a prosperous but has received funding from the program pusyar in Mojokerto. It thus indicates that the program pusyar conducted in Mojokerto experiencing the failure. The purpose of this study was to analyze the failure of programs to improve the welfare pusyar. The method used is a qualitative exploratory methods. The primary data obtained from interviews, observation and documentation of the parties associated with programs such as the SRB pusyar, Baznas, MES and also people who have not managed to prosper. While secondary data in this study were obtained from the print media or internet about pusyar, supporting data from a variety of journals, books that are relevant to the research. The results of the analysis carried out indicates that there are six factors to failure program pusyar in improving the well-being, namely: the level of income of the people that there is no improvement, the length of the process undertaken by the pusyar, funds provided to large businesses more than for small businesses, a guarantee that burden the people , the absence of assistance and facilities of the parties pusyar, and MES is not performing its role to the fullest.

Islam has many solutions in addressing the issue of limitations in education. That is cash waqf. Cash waqf, is expected to narrow the gap between rich and poor society by means of transfering of wealth (the profits from managing cash waqf) from rich to poor. The purpose of this study is to analyze the cash waqf empowerment model in an effort to improve the quality of education. The method is done by in depth-interview with the boards (Leader and Manager program) of Yatim Mandiri, administrators of YKN (Independence Nusantara Foundation), and the staffs of Insan Cendekia Mandiri Boarding School. Limitation of this paper is to investigate the three institutions of zakat mentioned earlier. The results showed that waqfin the form of movable or immovable objects can be utilized and provide benefits to the society. The role of waqf, especially in improving the quality of education, is still limited to the purchase of land. The land is used for institution building of Insan Cendekia Mandiri Boarding School. There is a model of cashwaqf empowerment in the institution of zakat (Yatim Mandiri) that can be replicated in other institutions of zakat. The structure of this paper are: Section 1 describe the development of cash waqfin Indonesia; Section 2 is literature review about cash waqf; Section 3 explain the research model used in this paper; Section 4 is discussion; and the last Section 5 is the authors conclusion and authors recommendation to improve the empowerment of cash waqf.