Suggestion
E. Conclusion and Recommendation
138
financial performance, such as debt to equity ratio, non-halal income etc. Hence, in nature, shariah compliance company must be perform better than conventional, and thus, they have to be more stable. In case of global financial crisis hit, shariah compliance company will more stable and has better resilience.
Second, this research found that there are 1 important macroeconomis variable in which has significant impact on the stability of shariah compliance stock in Indonesia, namely Interest Rate. It indicates that, although in shariah, interest rate are prohibitted, but in fact, there are almost all companies can not to avoid interest. All their activities are related to interest activities. Therefore, it is not surpising, if interest rate has significant impact for shariah compliance company in Indonesia.
139
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Appendix:
Appndix 1. Risilience of Non Shariah Compliance Stock in Indonesia
Company Altman Z-Score Volatility
Average Average 2009 Average average Event St-Dev BISI 2,8812865 3,1919285 2,7428522 5,1023679 4,9084752 Decrease 1,1456695 BUMITEKNOKULTURA 2,4598526 3,568868 2,3210378 2,7376304 1,1005605 Decrease 0,8904412 BW PLANTATION 1,0461096 1,5316322 1,5054351 1,0608693 0,6201375 Decrease 0,3779645 CENTRAL PROTEINA 2,6813445 1,4260158 1,1124097 0,3666029 0,788986 Decrease 0,8786981 SAMPOERNA AGRO 2,8068084 2,9794692 3,2752521 2,9800679 1,6819903 Increase 0,6174969 BAKRIE SUMATERA 1,6984419 1,596341 1,2665342 0,6553623 0,2681844 Decrease 0,6168052 BAKRIELAND DEV 0,9914125 1,5709198 0,7029671 0,9447948 1,0046164 Decrease 0,3194137 BAKRIE TELECOM 1,0451685 1,0119817 0,6446036 0,405015 0,3551776 Decrease 0,326026 BAKRIE & BROTHER 1,6097154 0,0757425 0,4713101 1,098085 1,1307446 Increase 0,6034763 SMART TBK 2,0932677 2,7709559 2,3971638 3,1240042 2,5739387 Decrease 0,3879674 CITA MINERAL IN 1,1770786 3,3742294 1,8805648 2,6189156 2,7057137 Decrease 0,843208 CAKRA MINERAL TB 4,7766951 3,212339 1,7338904 4,2092456 2,4816105 Decrease 1,238549 ADIRA FINANCE 2,2327672 2,56995 3,1436936 1,7504267 1,1453232 Increase 0,7645212 BANK CENTRAL ASI 3,0081 2,0718269 2,8330878 2,9514475 2,5858016 Increase 0,381776 BANK BUKOPIN 0,7292526 0,9943636 1,1501162 1,1042609 1,0955287 Increase 0,1694003 BANK NEGARA INDO 0,9890604 0,9662764 1,2709397 1,7254717 1,5320016 Increase 0,3330531 BANK RAKYAT INDO 1,8259486 1,9627191 1,2186655 1,6908249 2,4468798 Decrease 0,4447657 BANK TABUNGAN NE 0,309211 0,7523253 0,7968366 0,853553 0,9680677 Increase 0,2518881 BANK DANAMON 0,8875157 0,9550907 1,3759659 1,2717172 1,2033012 Increase 0,2091458 BANK MANDIRI 0,9470518 1,0589964 1,2030366 1,442246 1,6997814 Increase 0,3031842 BANK CIMB NIAGA 0,1526818 0,1318294 0,2210484 0,2081457 0,2713227 Increase 0,0557623 BANK INTL INDON 0,0631584 0,1412265 0,0969711 0,1926039 0,1815436 Decrease 0,0550696 ACE HARDWARE 4,2995661 5,2460445 7,5876542 5,7855901 5,3312958 Increase 1,2105074 ADHI KARYA 1,8082988 1,5370475 1,7724552 1,5159777 1,4801109 Increase 0,1548638 POLYCHEM INDONES 1,2335861 1,4337008 1,0434764 1,6776392 1,8458571 Decrease 0,324359 TIGA PILAR FOOD 1,1520973 1,183007 0,8998888 1,1242239 1,7196833 Decrease 0,3029925 ASTRA INTERNATIO 1,5723528 2,1295654 2,2347796 2,0692518 1,8397079 Increase 0,2648187 ASTRA OTOPARTS 2,3688839 2,9132906 2,909521 2,6734954 2,2820591 Decrease 0,2956012 SENTUL CITY TBK 1,8688349 3,7122357 2,4807717 3,182422 2,1342953 Decrease 0,7604802 BERLIAN LAJU TAN 1,0685955 0,5671994 0,3843184 0,543282 0,1043687 Decrease 0,351414
Average St-Dev 0,4959773
Appendix 2: Risilience of Shariah Compliance Stock in Indonesia
140
Company Altman Z-Score Volatility
Average Average 2009 Average average Event St-Dev ADARO ENERGY TBK 1,0439909 1,4685347 1,7328201 1,7374126 1,3709379 Increase 0,2880453 AKR CORPORINDO 2,465534 2,5480693 2,0290649 2,4154901 2,2474273 Decrease 0,2061519 ALAM SUTERA REAL 0,7265012 1,0822702 1,1531163 1,1265077 1,035405 Increase 0,1726318 ANEKA TAMBANG 2,3505449 3,5615842 3,3980725 3,0910446 1,5879621 Decrease 0,8205837 ASTRA AGRO LEST 4,66101 5,0546957 5,0600244 4,8831559 2,88567 Increase 0,9219154 ASTRA INTERNATIO 1,5723528 2,1295654 2,2347796 2,0692518 1,8397079 Increase 0,2648187 BUMI SERPONG 0,7215383 1,177356 1,4439638 1,6568552 1,828385 Increase 0,4345664 CHAROEN POK INDO 2,8008906 2,9042926 3,8666955 3,9273668 3,8020917 Increase 0,5576951 GLOBAL MEDIACOM 0,9821821 1,551474 1,6960721 2,0135513 2,0849784 Increase 0,4410107 INDO TAMBANGRAYA 2,1118077 2,8380528 3,5247997 3,9597209 3,8185053 Increase 0,76935 INDOCEMENT TUNGG 1,7878203 3,0645207 4,4482471 3,8989271 3,2615084 Increase 1,0025593 INDOFOOD CBP SUK 3,2871617 2,335249 1,9999264 3,5556321 2,9735259 Decrease 0,6499882 INDOFOOD SUKSES 1,9931642 1,5182814 1,6676274 2,0662109 1,8190674 Increase 0,2261658 KALBE FARMA 3,6038026 4,0614121 3,8636293 4,498291 4,0453245 Decrease 0,3273526 LIPPO KARAWACI 0,6327017 0,5705232 0,6533816 0,842878 0,8771331 Increase 0,1360908 MATAHARI PUTRA P 2,0930578 1,6302309 1,6013891 1,6621792 2,2376649 Decrease 0,2977473 MEDIA NUSANTARA 1,6034086 1,8451317 1,8681586 2,6861798 3,9358402 Increase 0,9572414 PP PERSERO TBK 1,3480218 1,1956316 0,7974122 0,7862893 0,9774026 Decrease 0,2471947 PERUSAHAAN GAS N 1,3882545 1,3578537 1,8853173 2,3050931 2,4453908 Increase 0,5036825 PP LONDON SUMATR 1,5551323 2,4572118 3,5001924 5,6592444 4,548263 Increase 1,6295264 SAWIT SUMBERMAS 2,0913654 2,0913654 2,0913654 1,5736085 2,4220764 Increase 0,3043208 SEMEN INDONESIA 3,3131144 4,2507156 4,3975285 3,4656082 2,6702424 Increase 0,7110566 SILOAM INTERNATI 2,0969768 2,0969768 2,0969768 1,9430405 2,5307227 Increase 0,2214572 SUMMARECON AGUNG 1,6358196 1,3635369 1,3052836 1,4625261 0,9806195 Decrease 0,2413393 TAMBANG BATUBARA 4,2705002 3,984093 4,8407397 4,3959888 3,6621198 Increase 0,4430438 TELEKOMUNIKASI 2,0684924 2,0755976 1,8838247 2,0816009 2,1593688 Decrease 0,1018581 UNILEVER IND TBK 4,8306738 4,4603623 4,6471093 4,0819643 4,0227261 Increase 0,3511772 UNITED TRACTORS 2,1641111 2,4502813 2,693356 2,5680958 2,5547967 Increase 0,199598 VALE INDONESIA T 3,5954724 3,3371032 3,8662937 3,5430873 2,6534482 Decrease 0,457549 WIJAYA KARYA 0,4340147 0,6064056 0,648892 0,5392835 0,4458462 Increase 0,0951773
Average St-Dev 0,4660298
Appendix 3: Risilience of Non Shariah Compliance Stock in Malaysia
Company Altman Z-Score Volatility
Average Average 2009 Average average Event St-Dev AIRASIA BHD 0,9683391 0,5726791 0,6773815 0,8217052 0,6958258 Increase 0,1520074 ANN JOO RESOURCE 2,0907761 2,0551601 1,2242682 1,2274603 1,0036048 Decrease 0,5128065 BUMI ARMADA BHD 1,0461096 1,1013304 0,4261948 0,8009138 0,9871832 Decrease 0,273847 MALAYSIAN RES CO 0,5509626 1,0407601 0,7308868 0,6248859 0,4062846 Decrease 0,2381798 MEDIA CHINESE 3,044545 2,8225345 2,9981865 3,6758166 1,8225457 Increase 0,6700027 ORIENTAL HOLDING 3,339312 3,2768947 3,8264182 3,6102725 3,6668807 Increase 0,2304854 SP SETIA BHD 1,9208345 1,6296789 1,2493887 1,3976818 0,8862518 Decrease 0,3902697 TAN CHONG MOTOR 2,401528 2,6053296 2,3624486 2,6229848 1,9301736 Decrease 0,2796558 TASEK CORP BHD 7,8156916 6,1766421 7,7240401 6,40449 6,0236658 Increase 0,8702011 WELLCALL HLDGS 3,5875034 3,8522616 3,8858357 4,0097663 4,1915558 Increase 0,2219471 YTL POWER INTL 0,6871598 0,5758979 0,8442249 0,7573323 0,842698 Increase 0,113381 ASIA BRANDS BHD 2,6012582 3,3616164 2,9902174 2,2757313 1,4590619 Decrease 0,7279659 BIOSIS GROUP BHD 1,5339908 0,8680269 0,804892 0,3320231 0,3263838 Decrease 0,4957522 CI HOLDINGS BHD 1,3540661 1,8712207 2,2097956 3,7670883 4,6451579 Increase 1,3817474 DUTCH LADY MILK 3,9349445 3,5922969 4,379355 4,3794083 4,3042675 Increase 0,3468463 PANASONIC MANUFA 3,762999 4,1873569 3,4055179 3,9647168 3,5182383 Decrease 0,3195139 TPC PLUS BHD 0,6944276 0,5441428 0,7841721 0,7131123 0,4933404 Increase 0,1220866 ABLEGROUP BHD 1,8300399 2,0791921 1,682491 0,0594888 4,6684685 Decrease 1,658451
141
ADV PACKAGIN (M) 5,6729763 5,8659789 4,5772679 3,0211907 3,3945328 Decrease 1,290007 AE MULTI HOLDING 1,1084963 0,9793012 1,2104723 1,2510663 1,3981558 Increase 0,1569336 ASIA KNIGHT BHD 0,8900843 0,7265069 0,3456521 0,0459798 0,0072556 Decrease 0,3966338 BIG INDUS BHD 1,1081126 1,4652395 1,3861405 1,647987 1,1364005 Decrease 0,227766 BINA PURI 1,1081126 1,4652395 1,3861405 1,647987 1,1364005 Decrease 0,227766 FUTUTECH BHD 0,5587242 1,3111693 2,7022382 2,3889896 2,2814199 Increase 0,8889127 PESONA METRO 0,387397 0,2119099 1,016256 2,9774838 3,0901333 Increase 1,3996286 AMWAY MALAYSIA H 4,7790078 4,4296741 4,1653633 4,3629741 5,0201498 Decrease 0,3431026 BERJAYA FOOD BHD 3,6283079 4,1978264 4,5335148 3,4610929 3,8588694 Increase 0,4335139 CHUAN HUAT RES 2,0565396 2,6275705 2,1987666 2,201134 2,4052182 Decrease 0,2222868 MKH BHD 2,4048562 1,6642278 1,7015395 1,1242892 1,2113619 Increase 0,5092422 SAPURA RESOURCES 0,5145338 0,7375257 0,2304207 1,5410011 6,6204343 Decrease 2,667658
Average St-Dev 0,5922866
Appendix 4: Risilience of Shariah Compliance Stock Malaysia
Company Altman Z-Score Volatility
Average Average 2009 Average average Event St-Dev SAPURA RESOURCES 0,5075929 0,7375257 0,2304207 1,5410011 1,6204343 Decrease 0,6234728 AIRASIA BHD 0,9683391 0,6345983 1,9744535 1,5043216 1,3579073 Increase 0,5128395 ANN JOO RESOURCE 2,0907761 2,0551601 1,2242682 1,2274603 1,0036048 Decrease 0,5128065 BUMI ARMADA BHD 0,5509626 0,9548984 0,4261948 0,8009138 0,9871832 Decrease 0,2475475 MALAYSIAN RES CO 0,5509626 1,0407601 0,7308868 0,6248859 0,4062846 Decrease 0,2381798 MEDIA CHINESE 3,044545 2,8225345 2,9981865 3,6758166 1,8225457 Increase 0,6700027 ORIENTAL HOLDING 3,339312 3,2768947 3,8264182 3,6102725 3,6668807 Increase 0,2304854 SP SETIA BHD 1,9208345 1,6296789 1,2493887 1,3976818 0,8862518 Decrease 0,3902697 TAN CHONG MOTOR 2,401528 2,6053296 2,3624486 2,6229848 1,9301736 Decrease 0,2796558 TASEK CORP BHD 7,8156916 6,2778186 7,7240401 6,40449 6,0236658 Increase 0,8522326 WELLCALL HLDGS 6,2897123 5,7765518 7,517713 6,4347213 6,1529244 Increase 0,6531643 YTL POWER INTL 0,6871598 0,5758979 0,8442249 0,7573323 0,842698 Increase 0,113381 ASIA BRANDS BHD 2,6012582 3,3616164 2,9902174 2,2953928 1,7487132 Decrease 0,6224556 BIOSIS GROUP BHD 1,5339908 0,8680269 0,804892 0,2317473 0,1258322 Decrease 0,56632 CI HOLDINGS BHD 1,3811301 1,8712207 2,2097956 3,7670883 2,6451579 Increase 0,9055052 DUTCH LADY MILK 3,9349445 3,5922969 4,379355 4,3794083 4,3042675 Increase 0,3468463 PANASONIC MANUFA 3,762999 4,1873569 3,4055179 3,9647168 3,5182383 Decrease 0,3195139 TPC PLUS BHD 0,6944276 0,5441428 0,7841721 0,7131123 0,4933404 Increase 0,1220866 ABLEGROUP BHD 1,8300399 2,0791921 1,682491 0,0594888 4,6440199 Decrease 1,6488604 ADV PACKAGIN (M) 5,6729763 5,8659789 4,5772679 3,0211907 3,627998 Increase 1,2430726 AE MULTI HOLDING 1,1084963 0,9793012 1,2104723 1,2510663 1,3425068 Increase 0,1394336 ASIA KNIGHT BHD 0,8900843 0,7265069 0,3456521 0,0459798 0,0072556 Decrease 0,3966338 Abric 0,8900843 0,7265069 0,3456521 0,0459798 0,0072556 Decrease 0,3966338 BINA PURI 1,1081126 1,4652395 1,3861405 1,647987 1,1364005 Decrease 0,227766 FUTUTECH BHD 0,5443335 1,3039738 2,7022382 2,3889896 2,2814199 Increase 0,8952212 PESONA METRO 0,2866399 0,2780672 0,5282472 3,5494268 2,6105651 Increase 1,5273313 AMWAY MALAYSIA H 4,7790078 4,4296741 4,1653633 4,3629741 5,0201498 Decrease 0,3431026 Berjaya 4,0972997 4,6668181 5,0025065 3,8592493 4,057948 Increase 0,4783437 CHUAN HUAT RES 2,0468418 2,6275705 2,1987666 2,201134 2,4034647 Decrease 0,2247334 MKH BHD 2,4048562 1,664038 1,7015395 1,1242892 1,2113619 Increase 0,5092382
Average St-Dev 0,5412379
142
ANALISIS DAMPAK DANA TALANGAN HAJI BANK SYARIAH MENURUT PERSEPSI JAMA'AH HAJI INDONESIA
(STUDI KASUS DI KOTA SURAKARTA)
SRI MURWANTI, SRI PADMANTYO, MUHAMMAD SHOLAHUDDIN [email protected]
ABSTRAKSI
Indonesia merupakan salah satu negara yang paling banyak jamaah hajinya. Jumlah yang sangat banyak ini menyebabkan antrian untuk menunggu waktu melakukan ibadah haji, sejak bank syariah menawarkan sistem dana talangan bagi siapa saja yang mampu dan ingin segera beribadah haji.
Dana haji tentu tidak sedikit. Jika sebelum krisis dan nilai rupiah masih kuat, dana haji hanya berkisar 10 jutaan. Namun setelah krisis terjadi, biaya membengkak menjadi 40 jutaan rupiah.
Penelitian ini menganalisis persepsi nasabah perbankan terhadap pembiayaan/ peminjaman dana talangan haji yang disediakan oleh bank syariah di Indonesia. Penelitian ini menggunakan pendekatan kuatitatif dengan analisis isi (content analysis) dari pengumpulan data menggunakan metode wawancara terhadap 10 jamaah haji yang menggunakan dana talangan haji di bank syariah.
Meskipun ada perdebatan mengenai manfaat dan madharat dana talangan haji lembaga keuangan syariah, beberapa manfaat dari program tersebut menurut persepsi nasabah adalah : meringankan calon jamaah haji, membantu ekonomi bangsa, membantu UMKM, membantu perbankan syariah dan optimalisasi utlitas aset calon jama'ah haji. Menurut persepsi nasabah, beberapa madharat dana talangan haji diantaranya adalah: Menghambat Calon Haji yang sudah Mampu, memperpanjang daftar antrian calon jama'ah haji, multi akad yang terkadang pada praktiknya kurang sesuai dengan fatwa Dewan Syariah Nasional, bias dalam istilah "mampu" dalam berhaji dan kurangnya transparansi dalam pengelolaan dana haji oleh pemerintah.
Kata kunci : persepsi, dana talangan haji, antrian