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KEPUTUSAN BISNIS DAN TANGGUNGJAWAB DIREKSI DALAM PRINSIP FIDUCIARY DUTIES PADA PERSEROAN TERBATAS Muhayatsyah, Ali
AT-TIJARAH: Jurnal Penelitian Keuangan dan Perbankan Syariah Vol 1 No 2 (2019): AT-TIJARAH Vol. 1 No. 2 July-December 2019
Publisher : Faculty of Islamic Economics and Business, IAIN Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar

The main party charged with fiduciary duty is the board of directors. In UUPT No. 40/2007 it does not specifically regulate fiduciary duty but rather regulates general principles. From the general principle of fiduciary duty, directors in managing the company must pay attention to the interests of the company above other interests; directors must act in accordance with the aims and objectives of the company (intra vires), and pay attention to the limitations and restrictions determined by the law and the articles of association of the company. In carrying out their duties as directors, they are required to have in good faith and in full sense of responsibility; Directors must carry out their duties diligently, carefully, and smartly and skillfully. Keywords: Directors, Fiduciary Duty, Business Judgment Rule, Limited Liability Company, Abstrak Pihak utama yang dibebankan kewajiban fiduciary duty adalah direksi. Dalam UUPT Nomor 40 Tahun 2007 tidak mengatur secara khusus mengenai fiduciary duty tetapi mengatur prinsip-prinsip umumnya. Dari prinsip umum fiduciary duty makadireksi dalam mengurus perseroan harus memperhatikan kepentingan perseroan di atas kepentingan lainnya;direksi harus bertindak sesuai dengan maksud dan tujuan perseroan (intra vires), serta memperhatikan batasan dan larangan yang ditentukan UU dan anggaran dasar Perseroan. Dalam melaksanakan tugas sebagai direksi, diharuskan memiliki itikad baik (in good faith) dan tanggung jawab (in full sense of responsibility); Direksi harus melaksanakan tugasnya dengan rajin (diligently), penuh kehati-hatian (carefully), dan pintar serta terampil (skillfully). Kata kunci: Direksi, Fiduciary Duty, Business Judgement Rule, Perseroan Terbatas,

BIAYA MODAL DAN BIAYA HUTANG DALAM KEUANGAN ISLAM Muhayatsyah, Ali
J-ISCAN: Journal of Islamic Accounting Research. Vol 1 No 2 (2019): ISCAN Vol. 1 No. 2 July-December 2019
Publisher : Faculty of Islamic Economics and Business, IAIN Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52490/j-iscan.v1i2.699

This study discusses financial policies related to costs of capital and costs of debt (capital structure) in the concept of Islamic finance. For a long time capital structure theory has evolved and is used as a reference for evaluating investment decisions for investors and companies that provide a role for managers in making decisions related to the use of company capital so as to improve company performance and value. The current understanding of the cost of equity only refers to the rate of return that is the investor's right to invest in the company. While the cost of debt is understood as the part that must be received from an investment so that the minimum level of return of creditors is met. The underlying theory is, such as the Leverage model; Miller-Modigliani (MM) model; Capital Asset Pricing Model (CAPM); Arbitrage Price Theory (APT); and Gordon's model which has so far been used in financial theories relating to capital structure problems. The concept of capital structure in Islamic finance gives specific emphasis on the use of capital. The concept of self-regulated capital must be in accordance with Islamic law. This means that any use of capital or debt must have a clear purpose in accordance with Islamic principles with the aim of maximizing the problem so that the creation of falah. In the concept of Islamic capital, it is permissible to take a share of profits on capital, but the amount cannot be determined based on a percentage of capital. The profit is an incentive for capital used in business projects, the calculation of which is done after the business process is completed and other obligations have been fulfilled. Keywords: Costs of Capital, Costs of Debt, Capital Structure, Islamic Finance Abstrak Penelitian ini membahas tentang kebijakan keuangan yang berkaitan dengan biaya modal dan biaya hutang (struktur modal) dalam konsep keuangan Islam. Sejak lama teori struktur modal telah berkembang dan dijadikan sebagai rujukan penilaian keputusan investasi bagi investor maupun perusahaan yang memberikan peran kepada manajer dalam mengambil keputusan terkait penggunaan modal perusahaan sehingga dapat meningkatkan kinerja dan nilai perusahaan. Pemahaman selama ini mengenai biaya ekuitas hanya mengacu pada tingkat pengembalian yang merupakan hak investor atas investasinya di perusahaan. Sedangkan biaya hutang dipahami sebagai bagian yang harus diterima dari suatu investasi agar tingkat hasil minimum para kreditor terpenuhi. Teori yang melandasi tersebut seperti, model Leverage; model Miller-Modigliani (MM); Capital Asset Pricing Model (CAPM); Arbitrage Price Theory (APT); dan model Gordon yang selama ini digunakan pada teori-teori keuangan yang berkaitan dengan masalah struktur modal. Konsep struktur modal dalam keuangan Islam memberikan penekanan secara spesifik dalam penggunaan modal.Konsep modal sendiri diatur harus sesuai dengan hukum Islam. Artinya setiap penggunaan modal atau hutang harus memiliki tujuan yang jelas sesuai dengan prinsip syariah dengan tujuan untuk memaksimumkan maslahah sehingga terciptanya falah. Dalam konsep modal Islam memperbolehkan pengambilan bagian keuntungan atas modal namun besarannya tidak boleh ditetapkan berdasarkan persentase dari modal. Laba tersebut merupakan insentif atas modal yang digunakan dalam proyek bisnis yang perhitungannya dilakukan sesudah proses bisnis selesai dan kewajiban-kewajiban lain telah terpenuhi. Kata kunci: Biaya Modal, Biaya Hutang, Struktur Modal, Keuangan Islam

ASPEK SYARIAH PADA INSTRUMEN SUKUK: ANALISIS PENERAPAN SUKUK WAKAF DI INDONESIA Muhayatsyah, Ali
J-ISCAN: Journal of Islamic Accounting Research. Vol 2 No 2 (2020): ISCAN Vol. 2 No. 2 July-December 2020
Publisher : Faculty of Islamic Economics and Business, IAIN Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52490/j-iscan.v2i2.891

Sukuk is a letter of acknowledgment of cooperation which has a more diverse scope than just an acknowledgment of debt. The sukuk transaction is not a debt contract, but rather participation. Sukuk issuance is issued with an underlying asset. Sukuk issuance must first obtain a statement of compliance with sharia principles to convince investors that the sukuk has been structured according to sharia. The parties involved in the issuance of the sukuk are Obligors, Special Purpose Vehicle (SPV), Investors. The income received by investors can be in the form of profit sharing, fees and certain margins. When due, the principal of the loan will also be returned to the holder. Issuers act as fund managers and investors act as owners of capital. The profit obtained by investors is a proportional share of the profits from the management of funds by investors. The issuance of sukuk linked waqf involves several parties, at least consisting of the Indonesian Waqf Board (BWI), state-owned companies, SPV, and investors. Waqf sukuk in Indonesia can be issued by private companies or state-owned companies. The sukuk mechanism is carried out by leasing the waqf assets to the sukuk issuer. The sukuk issuer will then issue the sukuk to investors. After the money from investors comes in, the sukuk issuer will contact the contractor to build assets on the waqf land. Then the asset is leased to a third party. The rent is paid to the sukuk issuer, then paid to the nazir. At the end of the period the waqf asset becomes the property of the nazir, returns to the nazir. Land and buildings, administered by the nazir. Keywords: Islamic Bond, Sukuk Linked Wakaf, Sukuk Ijarah, Sukuk Mudharabah. Abstrak Sukuk merupakan surat pengakuan kerjsama yang memiliki ruang lingkup yang lebih beragam dibandingkan hanya sekedar surat pengakuan hutang. Transaksi sukuk bukan akad utang piutang melainkan penyertaan. Penerbitan sukuk diterbitkan dengan suatu underlying asset. Penerbitan sukuk harus terlebih dahulu mendapatkan pernyataan kesesuaian prinsip syariah untuk meyakinkan investor bahwa sukuk telah distruktur sesuai syariah. Pihak-pihak yang terlibat dalam penerbitan sukuk adalah Obligor, Special Purpose Vehicle (SPV), Investor. Penghasilan yang diterima investor bisa berupa bagi hasil, fee, dan margin tertentu. Ketika jatuh tempo, pokok pinjaman juga akan dikembalikan kepada pemegangnya. Emiten bertindak selaku pengelola dana dan investor bertindak selaku pemilik modal. Keuntungan yang diperoleh investor merupakan bagian proporsional keuntungan dari pengelolaan dana oleh investor. Penerbitan sukuk linked wakaf melibatkan beberapa pihak, setidaknya terdiri dari Badan Wakaf Indonesia (BWI), Perusahaan BUMN, SPV, dan investor. Sukuk wakaf di Indonesia dapat diterbitkan oleh perusahaan swasta ataupun BUMN. Mekanisme sukuk ini dilakukan dengan menyewakan aset wakaf kepada penerbit sukuk. Penerbit sukuk kemudian akan menerbitkan sukuk kepada investor. Setelah uang dari investor masuk, penerbit sukuk akan menghubungi kontraktor untuk dibangun aset di atas tanah wakaf. Kemudian aset tersebut disewakan ke pihak ketiga. Uang sewa dibayar ke penerbit sukuk, kemudian dibayar juga ke nazir. Pada akhir periode aset wakaf tadi menjadi milik nazir, kembali ke nazir. Tanah dan bangunan, dikelola oleh nazir. Kata kunci: Obligasi Syariah, Sukuk Linked Wakaf, Sukuk Ijarah, Sukuk Mudharabah

Studi Pemasaran Jasa Pendidikan: Faktor-Faktor yang Memengaruhi Mahasiswa Memilih Program Studi Baru Ismaulina, Ismaulina; Muhayatsyah, Ali; Suryani, Suryani; Anita, Putri Sri
Jurnal Ilmu Manajemen Vol 9, No 1 (2021)
Publisher : UNESA In Collaboration With APSMBI (Aliansi Program Studi dan Bisnis Indonesia)

Instititut Agama Islam Negeri (IAIN) Lhokseumawe is the only Islamic education campus in Lhokseumawe city, which one of its faculties is the Faculty of Islamic Economics and Business, consisting of Sharia banking and Sharia Accounting study programs. This research tries to determine factors influencing the students' decision to choose the new study program in the Faculty of Islamic Economics and Business, IAIN Lhokseumawe. This research used analysis factor methods using SPSS. The study samples are Sharia banking and Sharia Accounting students. The research results explained that the investigated two-factor groups: the first-factor group includes the place, process, physical evidence, price, product, decision, and economy. The second-factor group includes positive issues and promotion. The positive issue factor is the highest and dominated the students' decision to choose the study programs. The following factors included place, process, physical evidence, price, product, promotion, decision, and economy. Thus, there is no difference between factor 1 and factor 2 variables influencing the students' decision when choosing the departments. This research is limited to two study programs in an Islamic higher education institution. Future research can involve students' parents and compare with other study programs using other research methods to get a complete picture to deepen the factors influencing students to choose a new study program.

ETIKA BISNIS ISLAM DALAM PERSPEKTIF PEMIKIRAN AL-GHAZALI Muhayatsyah, Ali
AT-TIJARAH: Jurnal Penelitian Keuangan dan Perbankan Syariah Vol 2 No 2 (2020): AT-TIJARAH Vol. 2 No. 2 July-December 2020
Publisher : Faculty of Islamic Economics and Business, IAIN Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52490/at-tijarah.v2i2.961

Al-Ghazali's views on economy and business are not limited to philosophical plains, but are a combination of real conditions that occur in society with philosophical values, accompanied by logical arguments. Al-Ghazali in his thoughts about business economics is based on the Sufism approach which he wrote in his book Ihya 'Ulum al-Din. As a matter of fact, there are still many practices of tadlis (unknown to one party), namely violating the principle of â€œan taraddin minkumâ€. The practice of tadlis occurs because of four things, namely quantity reduction of the scale; quality, namely the concealment of object defects; price engineering takes advantage of market price ignorance; uncertainty of delivery time, namely the seller does not know for sure the goods will be delivered to the buyer. In addition, we often encounter market engineering practices. Al-Ghazali paid considerable attention to economic and business activities in society, including the utility hierarchy and its characteristics in the corridor of social obligations to social welfare (maslahah). In addition, al-Ghazali views the ultimate goal is salvation. Work is part of worship is evidence of the work ethic created through extrarelgious efforts. That the intention of someone's behavior in accordance with Divine rules in every economic activity can be of worship value. Al-Ghazali has a view of market ethics that emphasizes truth and honesty, which can be applied to market evolution and the role of money based on the ethics and morals of the perpetrators. Al-Ghazali argued that the state must create security conditions to enhance prosperity and economic development. The existence of state institutions, to monitor adverse market practices. Al-Ghazali stated that trade activities are essential to the functionalization of the economy, the need for secure and safe trade routes, and the state should provide protection so that markets can expand and the economy can grow. Keywords: Islamic Business Ethics, Maslahah, Work Ethics. Abstrak Pandangan al-Ghazali mengenai ekonomi dan bisnis tidak terbatas pada dataran filosofis, melainkan perpaduan antara kondisi riil yang terjadi dalam masyarakat dengan nilai-nilai filosofis, disertai argumen yang logis. Al-Ghazali dalam pemikirannya seputar ekonomi bisnis didasarkan pada pendekatan tasawuf yang beliau tuangkan dalam karyanya kitab Ihya â€™Ulum al-Din. Sebagaimana fakta yang terjadi praktek bisnis masih banyak terjadi praktek tadlis (unknown to one party) yaitu melanggar prinsip â€œan taraddin minkumâ€. Praktek tadlis terjadi karena empat hal, kuantitas yaitu pengurangan timbangan; kualitas yaitu penyembunyian kecacatan obyek; rekayasa harga memanfaatkan ketidaktahuan harga pasar; ketidakpastian waktu penyerahan yaitu penjual tidak mengetahui secara pasti barang akan diserahkan kepada pembeli. Selain itu juga sering kita jumpai praktek rekayasa pasar. Al-Ghazali memberikan perhatian yang cukup besar terhadap aktivitas ekonomi dan bisnis dalam masyarakat, termasuk hierarki utilitas dan karakteristiknya dalam koridor kewajiban sosial terhadap kesejahteraan sosial (maslahah). Selain itu al-Ghazali memandang tujuan akhir adalah keselamatan. Bekerja merupakan bagian dari ibadah merupakan bukti etos kerja yang diciptakan melalui upaya ekstrarelgius. Bahwa niat perilaku seseorang yang sesuai dengan aturan Ilahi dalam setiap aktivitas ekonomi dapat bernilai Ibadah. Al-Ghazali mempunyai pandangan tentang etika pasar yang menitikberatkan pada kebenaran dan kejujuran, yang dapat diaplikasikan pada evolusi pasar dan peranan uang berdasarkan etika dan moral para pelakunya. Al-Ghazali berpendapat negara harus menciptakan kondisi keamanan untuk meningkatkan kemakmuran dan pembangunan ekonomi. Eksistensi kelembagaan negara, untuk mengawasi praktek-praktek pasar yang merugikan. Al-Ghazali menyatakan bahwa kegiatan perdagangan merupakan hal yang esensial terhadap fungsionalisasi perekonomian, perlunya rute perdagangan yang terjamin dan aman, serta negara seharusnya memberikan perlindungan, sehingga pasar dapat meluas dan ekonomi dapat tumbuh. Kata kunci: Etika Bisnis Islam, Maslahah, Etos Kerja.

ANALYSIS OF BANK HEALTH LEVEL USING RISK PROFILE, CORPORATE GOVERNANCE, EARNINGS AND CAPITAL EVALUATION METHODS AT PT BANK ACEH SYARIAH IN FOR THE 2017-2023 PERIOD Rahayu, Rahayu; Muhayatsyah, Ali; Yoesoef, Yoesrizal Muhammad
J-ISCAN: Journal of Islamic Accounting Research Vol. 6 No. 2 (2024): J-ISCAN : Journal of Islamic Accounting Research
Publisher : IAIN Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52490/j-iscan.v6i2.5960

This study aims to analyze the health level of a bank using the RGEC method (risk profile, good corporate governance, earnings, capital). The data used in this research is secondary data in the form of financial reports and governance reports of PT. Bank Aceh for the years 2017-2023. The results of the study indicate that the health level of Bank Aceh using the risk profile with the non-performing financing ratio and financing to deposit ratio shows that Bank Aceh achieved an excellent rating. Furthermore, the health level of Bank Aceh using good corporate governance indicates that Bank Aceh falls into the good category. The health level of Bank Aceh using earnings with the return on asset ratio shows that Bank Aceh is in the very good category, and the health level of Bank Aceh using capital with the capital adequacy ratio shows that Bank Aceh is in the very good category. Overall, from 2017-2023, Bank Aceh was ranked composite one with a very healthy predicate and composite total scores of 86% and 100%, respectively.

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