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There is a need for human development especially for the less privileged Muslims in the state due to financial constraints, unemployment, insufficient and inadequate financial support. The study discussed and analyzed the structured interviews conducted on factors influencing UniSZA’s staff cash waqf and its possible impact on the socio-economic development of Terengganu. The total number of 150 respondents participated in the first instrumental validation section where 150 questionnaires were distributed and collected. 150 questionnaires were distributed between February and June 2015 to the UniSZA’s staff such as lecturer, senior, and junior staff in the university. The instrument was divided into four sections. Firstly, the respondent’s profile, (15 items). Secondly, factors influencing UniSZA’s staff cash waqf contribution (15 items). Thirdly, promoting economic and human development (15 items). Fourthly, the importance to the society’s development (15 items). The content validity of the questionnaire would be evaluated by the researchers to improve the questionnaire. The participants were selected from lecturers, administrative staff, and students to discover the breadth and extent of the needs for UniZSA’s staff cash waqf contribution to the state. Waqf provides human relief, dignity, financial support, and social needs to reduce poverty in the society. The research is based on the hypothesis that UniSZA’s staff cash waqf can have a positive social and economic impact in Terengganu. The objective of this study is to examine the viability of a UniSZA staff cash waqf and how cash waqf can be utilized to develop Terengganu economically and socially for the interest of the needy Muslims in Terengganu. The study applies the quantitative and qualitative methods throughout the discussion and analysis. Human development includes the creation of employment, micro-finance, transaction, farming, soft loans, and other lawful lucrative businesses and investments. This survey provides evidence of a need for such a contribution for human and social development. The paper concludes by offering suggestions for the optimal use of this cash waqf fund.

This paper attempts to investigate whether Ethical Investment (EI) could reduce the role of dividend and debt in reducing agency conflict between controlling and public shareholders in Indonesia. I investigate market reaction when EI and Non-EI stocks announce dividend payments, dividend non-payments, and bond issuance. I also investigate the effect of EI and the interaction between EI and dividend and between EI and debt on company’s value. The smaller market reaction shows that EI stocks contain less surprises, since EI stocks are able to reduce information asymmetry, and increase trust among investors. The empirical results show that market reaction for debt issuance is less positive for EI stocks than for Non-EI stocks. Regression analysis shows that EI strengthens the role of debt in increasing company’s value. The role of EI in reducing agency conflict seems to have multi-dimensions. Event studies show that debt could be used as a substitute for debt in reducing agency conflict, but regression result shows that EI complements debt in reducing agency conflicts, and increase company’s value. Overall I conclude that EI provide an important role as mechanisms to reduce agency conflict, and increase company’s value. [Artikel ini menelisik apakah Ethical Investment (EI) dapat mengurangi peran dividen dan bunga dalam menekan konflik perusahaan antara manajer dan pemilik saham publik di Indonesia. Reaksi pasar akan dilihat ketika stok EI dan non-EI mengumumkan dividen dibayarkan, dividen tidak dibayarkan, dan bon pengeluaran. Hal lain yang juga dilihat adalah pengaruh dari EI dan interaksi antara EI dan dividen serta antara EI dan hutang pada nilai perusahaan. Reaksi pasar yang lebih kecil menunjukkan bahwa stok EI tidak banyak mengejutkan, karena stok EI dapat mengurangi ketidaksinkronan informasi sekaligus meningkatkan kepercayaan investor. Analisis lapangan menunjukkan bahwa pengumuman tentang hutang perusahaan memiliki dampak kurang positif pada stok EI daripada non-EI. Sedangkan analisis regresi menunjukkan bahwa EI memperkuat peran hutang dalam meningkatkan nilai perusahaan. Sementara itu, peran EI dalam menekan konflik perusahaan tampak memiliki banyak dimensi. Secara umum dapat disimpulkan pula bahwa EI memiliki peran yang cukup penting dalam mekanisme untuk menekan agency conflict dan meningkatkan nilai perusahaan.] Keywords: Ethical Investment (EI), agency conflict, Daftar Efek Syariah (DES)

In this paper, we generalized the Jewell-Sinclair theorem to include not only associative Banach algebra but also the nonassociative Banach algebra. Our methods in extend Jewell-Sinclair theorem is based on the theory of multiplication algebra of an arbitrary algebra and another techniques, which is the standard method in the nonassociative context in the Spanish school. Furthermore, we give as an application example of our generalization for the Jewell-Sinclair theorem the well-known result proved by Rodriguez that assert the automatic continuity of a surjective homomorphisim on a nonassociative f f*- algebras, Our proof is based on essence the same lines of Rodriguez proof.