Al-Muwazanah: Indonesian Journal of Islamic Economics
Al-Muwazanah: Indonesian Journal of Islamic Economics is a scholarly journal that publishes research findings and theoretical or practical studies in the field of Islamic economics. The journal focuses on contemporary issues in Islamic economics, Islamic banking, Islamic finance, and Islamic accounting, as well as other related studies that support the development of an economic system based on Islamic values. This journal serves as an academic platform for researchers, scholars, practitioners, and policymakers to explore and disseminate critical thoughts and strategic solutions to global economic challenges from a Shariah perspective. Al-Muwazanah welcomes articles that discuss the integration of modern economic theories with Islamic principles, policy analysis in Islamic economics, innovations in Islamic financial products, and business practices aligned with the objectives of Shariah (maqashid al-shariah). Published periodically, Al-Muwazanah is committed to maintaining academic quality and scientific integrity through a rigorous and transparent peer-review process.
Potential of Zakat Funds and Corporate Social Responsibility in Islamic Educational Institutions: A Case Study at YPPA Cipulus High School
This study aims to analyze the potential of zakat funds and Corporate Social Responsibility in supporting Islamic education financing at Madrasah Aliyah YPPA Cipulus Purwakarta. The study used a descriptive qualitative approach to deeply understand the implementation of zakat funds and Corporate Social Responsibility in the Islamic educational institution environment. Data were collected through observation, interviews, and documentation involving the administration of Madrasah Aliyah YPPA Cipulus and alumni who received educational scholarships from the National Zakat Agency. Data analysis was conducted using an interactive analysis model that includes data reduction, data presentation, and drawing conclusions, while data validity was maintained through source triangulation techniques. The results of the study indicate that Corporate Social Responsibility assistance received in the school environment is distributed directly to certain students without involving the school in the management or supervision process, so the effectiveness of its utilization cannot be evaluated optimally. Meanwhile, zakat funds distributed through the National Zakat Agency scholarship program have a more targeted mechanism and provide real benefits in assisting the educational needs of beneficiaries. This research also shows that zakat funds and Corporate Social Responsibility (CSR) have significant potential as alternative funding sources for Islamic education. However, optimizing their use requires greater transparency, accountability, and coordination between educational institutions, zakat management institutions, companies, and the government to provide sustainable benefits for the development of Islamic education.
Copyright (c) 2026 Moh. Sugandi, Elfa Rossa Nurparihah, Yana Maulana (Author) https://creativecommons.org/licenses/by-sa/4.0
Reconstruction of the Concept of Distributive Justice in Islamic Economics: A Normative Analysis of Contemporary Maqāṣid al-Sharī‘ah
This study normatively examines the concept of distributive justice in Islamic economics by positioning maqāṣid al-sharī‘ah as the primary normative framework in addressing the challenges of global economic inequality and the transformation of the modern economic system. Through a qualitative approach with normative-philosophical literature study, this article conducts a content analysis of relevant classical and contemporary literature on maqāṣid and Islamic economic justice. The results of the study indicate that distributive justice in the maqāṣid perspective is not merely a matter of material distribution, but includes ethical objectives to ensure the fulfillment of basic needs, protection of human dignity, and sustainable social welfare. Other findings indicate that Islamic economic instruments such as zakat, waqf, and profit-sharing mechanisms are powerful manifestations of maqāṣid in minimizing inequality and strengthening social balance. The analysis also reveals that the integration of maqāṣid principles in modern economic policies can broaden the scope of distributive justice by including dimensions of access to economic opportunities, education, and basic services. Furthermore, maqāṣid al-sharī‘ah has been adapted in contemporary discourse to evaluate the impact of economic policies on overall social welfare. Thus, this study concludes that the reconstruction of the concept of distributive justice based on maqāṣid provides an important conceptual contribution to the development of Islamic economic theory and practice that is responsive to current global inequality. This study recommends further operational development in Islamic public policy and economic planning to substantially realize the principle of distributive justice
Copyright (c) 2026 Randi Muslim, Hana Ben Romdhane, Ahmed Ali, Fadumo Ibrahim (Author) https://creativecommons.org/licenses/by-sa/4.0
Comparative Analysis of STAINIM Student Satisfaction Towards M-Banking Services at Bank Syariah Indonesia and CIMB Niaga Syariah
This research is motivated by technological developments that have led to the emergence of new innovations in the banking industry, namely mobile banking services. The purpose of this study was to compare STAINIM students' satisfaction with the mobile banking services of Bank Syariah Indonesia and CIMB Niaga Syariah. This study used a descriptive qualitative approach with data collection techniques through interviews and documentation. The data validity technique in this study used the source triangulation method by selecting three sources of informants: student service users, CIMB Niaga Syariah KC Darmo Surabaya Hajj marketing staff, and BSI KCP Jenggolo customer service. The results of the study show the results of a comparison of STAINIM student satisfaction using BYOND and Octo Mobile. Where BYOND is considered superior in terms of reliability in terms of promise fulfillment, while Octo Mobile is also superior in terms of reliability in terms of system stability. Byond is also considered superior based on the ease of interface display and navigation. Byond is also considered superior in terms of responsiveness and solutions, while Octo is only superior in terms of responsiveness, but less in terms of responsiveness of solutions. Byond and Octo mobile are both good in terms of security. And Byond and Octo Mobile are both considered to have various additional features and innovations in each service that are different from each other. BYOND is more financial, social, and spiritual integration with complete features for worship needs (such as Hajj savings and gold installments), while Octo Mobile emphasizes the ease of daily digital transactions and comprehensive investment management with modern innovations such as QRIS, NFC
Copyright (c) 2026 Nuril Hidayatus Soimah, Moh. Ali Hamdan, Dewi Lisvi Riza Vahlevi (Author) https://creativecommons.org/licenses/by-sa/4.0
The Role of the Sharia Supervisory Board in Formulating Sharia Financing Policies in Accordance with Sharia Principles (A Study at KSPP BMT Harapan Ummat Sidoarjo)
The role of the Sharia Supervisory Board (DPS) is crucial in ensuring the operational compliance of Islamic financial institutions with Islamic principles, including the Sharia Savings and Loan Cooperative (KSPPS). This study aims to analyze the role of the DPS in formulating sharia financing policies and its effectiveness in ensuring sharia compliance at the BMT Harapan Ummat Sidoarjo KSPPS. This study uses a descriptive qualitative approach with data collection techniques through interviews, observation, and documentation. Data validity is tested using source triangulation involving three key informants: the DPS, the Chair of the Management, and the General Manager. The results show that the DPS plays an active role in formulating financing policies through committee meetings, providing sharia opinions, and preparing accountability reports, so that financing products such as murabahah, mudharabah, and ijarah are in accordance with the DSN-MUI fatwa and sharia principles. However, the effectiveness of supervision is still hampered by limited human resources, low frequency of visits (1-2 times/year), lack of feedback from DSN-MUI, and violations in the implementation of contracts, such as the absence of witnesses at ijab qabul. This study concludes that although the DPS has carried out its functions, optimization of its role is still needed through increased human resource capacity, strengthening of the supervisory system, and closer collaboration with regulators to ensure sustainable sharia compliance
Copyright (c) 2026 Ula Rochmatannia Rosana, Moh. Ali Hamdan (Author) https://creativecommons.org/licenses/by-sa/4.0
Long-Run Dynamics of Islamic Finance and Economic Growth in Indonesia: A Vector Error Correction Model Approach
This study aims to analyze the impact of the implementation of Islamic economic principles on economic growth in Indonesia until 2024. Islamic economics, which is based on justice and the prohibition of usury, is considered capable of encouraging sustainable, inclusive economic development, and is oriented towards strengthening the real sector. This study uses a mixed methods approach, with a dominant quantitative approach for econometric analysis of macroeconomic data (GDP, inflation, Islamic financial inclusion) and a qualitative approach to explore policies and stakeholder perceptions. Quantitative data are sourced from official institutions (BPS, Bank Indonesia, OJK Syariah), while qualitative data are obtained through interviews and observations. Quantitative analysis uses econometric models such as the Error Correction Model (ECM) or Vector Error Correction Model (VECM) to test long-term relationships. The results show that the implementation of Islamic economic principles has had a real and significant positive impact on Indonesia's economic growth. The contribution of the Islamic economy to national GDP is projected to increase from 21.5% in 2019 to 25.9% in 2024. This growth is driven by the rapid development of the halal industry, increasing Islamic banking assets, and the increasing number of Sharia-compliant MSMEs. Empirically, Islamic financing has been proven to contribute significantly to national economic growth in the long term (elasticity of 0.18% per 1% increase in financing). Furthermore, the Islamic Financial Inclusion Index has also increased sharply from 9.1% (2019) to 14.8% (2023), contributing to economic equality and poverty reduction. Indonesia also successfully ranked third in the world in the Global Islamic Economy Indicator (GIEI) in 2023
Copyright (c) 2026 Moh. Mardi (Author) https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Effect of Environment, Social, Governance Score on Company Financial Performance in the IDX-MES BUMN-17 Index for the 2022-2023 Period
The challenges brought by the pandemic triggered significant changes and impacts related to environmental, social, and governance (ESG) issues. ESG-related matters have become crucial concerns for regulators, governments, and the public, serving as key factors that companies must integrate into their performance strategies. This study aims to analyze the partial and simultaneous contributions influences of the Environment, Social, and Governance (ESG) Score on Corporate Financial Performance (measured by ROA) in 2022–2023 among companies listed on the IDX-MES BUMN 17 Index. This is a quantitative research study using purposive sampling for sample selection. The research population includes companies indexed in the IDX-MES BUMN 17 for the 2022–2023 period. The data used consists of 12 companies listed in the IDX-MES BUMN 17 Index, observed over the 2022–2023 period. The data analysis technique employed is multiple linear regression analysis with the assistance of the E-Views 12 application. The testing method involves panel regression estimation, classical assumption tests including normality test, autocorrelation test, heteroscedasticity test, and multicollinearity test, followed by significance tests including the t-test (partial), F-test (simultaneous), coefficient of determination test, and panel data regression analysis. Based on the statistical test results, the partial test shows that both the Environment Score and Governance Score variables have a negative and insignificant contribution to Corporate Financial Performance. Meanwhile, the Social Score variable has a significant positive influence on Corporate Financial Performance. In the simultaneous test, all three variables Environment, Social, and Governance Score have a significant positive contribution to Corporate Financial Performance
Copyright (c) 2026 Nurina Alfi Nihayah, Saifuddin (Author) https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Development of Islamic Accounting Research A Systematic Literature Review 2010–2025
This study aims to analyze the development of Islamic accounting research during the period 2010–2025 using a Systematic Literature Review (SLR) approach. This approach was used to identify publication trends, key themes, research methods, and the future direction of Islamic accounting development. Data were obtained from 25 relevant national and international scientific journal articles through the Google Scholar, Scopus, and DOAJ databases. The analysis results show a significant increase in Islamic accounting research, especially after 2016, with a focus on zakat, Islamic governance, Islamic financial reporting, and the integration of Islamic principles (maqashid) of Islam. The majority of studies used qualitative methods, while new topics began to move towards the integration of digitalization and sustainability reporting. This study contributes to mapping the development and direction of Islamic accounting research to make it more relevant to the challenges of the modern economy
Copyright (c) 2025 Rikza Pelaneta, Alya Raudatul Zanatulloh, Gilang Ramadhan, Abu Rizal Bakrie, Suryandi Putra, Rizma Dwi Futri (Author) https://creativecommons.org/licenses/by-sa/4.0
Performance Analysis of the Hajj Financial Management Agency Using the Maqashid Sharia Index Approach In 2022-2024
This study aims to analyze the performance of the Hajj Financial Management Agency using the Maqashid Sharia Index approach for 2022–2024. Maqashid Sharia Index is a sharia-based performance evaluation method that focuses not only on financial aspects but also on spiritual, social, and welfare dimensions. This study uses a quantitative descriptive method with secondary data sources from Hajj Financial Management Agency annual financial reports. The three main objectives of maqashid sharia analyzed are tahdhib al-fard (individual education), iqamah al-'adl (upholding justice), and jalb al-maslahah (public welfare). The results show that despite a decrease in allocations to education and training in several years, Hajj Financial Management Agency continues to demonstrate positive performance in aspects of justice and public welfare. The ratio of benefit distribution to pilgrims, usury-free financing, and investment in the real sector show quite optimal and consistent results. This reflects Hajj Financial Management Agency commitment to upholding sharia principles and providing beneficial value to the community. This study recommends strengthening the educational aspect and transparency in public reporting so that the maqashid sharia can be achieved more holistically
Copyright (c) 2025 Junita Puji Lestari, Norma Rosyidah (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Flash Sale, Influencer Marketing, and Discounts on Impulsive Buying on Shopee E-Commerce Among Students of the Faculty of Economics and Business, Sumbawa University of Technology
This study investigates the influence of Flash Sale, Influencer Marketing, and Discount on Impulsive Buying behavior among students of the Faculty of Economics and Business at Sumbawa University of Technology who use Shopee e-commerce. Adopting a quantitative approach, the research collected primary data from 100 respondents through a structured questionnaire. The analysis utilized multiple linear regression to examine the partial and simultaneous effects of the independent variables on the dependent variable. The findings indicate that Flash Sale, Influencer Marketing, and Discount each have a positive and significant effect on impulsive buying. Furthermore, the study confirms that these three factors collectively and significantly influence impulsive buying behavior. The results highlight that these marketing strategies are highly effective in triggering unplanned purchases among students. Specifically, the combination of these three variables explains 70.5% of the variation in impulsive buying decisions, while the remaining 29.5% is attributed to other factors. This research contributes to a deeper understanding of digital consumer behavior and provides practical insights for e-commerce platforms to develop more effective and integrated promotional campaigns
Copyright (c) 2025 Pipin Agustina, Aris Sugiarto (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Service Quality, Transparency, and Trust on Taxpayer Satisfaction: A Case Study at The Samsat Office of Sumbawa Regency
This study aims to analyze the influence of service quality, transparency, and trust on taxpayer satisfaction at the Samsat Office of Sumbawa Regency. Taxpayer satisfaction is an important indicator of public service performance, particularly in enhancing fiscal compliance among society. The research method employed is a quantitative approach with a causal associative design. Primary data were collected through questionnaires distributed to 100 taxpayers in Sumbawa Regency, selected using purposive sampling. Data analysis was conducted using validity and reliability tests, classical assumption tests, and multiple linear regression with the assistance of SPSS. The results indicate that service quality, transparency, and trust have a positive and significant effect on taxpayer satisfaction, both partially and simultaneously. These findings suggest that consistent service quality improvement, openness of information, and the establishment of taxpayer trust in the Samsat institution are key factors in enhancing taxpayer satisfaction and compliance. Theoretically, this research contributes to the literature on customer satisfaction in public services, particularly in the field of regional taxation. Practically, the findings can serve as input for the Samsat Office of Sumbawa Regency in designing more effective, transparent, and taxpayer-oriented service strategies
Copyright (c) 2025 Afika Nurmala, Aris Sugiarto (Author) https://creativecommons.org/licenses/by-sa/4.0
Moral Obligation in Paying Taxes: A Philosophical Review of Immanuel Kant’s Views on Justice and Universal Duty
Moral obligation in paying taxes is an important aspect that is not only related to legal provisions but also encompasses profound ethical and philosophical dimensions, especially in the context of justice and universal duty according to Immanuel Kant's perspective. Kant’s philosophical approach emphasizes that moral actions should be based on universal principles and respect for human rights, so paying taxes is not merely a legal obligation but a moral act that reinforces social justice and respects individual rights. The positive impact of applying this principle is the creation of a fair and transparent taxation system, which can encourage society to contribute voluntarily for the common welfare, and strengthen trust and social responsibility. However, on the other hand, negative effects such as dishonesty and corruption in tax management can lead to trust issues within society and diminish their moral sense in fulfilling tax obligations. The aim of this research is to philosophically examine how Kant’s principles of justice and universal duty can be applied within the context of taxation, and to analyze their impact on social and moral systems in society. The research questions include how Kant’s views on moral obligation can reinforce collective awareness in paying taxes and how the taxation system can be optimized to align with these moral principles. The research method employed is a literature review with a qualitative approach, collecting data from Kant’s works, moral philosophy literature, and related studies on tax practices. The findings indicate that applying Kant’s moral principles can strengthen the legitimacy of the moral and social obligation to pay taxes, but its effectiveness heavily depends on the integrity of management and transparency within the taxation system, so that public trust remains maintained and social justice can be realized optimally
Copyright (c) 2025 Yusril Mahendra, Moh. Syahrul Muzammil, Faizul Hannan (Author) https://creativecommons.org/licenses/by-sa/4.0
Zakat Management Strategy Through Digitalization to Reduce Poverty and Social Inequality in Jambi City
This research comprehensively analyzes the strategies for zakat collection and management in Jambi City, with a focus on the utilization of technology, information, and the digitalization of muzakki (zakat payers) and mustahiq (zakat recipients) data. Its objective is to examine the impact of these strategies on the reduction of poverty and social inequality. Zakat, as a fundamental pillar of the Islamic economy and a positive legal instrument in Indonesia, holds extraordinary potential for realizing social justice and community welfare. However, the reality in Jambi City indicates that this potential has not been optimally realized. This condition is largely due to low public trust in zakat management institutions (LAZ) and a preference for direct payments, which leads to disorganized data collection and distribution. This study employs a qualitative descriptive approach with a literature review method, analyzing secondary data from scientific journals, articles, and official reports from the Central Statistics Agency (BPS). The findings confirm that the digitalization of zakat, through online platforms and integrated information systems, significantly enhances collection efficiency, transparency, and accountability. The application of technology in data management enables more targeted and productive zakat distribution, which in turn makes a tangible contribution to increasing the income and well-being of mustahiq. This fosters their transformation towards sustainable economic independence. Enhancing muzakki's trust in LAZ through digital transparency is the strategic key to optimizing zakat's potential and accelerating inclusive social development.
Copyright (c) 2025 Al Fahrizal, Muhammad Padli Abdullah (Author) https://creativecommons.org/licenses/by-sa/4.0
Authentification of Identity and Halaliness Standardization of Padang Restaurants in Indonesia: a Shariah Economic Law Perspective
Today, the Padang restaurant case by Alisan is again in the news. Authentification of Padang specialties by the Minang family alliance in Cirebon, they feel uneasy with the mushrooming of Padang restaurants which are "considered" below the standard of authentic Minang food where these Padang restaurants were born, this issue is very sensitive but as a scholar it is necessary to conduct an in-depth study in the context of Islamic economic law science, so the title that is raised isAuthentification and Halal Standardization of Padang Restaurants in Indonesia: The Perspective of Islamic Economic Law, there are two important questions in this study, first, how is the concept of Identity Authentification and Halal Standardization of Padang Restaurants in Indonesia? and second, how is the Identity Authentification and Halal Standardization of Padang Restaurants in Indonesia: The Perspective of Islamic Economic Law? by using the Islamic law study approach Maqasid sharia Jasse auda to read first the concept of Identity Authentification and Halal Standardization of Padang Restaurants in Indonesia and second the Identity Authentidication and Halal Standardization of Padang Restaurants in Indonesia: The Perspective of Sharia Economic Law, the results of this study are to find out first the concept of Identity Authentification and Halal Standardization of Padang Restaurants in Indonesia and second the Identity Authentification and Halal Standardization of Padang Restaurants in Indonesia: The Perspective of Sharia Economic Law
Copyright (c) 2025 Moh. Syahrul Muzammil, M. Fikri Saifulloh, Sinta Bella (Author) https://creativecommons.org/licenses/by-sa/4.0
Analysis of Fiduciary Collateral Takeover in Troubled Murabahah Financing Program to Resolve Non-Performing Finance: A Case Study of Sungai Pua Sharia Rural Financing Bank, Bukittinggi City
Collateral or collateral is an asset owned by the debtor that is used as collateral to the debtor, when one day the creditor cannot fulfill its obligations and the collateral can be taken over by the creditor as a replacement for the loan that cannot be completed. Or as collateral if the creditor cannot return the loan to the debtor at the specified time. At BPR Syariah (BPRS) various types of credit facilities are provided to customers as debtors by providing collateral ranging from SHM (Certificate of Ownership), BPKB (Proof of Motor Vehicle Ownership), SHGB (Building Use Rights Letter), Stratatitel (Building or apartment Ownership). The method in this research uses the Juridical and Empirical approach. Where in this analysis by combining analysis with existing laws and regulations with data obtained in the field. This research is descriptive analysis. In the results of the research found in the field it is known that many Fiduciary guarantee executions are carried out in the Murabahah contract carried out at BPR Syariah, namely by submitting an execution request through the Bukittinggi Religious Court Clerk's Office. The court responded to this by issuing a notification letter and taking over based on the warning letter that has been given by the BPRS Syariah, in the form of SP1, SP2 and SP3. Before taking over the guarantee, the Religious Court gives the Debtor an opportunity to pay off the obligation. If the Debtor does not fulfill his obligation, the court issues an Executorial beleg or what is called a Seizure or confiscation carried out by the process of executing a court decision that has permanent legal force. Furthermore, the Court will issue a determination of the execution of the object of the Murabahah guarantee and carry out the sale in general. The obstacle encountered in the implementation of Murabahah collateral confiscation is the difficulty in locating the collateral, which can be overcome by optimizing collateral sales advertising. Debtor lawsuits can be subject to careful scrutiny of documents related to the Murabahah contract
Copyright (c) 2025 Sri Wahyuni, Auliya Fithry (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Financial Literacy, Hedonism, and Self-Control on the Consumptive Behavior of Students in the Faculty of Economics and Business
This study investigates the influence of financial literacy, hedonism, and self-control on the consumptive behavior of students at the Faculty of Economics and Business, Sumbawa University of Technology. Given the rapid advancements in technology and the pervasive influence of e-commerce and social media, understanding student consumption patterns has become increasingly critical. Employing a quantitative approach with a causal descriptive design, the research utilized a purposive sampling technique to select 100 students from the aforementioned faculty. Primary data was collected through questionnaires and subsequently analyzed using multiple linear regression. The findings indicate that financial literacy does not significantly influence student consumptive behavior. Despite theoretical understanding of financial management, its practical application is often undermined by immediate consumption temptations, such as aggressive online promotions. Conversely, hedonism exerts a positive and significant influence on consumptive behavior, highlighting that a lifestyle prioritizing instant gratification and social trends strongly drives excessive spending. Furthermore, self-control was found to have no significant impact on consumptive behavior, despite a negative directional tendency. This suggests that while students possess the capacity for self-regulation, external factors such as the ease of e-commerce and social pressures effectively diminish its effectiveness. Overall, the study concludes that hedonism is the dominant factor shaping student consumer behavior, with financial literacy and self-control currently insufficient in counteracting these consumptive tendencies among the surveyed respondents. This underscores the need for a holistic approach to financial education, integrating not only cognitive knowledge but also practical self-management and resilience against external influences.
Copyright (c) 2025 Sri Tantri Yani, Sriyatun (Author) https://creativecommons.org/licenses/by-sa/4.0
The Influence of Price, Promotion, and Free Shipping on Purchase Decisions Among Tiktok Shop Users: A Case Study of Students at the Faculty of Economics and Business, University of Technology Sumbawa
This study aims to examine the influence of price, promotion, and free shipping on purchase decisions among students of the Faculty of Economics and Business at the University of Technology Sumbawa who use TikTok Shop. The research employed a quantitative method by distributing questionnaires to 170 respondents and analyzing the data using multiple linear regression. The phenomenon observed is that although price and promotion are often considered the main strategies in marketing, they do not always influence students’ purchase decisions. This is presumably because prices on TikTok Shop are relatively fluctuating and promotions frequently appear but are often irrelevant to the consumers’ immediate needs, leading students to prioritize direct benefits such as reduced shipping costs. The findings of this study indicate that price and promotion have no significant effect, whereas free shipping has a significant effect on purchase decisions. These results highlight that marketing strategies providing direct benefits to the overall shopping cost, such as free shipping, are more effective in attracting students’ purchase interest compared to temporary price reductions or promotions.
Copyright (c) 2025 Nur Syafitri, Aris Sugiarto (Author) https://creativecommons.org/licenses/by-sa/4.0
The Influence of E-Commerce and Accounting Information Systems on Entrepreneurial Decision-Making
This study aims to examine the influence of E-commerce and Accounting Information Systems on entrepreneurial decision-making among Accounting students. The research employs a quantitative approach with an associative design. Data were collected through the distribution of questionnaires using a survey method to 50 respondents. The findings reveal that both E-commerce and Accounting Information System variables have a positive and significant effect on entrepreneurial decision-making. These results support the Technology Acceptance Model (TAM), which posits that the acceptance and utilization of technology can enhance individuals’ behavioral intentions, including decisions to engage in entrepreneurship. Based on these findings, it can be concluded that proficiency in E-commerce and a solid understanding of accounting information systems are important factors that encourage students to pursue entrepreneurial ventures in today’s digital era
Copyright (c) 2025 Rizal Hadi Saputra, Ahmad Jibrail (Author) https://creativecommons.org/licenses/by-sa/4.0
An Analysis of Islamic Business Ethics on Marketing Strategies for Mama Irus' Legit Layer Cake Business in Martapura
In the face of increasingly fierce business competition, implementing effective marketing strategies in accordance with Islamic values is crucial for achieving blessings and business sustainability. This study aims to analyze the implementation of marketing strategies in the Kue Lapis Legit Mama Irus business and assess their compliance with the principles of Islamic business ethics. The type of research used is descriptive qualitative with field research. Data were collected through in-depth interviews with the business owner, direct observation of the production and marketing processes, and related documentation. Data analysis was carried out using data reduction, data presentation, and conclusion drawing techniques. The results show that the Kue Lapis Legit Mama Irus business implements a marketing strategy that includes the 4P marketing mix (product, price, place, promotion). The products offered are of good quality and use halal ingredients. The prices are set competitively and in accordance with product quality. Placement and distribution are carried out in an efficient manner and reach consumers well. Promotion is carried out through social media and word of mouth with a communicative and honest approach. From an Islamic business ethics perspective, this business has implemented principles such as shiddiq (honesty), amanah (trustworthiness), and tabligh (communication) in every aspect of its marketing strategy. No practices contrary to Islamic teachings, such as fraud, cheating, or undercutting, were found.
Copyright (c) 2025 Siti Nurluthfia, Rusdiana, Iin Muyasarah (Author) https://creativecommons.org/licenses/by-sa/4.0
Carbon Tax as an Economic Instrument in the Transition to a Green Economy
The urgency to address climate change has prompted countries to adopt innovative fiscal strategies that support environmental sustainability. Among these, carbon taxation emerges as a pivotal economic instrument to internalize environmental costs and accelerate the transition toward a green economy. This study explores the role and effectiveness of carbon tax policies in supporting sustainable economic development. The objectives include analyzing carbon tax as a fiscal tool, evaluating its implementation in various countries, identifying key success factors, and providing policy recommendations for Indonesia. Employing a systematic literature review (SLR) method, this research synthesizes data from peer-reviewed articles, policy reports, and international case studies. The findings reveal that carbon taxes, when designed with fiscal coherence and transparency, have significantly contributed to emission reductions and the development of green sectors. Countries with clear revenue recycling mechanisms and robust regulatory frameworks demonstrate higher policy acceptance and effectiveness. Moreover, integrating carbon taxation within broader fiscal strategies enhances economic resilience while achieving environmental goals. The study highlights that carbon taxation is not merely a fiscal penalty but a transformative lever in green economic governance. Despite limitations in empirical scope, the research provides a valuable theoretical and practical framework for designing adaptive and context-sensitive carbon tax policies. For Indonesia, the findings suggest that a carefully tailored carbon tax strategy can bridge fiscal sustainability with ecological stewardship.
Copyright (c) 2025 Desy Farina (Author) https://creativecommons.org/licenses/by-sa/4.0
Optimizing Mudharabah Contracts in Strengthening Sharia-Based Micro-Business Capital in Martapura City
The implementation of Mudharabah contracts in Islamic microfinance institutions has long been upheld as a distinctive feature of Islamic economic principles. However, its practical application remains limited, especially in the context of micro-enterprise financing. This study aims to identify how Mudharabah is implemented by Islamic financing institutions in Martapura, analyze the challenges in its optimization for micro-enterprise capital strengthening, and propose strategic solutions aligned with Islamic economic values. Using a qualitative descriptive approach with case study design, data were collected through in-depth interviews with micro-entrepreneurs and financial institution representatives, as well as observations at key market centers and documentation analysis from relevant institutions. The findings reveal that the understanding of Mudharabah among micro-entrepreneurs is generally low, with many perceiving it as more complex and rigid than conventional loan systems. Financial institutions show a tendency to avoid Mudharabah due to high risk, lack of monitoring systems, and limited human resources. Observations further indicate a lack of promotion and mentoring in Mudharabah financing, while documentation shows a declining trend in its use. These results highlight a significant gap between the theoretical ideals of Mudharabah and its field-level implementation. The study underscores the urgent need for educational, institutional, and policy-level interventions to revitalize Mudharabah as a viable and ethical financing model, thereby reaffirming the transformative role of Islamic finance in empowering micro-enterprises
Copyright (c) 2025 Iin Muyasarah (Author) https://creativecommons.org/licenses/by-sa/4.0
The Role of Islamic Banks in Strengthening the Halal Economy
The growing global awareness of the importance of halal products and services has significantly driven the expansion of the halal economy across various regions. In this context, Islamic banks play a strategic role as providers of Sharia-compliant financial services, particularly in supporting key sectors within the halal ecosystem, such as food, pharmaceuticals, tourism, and fashion industries. This study aims to analyse and evaluate the extent of Islamic banks' contribution to strengthening and promoting the growth of the halal economy. A systematic literature review (SLR) approach is employed to gather and critically review relevant scholarly literature in a structured and comprehensive manner. Data sources include nationally and internationally indexed journals that focus on the intersection of Islamic finance and the halal economy. The findings reveal that the contribution of Islamic banks to the halal economy remains suboptimal. This is due to several structural constraints, including limited financial product innovation, weak cross-sectoral integration, and insufficient regulatory and institutional support. These results highlight the urgent need for strategic reforms, such as the development of adaptive halal financial products, the enhancement of collaboration among stakeholders, and the strengthening of the role of Islamic banks in building an inclusive, competitive, and sustainable halal economy. The study provides valuable insights for policymakers, practitioners, and academics in formulating effective strategies to optimise the role of Islamic finance in the global halal economy landscape.
Copyright (c) 2025 Megi Prinaldi, Silvi Silvi, Aris Setianto (Author) https://creativecommons.org/licenses/by-sa/4.0
Resilience of Islamic Banking to the Global Economic Crisis Myth or Fact
This study aims to thoroughly examine the resilience of Islamic banking in the face of global economic crises, highlighting the extent to which the commonly held assumption of its superiority is supported by empirical evidence. The research is grounded in the widespread belief that Sharia principles—such as the prohibition of interest (riba), speculative transactions (gharar), and emphasis on asset-backed investments—offer stronger protection against economic shocks than conventional financial systems. The main objectives of this study are to analyse the level of resilience demonstrated by Islamic banks during times of crisis, identify internal and external factors influencing this resilience, and evaluate empirical evidence that either supports or challenges this perception. A qualitative case study approach was employed, utilising data collection techniques such as in-depth interviews, participatory observation, and document analysis. Research participants included Islamic bank executives, Islamic economics academics, financial analysts, and customers who directly experienced the impact of economic crises. The findings reveal that while Sharia-based principles provide a stronger foundation in certain aspects, Islamic banks are not entirely immune to the systemic effects of global crises. Consequently, there is a pressing need to strengthen adaptive and sustainable risk mitigation strategies. This study contributes to the development of Islamic financial resilience theory and offers practical recommendations for industry practitioners and policymakers to enhance the long-term stability of the Islamic financial sector.
Copyright (c) 2025 Fitri Handayani, Silvia Rosyidatul Aima, Shelya Regina (Author) https://creativecommons.org/licenses/by-sa/4.0
Opportunities and Challenges of Islamic Banking in Digital Transformation
Digital transformation has become an inevitable necessity in the modern banking sector. Technological advancements demand that financial institutions, including Islamic banks, adapt swiftly to meet the evolving needs of customers. However, in the context of Islamic banking, digitalisation presents unique challenges, particularly in ensuring compliance with Sharia principles. This study aims to identify potential opportunities, analyse key challenges, and formulate relevant and applicable strategies for the digitalisation process in Islamic banking. A qualitative case study approach was employed, involving 22 participants from diverse backgrounds, including practitioners, academics, regulators, and customers of Islamic banks. Data were collected through in-depth interviews, field observations, and document analysis. The findings reveal that the primary obstacles lie in the incomplete integration of Sharia principles within the current digital systems and the low level of technological literacy among industry stakeholders and customers. On the other hand, digital transformation offers significant opportunities for expanding Islamic banking services more inclusively and efficiently. Therefore, this study recommends integrative strategies that encompass the development of a digital architecture grounded in Sharia values, along with enhancing human resource capacity through technology training and digital literacy programs. These strategies are expected to facilitate a comprehensive digital transformation that remains firmly aligned with Sharia compliance and ensures sustainable development in the Islamic banking sector.
Copyright (c) 2025 Wahyu Syah Putra, Silvia Yulita, Hastomo Hastomo (Author) https://creativecommons.org/licenses/by-sa/4.0
Implementation of ESG (Environmental, Social, Governance) in Islamic Banks a Critical and Strategic Review
This study aims to examine the implementation of Environmental, Social, and Governance (ESG) principles in the operations of Islamic banks in Indonesia. In the context of increasing demands for sustainable financial practices, this research is crucial to assess the extent to which ESG principles can be integrated with the core values of Shariah that underpin the Islamic banking system. The objectives of this study are to analyse the current application of ESG, identify existing challenges, and formulate implementation strategies aligned with maqashid shariah (the higher objectives of Islamic law). A qualitative phenomenological approach was employed to explore the perceptions, experiences, and perspectives of industry stakeholders. Data were collected through in-depth interviews, participant observations, and document analysis involving three major Islamic banks in Indonesia, regulatory authorities, and academics with expertise in Islamic economics and sustainability. The findings reveal that ESG implementation within Indonesian Islamic banks remains partial and lacks systemic integration. Environmental and social aspects have yet to become strategic components of institutional policy-making, while governance practices do not explicitly incorporate ESG indicators. Several factors contribute to this condition, including the absence of binding regulatory frameworks, limited awareness of ESG principles, and a lack of internal capacity to understand and operationalise ESG effectively. This study concludes that a reformulation of ESG strategies grounded in maqashid shariah is essential to ensure that sustainability principles and Islamic ethical values are harmoniously embedded within Islamic banking governance. Consequently, Islamic banks will not only enhance their competitiveness but also contribute meaningfully to holistic and sustainable development.
Copyright (c) 2025 Yoga Sabda Alif, Selvi Resvika Fitri, Harliati Putri Pertiwi (Author) https://creativecommons.org/licenses/by-sa/4.0
Green Banking in a Sharia Perspective Answering the Challenges of Sustainable Finance
This study explores how Islamic banking responds to the challenges of sustainable finance by implementing Green Banking by Sharia principles. In light of the growing urgency for environmentally friendly financial practices, this research seeks to analyse the extent of Green Banking implementation in Islamic financial institutions, identify the key challenges faced, and examine the compatibility between Islamic values and environmental sustainability principles. A qualitative approach with a phenomenological method is employed to capture the experiences and perceptions of stakeholders within the Islamic banking industry. Data were collected through in-depth interviews, participatory observation, and documentation involving Islamic bankers, academics, regulators, and customers. The findings reveal that while there is a normative commitment to sustainability, the operational implementation of Green Banking in Islamic banking remains limited and tends to be symbolic. The absence of specific regulatory guidelines, limited innovation in Sharia-compliant green financial products, and low public awareness regarding sustainability issues are identified as major constraints. Therefore, the study highlights the need for a clearer regulatory framework, developing environmentally friendly financial products based on Sharia contracts, and comprehensive education efforts. These steps are essential to strengthen the strategic role of Islamic banking within the broader ecosystem of sustainable finance
Copyright (c) 2025 Yuda Afriyandi, Sepna Sari, Sumarlin Sumarlin (Author) https://creativecommons.org/licenses/by-sa/4.0