Ar-Ribh : Jurnal Ekonomi Islam [p-ISSN 2684-7477 |e-ISSN 2714-6316] published by the Islamic Economics Study Program of the Faculty of Economics and Business, Muhammadiyah University of Makassar, this journal publishes situs thailand research articles in the field of Islamic Economics. This journal publishes research studies that use a variety of qualitative and / or quantitative methods and approaches in the field of Islamic Economics. This journal aims to develop concepts, theories, perspectives, paradigms, and methodologies within the scope of Islamic Economics published twice a year, namely April and October. Ar-Ribh : Jurnal Ekonomi Islam examines and examines sharia economy covering the following economic aspects: trade agreements, syirkah, mudharabah, murabahah, muzara'ah and musaqah, khiyar, istisna, ijarah, kafalah, hawalah, rahn, wadi'ah, gashb and itlaf, wakalah, shulhu, waiver, ta'min, bonds, sharia mudharabah, capital market, sharia mutual funds, sharia bank indonesia certification, multi-service financing, qardh, sharia current account financing , sharia pension funds, zakat and grants, and sharia accounting. Ar-Ribh : Jurnal Ekonomi Islam have been singgle reviewed by peer reviewers. The decision to accept or not accept scientific articles in this journal is the right of the Editorial Board based on recommendations from peer reviewers. Please read and understand the author's guidelines thoroughly. Authors who submit manuscripts to the editor of Ar-Ribh : Jurnal Ekonomi Islam must comply with the author's guidelines. If the submitted manuscript does not comply with the guidelines or uses a different format, the manuscript will be rejected by the editorial team prior to review. The Editorial Team will only accept manuscripts that meet the specified format requirements format. Situs toto pakde4d toto toto toto
Cultural Accountability and Financial Practices in Mosque Institutions: Comparative Perspectives from Indonesia and Brunei Darussalam
This study examines the interplay between cultural accountability and financial practices in mosque institutions through a comparative analysis of Indonesia and Brunei Darussalam. Adopting a qualitative comparative design, data were collected through semi-structured interviews, document analysis, and field observations across selected mosques representing diverse governance structures in both countries. The study conceptualizes cultural accountability as a set of embedded norms, values, and relational mechanisms—such as trust, participation, and moral responsibility—that shape financial behavior within religious institutions. The findings reveal two distinct yet complementary governance models. In Indonesia, mosque accountability is predominantly community-driven, characterized by participatory decision-making, social trust, and flexible financial practices, including welfare distribution and mosque-based economic empowerment initiatives. In contrast, Brunei Darussalam demonstrates an institutionalized model of accountability, where financial practices are regulated within a centralized state framework emphasizing compliance, standardization, and infrastructure-oriented fund allocation. Despite these differences, both contexts share a commitment to ethical stewardship, transparency, and the integration of digital financial tools to enhance accountability. This study contributes to the literature by integrating cultural and institutional perspectives into Islamic non-profit governance and highlighting the coexistence of horizontal and vertical accountability mechanisms. The findings offer practical implications for policymakers and mosque administrators in designing balanced governance frameworks that promote transparency, financial sustainability, and community welfare in Islamic institutions.
Copyright (c) 2026 Agusdiwana Suarni, Norman Bin Hamdan, Nathasa Mazna Binti Ramli, Asharaf Bin Mohd Ramli
Green Investment in the Islamic Capital Market: Opportunities and Challenges toward a Green Economy
The escalating challenges of climate change, environmental degradation, and sustainability risks have intensified the demand for financial systems that facilitate the transition toward a green economy. Green investment has emerged as a core pillar of sustainable finance, with capital markets playing a crucial role in mobilizing long-term funding for environmentally responsible activities. Within this context, the Islamic capital market is considered to have strong normative alignment with sustainability principles due to its emphasis on ethics, justice, and accountability. However, existing research integrating green investment, Environmental, Social, and Governance (ESG) frameworks, and Islamic finance remains limited and fragmented. This study aims to systematically examine the opportunities and challenges of green investment within the Islamic capital market in supporting the green economy. Employing a Systematic Literature Review (SLR) approach, this study analyzes peer-reviewed journal articles published between 2015 and 2025. The findings reveal that the Islamic capital market holds significant potential to promote green investment through instruments such as green sukuk, ESG-oriented portfolios, and the integration of ESG with maqasid al-shariah principles. Nevertheless, several challenges persist, including the absence of standardized Sharia–ESG frameworks, divergence in ESG ratings, data quality limitations, and the risk of greenwashing. This study contributes to the literature by offering a comprehensive synthesis and providing policy and research implications to strengthen the role of Islamic capital markets in advancing a sustainable and inclusive green economy.
Copyright (c) 2026 Asri Jaya, A. Ifayani Haanurat, Nurlina Nurlina, Vikram Singh
Determinants of the Human Development Index in Indonesia in the Perspective of Maqasid al-Shariah
This study analyzes the determinants of the Human Development Index in Indonesia by examining the role of GDP per capita, economic growth, and income inequality in the perspective of maqasid al-shariah. This research is motivated by the phenomenon that high economic growth is not always followed by an improvement in the quality of human development. The research uses a quantitative approach with panel data from 34 provinces in Indonesia for the 2020–2024 period sourced from the Central Statistics Agency. The analysis was carried out using panel data regression with a Fixed Effect Model and robust standard error. The results of the study show that GDP per capita has a positive and significant effect on the Human Development Index. Meanwhile, economic growth and income inequality did not have a significant effect partially. However, simultaneously the three variables have a significant effect on human development. These findings show that human development is more influenced by the average economic capacity of a community than aggregate economic growth or income distribution in the short term. In the perspective of maqasid al-shariah, these results affirm the importance of a balance between economic growth, social justice, and community welfare. This research contributes by integrating economic empirical analysis with the perspective of maqasid al-shariah as a more comprehensive framework in understanding human development.
Copyright (c) 2026 Hafidza Sanshia Arum, Tasriani, Desrir Miftah
Maqasid al-Shariah-Based Corporate Governance, Service Excellence, and Customer Satisfaction in Islamic Hospitality Sector
This study investigates the effect of Maqāṣid al-Sharīʿah–based Good Corporate Governance (GCG) on customer satisfaction, with service excellence as a mediating variable in the Islamic hospitality sector. The research adopts an explanatory quantitative design and is conducted at Sultan Alauddin Hotel & Convention Makassar. Data were collected from 212 customers using structured questionnaires and analyzed employing Partial Least Squares–Structural Equation Modeling (PLS-SEM). GCG is operationalized through three core dimensions: transparency, accountability, and responsibility, grounded in Maqāṣid al-Sharīʿah principles. The findings reveal that transparency does not have a significant direct effect on customer satisfaction but significantly influences it indirectly through service excellence. Accountability demonstrates a strong positive and significant effect on customer satisfaction, both directly and indirectly, indicating its dominant role in shaping customer perceptions. Conversely, responsibility does not significantly affect either service excellence or customer satisfaction. Furthermore, service excellence has a significant positive effect on customer satisfaction and serves as a crucial mediating variable linking governance practices to customer outcomes. These results suggest that the effectiveness of Maqāṣid al-Sharīʿah based governance depends on its practical implementation in service delivery. Integrating ethical governance with high-quality service enhances customer satisfaction and organizational sustainability. This study contributes to the literature by bridging Islamic governance principles with service management and provides practical insights for improving competitiveness in the Islamic hospitality industry.
Copyright (c) 2026 Titin Hardianti, Muslimin Kara, Nasrullah Bin Sapa, Jamaluddin Majid, Umar Sulaiman
Financing Risk Management in the Micro Business Unit of Bank Syariah Indonesia: A Case Study of the Parepare Branch
Risk Management is a structured and systematic process of identifying, measuring, monitoring, controlling, and communicating risks in Islamic banks. This study, entitled "Financing Risk Management in the Micro Business Unit of Bank Syariah Indonesia, Parepare Branch", aims to analyze the financing process and implementation of risk management within BSI's micro business segment in Parepare. The research employed a Descriptive Qualitative method with a case study approach. Primary data was gathered through in-depth interviews with BSI employees responsible for the Micro Business Unit in the Parepare Branch, supplemented by comparison data from BSI employees outside the region. This qualitative approach ensured a deeper understanding of financing distribution procedures and specific risk strategies.The findings reveal two main results. First, the micro financing process at BSI Parepare is comprehensive, involving customer application, SLIK Checking, field checks, thorough 5C analysis, committee approval, legal binding, disbursement, and rigorous monitoring. Second, risk management is continuous, focusing on identification, measurement, monitoring, and control. Control mechanisms emphasize the analysis of micro debtors’ character and capacity, utilizing early warning systems, and offering financing restructuring to effectively minimize potential default risks.
Copyright (c) 2026 I Nyoman Budiono, Syahriayah Semaun, Andi Kiki Patmawati, Sri Sugiarti Salim, Nur Aisah Sari
This study examines the usage behavior of Shopee PayLater from the perspective of Maqasid Shariah in Sinjai Regency
This study investigates the usage behavior of Shopee PayLater within the framework of Maqasid Shariah in Sinjai Regency, Indonesia. The research aims to explore user behavior patterns, identify the underlying motivations for adopting this digital credit service, and evaluate its alignment with Islamic ethical principles. A qualitative approach within a critical paradigm was employed, involving purposively selected participants, including lecturers, religious leaders, students, and community members who actively use Shopee PayLater. Data were collected through in-depth interviews, observation, and document analysis, and analyzed using the Miles and Huberman interactive model, consisting of data reduction, data display, and conclusion drawing. The findings reveal that Shopee PayLater usage is predominantly influenced by convenience, urgent financial needs, and social factors, leading to two primary patterns: consumptive and productive use. While the service provides benefits such as facilitating access to essential goods and supporting small-scale economic activities, it also encourages impulsive consumption and poses risks of financial distress. From the Maqasid Shariah perspective, the practice partially aligns with the objectives of preserving life and wealth (hifz al-nafs and hifz al-mal), but may contradict the protection of religion and intellect (hifz al-din and hifz al-‘aql) due to elements of riba, excessive consumption, and weak financial discipline. This study contributes to the development of Islamic fintech discourse by integrating behavioral analysis with Maqasid Shariah and offers practical insights for policymakers, fintech providers, and Muslim consumers to promote ethically responsible digital financial practices.
Copyright (c) 2026 Rahmawati, Muslimin Kara, Sumarlin, Jamaluddin Majid, Muhamatsakree Manyunu
Meaningful Microenterprise in the Informal Economy: Angkringan As A Culturally Rooted Islamic Socio-Economic Practice in Java, Indonesia
This study explores angkringan—a traditional, informal street food enterprise in Java, Indonesia—as a meaningful microenterprise that embodies the principles of Islamic socio-economics within the context of the informal economy. Amid the increasing collapse of formal, globalized retail chains such as KFC in Indonesia, this research seeks to understand how culturally rooted, low-scale enterprises can offer a sustainable and socially embedded economic alternative.Adopting a qualitative-conceptual approach, the study integrates theories from the meaning economy, Islamic socio-economic ethics, and informal economic systems. Data were drawn from secondary sources including academic literature, government reports, and media documentation, as well as light contextual field observations in selected angkringan locations in Yogyakarta. The findings reveal that angkringan functions not only as a microeconomic unit but also as a space of social interaction, mutual care, and ethical trade practices. It fosters affordability, inclusivity, and community cohesion, aligning with key Islamic economic values such as ‘adalah (justice), rahmah (compassion), and kifāyah (sufficiency). Unlike formal fast-food outlets driven by profit maximization, angkringan promotes relational well-being and cultural resilience. The study argues that angkringan represents a bottom-up, value-driven model of Islamic microenterprise that is both culturally meaningful and ethically grounded. This research contributes to the development of a culturally contextualized Islamic socio-economic framework and opens new pathways for integrating local wisdom, ethical values, and community-based development into Islamic economics. It recommends a shift in policy and academic discourse from financing-centric approaches to meaning-centric, socially embedded economic practices.
Revealing the Wage Practices of Palm Oil Plantation Laborers From an Islamic Perspective in East Luwu
This study aims to reveal the wage practices of palm oil plantation laborers in Kalaena Village, Wotu District, East Luwu Regency, from an Islamic perspective. Using a qualitative method, this research involves in-depth interviews, observations, and documentation studies with laborers, plantation owners, and managers. The results show that the wage system in this area is generally conducted verbally based on mutual agreement and local customs (‘urf), yet fundamental problems persist, such as delayed wage payments, lack of transparency in harvest calculations, and wage imbalances that do not fully consider the level of work difficulty. From an Islamic perspective, wage payment is not merely an economic transaction but constitutes a moral trust that demands the application of the principles of justice (adl), honesty (shidq), appropriateness, and benevolence (ihsan). The findings affirm that the implementation of sharia principles in the wage system remains partial and needs to be improved through written agreements, transparency in wage management, and oversight by relevant institutions. By strengthening Islamic values in wage practices, it is expected that industrial harmony, improved labor welfare, and a wage system that is fair, humane, and aligned with maqashid sharia can be achieved. The recommendations of this study include the need to socialize Islamic business ethics and reform the wage system to be more adaptive to the needs of laborers and local challenges.
Copyright (c) 2026 Yulitasari Yulitasari, Alimuddin Alimuddin, Hasriyodan Hasriyodan, Yasser Mulla Shadra
Navigating the 12% VAT Increase in Indonesia: Challenges and Opportunities for Equity Investors in the Context of Islamic Finance
This study examines the economic and investment implications of Indonesia’s Value Added Tax (VAT) increase from 11% to 12%, effective January 1, 2025, within the framework of Islamic finance. The policy, part of a broader fiscal reform, aims to enhance state revenue, promote sustainable development, and strengthen fiscal stability, while applying the higher rate only to luxury goods and services. Using an exploratory qualitative approach, this research analyzes both challenges and opportunities arising for equity investors in the Indonesian capital market. Findings reveal that the VAT increase may reduce consumer purchasing power, particularly affecting consumption-driven sectors such as consumer goods and retail, thereby increasing market volatility and reducing short-term profitability. However, sectors less affected by the policy such as healthcare, technology, and halal finance present diversification opportunities aligned with Shariah principles. From an Islamic finance perspective, taxation is permissible when implemented with fairness (‘adl) and aimed at public welfare (maslahah), ensuring that vulnerable groups remain protected. The study highlights that investors integrating Shariah ethics, risk management, and sustainability considerations can navigate fiscal adjustments more effectively. Overall, the VAT increase, while posing short-term market challenges, may lead to long-term fiscal resilience and responsible investment opportunities under a just and transparent Islamic economic framework.
Copyright (c) 2025 Mutahira Nur Insirat, Hasri Ainun Syahfir, Hasri Ainun Syahfir, Darmawati Darmawati, Darmawati Darmawati, Syarifuddin Rasyid, Syarifuddin Rasyid
Environmental Accounting in Responding to the Deforestation Crisis in Indonesia : Perspective of Maqashid Shariah and Sustainability Reporting
This study aims to examine environmental accounting disclosure through the lens of Maqashid Shariah and sustainability reporting, emphasizing the role of spiritual values, ethical intentions, and moral responsibility in corporate accountability particularly in addressing the deforestation crisis. The object of analysis is the 2024 sustainability report of PT Triputra Agro Persada Tbk, Indonesia’s largest palm oil company with a significant deforestation footprint. The findings reveal that although the company presents various narratives of environmental and social commitment, the disclosure remains largely symbolic. It lacks quantitative data, measurable indicators, and verifiable environmental impacts particularly related to carbon emissions, land degradation, and conservation costs. No evidence was found of external environmental audits or written policies to protect indigenous communities, raising concerns over potential greenwashing. From the Maqashid Shariah perspective, especially concerning hifz al-bi’ah (environmental protection) and hifz al-nafs (protection of life), the sustainability report fails to reflect a deep moral and spiritual corporate responsibility. Environmental accounting, in this context, plays a crucial role in translating Islamic values into transparent, accountable, and transformative corporate disclosures. This study highlights the urgent need for more substantive sustainability reporting frameworks that integrate Shariah ethics and ecological accountability, enabling Islamic-based corporations to pursue sustainability not only for regulatory compliance or market legitimacy, but as a form of divine stewardship (amanah ilahiyah).
Copyright (c) 2025 Nur Hidayah, Alimuddin Alimuddin
Village Financial System, Accountability, Transparency, and Sharia Economic Analysis
This research analyzes the Islamic Economic Analysis of Accountability and Transparency of the Village Financial System (SISKEUDES) in Cempa Pinrang District. The purpose of this research is to analyze the implementation of accountability, identify the level of transparency, and conduct an Islamic Economic Analysis of the Village Financial System (SISKEUDES) in Cempa Pinrang District. The research method used is descriptive qualitative. This type of research is field research. This research approach employs a case study approach. The data sources used are primary data in the form of direct interviews with village officials, the community, and secondary data in the form of books, journals, and articles related to the discussed topic. The results of this research show: 1). Overall, Siskeudes has successfully improved various aspects of accountability in village financial management, although it is important to continue monitoring it. This system encourages honesty and legal compliance, makes financial processes more orderly and easier to supervise, and makes the planning and implementation of village programs and policies more transparent with active support from the community and the BPD. 2). The transparency of Village Funds in Cempa Pinrang District is good in providing data. However, the main issue is that the community still has difficulty understanding information that is too technical and not all residents have equal access. Therefore, true transparency means that information must be easy to understand and accessible to everyone, so that accountability in the use of Village Funds can truly be realized3). Siskeudes has reinforced the principles of Islamic economics in village financial management: encouraging honesty (Siddiq) in data, enhancing responsibility (Amanah) through transparency and oversight, and honing the intelligence (Fathonah) of village officials in digital administration. However, the main challenge of Tabligh (information dissemination) is to ensure that transparent data can be easily understood and accessed by all layers of society, so that transparency truly empowers and encourages public participation.
Copyright (c) 2025 Fatmawati Fatmawati, Syahriyah Semaun, An Ras Try Astuti, Muzdalifah Muhammadun, Andi Bahri
The Influence of Financial Performance on the Stability of Islamic Banks in Indonesia
This study investigates the influence of financial performance on the stability of Islamic banks in Indonesia during the 2018–2023 period. The research uses a quantitative approach with panel data regression analysis conducted through EViews software. The sample consists of five Islamic Commercial Banks (BUS) that regularly publish monthly financial statements. Secondary data were obtained from official bank websites and the Financial Services Authority (OJK). The independent variables in this study include the Capital Adequacy Ratio (CAR), Net Operating Margin (NOM), and Net Performing Financing (NPF), while the dependent variable representing bank stability is proxied by the Z-Score of Return on Assets (ROA). The results reveal that CAR and NOM have a positive and significant impact on the stability of Islamic banks, indicating that strong capital adequacy and profitability enhance resilience and financial soundness. In contrast, NPF shows an insignificant effect on bank stability, suggesting that non-performing financing levels during the observed period were manageable and did not critically threaten financial stability. These findings support both signaling theory and financial intermediation theory, emphasizing that improved capital management and operational efficiency can enhance stakeholder confidence and maintain sustainable stability in Islamic banking. The study contributes to Islamic financial literature by providing empirical evidence on the determinants of financial stability, offering valuable insights for regulators and bank managers in developing strategies to strengthen the resilience of Islamic banking institutions in Indonesia.
Copyright (c) 2025 Lasty Agustuty, Andi Rifqah Purnama Alam, Afriyani Afriyani, Nurfatwa Andriani Yasin, Hariyanti Hariyanti
Good Corporate Governance Optimizing Community Awareness in the Distribution of ZIS
This study examines how the implementation of Good Corporate Governance (GCG) principles enhances community awareness in the distribution of Zakat, Infaq, and Sadaqah (ZIS) through ZIS management literacy at BAZNAS Enrekang Regency, Indonesia. Using a descriptive qualitative approach with a case study design, data were collected through in-depth interviews, observation, and documentation involving BAZNAS administrators, sub-district zakat collection units (UPZ), muzakki (donors), and mustahik (beneficiaries). The results reveal that BAZNAS Enrekang applies GCG principles—transparency, accountability, responsibility, independence, and fairness—in managing ZIS funds. Transparency is realized through regular financial reporting and open access to information, while accountability is ensured by internal and external audits. However, limited community literacy regarding ZIS management reduces understanding and participation in zakat programs. To overcome this, BAZNAS conducts literacy campaigns, simplifies financial information, and involves muzakki in verification and distribution processes. The findings highlight that strengthening GCG-based literacy programs is essential to increase public trust, awareness, and active involvement in ZIS distribution. This study contributes to the literature on Islamic social finance governance by linking corporate governance mechanisms with public literacy and engagement outcomes.
Copyright (c) 2025 Husnul Khatimah, Mahsyar Idris, Andi Bahri S, Syahriyah Semaun, Suarning Suarning
Analysis of Employee Wages in The Perspective of Maslahah (Study of Mangnguluang Laying Hen Farm, Kalumeme Village, Ujung Bulu District, Bulukumba Regency)
Wage analysis is the process of reviewing or reviewing wage decisions or policies made by business actors to compensate their workers for the services provided. One of the analytical techniques used by ushul scholars to ensure that the laws (istinbat) whose problems are not expressly regulated in the Qur'an and Hadith is the maslahah point of view. This study aims to find out how the employee wage system is and how to review the perspective of the employee wage system in Mangnguluang Cattle, Tabuttu Kel. The type of research used is descriptive research, which describes the state of a thing or event that occurred both in the present and in the past. The information in this study was collected through observation and interviews. In this study, qualitative research techniques. The wage system at the Mangguluang Laying Hen Farm implements unilateral wage giving without a clear agreement between employees and management. In the perspective of maslahah, the practice of wages without an employment contract is not allowed because it is not in accordance with Islamic law. All employees said that the salary or wages they received were not enough to accommodate all the needs of daily life. Employees or employees' families have not been able to access higher education. While still united, single couples are able to save for marriage needs but not after marriage, and the same is true in an effort to have assets.
Copyright (c) 2025 Faiqah Mas’ud, Nurfiah Anwar, Ayu Ruqayyah Yunus
Benefits and Challenges of Issuing Municipal Bonds for the Aceh Government
The issuance of sukuk—Islamic bonds—by local governments has emerged as a viable alternative for financing infrastructure and public development, particularly in regions with special autonomy such as Aceh. This study explores the benefits and challenges of issuing municipal sukuk by the Aceh Government in light of the province’s unique legal framework under Islamic law and the scheduled termination of Special Autonomy Funds by 2027. Using a qualitative library research method, this paper reviews relevant literature, government regulations, and secondary data sources to assess the feasibility of sukuk issuance. The findings reveal several key benefits, including access to more affordable, sharia-compliant financing; reduced dependency on regional budgets and conventional loans; and the promotion of regional financial independence. However, challenges persist, such as limited regulatory clarity, insufficient infrastructure readiness, and low public literacy on sukuk instruments. To maximize the potential of sukuk, policy support, public education, and financial ecosystem strengthening are crucial. The study concludes that sukuk can serve as a strategic financial tool for sustainable development in Aceh, aligning with both economic objectives and Islamic financial principles.
Copyright (c) 2025 Trie Nadilla, Trie Nadilla, Almira Keumala Ulfah, Almira Keumala Ulfah, Shelly Midesia, Shelly Midesia, Ana Fitria, Ana Fitria, Putri Wahyu Sagala, Putri Wahyu Sagala
Community Empowerment Based on Muhammadiyah Mosque in Maros-Pangkep, South Sulawesi
This study explores the strategic role of Muhammadiyah mosques as centers for community empowerment in the districts of Maros and Pangkep, South Sulawesi, Indonesia. Utilizing a qualitative research design, data were gathered through in-depth interviews with 12 mosque administrators across selected Muhammadiyah mosques. The findings demonstrate that these mosques serve beyond their religious function, acting as hubs for socio-economic and educational development. Various empowerment initiatives ranging from entrepreneurship training, zakat and waqf-based programs, to informal education highlight the mosque’s expanded role in improving community welfare. Despite these positive impacts, the study identifies key challenges, including limited public engagement, inadequate institutional capacity, and a lack of understanding regarding the mosque’s potential as a driver for sustainable development. The research underscores the importance of structured management strategies and leadership training to enhance mosque-based empowerment programs. Furthermore, it emphasizes the integration of Islamic social finance instruments and participatory governance as critical enablers. The results contribute to the broader discourse on faith-based community development and provide a practical framework for policymakers, religious leaders, and NGOs aiming to optimize mosque roles in societal transformation, particularly within the Muhammadiyah movement. This study affirms that mosques, when professionally managed, can function as powerful agents for inclusive and sustainable development.
Copyright (c) 2025 Agusdiwana Suarni, Andi Zulfikar Busri, Andi Zulfikar Busri, Sri Wahyuni, Sri Wahyuni
Evaluating the Effectiveness of BAZNAS Zakat Distribution on Mustahik Welfare in Ajatappareng Using the CIBEST Model
Zakat distribution in Indonesia has generally been limited to material measurements, which often results in an imbalanced impact on mustahik , especially in the context of productive zakat. To address this gap, the CIBEST (Center for Islamic Business and Economic Studies) model is recognized as an effective tool for measuring both material and spiritual dimensions of welfare. This study focuses on productive zakat recipients ( mustahik ) under the auspices of BAZNAS in the Ajatappareng region, specifically in Parepare City and Sidenreng Rappang Regency. The research adopts a mixed-methods approach, combining quantitative and descriptive qualitative analysis, while using the CIBEST model to evaluate the impact of zakat distribution. Findings reveal that BAZNAS distributes both productive and consumptive zakat—including cash assistance, business equipment, and staple food—alongside training, mentoring, and empowerment programs. Based on the CIBEST quadrant analysis, significant shifts occurred in the material and spiritual poverty classifications of mustahik . Before receiving zakat, households were distributed as follows: Quadrant I (10 households), Quadrant II (22), Quadrant III (0), and Quadrant IV (3). After receiving productive zakat, the distribution changed markedly to: Quadrant I (29 households), Quadrant II (6), Quadrant III (0), and Quadrant IV (0). A paired-sample statistical test showed a significant difference in household income before and after zakat assistance, with a p-value (Sig. 2-tailed) of 0.000 (< 0.05). These findings confirm that productive zakat distribution by BAZNAS has a positive and statistically significant impact on improving the economic welfare of mustahik in the Ajatappareng region.
Copyright (c) 2025 Aditya Yusriadi, Damirah Damirah, Damirah Damirah, Fikri Fikri, Fikri Fikri, Darmawati Darmawati, Darmawati Darmawati, Muhammad Kamal Zubair, Muhammad Kamal Zubair
Fractional Reserve Banking in Islamic Finance: A Comparative Analysis of Islamic and Western Economic Perspectives
This article examines the concept and implementation of fractional reserve banking (FRB) through the lens of both Western economic thought and Islamic finance. Utilizing a qualitative methodology with a library research approach, this study investigates theoretical and practical differences between the two paradigms. In conventional Western finance, FRB is widely accepted as a mechanism that enables credit expansion, supports investment, and enhances liquidity within financial systems. Economists such as Mises, Keynes, and Rothbard offer varying justifications and criticisms of this system—ranging from monetary creation efficiency to moral hazards such as artificial credit inflation. Conversely, Islamic economic thought fundamentally challenges the legitimacy of FRB due to its connection with interest (riba), risk of gharar (uncertainty), and issues of dual ownership in deposit structures. Islamic scholars argue that the practice contradicts the principles of ownership (milkiyah) and justice in financial dealings, thereby undermining the ethical framework of Sharia-compliant finance. The paper highlights how the replication of conventional banking practices in Islamic finance raises concerns about authenticity and systemic risks. Additionally, it addresses the resurgence of proposals for full-reserve banking following global financial crises, suggesting growing discontent with the status quo. Ultimately, this comparative analysis reveals a significant philosophical and operational divide between Western and Islamic views on banking and monetary policy. The study contributes to ongoing discussions about ethical financial reform and provides critical insights into the viability of implementing fractional reserve banking in Islamic financial institutions.
Determinants of Trust in BAZNAS and Implications for Interest in Paying Zakat
This research aims tois to determine the impact of accountability and transparency on trust in amil zakat institutions and its implications for muzak interest in paying zakat in BAZNAS Jambi City. The respondents are 100 muzak who pay zakat in BAZNAS Jambi City. The results show that the variable accountability has a significant effect on trust in Amil Zakat Agency with a p-value of 0.000 < 0.05. Transparency variable has significant effect on trust in Amil Zakat Agency with p-value 0.002 < 0.05. Variable accountabilityhas no effect on the interest of Muzakki towards Zakat payment with p value 0.286 > 0.05. The variable transparency has no effect on the interest of muzak towards paying zakat with p-statistic value 0.150 > 0.05. The variable accountability has a significant effect on muzak's interest in zakat payment mediated by trust in Amil zakat agencies with p-value 0.000 < 0.05. The transparency variable has a significant effect on muzak interest in zakat payment mediated by trust in amil zakat institutions, with a p-value of 0.0018 < 0.05.
Copyright (c) 2025 Mutiara Kinanti, Wirmie Eka Putra, Wirmie Eka Putra, Wirmie Eka Putra, Fitrini Mansur, Fitrini Mansur, Fitrini Mansur
Halal Certification Priorities for Indonesian MSEs: A Comparison Between Stakeholder Perspectives and AI-Based Insights
The implementation of mandatory halal certification in Indonesia poses significant challenges for Micro and Small Enterprises (MSEs), primarily due to constrained financial, technical, and human resources, as well as complex regulatory frameworks. This study investigates strategic priorities to support MSEs in navigating the halal certification process by juxtaposing qualitative perspectives from key halal ecosystem stakeholders government officials, certification bodies, MSE practitioners, and halal influencers with insights generated through artificial intelligence (AI). Employing content and thematic analysis, the study addresses the core research question: “What should be prioritized to facilitate halal certification for Indonesian MSEs?” The findings highlight both areas of convergence and divergence between human and AI-generated perspectives, particularly concerning the practicality, scalability, and sustainability of proposed interventions. While stakeholders emphasize the need for institutional support, simplified procedures, and capacity building, AI contributes innovative, data-driven strategies such as automated compliance tools and targeted digital outreach. This integrative analysis offers a novel contribution by bridging human-centric knowledge with AI-enabled foresight, thereby informing evidence-based policymaking and operational strategies. Ultimately, the study provides a multidimensional roadmap for enhancing the accessibility, efficiency, and inclusivity of halal certification in Indonesia, particularly for MSEs that constitute a vital segment of the national economy and halal value chain.
Copyright (c) 2025 Anita Priantina, Safeza Mohd Sapian, Zurina Shafii, Norhazlina Ibrahim
Profit Accountability in Small and Medium Enterprises: An Islamic Accounting Perspective
This study explores the concept of profit accountability in Small and Medium Enterprises (SMEs) from an Islamic accounting perspective, with a specific focus on SMEs in Bantaeng Regency, South Sulawesi, Indonesia. Recognizing SMEs as vital contributors to regional economic development, this research addresses the limited understanding of how profit is perceived and managed within such enterprises, especially under religious and cultural values. Employing a qualitative field research design, data were collected through interviews, observations, and documentation involving 29 SME actors and local cooperative agencies. Data validity was ensured through triangulation and assessed using the criteria of credibility, transferability, dependability, and confirmability. The findings reveal that SME actors tend to maintain informal and basic financial records. More importantly, the notion of accountability extends beyond human stakeholders to a spiritual accountability to Allah SWT, reflecting the integration of religious values in business practices. Profit, in this context, is not merely financial but also encompasses non-material dimensions such as health, social relationships, knowledge, and spiritual fulfillment. This study contributes to the literature on Islamic accounting by providing a contextual understanding of accountability and profit, offering insights for policymakers and practitioners seeking to support SME development in socio-religious settings.
Sharia-Compliant Digital Marketing Strategies to Boost Sales Revenue for Micro, Small, and Medium Enterprises in Parepare City
This study investigates the implementation of sharia-compliant digital marketing strategies to enhance the sales turnover of Micro, Small, and Medium Enterprises (MSMEs) in Parepare City. Using a qualitative approach with a case study methodology, data were collected through direct observation, in-depth interviews, and documentation. The research focuses on understanding the effectiveness of digital marketing through social media platforms such as Facebook, Instagram, and TikTok while adhering to Islamic ethical principles. The findings reveal that before adopting digital marketing strategies, MSMEs in Parepare City experienced stagnant, declining, or inconsistent turnover due to reliance on traditional marketing methods. However, after utilizing social media for product promotion, most MSMEs reported turnover increases ranging from 20% to 80%. Facebook emerged as the most widely used platform, providing significant outreach and engagement opportunities. Additionally, TikTok and Instagram contributed to customer engagement through creative and interactive content. From an Islamic perspective, the study highlights that MSME actors operate their businesses in line with the principles of falah (worldly and spiritual prosperity), emphasizing transparency, fairness, and ethical practices in their marketing efforts. The adoption of sharia-compliant digital marketing strategies not only enhanced sales performance but also supported sustainable and ethical business operations. This study underscores the potential of digital marketing as a transformative tool for MSMEs, particularly when aligned with Islamic values. Future research could expand the scope by exploring additional sectors or regions to provide a more comprehensive understanding of the impact of digital marketing strategies on business growth.
The Potential of Sharia Pawnshops in Promoting Financing of Micro, Small and Medium Enterprises (Umkm) in South Sulawesi
This study aims to find out how the potential of sharia pawnshops in encouraging the financing of Micro, Small and Medium Enterprises (MSMEs). The type of research used is a qualitative research method. The processed data is the result of interviews with sharia pawnshop employees in South Sulawesi. Data collection methods in this study are interviews, observation, Documentation Studies in which the authors go directly to see the conditions in the field. The results of this study indicate that the advantages of Islamic pawnshops in financing the MSME sector are: government owned, credit insurance, the process is easy, min -3 working days, guidance to customers but there are some things that need to be considered for MSME actors, namely they cannot take financing at sharia pawnshops when their business does not yet have a business license from the government and also there is no bookkeeping of the business being run so that the sharia pawnshop has difficulty in providing capital to MSMEs.
Copyright (c) 2024 Syahidah Rahmah, Muh. Sigit
Falah Mart Business Development Strategy as Foundation Supporter in Islamic Economic Perspective
This research aims to determine the business development strategy of Falah Mart as a supporter of the Foundation and from an Islamic economic perspective. This research method is qualitative ex post facto focusing on seven research subjects through a purposive sampling method. Data was collected by conducting in-depth interviews and analyzed using the Miles and Huberman theory and SWOT analysis. The research results reveal that there are several strategies from internal and external factors that need to be developed through a combination SWOT Analysis matrix. Other strategies are product development, market development (price, promotion, distribution), business capital development, and human resource quality development. As for the Islamic economic perspective, Falah Mart applies the principles of honesty, friendliness, ta'awun (mutual help), responsibility, noble character, justice, cooperation, awareness of the welfare of life in this world and the hereafter.
Copyright (c) 2024 Abdul Rauf, Siradjuddin Siradjuddin, Siradjuddin Siradjuddin, Wahid Haddade, Wahid Haddade
Effectiveness of Ziswaf Fundraising Through (QRIS) in Efforts to Increase Institutional Income
The aim of this research is to determine the effectiveness of ZISWAF fundraising through QRIS media for the income of institutions in Wahdah, the inspiration for zakat, Makassar city. The research method used in this research uses a qualitative method using a phenomonological approach to see the phenomena that occur in institutions and society with the existence of QRIS media as a fundraising tool at Wahdah zakat inspiration. The results of the research show that collecting funds through QRIS is quite helpful in making transactions easier for people who want to pay zakat or want to donate to the Wahdah Inspiration Zakat city of Makassar. It's just that with the existence of QRIS media, there are still many people who don't trust collecting through QRIS media and don't even know how to do it. its operation. QRIS media has not had a big impact on fundraising because people who donate large amounts use mobile banking and there is a lack of funds generated through QRIS so it can be said to be ineffective.
Copyright (c) 2024 Ilman Nur, Muhtar Lutfi, Ahmad Efendi, Jamaluddin Majid, Rahmawati Muin
Factors Influencing People's Decision to Save in Sharia Bank (Case Study in Sleman District)
This research aims to analyze the determinants that have an influence on savings decisions in regional sharia banks in Sleman Regency. The possibility of a technical sample is the sampling technique in this research. From this technique there were 116 respondents. This research data is primary data with multiple linear regression methods. Research finds that the religiosity variable has no influence on people's decisions to save in Islamic banks. Meanwhile, the variables of trust, level of results and knowledge have a significant positive influence on the decision to save. Meanwhile, simultaneously all the research variables that influence the decision to save at a regional sharia bank in Sleman Regency with a coefficient of 0.630 promise from the results of this research that sharia banks are able to maintain the variables of trust, knowledge and level of profit sharing which are the dominant factors that influence people to save at the k sharia bank.
Copyright (c) 2024 Ayif Fathurrahman, Dian Puspita Ratnasari, Dian Puspita Ratnasari
Analyzing Sharia Compliance in Fintech: Measuring the Relevance of its Services with the Principles of Islamic Economic Law
This research is a literature review. The method used in this research is Library Research or literature review, which gathers data from literature and other sources that support and are relevant to the discussion in this research. The results of this research are that Fintech that adheres to Sharia principles has significant relevance in the context of Indonesia, where the majority of the population is Muslim. The practice of Fintech in accordance with Sharia economics reflects a commitment to avoiding usury, adhering to principles of Sharia financing, increasing consumer awareness, and supporting the growth of Sharia financial markets. This creates important economic, financial, and social benefits for the Muslim community while simultaneously reflecting values of integrity, transparency, and justice in business operations. Thus, this research emphasizes that the implementation of Sharia principles in Fintech is a wise and sustainable step in supporting the development of Islamic economics and financial services in line with Islamic values in Indonesia. Keywords: Islamic Economic Law, Fintech, Sharia Services
Copyright (c) 2024 Nor Risnawati, Weldy Ahmad Fayyadhi, Weldy Ahmad Fayyadhi
Bank Muamalat Indonesia Branch Kolaka Strategy in Encouraging Small and Intermediate Business in Regency Kolaka
The aim of this research is a qualitative descriptive type of research with the aim of finding out the strategy of Bank Muamalat Indonesia Kolaka branch in encouraging small and medium businesses in Kolaka district and to find out the back to back financing mechanism at Bank Muamalat Indonesia Kolaka branch in encouraging small and medium businesses in Kolaka district . The results of the research show data using interviews and data collection regarding the strategy of Bank Muamalat Indonesia Kolaka branch in encouraging small and medium businesses in Kolaka district and to find out the back to back financing mechanism at Bank Muamalat Indonesia Kolaka branch, the author draws an important conclusion, namely a business strategy that can in the form of geographic expansion, diversification, acquisition, product development, market penetration, employee rationalization, divestment, liquidation, as well as to determine and achieve organizational goals and special mechanisms that can differentiate one from another.
Copyright (c) 2024 Agusdiwana Suarni, Sri Wahyuni, Meli Amanda
Al-Adalah Concept in Distribution of Zakat Funds Towards Mustahiq Zakat in Lazismu Makassar City
The aim of this study is to investigate the implementation of the Al-Is concept in the distribution of zakat funds to mustahiq zakat recipients in the Lazis City Makassar. The research method employed is qualitative in nature. Data processing involves analysis of interviews conducted with staff members of Lazis City Makassar (Administrative Body Secretariat). Data collection methods include interviews, observations, and documentation studies, with the authors directly observing field conditions. The findings of this study reveal that the implementation of the Al-Is concept in distributing zakat funds to mustahiq zakat recipients in Lazis City Makassar has been carried out. However, there are variations in the allocation of funds among the eight asnaf categories. This variation reflects the principle of fairness in distributing zakat funds among the eight asnaf categories, which is determined based on the needs of each recipient category. The decision-making process regarding the allocation of funds is influenced by sharia board decisions, which may vary depending on the needs and conditions of each area.
Copyright (c) 2024 Agusdiwana Suarni, Muhammad Najib Kasim, Syahrir Japar
Mosque Financial Management ( Study Cases At Mosques In The District Herlang Regency Bulukumba )
Study This aim For investigate practice management financial funds for mosques in the district Herlang , Regency Bulukumba . Study This use method qualitative descriptive that combines observation , interviews , and documentation as tool data collection . Data sources used in study This consists from primary data and secondary data . Research results indicated that fund management at the Nurul Yaqin Mosque , Nurul Hijad , Nurul Amin, and Babul Khaer Mosque based on principles management finance , incl planning , implementation , and evaluation . Management of mosque funds involves a number of aspect important , like system receiving funds, managing funds, and reporting funds. The potential funds managed by the mosque make it possible become A source well-being for public local area and contribute to the prosperity of the mosque yourself . In context this , practice management Good finances in the Mosque are very important For ensure that funds are received and managed with efficient and transparent . Research results This can give valuable insight _ about How management finance can improved in context management of mosque funds in this region.
Copyright (c) 2023 Agusdiwana Suarni, Nurlina Nurlina, Nurlina Nurlina, Irna Yulianti, Irna Yulianti