Share: Jurnal Ekonomi dan Keuangan Islam
Effective from Volume 15, No. 1 (2026), Share: Jurnal Ekonomi dan Keuangan Islam is using this platform. The journal has migrated from the previous website. Original Title : Share: Jurnal Ekonomi dan Keuangan Islam English Title : Share: Journal of Islamic Economics and Finance Frequency : Two issues per year (June and December)—continues publication Publication Model : Open Access Indexing : DOAJ | Index Copernicus | Google Scholar, etc. ISSN : 2549-0648 (online) | 2089-6239 (print) Chief Editor : Prof. Dr. Azharsyah Ibrahim, SE.Ak., M.S.O.M. DOI Prefix : 10.22373/share Publisher : Universitas Islam Negeri Ar-Raniry Banda Aceh Accreditation : Sinta 2 Share: Jurnal Ekonomi dan Keuangan Islam [SHARE] is a peer-reviewed, double-blind journal published by the Faculty of Islamic Economics and Business at Universitas Islam Negeri Ar-Raniry in Banda Aceh, Indonesia. SHARE publishes research and concept papers pertaining to the field of Islamic economics and finance in open-access format, allowing users to freely access and download the articles under the CC BY SA license. SHARE has been a CrossRef Member since 2017, which means that each paper published by the journal will have a unique DOI number. SHARE has been indexed by numerous reputable indexing services, including DOAJ, Index Copernicus, Scilit, WorldCat, Google Scholar, Dimensions, EBSCO, and many others. SHARE is listed among the top journals in Indonesia by the Indonesian journal accreditation body (Tier 2), as authorized by the Decree of Director General of Research and Development, Ministry of Higher Education, Science, and Technology, No. 295/C/C3/KPT/2026. Currently, SHARE is under consideration for inclusion in SCOPUS and WoS Indexed in:
SHARE allows the author(s) to hold the copyright and to retain the publishing rights without restrictions. Authors who publish with this journal agree to the following terms: Authors retain copyright and grant the journal a right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC-BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work
Copyright (c) 2026 https://creativecommons.org/licenses/by-sa/4.0
Synergizing Digital Innovation, Sustainability, and Maqashid al-Shariah in the Global Islamic Economy
This issue presents an extensive and timely collection of scholarly works that examine the continuing transformation of Islamic economics and finance in response to digital disruption, sustainability imperatives, institutional reform, and changing socio-economic behavior. The articles published in this volume engage with several critical domains, including the digitalization of Islamic social finance, the strengthening of zakat and waqf governance, the expansion of halal industries and halal tourism, the advancement of Islamic banking stability and corporate governance, and the evolving dynamics of Islamic capital markets and financial behavior. In addition, this edition places significant emphasis on the socio-economic application of Maqashid al-Shariah, particularly in the context of digital economic transformation, institutional efficiency, household resilience, and contemporary Islamic financial instruments. Collectively, these contributions offer rigorous theoretical reflections, robust empirical findings, and practical policy recommendations for building an Islamic economy that is ethical, inclusive, adaptive, sustainable, and spiritually grounded in the digital era.
Copyright (c) 2026 Azharsyah Ibrahim (Author) https://creativecommons.org/licenses/by-sa/4.0
Sharia Influencer Effect on Islamic Savings Intention among Generation Z in Indonesia
Digital transformation has reshaped the way Islamic financial literacy is delivered, particularly through social media platforms where Generation Z actively consumes information and forms financial intentions. However, limited studies have examined how Sharia influencers operating on different platforms contribute to Islamic savings intention, especially within a comparative digital context. This study aims to analyze the effectiveness of Sharia influencers on Instagram and TikTok in shaping Generation Z’s interest in Islamic savings products in Indonesia. A quantitative approach was employed using a survey of 159 Generation Z respondents who had been exposed to Sharia influencer content. Data were analyzed using Exploratory Factor Analysis (EFA), reliability testing, multiple regression analysis, and independent-samples t-tests. The findings reveal two dominant dimensions of Sharia influencer effectiveness, namely trust and relevance, as well as education and content consistency. Regression results indicate that educational value, content relevance, and Islamic value communication significantly influence interest in Islamic savings, while trust and attractiveness do not show significant direct effects. Furthermore, Instagram demonstrates stronger effectiveness than TikTok in influencing interest, suggesting deeper cognitive engagement and stronger credibility formation. These results highlight that Islamic financial intention among Generation Z is primarily driven by meaningful, educational, and value-based digital content rather than superficial influencer appeal. The study contributes to Islamic marketing and behavioral finance literature by emphasizing the role of platform-specific communication strategies in strengthening Islamic financial inclusion. ABSTRAK - Pengaruh Influencer Syariah terhadap Niat Menabung Syariah di Kalangan Generasi Z di Indonesia. Perkembangan teknologi digital telah mengubah pola penyampaian literasi keuangan syariah, khususnya melalui media sosial yang menjadi ruang utama bagi Generasi Z dalam mengakses informasi dan membentuk minat keuangan. Meskipun demikian, kajian yang membandingkan peran influencer syariah lintas platform dalam membentuk minat terhadap tabungan syariah masih relatif terbatas. Penelitian ini bertujuan untuk menganalisis efektivitas influencer syariah di Instagram dan TikTok dalam membentuk minat Generasi Z terhadap produk tabungan syariah di Indonesia. Penelitian ini menggunakan pendekatan kuantitatif melalui survei terhadap 159 responden Generasi Z yang telah terpapar konten influencer syariah. Analisis data dilakukan dengan Exploratory Factor Analysis (EFA), uji reliabilitas, regresi linier berganda, serta uji beda independent-samples t-test. Hasil penelitian mengidentifikasi dua dimensi utama efektivitas influencer syariah, yaitu dimensi kepercayaan dan relevansi, serta dimensi edukasi dan konsistensi konten. Analisis regresi menunjukkan bahwa nilai edukatif, relevansi konten, dan penyampaian nilai-nilai Islam berpengaruh signifikan terhadap minat tabungan syariah, sementara kepercayaan dan daya tarik influencer tidak menunjukkan pengaruh langsung. Temuan lainnya menunjukkan bahwa Instagram lebih efektif dibandingkan TikTok dalam membentuk minat tabungan syariah, yang mengindikasikan adanya proses pemrosesan kognitif yang lebih mendalam serta pembentukan kredibilitas yang lebih kuat pada platform tersebut. Secara keseluruhan, hasil penelitian menegaskan bahwa minat keuangan syariah Generasi Z lebih dipengaruhi oleh konten yang bersifat edukatif, relevan, dan berbasis nilai, dibandingkan aspek visual atau popularitas influencer semata. Penelitian ini berkontribusi pada literatur pemasaran Islam dan perilaku keuangan dengan menekankan pentingnya strategi komunikasi digital yang selaras dengan karakteristik platform dalam mendorong inklusi keuangan syariah.
Economic practices among Muslim communities
Copyright (c) 2026 Acu Kusnandar (Author) https://creativecommons.org/licenses/by-sa/4.0
What Drives Online Halal Food Purchasing Decisions? Evidence from Indonesian Muslim Consumers
The rapid expansion of e-commerce and digital consumption in Indonesia has transformed consumer purchasing behavior, including in the halal food sector. As one of the world’s largest Muslim-majority countries, Indonesia presents a unique context in which halal considerations intersect with digital information, online interaction, and brand reputation in shaping consumer decisions. This study examines the effects of halal awareness, information quality, and online reviews on purchasing decisions, with brand trust serving as a mediating variable, for Indomie instant noodle products purchased through the Shopee e-commerce platform among Muslim consumers in the Jabodetabek region. The study employed a quantitative research design using primary data collected through questionnaires distributed to 230 respondents. Responses were measured using a Likert scale and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The findings indicate that halal awareness does not significantly influence purchasing decisions or brand trust. In contrast, information quality and online reviews significantly and positively affect both purchasing decisions and brand trust. Brand trust also demonstrates a significant positive influence on purchasing decisions. Furthermore, brand trust mediates the relationships between information quality, online reviews, and purchasing decisions, but does not mediate the relationship between halal awareness and purchasing decisions. The study contributes to the growing literature on halal consumer behavior and digital commerce by demonstrating that, within the context of well-established halal-certified brands, online informational factors and consumer-generated content play a more dominant role in influencing purchasing decisions than halal awareness alone. ABSTRAK - Apa yang Mendorong Keputusan Pembelian Online Makanan Halal? Bukti dari Konsumen Muslim Indonesia. Perkembangan e-commerce dan konsumsi digital di Indonesia telah mengubah pola perilaku konsumen, termasuk dalam pembelian produk makanan halal. Sebagai negara dengan populasi Muslim terbesar di dunia, Indonesia menghadirkan konteks yang menarik ketika pertimbangan halal berinteraksi dengan kualitas informasi digital, ulasan konsumen, dan kepercayaan merek dalam memengaruhi keputusan pembelian. Penelitian ini bertujuan menganalisis pengaruh halal awareness, quality of information, dan online review terhadap keputusan pembelian dengan brand trust sebagai variabel mediasi pada produk mi instan Indomie melalui platform e-commerce Shopee di kalangan konsumen Muslim Jabodetabek. Penelitian menggunakan pendekatan kuantitatif dengan data primer yang diperoleh melalui penyebaran kuesioner kepada 230 responden. Pengukuran dilakukan menggunakan skala Likert dan dianalisis menggunakan metode Partial Least Squares–Structural Equation Modeling (PLS-SEM) dengan bantuan perangkat lunak SmartPLS 4. Hasil penelitian menunjukkan bahwa halal awareness tidak berpengaruh signifikan terhadap keputusan pembelian maupun brand trust. Sebaliknya, quality of information dan online review berpengaruh positif dan signifikan terhadap keputusan pembelian serta brand trust. Brand trust juga terbukti berpengaruh positif signifikan terhadap keputusan pembelian. Selain itu, brand trust mampu memediasi pengaruh quality of information dan online review terhadap keputusan pembelian, tetapi tidak memediasi pengaruh halal awareness terhadap keputusan pembelian. Penelitian ini memberikan kontribusi pada literatur perilaku konsumen halal dan perdagangan digital dengan menunjukkan bahwa pada merek halal yang telah mapan, faktor informasi digital dan ulasan konsumen memiliki pengaruh yang lebih dominan dibandingkan kesadaran halal dalam membentuk keputusan pembelian konsumen.
Copyright (c) 2026 Cupian Cupian, Agisty Aulia Trisnanda, Sarah Annisa Noven (Author) https://creativecommons.org/licenses/by-sa/4.0
Contract-Specific Effects of Fintech on Islamic Financing Profitability
As Islamic banks continue to expand their financing activities and accelerate digital transformation, understanding how different financing contracts contribute to profitability has become increasingly important. This study examines the effects of Islamic financing contracts on the net profit of Islamic banks and investigates whether fintech moderates these relationships. The analysis covers six financing contracts: murabahah, mudharabah, musyarakah, ijarah, istishna', and qardh. Using a quantitative explanatory design, the study employs monthly aggregate data from the Indonesian Islamic Banking Statistics published by the Financial Services Authority (OJK) from January 2015 to December 2024. Fintech is proxied by operational expenditure efficiency, and the hypotheses are tested using Moderated Regression Analysis (MRA). The findings reveal that the profitability effects of Islamic financing differ across contract types. Mudharabah financing is associated with a significant negative effect on net profit, whereas istishna' financing has a significant positive effect. In contrast, murabahah, musyarakah, ijarah, and qardh financing do not significantly influence net profit. The results further show that fintech strengthens the relationship between istishna' financing and net profit but does not significantly moderate the effects of the other financing contracts. These findings suggest that the contribution of fintech to profitability depends on the characteristics of individual contracts, particularly their operational complexity, monitoring intensity, and risk profile. This study contributes to the Islamic banking literature by highlighting the contract-specific role of fintech and suggests that digitalization efforts should be prioritized in financing activities that require intensive monitoring and project management, especially istishna' financing. ABSTRAK - Pengaruh Spesifik Fintech terhadap Profitabilitas Pembiayaan Syariah Berdasarkan Akad. Perkembangan pesat perbankan syariah dan teknologi keuangan (financial technology atau fintech) menimbulkan pertanyaan penting mengenai bagaimana berbagai akad pembiayaan syariah berkontribusi terhadap profitabilitas bank serta sejauh mana inovasi teknologi mampu meningkatkan efektivitasnya. Penelitian ini bertujuan menganalisis pengaruh akad pembiayaan syariah terhadap laba bersih bank syariah serta menguji peran fintech sebagai variabel moderasi dalam hubungan tersebut. Analisis difokuskan pada enam akad pembiayaan, yaitu murabahah, mudharabah, musyarakah, ijarah, istishna', dan qardh. Penelitian menggunakan pendekatan kuantitatif eksplanatori dengan data agregat bulanan yang bersumber dari Statistik Perbankan Syariah Indonesia yang diterbitkan oleh Otoritas Jasa Keuangan (OJK) selama periode Januari 2015 hingga Desember 2024. Fintech diproksikan melalui efisiensi biaya operasional, sedangkan pengujian hipotesis dilakukan menggunakan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa pengaruh pembiayaan syariah terhadap laba bersih bersifat heterogen antarakad. Pembiayaan mudharabah berpengaruh negatif signifikan terhadap laba bersih, sedangkan pembiayaan istishna' berpengaruh positif signifikan. Sebaliknya, pembiayaan murabahah, musyarakah, ijarah, dan qardh tidak menunjukkan pengaruh yang signifikan. Temuan penelitian juga menunjukkan bahwa fintech hanya memperkuat hubungan antara pembiayaan istishna' dan laba bersih, sementara tidak memoderasi hubungan pada akad lainnya. Hasil ini mengindikasikan bahwa efektivitas fintech bergantung pada karakteristik operasional, kebutuhan pengawasan, dan struktur risiko masing-masing akad pembiayaan. Penelitian ini berkontribusi pada literatur perbankan syariah dengan menunjukkan bahwa peran fintech dalam meningkatkan profitabilitas bersifat spesifik terhadap akad tertentu, bukan berlaku secara universal. Oleh karena itu, bank syariah perlu mengarahkan strategi digitalisasi secara lebih terfokus pada pembiayaan yang memiliki kompleksitas operasional dan kebutuhan monitoring yang tinggi, terutama pembiayaan istishna'.
Copyright (c) 2026 Erwin Saputra Siregar, Fitri Sagantha, M. Taufik Ridho, Rohaiza Kamis, Intan Rizkiana (Author) https://creativecommons.org/licenses/by-sa/4.0
Do Islamicity Performance and Green Banking Improve Islamic Bank Stability in Indonesia?
Islamic banking has increasingly emphasized the integration of Sharia compliance and sustainability practices as part of its long-term resilience strategy. However, empirical evidence regarding the relationship between Islamicity-based performance, Green Banking, and bank stability remains inconclusive, particularly in emerging Islamic financial systems such as Indonesia. This study investigates the influence of Islamicity Performance Index (IPI) components and Green Banking practices on the stability of Islamic banks in Indonesia during the 2021–2024 period. Using balanced panel data from Islamic commercial banks, the study examines five IPI dimensions, namely Profit-Sharing Ratio (PSR), Zakat Performance Ratio (ZPR), Equitable Distribution Ratio (EDR), Directors–Employees Welfare Ratio (DEWR), and Islamic Income versus Non-Islamic Income Ratio (IsIR). Moderated Regression Analysis (MRA) with pooled panel estimation and HC3 robust standard errors was employed to evaluate both direct and moderating effects. The findings reveal that only IsIR demonstrates a consistent positive and significant effect on bank stability, indicating that income purity remains the primary source of resilience in Islamic banking institutions. Meanwhile, PSR, ZPR, EDR, and DEWR do not show significant direct effects, suggesting that distributive justice, welfare orientation, and risk-sharing mechanisms have not yet translated into measurable short-term stability outcomes. In addition, Green Banking does not moderate any relationship between IPI indicators and bank stability, implying that sustainability initiatives still operate separately from core Sharia performance systems. These findings contribute to stakeholder theory, maqāṣid al-sharīʿah, and sustainability theory by highlighting the limited institutional integration of ethical, social, and environmental governance within Islamic banking. The study emphasizes the importance of strengthening integrated Sharia–ESG governance, enhancing risk-sharing financing structures, and embedding sustainability considerations into banking operations and strategic decision-making. ABSTRAK - Apakah Kinerja Islamicity dan Green Banking Meningkatkan Stabilitas Bank Syariah di Indonesia? Perbankan syariah semakin dituntut untuk mengintegrasikan kepatuhan syariah dan praktik keberlanjutan sebagai bagian dari upaya memperkuat ketahanan jangka panjang. Meskipun demikian, bukti empiris mengenai hubungan antara kinerja berbasis Islamicity, Green Banking, dan stabilitas bank masih menunjukkan hasil yang beragam, khususnya pada sistem keuangan syariah di negara berkembang seperti Indonesia. Penelitian ini menganalisis pengaruh komponen Islamicity Performance Index (IPI) dan praktik Green Banking terhadap stabilitas bank umum syariah di Indonesia selama periode 2021–2024. Studi ini menggunakan data panel seimbang dengan lima dimensi IPI, yaitu Profit Sharing Ratio (PSR), Zakat Performance Ratio (ZPR), Equitable Distribution Ratio (EDR), Directors–Employees Welfare Ratio (DEWR), serta Islamic Income versus Non-Islamic Income Ratio (IsIR). Analisis dilakukan dengan Moderated Regression Analysis (MRA) menggunakan estimasi pooled panel dan HC3 robust standard errors untuk menguji pengaruh langsung dan efek moderasi. Hasil penelitian menunjukkan bahwa hanya IsIR yang berpengaruh positif signifikan terhadap stabilitas bank, yang mengindikasikan bahwa kemurnian pendapatan halal masih menjadi faktor utama ketahanan perbankan syariah. Sebaliknya, PSR, ZPR, EDR, dan DEWR tidak menunjukkan pengaruh signifikan. Selain itu, Green Banking tidak terbukti memoderasi hubungan antara indikator IPI dan stabilitas bank, yang menunjukkan bahwa praktik keberlanjutan belum terintegrasi secara optimal dalam kinerja syariah inti. Temuan ini memperkaya literatur terkait teori pemangku kepentingan, maqāṣid al-sharīʿah, dan keberlanjutan, sekaligus menegaskan pentingnya penguatan integrasi Sharia–ESG, pengembangan pembiayaan berbasis bagi hasil, serta internalisasi prinsip keberlanjutan dalam strategi perbankan syariah.
Copyright (c) 2026 Ahmad Fauzul Hakim Hasibuan, Syawal Harianto, Syahru Liza Putri Akmal (Author) https://creativecommons.org/licenses/by-sa/4.0
Digitalization, AI Adoption, and MSME Productivity: An Ibn Khaldunian Perspective
Micro, Small, and Medium Enterprises (MSMEs) in Indonesia face persistent challenges in improving labor productivity amid rapid digital transformation and the expansion of artificial intelligence (AI). Although digitalization has increased substantially, its productivity effects remain uneven across provinces and are influenced by institutional, cultural, and religious contexts. Grounded in Ibn Khaldun’s concepts of asabiyyah and tadbir al-‘umran, this study examines the relationship between digitalization, AI adoption, and MSME labor productivity while assessing the moderating role of religiosity. The study employs an explanatory quantitative approach using provincial-level panel data during 2020–2023. The primary estimation uses a fixed-effects model with robust standard errors, complemented by exploratory analyses using Double Machine Learning, Causal Forest, and XGBoost. The findings show that digitalization has a positive and significant effect on labor productivity, whereas AI adoption has not yet generated measurable productivity gains. Religiosity marginally weakens the relationship between digitalization and productivity, indicating transitional adaptation frictions within highly normative environments rather than resistance to technology. These findings suggest that sustainable productivity gains depend not only on technological adoption, but also on institutional capacity, ethical governance, and collective learning mechanisms. The study contributes to the digital transformation literature by extending Ibn Khaldun’s institutional perspective and offers policy insights for strengthening sustainable MSME digital ecosystems in Indonesia. ABSTRAK - Digitalisasi, Adopsi AI, dan Produktivitas UMKM: Perspektif Ibn Khaldun. Usaha Mikro, Kecil, dan Menengah (UMKM) di Indonesia menghadapi tantangan dalam meningkatkan produktivitas tenaga kerja di tengah percepatan transformasi digital dan perkembangan kecerdasan buatan (artificial intelligence/AI). Meskipun digitalisasi berkembang pesat, dampaknya terhadap produktivitas masih berbeda antarprovinsi dan dipengaruhi oleh faktor institusional, budaya, dan religiositas. Berlandaskan konsep asabiyyah dan tadbir al-‘umran dari Ibn Khaldun, penelitian ini menganalisis hubungan antara digitalisasi, adopsi AI, dan produktivitas tenaga kerja UMKM serta menguji peran moderasi religiositas. Penelitian menggunakan pendekatan kuantitatif eksplanatori dengan data panel tingkat provinsi selama periode 2020–2023. Estimasi utama dilakukan melalui model fixed effects dengan robust standard errors dan dilengkapi analisis eksploratif menggunakan Double Machine Learning, Causal Forest, dan XGBoost. Hasil penelitian menunjukkan bahwa digitalisasi berpengaruh positif dan signifikan terhadap produktivitas tenaga kerja, sedangkan adopsi AI belum menunjukkan dampak yang signifikan. Religiositas memoderasi hubungan digitalisasi dan produktivitas secara negatif marginal, yang mencerminkan friksi adaptasi dalam lingkungan dengan kohesi normatif tinggi, bukan penolakan terhadap teknologi. Temuan ini menunjukkan bahwa keberhasilan transformasi digital bergantung pada kapasitas kelembagaan, tata kelola etis, dan mekanisme pembelajaran kolektif. Studi ini memperluas perspektif institusional Ibn Khaldun dalam kajian transformasi digital serta memberikan implikasi kebijakan bagi penguatan ekosistem digital UMKM yang berkelanjutan di Indonesia.
Copyright (c) 2026 Feriandy Feriandy (Author) https://creativecommons.org/licenses/by-sa/4.0
Behavioral Drivers of Buy Now Pay Later Over-Indebtedness in Indonesia
The rapid growth of Buy Now Pay Later (BNPL) services in Indonesia have transformed consumer access to digital credit while simultaneously raising concerns regarding impulsive borrowing and financial vulnerability. This study examines the psychological, perceptual, and cultural determinants of BNPL borrowing behavior, focusing on the roles of dark pattern exposure, impulsive buying tendency, perceived usefulness, perceived risk, and Islamic financial literacy. A quantitative cross-sectional survey was conducted among 587 Indonesian BNPL users between April and June 2025. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that exposure to dark patterns significantly increases impulsive buying tendency and perceived usefulness while reducing perceived risk, leading consumers to develop more favorable attitudes toward BNPL. Impulsive buying tendency, perceived usefulness, and attitudes toward BNPL were found to positively influence over-indebtedness intention, which subsequently increases repayment distress. Mediation analysis confirms that attitudes and borrowing intentions function as important psychological mechanisms linking cognitive perceptions and behavioral outcomes. In addition, Islamic financial literacy weakens the effects of impulsiveness and favorable attitudes on over-indebtedness intention, suggesting its role as a moral and cognitive safeguard within the Indonesian context. The study extends behavioral finance and financial technology literature by integrating manipulative interface design and religiously grounded financial literacy into consumer borrowing models. The findings also highlight the importance of ethical fintech design, transparent digital credit regulation, and culturally embedded financial education to support sustainable financial inclusion and reduce consumer financial vulnerability. ABSTRAK - Faktor Perilaku dalam Over-Indebtedness Buy Now Pay Later di Indonesia. Perkembangan pesat layanan Buy Now Pay Later (BNPL) di Indonesia telah mengubah pola akses masyarakat terhadap kredit digital, sekaligus menimbulkan kekhawatiran terkait perilaku berutang impulsif dan meningkatnya kerentanan keuangan. Penelitian ini mengkaji faktor-faktor psikologis, perseptual, dan kultural yang memengaruhi perilaku penggunaan BNPL, dengan fokus pada paparan dark patterns, kecenderungan pembelian impulsif, persepsi kegunaan, persepsi risiko, serta literasi keuangan syariah. Penelitian ini menggunakan pendekatan kuantitatif dengan desain survei potong lintang terhadap 587 pengguna BNPL di Indonesia selama periode April–Juni 2025. Analisis data dilakukan menggunakan metode Partial Least Squares Structural Equation Modeling (PLS-SEM). Hasil penelitian menunjukkan bahwa paparan dark patterns secara signifikan meningkatkan kecenderungan pembelian impulsif dan persepsi kegunaan, serta menurunkan persepsi risiko, sehingga membentuk sikap yang lebih positif terhadap BNPL. Kecenderungan pembelian impulsif, persepsi kegunaan, dan sikap positif terhadap BNPL terbukti meningkatkan niat berutang berlebihan (over-indebtedness intention), yang selanjutnya memperbesar tekanan pembayaran (repayment distress). Analisis mediasi mengonfirmasi bahwa sikap dan niat berutang berperan sebagai mekanisme psikologis penting yang menghubungkan persepsi kognitif dengan dampak keuangan yang merugikan. Selain itu, literasi keuangan syariah terbukti memperlemah pengaruh impulsivitas dan sikap positif terhadap niat berutang berlebihan, sehingga berfungsi sebagai pelindung moral dan kognitif dalam konteks masyarakat Indonesia. Penelitian ini memperluas kajian behavioral finance dan teknologi keuangan dengan mengintegrasikan desain antarmuka manipulatif dan literasi keuangan berbasis nilai keagamaan ke dalam model perilaku utang konsumen. Temuan ini menegaskan pentingnya desain fintech yang etis, regulasi kredit digital yang transparan, serta edukasi keuangan yang berakar pada nilai budaya untuk mendukung inklusi keuangan yang berkelanjutan dan mengurangi kerentanan keuangan konsumen.
Copyright (c) 2026 Marhaendro Purno (Author) https://creativecommons.org/licenses/by-sa/4.0
Islamic Philanthropy and SDGs: Evidence from Zakat Institutions in North Sumatra, Indonesia
Islamic philanthropy has increasingly been recognized as a strategic instrument for advancing inclusive and sustainable development, particularly through zakat management aligned with the Sustainable Development Goals (SDGs). This study examines the integration of zakat institutions with SDG implementation in North Sumatra, Indonesia, with a focus on SDG 1 (No Poverty), SDG 2 (Zero Hunger), and SDG 3 (Good Health and Well-being). The research aims to formulate a strategic model of Islamic philanthropy that strengthens the contribution of zakat institutions to sustainable development. A qualitative research design was employed using the Analytic Network Process (ANP) to identify and prioritize strategic elements within zakat governance and implementation. Data were collected through in-depth interviews, observations, documentation, and ANP-based pairwise comparisons involving regulators, practitioners, and academics. The findings indicate that zakat possesses significant potential to support sustainable development; however, its effectiveness remains constrained by weak institutional governance, limited human resource capacity, inadequate digital infrastructure, fragmented coordination, and low public trust in formal zakat institutions. The study identifies five strategic domains requiring improvement: governance, program relevance, inter-institutional coordination, economic sustainability, and public awareness. The ANP results further reveal three major priorities for institutional strengthening, namely enhancing supervisory functions, expanding public education regarding institutional zakat, and empowering mustahik through vocational and spiritual development programs. These findings highlight the importance of institutional reform, digital transformation, and empowerment-oriented zakat management in positioning Islamic philanthropy as a sustainable socio-economic development mechanism. ABSTRAK - Filantropi Islam dan SDGs: Bukti dari Lembaga Zakat di Sumatera Utara, Indonesia. Filantropi Islam semakin diakui sebagai instrumen strategis dalam mendorong pembangunan yang inklusif dan berkelanjutan, khususnya melalui pengelolaan zakat yang terintegrasi dengan Tujuan Pembangunan Berkelanjutan (Sustainable Development Goals/SDGs). Penelitian ini menganalisis integrasi lembaga zakat dengan implementasi SDGs di Sumatera Utara, Indonesia, dengan fokus pada SDG 1 (Tanpa Kemiskinan), SDG 2 (Tanpa Kelaparan), dan SDG 3 (Kehidupan Sehat dan Sejahtera). Tujuan utamanya adalah merumuskan model strategis filantropi Islam yang mampu memperkuat kontribusi lembaga zakat terhadap pencapaian pembangunan berkelanjutan. Penelitian ini menggunakan pendekatan kualitatif dengan metode Analytic Network Process (ANP) untuk mengidentifikasi serta memprioritaskan elemen-elemen strategis dalam tata kelola dan implementasi zakat. Data dikumpulkan melalui wawancara mendalam, observasi, dokumentasi, serta perbandingan berpasangan berbasis ANP yang melibatkan regulator, praktisi, dan akademisi. Hasil penelitian menunjukkan bahwa zakat memiliki potensi signifikan dalam mendukung pembangunan berkelanjutan, namun efektivitasnya masih dihadapkan pada sejumlah tantangan, antara lain lemahnya tata kelola kelembagaan, keterbatasan kapasitas sumber daya manusia, infrastruktur digital yang belum optimal, kurangnya koordinasi antarlembaga, serta rendahnya tingkat kepercayaan publik terhadap lembaga zakat formal. Penelitian ini mengidentifikasi lima area strategis yang perlu diperkuat, yaitu tata kelola, relevansi program, koordinasi kelembagaan, keberlanjutan ekonomi, dan peningkatan kesadaran publik. Temuan ANP juga menegaskan tiga prioritas utama dalam penguatan kelembagaan, yakni peningkatan fungsi pengawasan, perluasan edukasi publik terkait zakat kelembagaan, serta pemberdayaan mustahik melalui pengembangan keterampilan dan pembinaan spiritual. Secara keseluruhan, temuan ini menegaskan pentingnya reformasi kelembagaan, transformasi digital, dan penguatan pendekatan pemberdayaan agar filantropi Islam dapat berperan optimal sebagai instrumen pembangunan sosial-ekonomi yang berkelanjutan.
Copyright (c) 2026 Indra Prawira, Andri Soemitra, Yenni Samri Juliati Nasution (Author) https://creativecommons.org/licenses/by-sa/4.0
Does Financial Innovation Mediate Risk in Islamic Banking? Evidence from Algeria
As Islamic banks face increasingly complex financial environments, particularly in regulatory settings like Algeria, Islamic financial engineering emerges as a critical tool for managing the risks tied to Sharia-compliant financing instruments. This study develops a comprehensive model examining the dimensions of Islamic financial engineering (IFE) and their impact on the risks of Islamic financing Formulas, with financial innovation acting as a mediating variable. A descriptive and quantitative research approach was adopted. Data were collected via 150 questionnaires distributed to Islamic banking professionals in Algeria (Al-Baraka Bank, Al-Salam Bank, and Islamic windows) and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS software. The results reveal that IFE does not have a significant direct impact on mitigating the risks of Islamic financing Formulas. Instead, its influence is fully and significantly mediated by financial innovation. These findings emphasize that IFE frameworks must be supported by robust financial innovation capabilities to effectively mitigate risks in Islamic banking. Consequently, Islamic banks are encouraged to enhance product innovation and develop professional competencies to improve risk management efficiency and overall banking performance. ABSTRAK - Apakah Inovasi Keuangan Memediasi Risiko dalam Perbankan Syariah? Bukti dari Aljazair. Dalam menghadapi kompleksitas sistem keuangan modern, terutama di negara dengan tantangan regulasi seperti Aljazair, rekayasa keuangan Islam menjadi instrumen penting dalam mengelola risiko pada pembiayaan berbasis syariah. Penelitian ini bertujuan untuk mengembangkan model yang mengkaji dimensi rekayasa keuangan Islam (IFE) dan pengaruhnya terhadap risiko format pembiayaan Islam, dengan inovasi keuangan sebagai variabel mediasi. Pendekatan deskriptif dan kuantitatif digunakan dalam studi ini. Data dikumpulkan melalui 150 kuesioner yang disebarkan kepada praktisi perbankan Islam di Aljazair (Bank Al-Baraka, Bank Al-Salam, dan unit perbankan syariah) dan dianalisis menggunakan pemodelan persamaan struktural berbasis Partial Least Squares (PLS-SEM) melalui perangkat lunak SmartPLS. Hasil penelitian menunjukkan bahwa rekayasa keuangan Islam tidak memiliki pengaruh langsung yang signifikan terhadap mitigasi risiko pembiayaan Islam. Sebaliknya, pengaruh tersebut dimediasi secara penuh (full mediation) dan signifikan oleh inovasi keuangan. Temuan ini menegaskan bahwa kerangka rekayasa keuangan Islam harus didukung oleh kapasitas inovasi keuangan yang kuat agar dapat menjadi instrumen mitigasi risiko yang efektif. Oleh karena itu, bank syariah didorong untuk meningkatkan inovasi produk dan mengembangkan kompetensi profesional guna mengoptimalkan efisiensi manajemen risiko dan kinerja perbankan secara keseluruhan.
Copyright (c) 2026 Bessouyah Mouna, Mimouni Yassine (Author) https://creativecommons.org/licenses/by-sa/4.0
Determinants of Digital Zakat Adoption Among Muslim Millennials in Indonesia
The increasing adoption of online donation platforms has transformed the collection and distribution of zakat, particularly among younger Muslim generations who are closely connected to digital technology. This study examines the factors influencing Muslim millennials’ decisions to distribute zakat through the “Kitabisa.com” platform in Indonesia. Specifically, it analyzes the roles of perceived ease of use, perceived usefulness, attitude toward use, behavioral intention to use, brand awareness, and zakat literacy in shaping decisions to utilize digital zakat platforms. The study employs a quantitative approach based on the Technology Acceptance Model (TAM), integrated with brand awareness and zakat literacy variables. Data were collected from 130 Muslim millennials in Indonesia using accidental sampling, and the analysis was conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4.0. The findings indicate that perceived ease of use significantly influences perceived usefulness but does not have a significant effect on attitude toward use. Brand awareness and zakat literacy significantly influence the decision to use the platform. Perceived usefulness significantly affects both attitude toward use and behavioral intention to use, while attitude toward use also significantly influences behavioral intention. Furthermore, behavioral intention has a significant effect on the final decision to distribute zakat through the platform. These findings highlight the importance of strengthening digital literacy, enhancing platform usability, building public trust, and expanding brand visibility to encourage wider participation in digital zakat distribution among Muslim millennials in Indonesia. ABSTRAK - Determinan Adopsi Zakat Digital pada Muslim Milenial di Indonesia. Peningkatan penggunaan platform donasi daring telah membawa perubahan signifikan dalam mekanisme pengumpulan dan pendistribusian zakat, terutama di kalangan generasi milenial Muslim yang lekat dengan perkembangan teknologi digital. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi keputusan milenial Muslim dalam menyalurkan zakat melalui platform "Kitabisa.com" di Indonesia. Faktor-faktor yang dianalisis meliputi persepsi kemudahan penggunaan, persepsi kegunaan, sikap terhadap penggunaan, niat berperilaku untuk menggunakan, kesadaran merek, serta literasi zakat. Penelitian ini menggunakan pendekatan kuantitatif dengan mengadopsi Technology Acceptance Model (TAM) yang diintegrasikan dengan variabel kesadaran merek dan literasi zakat. Data penelitian diperoleh dari 130 responden milenial Muslim di Indonesia melalui teknik accidental sampling dan dianalisis menggunakan Structural Equation Modeling–Partial Least Squares (SEM-PLS) dengan bantuan SmartPLS 4.0. Hasil penelitian menunjukkan bahwa persepsi kemudahan penggunaan berpengaruh signifikan terhadap persepsi kegunaan, namun tidak berpengaruh signifikan terhadap sikap terhadap penggunaan. Selain itu, kesadaran merek dan literasi zakat terbukti berpengaruh signifikan terhadap keputusan penggunaan platform. Persepsi kegunaan memiliki pengaruh signifikan terhadap sikap terhadap penggunaan dan niat berperilaku, sedangkan sikap terhadap penggunaan juga berpengaruh signifikan terhadap niat berperilaku. Selanjutnya, niat berperilaku berpengaruh signifikan terhadap keputusan akhir dalam menyalurkan zakat melalui platform tersebut. Temuan ini menegaskan pentingnya peningkatan literasi digital dan literasi zakat, penguatan kemudahan dan kegunaan platform, pengembangan kepercayaan publik, serta peningkatan visibilitas merek guna mendorong partisipasi yang lebih luas dalam penyaluran zakat secara digital di kalangan milenial Muslim di Indonesia.
Copyright (c) 2026 Nisa Nurazizah, Rahmad Hakim, Sri Cahyaning Umi Salama, Ririn Noviyanti (Author) https://creativecommons.org/licenses/by-sa/4.0
Reassessing Islamic Hedging Fatwa in Indonesia: Accounting, Regulation, and Market Practices
Exchange rate volatility remains a major challenge for businesses, including institutions operating within the Islamic financial system. In Indonesia, Dewan Syariah Nasional–Majelis Ulama Indonesia Fatwa No. 96/DSN-MUI/IV/2015 serves as the primary reference for Sharia-compliant hedging transactions. However, concerns related to Sharia compliance, inconsistencies between regulations and market practices, and limited understanding of operational hedging mechanisms continue to hinder the development of the Islamic derivatives market. This study examines the reliability and practical applicability of the Fatwa through the perspective of PSAK Syariah, relevant regulations, and foreign exchange market practices. Using a qualitative approach, the study employs content analysis, comparative analysis, and critical analysis of the Fatwa and related accounting standards. The findings show that the Fatwa contains four hedging mechanisms: Aqd al-Tahawwuth al-Basith (ATB), al-Murakkab (ATM), and Aqd al-Tahawwuth fi Suq al-Sil’ah (ATFSS) Mechanism-1 and Mechanism-2. Among them, ATB, ATM, and ATFSS-1 are operationally capable of producing actual currency settlement, although ATFSS-1 introduces financing and operational complexities that reduce efficiency. Meanwhile, ATFSS-2 does not result in actual currency exchange because settlement occurs through netting. The study also identifies several misalignments between the Fatwa, accounting standards, financial regulations, and prevailing market practices, which may weaken the effectiveness and practical benefits of Sharia hedging transactions. This study contributes a new analytical framework for assessing the reliability and alignment of Sharia rulings with accounting governance, regulatory structures, and market realities in a dual banking environment. ABSTRAK - Menilai Ulang Fatwa Lindung Nilai Syariah di Indonesia: Akuntansi, Regulasi, dan Praktik Pasar. Volatilitas nilai tukar masih menjadi tantangan besar bagi dunia usaha, termasuk lembaga yang beroperasi dalam sistem keuangan syariah. Di Indonesia, Fatwa Dewan Syariah Nasional–Majelis Ulama Indonesia No. 96/DSN-MUI/IV/2015 menjadi rujukan utama transaksi lindung nilai berbasis syariah. Namun demikian, persoalan kepatuhan syariah, ketidakselarasan antara regulasi dan praktik pasar, serta keterbatasan pemahaman mengenai mekanisme lindung nilai masih menghambat perkembangan pasar derivatif syariah. Penelitian ini bertujuan menelaah keandalan dan daya terap Fatwa melalui perspektif PSAK Syariah, regulasi terkait, dan praktik pasar valuta asing. Penelitian menggunakan pendekatan kualitatif dengan metode analisis isi, analisis komparatif, dan analisis kritis terhadap Fatwa serta standar akuntansi terkait. Hasil penelitian menunjukkan bahwa Fatwa memuat empat mekanisme lindung nilai, yaitu Aqd al-Tahawwuth al-Basith (ATB), al-Murakkab (ATM), serta Aqd al-Tahawwuth fi Suq al-Sil’ah (ATFSS) Mekanisme-1 dan Mekanisme-2. ATB, ATM, dan ATFSS-1 terbukti mampu menghasilkan penyelesaian transaksi valuta asing secara nyata, meskipun ATFSS-1 menimbulkan kompleksitas pembiayaan dan operasional yang mengurangi efisiensi transaksi. Sebaliknya, ATFSS-2 tidak menghasilkan pertukaran valuta asing secara riil karena penyelesaian dilakukan melalui mekanisme netting. Penelitian ini juga menemukan adanya ketidakselarasan antara Fatwa, standar akuntansi, regulasi keuangan, dan praktik pasar yang dapat mengurangi efektivitas serta manfaat praktis transaksi lindung nilai syariah. Penelitian ini menawarkan kerangka analitis untuk menilai keselarasan fatwa syariah dengan tata kelola akuntansi, regulasi, dan praktik pasar dalam sistem perbankan ganda.
Copyright (c) 2026 Rovila El Maghviroh, Indra Suwandi, Nurdina Nurdina (Author) https://creativecommons.org/licenses/by-sa/4.0
Halal Certification and MSME Performance: A Bibliometric Perspective
This study examines the evolving scientific landscape of halal certification and its implications for the performance of Micro, Small, and Medium Enterprises (MSMEs) within the expanding global halal economy. The growing importance of halal certification has transformed it from a religious compliance mechanism into a strategic instrument associated with consumer trust, market access, supply chain integrity, and business competitiveness. This research aims to synthesize the intellectual development, thematic evolution, and research trends related to halal certification and MSME performance through a bibliometric approach. Using a quantitative design, the study analyzed 598 documents indexed in the Scopus database from 2005–2024. Data collection employed the query Title-Abs-Key (“halal certification” AND (“MSME” OR “SME” OR “performance”)), while Biblioshiny and VOSviewer were utilized to map citation patterns, annual growth, collaboration networks, thematic clusters, and intellectual structures. The findings reveal that halal certification research has grown significantly, reflected in an annual growth rate of 28.37%, with Malaysia and Indonesia emerging as the dominant research hubs. The thematic focus has shifted from normative and theological discussions toward practical business dimensions, including consumer behavior, halal supply chain management, food safety, digital traceability, marketing, and economic competitiveness. The study also highlights the increasing integration of technology, such as blockchain systems, within halal certification mechanisms. These findings indicate that halal certification contributes not only to regulatory compliance but also to strengthening MSME competitiveness, improving consumer confidence, and expanding market opportunities. The study offers strategic implications for policymakers, industry stakeholders, and MSME actors in developing sustainable halal ecosystems and strengthening the global competitiveness of halal-certified enterprises. ABSTRAK - Sertifikasi Halal dan Kinerja UMKM: Perspektif Bibliometrik. Penelitian ini mengkaji perkembangan kajian ilmiah mengenai sertifikasi halal serta implikasinya terhadap kinerja Usaha Mikro, Kecil, dan Menengah (UMKM) dalam konteks ekonomi halal global yang terus berkembang. Sertifikasi halal tidak lagi dipahami semata sebagai bentuk kepatuhan religius, melainkan telah bertransformasi menjadi instrumen strategis yang berkontribusi pada peningkatan kepercayaan konsumen, perluasan akses pasar, penguatan integritas rantai pasok, dan peningkatan daya saing usaha. Penelitian ini bertujuan untuk mensintesis perkembangan intelektual, dinamika tema penelitian, serta arah kajian terkait sertifikasi halal dan kinerja UMKM melalui pendekatan bibliometrik. Metode yang digunakan bersifat kuantitatif dengan menganalisis 598 dokumen yang terindeks dalam basis data Scopus pada periode 2005–2024. Pengumpulan data dilakukan melalui kueri Title-Abs-Key (“halal certification” AND (“MSME” OR “SME” OR “performance”)), sementara analisis dilakukan menggunakan Biblioshiny dan VOSviewer untuk memetakan pola sitasi, pertumbuhan publikasi, jaringan kolaborasi ilmiah, klaster tematik, serta struktur intelektual penelitian. Hasil penelitian menunjukkan pertumbuhan kajian sertifikasi halal yang sangat pesat, dengan tingkat pertumbuhan tahunan sebesar 28,37%, serta menempatkan Malaysia dan Indonesia sebagai pusat utama penelitian global. Fokus kajian juga bergeser dari pendekatan normatif menuju isu-isu aplikatif, seperti perilaku konsumen, manajemen rantai pasok halal, keamanan pangan, ketertelusuran digital, pemasaran, dan integrasi teknologi, termasuk blockchain. Temuan ini menegaskan peran strategis sertifikasi halal dalam meningkatkan daya saing dan kinerja UMKM serta memperluas peluang pasar global.
Copyright (c) 2026 Sari Utami, Azis Muslim, Muhammad Ghafur Wibowo (Author) https://creativecommons.org/licenses/by-sa/4.0
Household Economic Management among Muslim Single-Parent Families in a Matrilineal Context
This study is situated within the growing attention to non-traditional family structures and their economic dynamics, particularly in contexts where cultural norms and religious values intersect with household decision-making. It examines how Muslim single-parent families in West Sumatra manage household economics within a matrilineal cultural setting. The study aims to understand income management, expenditure prioritization, and economic coping strategies under conditions of income instability and intensive caregiving responsibilities. A qualitative case study approach is employed, drawing on in-depth interviews with single-parent household heads and analyzed through thematic analysis. The findings reveal that these households operate as active and adaptive microeconomic units. Income management commonly relies on a single primary livelihood or a limited combination of flexible informal activities. Expenditures are structured hierarchically, prioritizing basic needs, children’s education as a long-term investment, and health care as situational spending, with halal consumption serving as a guiding principle. Coping strategies include consumption control, income diversification, and reliance on extended family and social networks as informal safety nets, reinforced by the matrilineal kinship system. Economic decisions are shaped not only by rational considerations but also by internalized Islamic values such as nafkah, amanah, moderation (wasatiyyah), and perceptions of barakah. These findings highlight the importance of integrating household economics with Islamic and socio-cultural perspectives to better understand economic behavior in Muslim single-parent households and to inform more context-sensitive policy and empowerment strategies. ABSTRAK - Pengelolaan Ekonomi Rumah Tangga pada Keluarga Single-Parent Muslim dalam Konteks Budaya Matrilineal. Penelitian ini berangkat dari meningkatnya perhatian terhadap dinamika ekonomi rumah tangga dalam struktur keluarga non-tradisional, khususnya ketika nilai-nilai budaya dan agama berperan dalam membentuk pengambilan keputusan ekonomi. Studi ini bertujuan untuk menganalisis pengelolaan ekonomi rumah tangga pada keluarga single parent Muslim dalam konteks budaya matrilineal di Sumatera Barat, dengan fokus pada pengelolaan pendapatan, penentuan prioritas pengeluaran, serta strategi bertahan ekonomi di tengah ketidakstabilan pendapatan dan tingginya tanggung jawab pengasuhan. Penelitian ini menggunakan pendekatan kualitatif dengan desain studi kasus. Data dikumpulkan melalui wawancara mendalam terhadap kepala rumah tangga single parent Muslim dan dianalisis menggunakan analisis tematik. Hasil penelitian menunjukkan bahwa keluarga single parent Muslim berfungsi sebagai unit ekonomi mikro yang aktif dan adaptif. Pengelolaan pendapatan umumnya bertumpu pada satu sumber nafkah utama atau kombinasi terbatas aktivitas ekonomi informal yang fleksibel. Struktur pengeluaran disusun secara hierarkis dengan memprioritaskan pemenuhan kebutuhan dasar dan pendidikan anak sebagai investasi jangka panjang, sementara pengeluaran kesehatan bersifat situasional dan konsumsi halal menjadi prinsip pengarah. Strategi bertahan ekonomi meliputi pengendalian konsumsi, diversifikasi sumber pendapatan, serta pemanfaatan dukungan keluarga besar dan jaringan sosial sebagai jaring pengaman informal yang diperkuat oleh sistem kekerabatan matrilineal. Pengambilan keputusan ekonomi tidak hanya didasarkan pada rasionalitas ekonomi, tetapi juga dipengaruhi oleh nilai-nilai Islam seperti nafkah, amanah, kesederhanaan (wasatiyyah), dan persepsi barakah. Temuan ini menegaskan pentingnya pendekatan kontekstual dan berbasis nilai dalam memahami perilaku ekonomi rumah tangga single parent Muslim serta perumusan kebijakan yang lebih responsif.
Copyright (c) 2026 Almizan Almizan (Author); Erizal Candra Efendi (Translator); Ruri Mustika, Wldan Hadi, Indah Permata Sari (Author) https://creativecommons.org/licenses/by-sa/4.0
Islamic Bank Merger and the Efficiency–Risk Trade-off: Evidence from Bank Syariah Indonesia
The merger of three state-owned Islamic banks into PT Bank Syariah Indonesia Tbk (BSI) in 2021 marked a major structural shift aimed at strengthening efficiency and competitiveness within Indonesia’s Islamic banking industry. This study examines the dual impact of the merger, focusing on the trade-off between efficiency gains and credit risk within the Maqasid al-Shariah framework, particularly the principle of hifz al-mal (protection of wealth). A quantitative panel data approach is employed, utilizing a Fixed Effects model on four major Islamic banks over the 2018–2024 period. To address pre-merger data limitations, a synthetic data construction technique is used for the 2018–2020 period. The merger’s impact is assessed through the Hifz al-Mal Performance Index, a composite indicator capturing both asset development and asset protection dimensions. The findings reveal a dual pattern: profitability (ROA) and operational efficiency (BOPO) improved following the merger, while credit risk increased, as indicated by higher Non-Performing Financing (NPF). The regression results show a positive but marginally significant effect of the merger (β₁ = 7.452; p = 0.057). Sensitivity analysis further demonstrates that this positive effect depends on the index weighting scheme, with results becoming statistically insignificant when greater emphasis is placed on asset protection. These findings highlight the importance of balancing tanmiyat al-mal (wealth development) with the safeguarding function of hifz, particularly in the context of large-scale corporate restructuring in Islamic banking. ABSTRAK - Merger Bank Syariah dan Trade-off antara Efisiensi dan Risiko: Bukti dari Bank Syariah Indonesia. Merger tiga bank syariah BUMN menjadi PT Bank Syariah Indonesia Tbk (BSI) pada tahun 2021 menjadi tonggak penting dalam upaya meningkatkan efisiensi dan daya saing industri perbankan syariah di Indonesia. Penelitian ini mengkaji dampak ganda dari merger tersebut dengan menelaah keseimbangan antara peningkatan efisiensi dan risiko kredit dalam kerangka Maqasid al-Shariah, khususnya prinsip hifz al-mal (perlindungan harta). Penelitian ini menggunakan pendekatan kuantitatif dengan desain data panel melalui model Fixed Effects pada empat bank syariah utama selama periode 2018–2024. Untuk mengatasi keterbatasan data sebelum merger, digunakan teknik konstruksi data sintetis pada periode 2018–2020. Dampak merger diukur melalui Indeks Kinerja Hifz al-Mal, yaitu indeks komposit yang mencerminkan dimensi pengembangan dan perlindungan harta. Hasil penelitian menunjukkan pola yang bersifat ganda: terjadi peningkatan profitabilitas (ROA) dan efisiensi operasional (penurunan BOPO), namun diiringi peningkatan risiko kredit yang tercermin dari kenaikan Non-Performing Financing (NPF). Secara agregat, hasil regresi menunjukkan pengaruh positif yang signifikan secara marginal (β₁ = 7.452; p = 0.057). Uji sensitivitas mengungkap bahwa hasil tersebut sangat bergantung pada skema pembobotan indeks, di mana pengaruh merger menjadi tidak signifikan ketika bobot perlindungan aset ditingkatkan. Temuan ini menegaskan pentingnya menjaga keseimbangan antara tanmiyat al-mal (pengembangan harta) dan fungsi perlindungan (hifz) dalam konteks restrukturisasi perbankan syariah.
Copyright (c) 2026 Royani Anwari (Author) https://creativecommons.org/licenses/by-sa/4.0
Reconstructing Social Fiqh in Contemporary Islamic Finance: A Maqashid Analysis of DSN-MUI Fatwa on Sukuk-Waqf
The development of contemporary Islamic finance requires the innovation of instruments that are not only compliant with sharia but also inclusive, sustainable, and aligned with the principles of maqāṣid al-sharīʿa to address modern socio-economic challenges. This study aims to examine DSN-MUI Fatwa No. 131/2019 on sukuk waqf as a manifestation of progressive social fiqh within the architecture of modern Islamic finance, particularly in articulating and operationalizing maqāṣid objectives. A qualitative-descriptive method with a normative approach is employed, utilizing document analysis of the fatwa and interpreting it through the maqāṣid frameworks of Abu Zahrah and Abdul Majid al-Najjar. The findings indicate that sukuk waqf represents a hybrid financial instrument that integrates the philanthropic nature of waqf with the structured mechanisms of Islamic capital markets, while reflecting key maqāṣid dimensions such as individual development, justice, social cohesion, and environmental sustainability. Furthermore, the fatwa demonstrates the role of DSN-MUI as an institutional ijtihād authority capable of synthesizing classical jurisprudence with contemporary financial needs. These findings imply that maqāṣid al-sharīʿa serves as a critical normative framework for designing and evaluating Islamic financial instruments that are value-oriented and socially responsive, while also highlighting the potential for broader application of sukuk waqf across various socio-economic sectors. ABSTRAK - Rekonstruksi Fiqh Sosial dalam Keuangan Islam Kontemporer: Analisis Maqashid atas Fatwa DSN-MUI tentang Sukuk Wakaf. Perkembangan keuangan Islam kontemporer menuntut inovasi instrumen yang tidak hanya sesuai dengan prinsip syariah, tetapi juga inklusif, berkelanjutan, dan berorientasi pada maqashid al-sharia guna menjawab tantangan sosial-ekonomi modern. Penelitian ini bertujuan untuk menganalisis Fatwa DSN-MUI No. 131/2019 tentang sukuk wakaf sebagai manifestasi fiqh sosial progresif dalam arsitektur keuangan Islam modern, khususnya dalam merepresentasikan dan mengoperasionalkan tujuan-tujuan maqashid. Penelitian ini menggunakan metode kualitatif-deskriptif dengan pendekatan normatif melalui analisis dokumen fatwa serta interpretasi menggunakan kerangka maqashid Abu Zahrah dan Abdul Majid al-Najjar. Hasil penelitian menunjukkan bahwa sukuk wakaf merupakan instrumen keuangan hibrida yang mengintegrasikan karakter filantropi wakaf dengan mekanisme terstruktur pasar modal syariah, sekaligus mencerminkan dimensi utama maqashid seperti pembinaan individu, keadilan, kohesi sosial, dan keberlanjutan lingkungan. Selain itu, fatwa ini menegaskan peran DSN-MUI sebagai lembaga ijtihad kelembagaan yang mampu mensinergikan warisan fiqh klasik dengan kebutuhan keuangan kontemporer. Temuan ini mengimplikasikan bahwa maqashid al-sharia berfungsi sebagai kerangka normatif penting dalam perancangan dan evaluasi instrumen keuangan Islam yang berorientasi pada nilai dan kemaslahatan, serta membuka peluang pengembangan sukuk wakaf di berbagai sektor sosial-ekonomi.
Copyright (c) 2026 Nurlaili Adkhi Rizfa Faiza, Hafidhotul Amaliyah, Ita Marianingsih Purnasari, Muhammad Lathoif Ghozali (Author) https://creativecommons.org/licenses/by-sa/4.0
A Critical Evaluation of Islamic Economic Growth in Developing Countries
Persistent socio-economic disparities and growing concerns over ethical economic governance have renewed interest in Islamic economics as an alternative development paradigm in the Global South. While conceptually compelling, its real-world application continues to face structural, institutional, and policy-related constraints that limit its transformative capacity. This study critically evaluates the development trajectory of Islamic economics in selected developing countries, focusing on the alignment of spiritual values with public policy and economic systems. A qualitative, reflective-descriptive design is employed using document analysis grounded in institutional theory, Islamic moral economy, and adaptive policy frameworks. The data consist of scholarly publications, official reports, and strategic policy documents published between 2015 and 2025, with particular attention to OIC member countries, including Indonesia, Malaysia, Saudi Arabia, and Pakistan. Thematic analysis reveals that strong institutions, flexible regulatory environments, and digital readiness are central to effective Islamic economic transformation. However, uneven regional development, non-contextualized policy designs, limited stakeholder engagement, and weak integration of Islamic economic education remain persistent challenges. The findings further indicate that policy interventions often remain symbolic due to the absence of dialogical and participatory governance mechanisms. Theoretically, this research advances understanding of how maqasid al-shariah can be translated into sustainable development practices. Practically, it offers direction for cross-sectoral collaboration, educational reform, and inclusive digital infrastructure. Overall, the study highlights the importance of a glocal approach that balances local socio-cultural realities with global development aspirations. ABSTRAK - Evaluasi Kritis Pertumbuhan Ekonomi Syariah di Negara-negara Berkembang. Ketimpangan sosial-ekonomi yang terus berlanjut serta meningkatnya tuntutan terhadap tata kelola ekonomi yang beretika telah mendorong ekonomi Islam kembali dipandang sebagai paradigma pembangunan alternatif di negara-negara berkembang. Meskipun kuat secara konseptual, implementasi ekonomi Islam dalam praktik masih dihadapkan pada berbagai keterbatasan struktural, kelembagaan, dan kebijakan yang menghambat daya transformasinya. Penelitian ini mengkaji secara kritis dinamika perkembangan ekonomi Islam di sejumlah negara berkembang dengan menyoroti keterpaduan nilai-nilai spiritual, kebijakan publik, dan sistem ekonomi. Penelitian menggunakan pendekatan kualitatif dengan desain reflektif-deskriptif melalui analisis dokumen, yang berpijak pada teori kelembagaan, ekonomi moral Islam, dan kerangka kebijakan adaptif. Sumber data meliputi artikel ilmiah, laporan resmi, dan dokumen kebijakan strategis yang diterbitkan pada periode 2015–2025, dengan fokus pada negara anggota OKI seperti Indonesia, Malaysia, Arab Saudi, dan Pakistan. Hasil analisis tematik menunjukkan bahwa kekuatan institusi, fleksibilitas regulasi, dan kesiapan digital merupakan faktor kunci dalam mendorong transformasi ekonomi Islam. Namun, kesenjangan regional, kebijakan yang kurang kontekstual, rendahnya partisipasi pemangku kepentingan, serta lemahnya integrasi pendidikan ekonomi Islam masih menjadi tantangan utama. Secara teoretis, penelitian ini memperkaya pemahaman mengenai penerapan maqasid al-shariah dalam kerangka pembangunan berkelanjutan. Secara praktis, temuan penelitian memberikan arahan kebijakan untuk memperkuat kolaborasi lintas sektor, reformasi pendidikan, dan pembangunan infrastruktur digital yang inklusif melalui pendekatan glokal.
Copyright (c) 2026 Ismaulina Chairawan, Iskandar Iskandar, Azharsyah Ibrahim (Author) https://creativecommons.org/licenses/by-sa/4.0
Does Digital Waqf Intention Lead to Actual Use? Evidence from West Java
Digital waqf has emerged as a transformative innovation in Islamic philanthropy, linking traditional endowment practices with contemporary digital technology; however, despite Indonesia’s estimated annual cash waqf potential of IDR 180 trillion, less than 2% has been realized due to limited public literacy and participation. This study aims to examine the determinants of digital waqf adoption by applying the Technology Acceptance Model (TAM), with particular attention to perceived usefulness, perceived ease of use, and waqf literacy in shaping behavioral intention and actual use. Data were collected from 271 Muslim respondents in West Java and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that perceived ease of use significantly influences both perceived usefulness and behavioral intention, while waqf literacy also positively affects intention. In contrast, perceived usefulness does not show a significant effect on behavioral intention, suggesting that ease, understanding, and cognitive-religious awareness play a more prominent role than functional benefits in encouraging participation. Behavioral intention is confirmed as a strong predictor of actual use, highlighting its role as a critical link between awareness and real engagement in digital waqf activities. These results extend the TAM framework by incorporating waqf literacy as a cognitive-religious factor relevant to philanthropic technology adoption. Practically, the study suggests that waqf institutions should prioritize user-friendly platform design, expand literacy initiatives, and strengthen trust through transparency and accessibility to convert intention into sustained participation. ABSTRAK - Apakah Niat Berwakaf Digital Mempengaruhi Penggunaan Aktual? Bukti dari Jawa Barat. Wakaf digital hadir sebagai inovasi penting dalam filantropi Islam yang menghubungkan praktik wakaf tradisional dengan teknologi digital modern. Namun demikian, dari potensi wakaf uang nasional yang diperkirakan mencapai Rp180 triliun per tahun, realisasinya masih di bawah 2% akibat rendahnya literasi dan partisipasi masyarakat. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi adopsi wakaf digital dengan menggunakan kerangka Technology Acceptance Model (TAM), khususnya persepsi kemanfaatan, persepsi kemudahan penggunaan, dan literasi wakaf dalam membentuk niat berperilaku serta penggunaan aktual. Data diperoleh dari 271 responden Muslim di Jawa Barat dan dianalisis menggunakan Partial Least Squares Structural Equation Modeling (PLS-SEM). Hasil penelitian menunjukkan bahwa kemudahan penggunaan berpengaruh signifikan terhadap persepsi kemanfaatan dan niat berperilaku, sementara literasi wakaf juga memberikan pengaruh positif terhadap niat. Sebaliknya, persepsi kemanfaatan tidak berpengaruh signifikan terhadap niat, yang mengindikasikan bahwa faktor kemudahan, pemahaman, dan kesadaran kognitif-religius lebih dominan dibandingkan manfaat fungsional dalam mendorong partisipasi. Niat berperilaku terbukti sebagai prediktor utama penggunaan aktual, yang menegaskan perannya sebagai penghubung antara kesadaran dan tindakan nyata dalam wakaf digital. Temuan ini memperluas TAM dengan memasukkan literasi wakaf sebagai dimensi kognitif-religius yang relevan dalam adopsi teknologi filantropi. Secara praktis, lembaga wakaf perlu mengutamakan desain platform yang mudah digunakan, memperluas program literasi, serta meningkatkan kepercayaan melalui transparansi dan aksesibilitas guna mendorong partisipasi berkelanjutan.
Copyright (c) 2026 Auni Alifah Sukirman, Indri Yuliafitri, Nabela Hapsari (Author) https://creativecommons.org/licenses/by-sa/4.0
Assessing Digital Transformation in Zakat Management Organizations in Indonesia
The rapid growth of digital technology has reshaped zakat management, particularly in improving the efficiency, transparency, and accountability of collection, distribution, and reporting activities. In urban areas with strong digital penetration, Zakat Management Organizations (Organisasi Pengelola Zakat-OPZ) are increasingly encouraged to integrate digital systems into their operational activities. However, the continuing gap between zakat potential and actual collection suggests that the digital readiness of OPZ has not been fully optimized. This study evaluates the level of digital readiness among OPZ in Bandung City using the Zakat Management Organization Digital Readiness Index (IKDZ) developed by BAZNAS and Bank Indonesia. A descriptive quantitative approach was employed using primary data collected through structured questionnaires distributed to nine OPZ. The assessment covers four dimensions: digital infrastructure, utilization of digital technology, digital ecosystem and culture, and human resource competencies. The findings indicate that the digital readiness of OPZ in Bandung City is generally high. Eight OPZ are categorized as Digital Native, while one OPZ remains in the IT-Developing category. The reporting dimension achieved the highest readiness level, whereas the distribution and utilization dimensions still show several technical limitations. The study also identifies human resource competence and digital system integration as the main challenges affecting sustainable digital transformation in zakat management. ABSTRAK - Menilai Transformasi Digital pada Organisasi Pengelola Zakat di Indonesia. Perkembangan teknologi digital telah mendorong perubahan dalam pengelolaan zakat, terutama dalam meningkatkan efisiensi, transparansi, dan akuntabilitas penghimpunan, pendistribusian, serta pelaporan zakat. Di wilayah perkotaan dengan tingkat penetrasi digital yang tinggi, Organisasi Pengelola Zakat (OPZ) dituntut untuk mengintegrasikan sistem digital ke dalam aktivitas operasionalnya. Namun, kesenjangan antara potensi dan realisasi zakat menunjukkan bahwa kesiapan digital OPZ masih belum optimal. Penelitian ini bertujuan mengevaluasi tingkat kesiapan digital OPZ di Kota Bandung menggunakan Indeks Kesiapan Digital Zakat (IKDZ) yang dikembangkan oleh BAZNAS dan Bank Indonesia. Penelitian menggunakan pendekatan kuantitatif deskriptif dengan data primer yang diperoleh melalui penyebaran kuesioner terstruktur kepada sembilan OPZ. Penilaian dilakukan terhadap empat dimensi, yaitu infrastruktur digital, pemanfaatan teknologi digital, ekosistem dan budaya digital, serta kompetensi sumber daya manusia. Hasil penelitian menunjukkan bahwa tingkat kesiapan digital OPZ di Kota Bandung tergolong tinggi. Delapan OPZ berada pada kategori Digital Native, sedangkan satu OPZ termasuk kategori IT-Developing. Dimensi pelaporan menunjukkan tingkat kesiapan tertinggi, sementara dimensi pendistribusian dan pendayagunaan masih menghadapi beberapa keterbatasan teknis. Penelitian ini juga menunjukkan bahwa kompetensi sumber daya manusia dan integrasi sistem digital menjadi tantangan utama dalam mendukung transformasi digital pengelolaan zakat yang berkelanjutan.
Copyright (c) 2026 Tiara Salsabila Azzahra, Yunizar Yunizar, Muhammad Fathrul Quddus (Author) https://creativecommons.org/licenses/by-sa/4.0
Commodity Price Dynamics and Islamic Stock Market Volatility in Indonesia
Amid increasing integration between global commodity markets and emerging Islamic capital markets, understanding volatility transmission has become critical for risk management and policy design. This study investigates how volatility from Brent crude oil, gold, and crude palm oil (CPO) influences the Indonesian Sharia Stock Index (ISSI) from October 2022 to October 2024. The analysis uses daily data (N = 484) and employs GARCH and EGARCH frameworks to capture time-varying volatility, spillovers, and asymmetric responses to shocks. ARCH-LM tests confirm conditional heteroskedasticity in ISSI and USD/IDR returns, while EGARCH(1,1) models are also estimated for all variables to consistently account for asymmetry. Conditional volatility series are derived and examined to identify inter-market transmission effects. The results reveal that USD/IDR plays a dominant role, affecting gold negatively and CPO positively, reflecting the dual nature of commodities as safe-haven and export assets. Geopolitical risk significantly influences only Brent oil, suggesting a degree of insulation in Sharia equities. Strong leverage effects are observed in ISSI and CPO, where negative shocks amplify volatility more than positive ones, and CPO shows heavy-tail risk. Although commodity variables and geopolitical risk do not significantly explain ISSI returns, its volatility remains asymmetric, indicating stronger domestic drivers. These findings highlight the importance of exchange rate dynamics, asymmetric risk modeling, and commodity sensitivity in Islamic portfolio management, while offering implications for hedging strategies and macroprudential policy in open emerging economies. ABSTRAK - Dinamika Harga Komoditas dan Volatilitas Pasar Saham Syariah di Indonesia. Seiring meningkatnya keterkaitan antara pasar komoditas global dan pasar modal syariah di negara berkembang, pemahaman tentang transmisi volatilitas menjadi semakin penting bagi pengelolaan risiko dan perumusan kebijakan. Studi ini menganalisis pengaruh volatilitas minyak Brent, emas, dan crude palm oil (CPO) terhadap Indeks Saham Syariah Indonesia (ISSI) selama periode Oktober 2022 hingga Oktober 2024. Dengan menggunakan data harian (N = 484), penelitian ini mengadopsi pendekatan GARCH dan EGARCH untuk menangkap dinamika volatilitas, efek spillover, serta respons asimetris terhadap guncangan pasar. Uji ARCH-LM menunjukkan adanya heteroskedastisitas bersyarat pada ISSI dan nilai tukar USD/IDR, sementara model EGARCH(1,1) digunakan secara konsisten untuk seluruh variabel guna mengakomodasi asimetri. Volatilitas kondisional yang dihasilkan kemudian dianalisis untuk mengidentifikasi transmisi antar pasar. Hasil menunjukkan bahwa USD/IDR menjadi faktor dominan dengan dampak negatif pada emas dan positif pada CPO, mencerminkan perbedaan peran komoditas sebagai aset lindung nilai dan komoditas ekspor. Risiko geopolitik hanya berpengaruh signifikan pada minyak Brent, mengindikasikan adanya ketahanan relatif pada pasar saham syariah. Efek leverage yang kuat ditemukan pada ISSI dan CPO, di mana berita buruk meningkatkan volatilitas secara lebih tajam, serta CPO menunjukkan risiko ekor yang tinggi. Meskipun variabel global tidak menjelaskan return ISSI secara signifikan, volatilitasnya tetap asimetris, menandakan peran faktor domestik. Temuan ini memberikan implikasi bagi manajemen portofolio syariah, strategi lindung nilai, dan kebijakan makroprudensial.
Copyright (c) 2026 Hakiki Ramadhan, Muhammad Hasanuddin, Anisa Ilmia, Lidzikri Ahmad Syahru Rabbani (Author) https://creativecommons.org/licenses/by-sa/4.0
Digital Transformation and Tourist Loyalty in Rural Halal Tourism: Evidence from Aceh, Indonesia
Tourism development has increasingly shifted toward digital integration and experience-based services, including within the growing sector of rural halal tourism. In Aceh Province, Indonesia, the expansion of halal tourism reflects not only the region’s Islamic identity but also the increasing importance of digital platforms in shaping tourist experiences and destination competitiveness. This study examines the role of digital transformation in rural halal tourism, particularly the influence of social media, destination image, tourist satisfaction, and tourist loyalty. A quantitative approach was employed using survey data collected from 240 respondents who had visited rural halal tourism destinations in Aceh. Data were measured using a five-point Likert scale and analyzed through Structural Equation Modeling (SEM) with AMOS. The findings indicate that digital transformation, halal tourism, social media, and destination image significantly influence tourist satisfaction, with social media emerging as the strongest determinant. In relation to tourist loyalty, only social media and tourist satisfaction demonstrate direct significant effects, whereas digital transformation, halal tourism, and destination image affect loyalty indirectly through tourist satisfaction. The results highlight the important mediating role of tourist satisfaction in connecting tourism experiences with revisit intention and positive word-of-mouth behavior. This study contributes to the literature on halal tourism and digital tourism development by offering empirical evidence from rural halal destinations in Aceh and emphasizing the strategic importance of social media and tourist satisfaction in strengthening sustainable tourist loyalty. ABSTRAK - Transformasi Digital dan Loyalitas Wisatawan pada Wisata Halal Pedesaan: Bukti dari Aceh, Indonesia. Perkembangan industri pariwisata semakin mengarah pada integrasi digital dan pengalaman wisata berbasis layanan, termasuk pada sektor wisata halal pedesaan yang terus berkembang. Di Provinsi Aceh, pengembangan wisata halal tidak hanya mencerminkan identitas keislaman daerah, tetapi juga menunjukkan pentingnya pemanfaatan teknologi digital dalam membentuk pengalaman wisatawan dan daya saing destinasi. Penelitian ini bertujuan menganalisis peran transformasi digital dalam wisata halal pedesaan di Aceh, khususnya pengaruh media sosial, citra destinasi, kepuasan wisatawan, dan loyalitas wisatawan. Penelitian menggunakan pendekatan kuantitatif dengan melibatkan 240 responden wisatawan yang pernah mengunjungi destinasi wisata halal pedesaan di Aceh. Data dikumpulkan melalui kuesioner skala Likert lima poin dan dianalisis menggunakan Structural Equation Modeling (SEM) dengan bantuan AMOS. Hasil penelitian menunjukkan bahwa transformasi digital, wisata halal, media sosial, dan citra destinasi berpengaruh signifikan terhadap kepuasan wisatawan, dengan media sosial menjadi faktor yang paling dominan. Dalam kaitannya dengan loyalitas wisatawan, hanya media sosial dan kepuasan wisatawan yang berpengaruh langsung secara signifikan, sedangkan transformasi digital, wisata halal, dan citra destinasi memengaruhi loyalitas secara tidak langsung melalui kepuasan wisatawan. Temuan ini menegaskan bahwa kepuasan wisatawan memiliki peran penting sebagai mediator yang menghubungkan pengalaman wisata dengan niat berkunjung kembali dan rekomendasi positif. Penelitian ini memberikan kontribusi empiris terhadap pengembangan literatur wisata halal dan pariwisata digital, khususnya dalam konteks destinasi wisata halal pedesaan di Aceh, serta menekankan pentingnya optimalisasi media sosial dan peningkatan kepuasan wisatawan dalam memperkuat loyalitas wisatawan secara berkelanjutan.
Copyright (c) 2026 Siti Najma (Author) https://creativecommons.org/licenses/by-sa/4.0
Maqashid-Based Framework for Islamic Digital Economy Transformation in Indonesia
The global digital economic transformation is reshaping financial systems and compelling Islamic economics to adapt while preserving its foundational ethical principles. This study examines strategies for integrating Islamic economic values into Indonesia’s digital economy, focusing on challenges related to digital literacy, regulatory fragmentation, technological infrastructure, and the operationalization of maqashid al-sharia. A systematic literature review was conducted using a critical synthesis of peer-reviewed journal articles, books, and contemporary policy documents to map emerging patterns within Islamic digital finance discourse. The findings show that the digitalization of Islamic finance—particularly through fintech innovations and digital banking—has contributed significantly to financial inclusion and the expansion of halal MSMEs. Rather than treating challenges as isolated phenomena, this study integrates them into a maqashid-based evaluative framework and introduces the concept of “maqashid fragmentation” to describe the misalignment between ethical objectives, technological design, and regulatory structures in Islamic fintech ecosystems. The analysis further demonstrates that maqashid al-sharia can function as a normative and strategic framework that aligns digital efficiency with Islamic ethical imperatives. This study highlights that sustainable development of Islamic economics in the digital era requires coordinated collaboration among government, industry, and academia through a triple helix approach to strengthen literacy, improve regulatory coherence, and expand inclusive infrastructure. The main contribution lies in offering a conceptual roadmap that advances Islamic economics as a viable framework for equitable and sustainable development in the digital age. Kerangka Berbasis Maqashid untuk Transformasi Ekonomi Digital Islam di Indonesia. Transformasi ekonomi digital global telah mengubah struktur sistem keuangan dan mendorong ekonomi Islam untuk beradaptasi tanpa meninggalkan prinsip etika fundamentalnya. Penelitian ini bertujuan untuk menganalisis strategi integrasi nilai-nilai ekonomi Islam dalam ekonomi digital Indonesia, dengan menyoroti tantangan literasi digital, fragmentasi regulasi, infrastruktur teknologi, serta operasionalisasi maqashid syariah. Penelitian ini menggunakan metode systematic literature review melalui sintesis kritis terhadap artikel jurnal bereputasi, buku akademik, dan dokumen kebijakan terkini untuk memetakan perkembangan kajian ekonomi digital Islam. Hasil penelitian menunjukkan bahwa digitalisasi keuangan syariah, khususnya melalui inovasi fintech dan perbankan digital, telah berkontribusi signifikan terhadap perluasan inklusi keuangan serta penguatan UMKM halal. Alih-alih memandang tantangan secara terpisah, penelitian ini mengintegrasikan berbagai persoalan tersebut ke dalam kerangka evaluatif berbasis maqashid syariah serta memperkenalkan konsep “fragmentasi maqashid” untuk menggambarkan ketidaksesuaian antara tujuan etika Islam, desain teknologi, dan struktur regulasi dalam ekosistem fintech syariah. Lebih lanjut, maqashid syariah diposisikan sebagai kerangka normatif dan strategis yang mampu menyelaraskan efisiensi digital dengan nilai-nilai etika ekonomi Islam. Penelitian ini menegaskan bahwa pengembangan ekonomi Islam di era digital memerlukan kolaborasi terkoordinasi antara pemerintah, industri, dan akademisi melalui pendekatan triple helix untuk memperkuat literasi, menyempurnakan regulasi, dan membangun infrastruktur yang inklusif. Kontribusi utama penelitian ini terletak pada penyusunan peta jalan konseptual untuk memperkuat peran ekonomi Islam dalam mendukung pembangunan yang adil dan berkelanjutan di era digital
Copyright (c) 2026 Agus Wahyudi, Abdurrohman Kasdi, Abu Choir (Author) https://creativecommons.org/licenses/by-sa/4.0
Good Amil Governance, Digitalization, and Zakat Performance: Evidence from Indonesia
The sustainability of zakat institutions increasingly depends on their ability to strengthen governance, transparency, and service effectiveness in the digital era. In Indonesia, the rapid development of digital technology has created new opportunities for zakat institutions to improve accountability and institutional performance. This study examines the influence of good amil governance on zakat performance and explores the moderating role of zakat digitalization in Indonesian zakat institutions (Lembaga Amil Zakat/LAZ). A quantitative approach was employed through a survey of LAZ managers across Indonesia, and the data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The findings show that good amil governance contributes positively to zakat performance, particularly through stronger transparency, accountability, competence, and fairness in zakat management. Zakat digitalization also plays an important role in improving institutional performance by increasing efficiency, reporting accuracy, and stakeholder trust. Furthermore, digitalization strengthens the relationship between governance and zakat performance, indicating that technological capability enhances the effectiveness of governance practices within zakat institutions. The study contributes to the development of Sharia Enterprise Theory and the Technology–Organization–Environment (TOE) framework by emphasizing the strategic role of digital capability in strengthening governance and institutional performance. Practically, the findings encourage zakat institutions to pursue inclusive digital transformation while improving organizational readiness and digital literacy. ABSTRAK - Good Amil Governance, Digitalisasi, dan Kinerja Zakat: Bukti dari Indonesia. Keberlanjutan lembaga zakat semakin dipengaruhi oleh kemampuan institusi dalam memperkuat tata kelola, transparansi, serta efektivitas layanan, khususnya di tengah perkembangan era digital. Di Indonesia, kemajuan teknologi menghadirkan peluang strategis bagi lembaga zakat untuk meningkatkan akuntabilitas sekaligus kinerja kelembagaan. Penelitian ini bertujuan untuk menganalisis pengaruh good amil governance terhadap kinerja zakat serta mengkaji peran moderasi digitalisasi zakat pada Lembaga Amil Zakat (LAZ) di Indonesia. Penelitian ini menggunakan pendekatan kuantitatif melalui survei terhadap pengelola LAZ di berbagai wilayah Indonesia, dengan analisis data menggunakan metode Structural Equation Modeling–Partial Least Squares (SEM-PLS). Hasil penelitian menunjukkan bahwa good amil governance memberikan kontribusi positif terhadap kinerja zakat, terutama melalui penguatan aspek transparansi, akuntabilitas, kompetensi, dan keadilan dalam pengelolaan. Selain itu, digitalisasi zakat terbukti berperan penting dalam meningkatkan kinerja lembaga, khususnya melalui peningkatan efisiensi operasional, akurasi pelaporan, dan kepercayaan pemangku kepentingan. Digitalisasi juga memperkuat hubungan antara tata kelola dan kinerja zakat, yang menunjukkan bahwa kapabilitas teknologi mampu meningkatkan efektivitas implementasi praktik tata kelola. Secara teoretis, temuan ini memperkaya Sharia Enterprise Theory dan kerangka Technology–Organization–Environment (TOE) dengan menegaskan peran strategis kapabilitas digital dalam memperkuat tata kelola dan kinerja lembaga zakat. Secara praktis, penelitian ini mendorong perlunya transformasi digital yang inklusif, disertai peningkatan kesiapan organisasi dan literasi digital pada lembaga zakat.
Copyright (c) 2026 Azwar Cholili, Nanang Setiawan, Nur Kholis, Andriani Samsuri, Imam Muslih (Author) https://creativecommons.org/licenses/by-sa/4.0
Corporate Governance and Fraud Prevention in Indonesian Islamic Banks
The rapid growth of Islamic banking in Indonesia has increased the importance of strengthening governance and fraud prevention mechanisms within Islamic financial institutions. Alongside the expansion of Islamic Commercial Banks, concerns regarding fraud and deviations from Sharia principles have also become more prominent. This study aims to examine the influence of the audit committee, internal control, and Sharia compliance on fraud in Islamic Commercial Banks in Indonesia listed with the Financial Services Authority (OJK) during the 2021–2023 period. The study employs a quantitative approach using secondary data obtained from annual reports and Good Corporate Governance reports. The sample consists of 13 Islamic Commercial Banks observed over three years, resulting in 39 observational data points selected through a saturated sampling technique. Data analysis was conducted using panel data regression with EViews 12 software. The findings indicate that the audit committee has a negative and significant effect on fraud, suggesting that stronger supervisory functions contribute to reducing fraudulent practices within Islamic banking institutions. Meanwhile, internal control and Sharia compliance measured through the Profit-Sharing Ratio demonstrate positive but insignificant effects on fraud. These results imply that formal control systems and compliance indicators alone may not effectively minimize fraud risk without strong implementation, supervision, and organizational integrity. The study highlights the importance of strengthening governance quality, supervisory effectiveness, and ethical practices in supporting fraud prevention within Islamic Commercial Banks in Indonesia. ABSTRAK - Tata Kelola Perusahaan dan Pencegahan Fraud pada Bank Syariah di Indonesia. Pertumbuhan perbankan syariah di Indonesia yang terus meningkat memperkuat urgensi penerapan tata kelola yang efektif serta mekanisme pencegahan fraud pada lembaga keuangan syariah. Seiring berkembangnya Bank Umum Syariah, potensi kecurangan dan penyimpangan terhadap prinsip-prinsip syariah juga menjadi isu yang semakin relevan. Penelitian ini bertujuan untuk menganalisis pengaruh komite audit, internal control, dan syariah compliance terhadap fraud pada Bank Umum Syariah yang terdaftar di Otoritas Jasa Keuangan (OJK) selama periode 2021–2023. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang bersumber dari laporan tahunan dan laporan Good Corporate Governance Bank Umum Syariah. Sampel penelitian mencakup 13 Bank Umum Syariah yang diamati selama tiga tahun, sehingga diperoleh 39 observasi penelitian dengan teknik sampel jenuh. Analisis data dilakukan menggunakan regresi data panel dengan bantuan perangkat lunak EViews 12. Hasil penelitian menunjukkan bahwa komite audit berpengaruh negatif dan signifikan terhadap fraud, yang mengindikasikan bahwa peran pengawasan yang efektif mampu menekan tingkat kecurangan dalam perbankan syariah. Sebaliknya, internal control dan syariah compliance yang diukur melalui Profit Sharing Ratio menunjukkan pengaruh positif namun tidak signifikan terhadap fraud. Temuan ini mengisyaratkan bahwa keberadaan sistem pengendalian dan indikator kepatuhan syariah secara formal belum tentu efektif dalam menurunkan risiko fraud tanpa didukung oleh implementasi yang konsisten, pengawasan yang optimal, serta integritas organisasi. Oleh karena itu, penguatan tata kelola, efektivitas pengawasan, dan penanaman nilai etika menjadi aspek penting dalam upaya pencegahan fraud pada Bank Umum Syariah di Indonesia.
Copyright (c) 2026 Mardiaton Mardiaton, Amru Usman, Rayyan Firdaus, Rimal Mahdani, Murni Murni (Author) https://creativecommons.org/licenses/by-sa/4.0
Developing an Integrated Model of Creative Economy and Halal Tourism in Aceh Tengah: An Analytic Network Process Approach
This study is situated within the growing importance of creative economy and halal tourism as interconnected drivers of inclusive regional development, particularly in Muslim-majority contexts such as Aceh Tengah Regency. The research aims to examine stakeholder synergy in developing these sectors by identifying key challenges, strategic solutions, and implementation priorities from the perspectives of government, academics, and entrepreneurs. A qualitative approach was employed through expert interviews, supported by the Analytic Network Process (ANP) framework using Super Decisions software to structure and prioritize strategic indicators based on expert judgments. The findings reveal four essential pillars for development: improved accessibility, strengthened creative human resources, enhanced digital marketing, and environmental sustainability. Accessibility emerges as a foundational factor influencing connectivity, economic participation, and regional competitiveness, while human resource development is central to fostering innovation and long-term sector resilience. Digital marketing expands market reach and strengthens halal-oriented promotional strategies, whereas environmental sustainability ensures balance between economic growth, ecological preservation, and social well-being. The study further conceptualizes development through two interlinked pillars: infrastructure and creative ecosystem strengthening, and sustainability with inclusivity integration. These findings imply the need for coordinated policy frameworks that align economic development with Islamic values, local cultural identity, and sustainable growth principles in Aceh Tengah. ABSTRAK - Pengembangan Model Terintegrasi Ekonomi Kreatif dan Pariwisata Halal di Aceh Tengah: Pendekatan Analytic Network Process. Kajian ini berangkat dari semakin pentingnya ekonomi kreatif dan pariwisata halal sebagai dua sektor yang saling terhubung dalam mendorong pembangunan daerah yang inklusif, khususnya di Kabupaten Aceh Tengah. Penelitian ini bertujuan untuk menganalisis sinergi para pemangku kepentingan dalam pengembangan kedua sektor tersebut melalui identifikasi tantangan utama, solusi strategis, serta prioritas implementasi berdasarkan perspektif pemerintah, akademisi, dan pelaku usaha. Pendekatan yang digunakan adalah kualitatif melalui wawancara mendalam dengan para ahli, yang kemudian dipadukan dengan kerangka Analytic Network Process (ANP) menggunakan perangkat lunak Super Decisions untuk menyusun dan menentukan prioritas strategi berdasarkan penilaian ahli. Hasil penelitian menunjukkan empat pilar utama pengembangan, yaitu peningkatan aksesibilitas, penguatan sumber daya manusia kreatif, pengembangan digitalisasi pemasaran, serta pelestarian lingkungan. Aksesibilitas menjadi faktor dasar dalam memperkuat konektivitas, meningkatkan partisipasi ekonomi masyarakat, dan daya saing daerah. Sementara itu, penguatan sumber daya manusia berperan penting dalam mendorong inovasi dan keberlanjutan sektor, sedangkan digitalisasi pemasaran membuka perluasan pasar dan memperkuat promosi berbasis nilai-nilai halal. Pelestarian lingkungan menjadi aspek penting dalam menjaga keseimbangan antara pertumbuhan ekonomi, kelestarian alam, dan keberlanjutan sosial. Secara konseptual, pengembangan diarahkan pada dua pilar utama, yaitu penguatan infrastruktur dan ekosistem kreatif serta integrasi prinsip keberlanjutan dan inklusivitas, yang diharapkan membentuk model pembangunan yang inovatif, berkeadilan, dan berdaya saing.
Copyright (c) 2026 Syaripuddin Syaripuddin, Harley Agustian, Zahara Zahara (Author) https://creativecommons.org/licenses/by-sa/4.0
Digital Transformation and Sustainability in Islamic Finance: Evidence from Geopolitical Uncertainty in an Emerging Regional Economy
Amid rapid digital advancement, empirical evidence linking digital transformation with sustainability principles in Islamic economics and finance remains limited. The evolution of this sector has increasingly reflected improvements in operational efficiency, expanded financial inclusion, and the emergence of technology-driven innovations. This study evaluates the effects of digital transformation, sustainable growth, and geopolitical uncertainty on the performance of Islamic economics and finance, with a focus on Islamic financial institutions in Lhokseumawe City. A quantitative approach is employed using Partial Least Squares–Structural Equation Modeling (PLS-SEM), based on data collected from 279 users of Islamic financial services. The findings reveal that digital transformation, sustainable growth, and geopolitical factors each exert a positive and significant influence on the performance of Islamic economics and finance. In addition, digital transformation functions as a mediating mechanism that links sustainable growth to financial performance, indicating its role in translating sustainability-oriented initiatives into measurable outcomes. These results highlight the importance of strengthening the integration between digital innovation and sustainability agendas, while also addressing external pressures arising from geopolitical uncertainty and global technological change. The study offers insights for advancing theoretical integration across these domains and provides direction for enhancing institutional adaptability, inclusiveness, and resilience within Islamic financial systems. Transformasi Digital dan Keberlanjutan dalam Keuangan Islam: Bukti dari Ketidakpastian Geopolitik di Ekonomi Regional Berkembang. Meski teknologi digital berkembang sangat pesat, studi empiris tentang hubungan antara transformasi digital dan prinsip keberlanjutan dalam ekonomi dan keuangan Islam masih terbatas. Transformasi digital telah mempengaruhi dinamika ekonomi dan keuangan Islam lewat peningkatan efisiensi operasional, perluasan inklusi keuangan, serta inovasi berbasis teknologi. Penelitian ini bertujuan menilai pengaruh transformasi digital, pertumbuhan berkelanjutan, dan ketidakpastian geopolitik terhadap kinerja ekonomi dan keuangan Islam, khususnya pada lembaga keuangan Islam di Kota Lhokseumawe. Penelitian ini menggunakan pendekatan kuantitatif dengan metode Partial Least Squares–Structural Equation Modeling (PLS-SEM). Data diperoleh dari 279 responden yang merupakan pengguna layanan keuangan Islam di Kota Lhokseumawe. Hasil studi menunjukkan bahwa transformasi digital, pertumbuhan berkelanjutan, dan faktor geopolitik memiliki pengaruh positif dan signifikan terhadap penguatan ekonomi dan keuangan Islam. Selain itu, transformasi digital berfungsi sebagai variabel mediasi yang menghubungkan pertumbuhan berkelanjutan dan kinerja keuangan Islam. Temuan ini menegaskan pentingnya pemanfaatan teknologi digital secara efektif sebagai mekanisme kunci dalam mendukung keberhasilan pertumbuhan berkelanjutan di sektor keuangan Islam. Studi ini memberikan kontribusi dalam pengembangan kerangka teoretis yang lebih terpadu serta menawarkan arah bagi peningkatan adaptabilitas, inklusivitas, dan ketahanan lembaga keuangan Islam.
Copyright (c) 2026 Rauzatul Jannah, Harjoni Desky, Iskandar Iskandar (Author) https://creativecommons.org/licenses/by-sa/4.0
Balancing Efficiency and Spirituality: Implementation of Virtual Accounts at Tebuireng Islamic Boarding School
The rapid expansion of financial digitalization has transformed governance practices in educational institutions, including Islamic boarding schools (pesantren), where financial transactions are closely intertwined with social and spiritual values. This study aims to examine how the implementation of virtual account (VA) systems at Tebuireng Islamic Boarding School influences administrative efficiency, user satisfaction, and socio-spiritual dynamics. This study employs a qualitative approach with an interpretive phenomenological design. Data were collected through in-depth interviews, participatory observations, and document analysis involving fifteen participants, including financial staff, students’ guardians, and institutional managers. The findings indicate that the adoption of VA significantly enhances administrative efficiency through real-time transaction processing, improved transparency, and reduced recording errors, reflecting the principles of New Public Management (NPM). From the perspective of the Technology Acceptance Model (TAM), perceived usefulness and ease of use contribute to increased satisfaction; however, trust and alignment with spiritual values emerge as equally important determinants. Using Cultural-Historical Activity Theory (CHAT), the study further reveals that digitalization reconfigures social interactions, reducing face-to-face engagement traditionally associated with silaturahmi and barakah, thereby generating tensions between efficiency and spirituality. This study contributes to the literature by demonstrating that financial digitalization in religious institutions is a value-laden process that requires balancing technological efficiency, user trust, and spiritual meaning, offering implications for the development of hybrid governance models in faith-based educational settings. ABSTRAK - Menyeimbangkan Efisiensi dan Spiritualitas: Implementasi Virtual Account di Pesantren Tebuireng. Perkembangan digitalisasi keuangan telah membawa perubahan signifikan dalam tata kelola lembaga pendidikan, termasuk pesantren, yang praktik keuangannya tidak terlepas dari nilai sosial dan spiritual. Penelitian ini bertujuan untuk menganalisis bagaimana implementasi sistem virtual account (VA) di Pondok Pesantren Tebuireng memengaruhi efisiensi administrasi, kepuasan wali santri, serta dinamika sosial-spiritual yang menyertainya. Penelitian ini menggunakan pendekatan kualitatif dengan strategi fenomenologi interpretatif, melalui wawancara mendalam, observasi partisipatif, dan studi dokumen terhadap lima belas informan yang terdiri dari staf keuangan, wali santri, dan pengelola pesantren. Hasil penelitian menunjukkan bahwa penggunaan VA mampu meningkatkan efisiensi administrasi secara signifikan melalui pencatatan transaksi secara real-time, peningkatan transparansi, dan pengurangan kesalahan pencatatan, sejalan dengan prinsip New Public Management (NPM). Dari perspektif Technology Acceptance Model (TAM), kemudahan dan kegunaan sistem meningkatkan kepuasan pengguna, namun faktor kepercayaan serta kesesuaian dengan nilai spiritual juga menjadi penentu utama. Sementara itu, melalui pendekatan Cultural-Historical Activity Theory (CHAT), ditemukan bahwa digitalisasi mengubah pola interaksi sosial dengan berkurangnya kontak langsung yang sebelumnya mengandung nilai silaturahmi dan keberkahan, sehingga memunculkan ketegangan antara efisiensi dan spiritualitas. Penelitian ini menegaskan bahwa digitalisasi keuangan di pesantren merupakan proses yang sarat nilai, sehingga memerlukan keseimbangan antara efisiensi teknologi, kepercayaan pengguna, dan makna spiritual dalam pengembangan tata kelola yang berkelanjutan.
Copyright (c) 2026 Humaidi Humaidi, Dwi Ari Pertiwi, Rachma Agustina, Meta Ardiana, Srikalimah (Author) https://creativecommons.org/licenses/by-sa/4.0