Share: Jurnal Ekonomi dan Keuangan Islam
type: channel
description: 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:
publisher: Universitas Islam Negeri Ar-Raniry
language: en
publication name: Share: Jurnal Ekonomi dan Keuangan Islam
issn: 2089-6239
copyright: 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
items: Back Matters
items: Front Matters
items: Synergizing Digital Innovation, Sustainability, and Maqashid al-Shariah in the Global Islamic Economy
items: Sharia Influencer Effect on Islamic Savings Intention among Generation Z in Indonesia
items: What Drives Online Halal Food Purchasing Decisions? Evidence from Indonesian Muslim Consumers
items: Contract-Specific Effects of Fintech on Islamic Financing Profitability
items: Do Islamicity Performance and Green Banking Improve Islamic Bank Stability in Indonesia?
items: Digitalization, AI Adoption, and MSME Productivity: An Ibn Khaldunian Perspective
items: Behavioral Drivers of Buy Now Pay Later Over-Indebtedness in Indonesia
items: Islamic Philanthropy and SDGs: Evidence from Zakat Institutions in North Sumatra, Indonesia
items: Does Financial Innovation Mediate Risk in Islamic Banking? Evidence from Algeria
items: Determinants of Digital Zakat Adoption Among Muslim Millennials in Indonesia
items: Reassessing Islamic Hedging Fatwa in Indonesia: Accounting, Regulation, and Market Practices
items: Halal Certification and MSME Performance: A Bibliometric Perspective
items: Household Economic Management among Muslim Single-Parent Families in a Matrilineal Context
items: Islamic Bank Merger and the Efficiency–Risk Trade-off: Evidence from Bank Syariah Indonesia
items: Reconstructing Social Fiqh in Contemporary Islamic Finance: A Maqashid Analysis of DSN-MUI Fatwa on Sukuk-Waqf
items: A Critical Evaluation of Islamic Economic Growth in Developing Countries
items: Does Digital Waqf Intention Lead to Actual Use? Evidence from West Java
items: Assessing Digital Transformation in Zakat Management Organizations in Indonesia
items: Commodity Price Dynamics and Islamic Stock Market Volatility in Indonesia
items: Digital Transformation and Tourist Loyalty in Rural Halal Tourism: Evidence from Aceh, Indonesia
items: Maqashid-Based Framework for Islamic Digital Economy Transformation in Indonesia
items: Good Amil Governance, Digitalization, and Zakat Performance: Evidence from Indonesia
items: Corporate Governance and Fraud Prevention in Indonesian Islamic Banks
items: Developing an Integrated Model of Creative Economy and Halal Tourism in Aceh Tengah: An Analytic Network Process Approach
items: Digital Transformation and Sustainability in Islamic Finance: Evidence from Geopolitical Uncertainty in an Emerging Regional Economy
items: Balancing Efficiency and Spirituality: Implementation of Virtual Accounts at Tebuireng Islamic Boarding School

Back Matters
type: item
description: -
subject: Back Matters
  topic: section
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-17
publication date: 2026-06-17

Front Matters
type: item
description: -
subject: Front Matters
  topic: section
rights: Copyright (c) 2026 https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-17
publication date: 2026-06-17

Synergizing Digital Innovation, Sustainability, and Maqashid al-Shariah in the Global Islamic Economy
type: item
description: 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.
subject: Editorial
  topic: section
subject: Islamic economics
  topic: category
subject: Islamic finance
  topic: category
subject: Islamic social finance
  topic: keywords
subject: halal ecosystem
  topic: keywords
subject: sustainable governance
  topic: keywords
subject: digital transformation
  topic: keywords
subject: behavioral finance
  topic: keywords
subject: Islamic banking
  topic: keywords
subject: Maqashid al-Shariah
  topic: keywords
creator: Azharsyah Ibrahim
rights: Copyright (c) 2026 Azharsyah Ibrahim (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-16
publication date: 2026-06-16
starting page: v
ending page: xiv
doi: 10.22373/share.0206

Sharia Influencer Effect on Islamic Savings Intention among Generation Z in Indonesia
type: item
description: 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 …
subject: Articles
  topic: section
subject: Economic practices among Muslim communities
  topic: category
subject: Islamic business
  topic: category
subject: Islamic banking
  topic: category
subject: Islamic financial literacy
  topic: keywords
subject: Sharia influencers
  topic: keywords
subject: digital Islamic marketing
  topic: keywords
subject: Generation Z
  topic: keywords
subject: Islamic savings intention
  topic: keywords
creator: Acu Kusnandar
rights: Copyright (c) 2026 Acu Kusnandar (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-03
publication date: 2026-06-03
starting page: 350
ending page: 366
doi: 10.22373/share.0059

What Drives Online Halal Food Purchasing Decisions? Evidence from Indonesian Muslim Consumers
type: item
description: 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 …
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Economic practices among Muslim communities
  topic: category
subject: Islamic business
  topic: category
subject: halal awareness
  topic: keywords
subject: information quality
  topic: keywords
subject: online reviews
  topic: keywords
subject: purchasing decisions
  topic: keywords
subject: brand trust
  topic: keywords
creator: Cupian Cupian
creator: Agisty Aulia Trisnanda
creator: Sarah Annisa Noven
rights: Copyright (c) 2026 Cupian Cupian, Agisty Aulia Trisnanda, Sarah Annisa Noven (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-03
publication date: 2026-06-03
starting page: 496
ending page: 513
doi: 10.22373/share.0082

Contract-Specific Effects of Fintech on Islamic Financing Profitability
type: item
description: 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 pe…
subject: Articles
  topic: section
subject: Islamic finance
  topic: category
subject: Islamic banking
  topic: category
subject: Islamic Financing
  topic: keywords
subject: Net Profit
  topic: keywords
subject: Fintech
  topic: keywords
subject: Moderation
  topic: keywords
subject: Islamic Banks
  topic: keywords
subject: Istishna’
  topic: keywords
creator: Erwin Saputra Siregar
creator: Fitri Sagantha
creator: M. Taufik Ridho
creator: Rohaiza Kamis
creator: Intan Rizkiana
rights: Copyright (c) 2026 Erwin Saputra Siregar, Fitri Sagantha, M. Taufik Ridho, Rohaiza Kamis, Intan Rizkiana (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-07
publication date: 2026-06-07
starting page: 450
ending page: 467
doi: 10.22373/share.0011

Do Islamicity Performance and Green Banking Improve Islamic Bank Stability in Indonesia?
type: item
description: 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…
subject: Articles
  topic: section
subject: Islamic finance
  topic: category
subject: Islamic banking
  topic: category
subject: Islamicity Performance Index
  topic: keywords
subject: Green Banking
  topic: keywords
subject: Bank Stability
  topic: keywords
subject: Islamic Banking
  topic: keywords
creator: Ahmad Fauzul Hakim Hasibuan
creator: Syawal Harianto
creator: Syahru Liza Putri Akmal
rights: Copyright (c) 2026 Ahmad Fauzul Hakim Hasibuan, Syawal Harianto, Syahru Liza Putri Akmal (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-03
publication date: 2026-06-03
starting page: 405
ending page: 425
doi: 10.22373/share.0083

Digitalization, AI Adoption, and MSME Productivity: An Ibn Khaldunian Perspective
type: item
description: 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 digital…
subject: Articles
  topic: section
subject: Economic practices among Muslim communities
  topic: category
subject: Islamic business
  topic: category
subject: Islamic work ethics
  topic: category
subject: Ibn Khaldun
  topic: keywords
subject: Asabiyyah
  topic: keywords
subject: Digital Transformation
  topic: keywords
subject: Artificial Intelligence
  topic: keywords
subject: MSMEs
  topic: keywords
creator: Feriandy Feriandy
rights: Copyright (c) 2026 Feriandy Feriandy (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-03
publication date: 2026-06-03
starting page: 367
ending page: 382
doi: 10.22373/share.0060

Behavioral Drivers of Buy Now Pay Later Over-Indebtedness in Indonesia
type: item
description: 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 pe…
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Economic practices among Muslim communities
  topic: category
subject: Islamic business
  topic: category
subject: Buy Now Pay Later
  topic: keywords
subject: Dark Patterns
  topic: keywords
subject: Impulsive Buying
  topic: keywords
subject: Over-indebtedness
  topic: keywords
subject: Islamic Financial Literacy
  topic: keywords
creator: Marhaendro Purno
creator: Muhammad Azizurrohman
rights: Copyright (c) 2026 Marhaendro Purno (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-23
publication date: 2026-05-23
starting page: 308
ending page: 330
doi: 10.22373/share.0057

Islamic Philanthropy and SDGs: Evidence from Zakat Institutions in North Sumatra, Indonesia
type: item
description: 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…
subject: Articles
  topic: section
subject: Islamic business
  topic: category
subject: Islamic management
  topic: category
subject: Islamic philanthropy
  topic: category
subject: Islamic social finance
  topic: category
subject: Zakat
  topic: keywords
subject: Islamic Philanthropy
  topic: keywords
subject: Sustainable Development Goals
  topic: keywords
subject: Analytic Network Process
  topic: keywords
subject: North Sumatra
  topic: keywords
creator: Indra Prawira
creator: Andri Soemitra
creator: Yenni Samri Juliati Nasution
rights: Copyright (c) 2026 Indra Prawira, Andri Soemitra, Yenni Samri Juliati Nasution (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-21
publication date: 2026-05-21
starting page: 249
ending page: 269
doi: 10.22373/share.0046

Does Financial Innovation Mediate Risk in Islamic Banking? Evidence from Algeria
type: item
description: 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 praktis…
subject: Articles
  topic: section
subject: Islamic finance
  topic: category
subject: Islamic banking
  topic: category
subject: Islamic banks
  topic: keywords
subject: Islamic financing
  topic: keywords
subject: Islamic financial engineering
  topic: keywords
subject: risk management
  topic: keywords
subject: Islamic financial products
  topic: keywords
creator: Bessouyah Mouna
creator: Mimouni Yassine
rights: Copyright (c) 2026 Bessouyah Mouna, Mimouni Yassine (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-25
publication date: 2026-05-25
starting page: 222
ending page: 248
doi: 10.22373/share.0100

Determinants of Digital Zakat Adoption Among Muslim Millennials in Indonesia
type: item
description: 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 …
subject: Articles
  topic: section
subject: Economic practices among Muslim communities
  topic: category
subject: Islamic work ethics
  topic: category
subject: Islamic social finance
  topic: category
subject: Digital Zakat
  topic: keywords
subject: Zakat Literacy
  topic: keywords
subject: Technology Acceptance Model
  topic: keywords
subject: Brand Awareness
  topic: keywords
subject: Muslim Millennials
  topic: keywords
creator: Nisa Nurazizah
creator: Rahmad Hakim
creator: Sri Cahyaning Umi Salama
creator: Ririn Noviyanti
rights: Copyright (c) 2026 Nisa Nurazizah, Rahmad Hakim, Sri Cahyaning Umi Salama, Ririn Noviyanti (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-11
publication date: 2026-05-11
starting page: 198
ending page: 221
doi: 10.22373/share.0044

Reassessing Islamic Hedging Fatwa in Indonesia: Accounting, Regulation, and Market Practices
type: item
description: 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, terma…
subject: Articles
  topic: section
subject: Islamic finance
  topic: category
subject: Islamic accounting
  topic: category
subject: Islamic banking
  topic: category
subject: Fatwa
  topic: keywords
subject: Islamic Hedging
  topic: keywords
subject: Murabahah
  topic: keywords
subject: PSAK
  topic: keywords
subject: Wa’d
  topic: keywords
creator: Rovila El Maghviroh
creator: Indra Suwandi
creator: Nurdina Nurdina
rights: Copyright (c) 2026 Rovila El Maghviroh, Indra Suwandi, Nurdina Nurdina (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-11
publication date: 2026-05-11
starting page: 173
ending page: 197
doi: 10.22373/share.0041

Halal Certification and MSME Performance: A Bibliometric Perspective
type: item
description: 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 …
subject: Articles
  topic: section
subject: Economic practices among Muslim communities
  topic: category
subject: Islamic work ethics
  topic: category
subject: Halal Certification
  topic: keywords
subject: MSMES
  topic: keywords
subject: Halal Supply Chain
  topic: keywords
subject: Bibliometric Analysis
  topic: keywords
subject: Consumer Trust
  topic: keywords
creator: Sari Utami
creator: Azis Muslim
creator: Muhammad Ghafur Wibowo
rights: Copyright (c) 2026 Sari Utami, Azis Muslim, Muhammad Ghafur Wibowo (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-08
publication date: 2026-05-08
starting page: 146
ending page: 172
doi: 10.22373/share.0037

Household Economic Management among Muslim Single-Parent Families in a Matrilineal Context
type: item
description: 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 n…
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Economic practices among Muslim communities
  topic: category
subject: Islamic management
  topic: category
subject: Household economics
  topic: keywords
subject: Muslim single-parent households
  topic: keywords
subject: economic coping strategies
  topic: keywords
subject: Islamic values
  topic: keywords
subject: income and expenditure management
  topic: keywords
creator: Almizan Almizan
creator: Erizal Candra Efendi
creator: Ruri Mustika
creator: Wildan Hadi
creator: Indah Permata Sari
rights: 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
date: 2026-05-06
publication date: 2026-05-06
starting page: 128
ending page: 145
doi: 10.22373/share.0036

Islamic Bank Merger and the Efficiency–Risk Trade-off: Evidence from Bank Syariah Indonesia
type: item
description: 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 keseim…
subject: Articles
  topic: section
subject: Islamic finance
  topic: category
subject: Islamic banking
  topic: category
subject: Islamic bank merger
  topic: keywords
subject: Hifz al-mal
  topic: keywords
subject: Efficiency and credit risk
  topic: keywords
subject: Maqasid al-Shariah
  topic: keywords
subject: Panel data analysis
  topic: keywords
creator: Royani Anwari
rights: Copyright (c) 2026 Royani Anwari (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-01
publication date: 2026-05-01
starting page: 71
ending page: 85
doi: 10.22373/share.0008

Reconstructing Social Fiqh in Contemporary Islamic Finance: A Maqashid Analysis of DSN-MUI Fatwa on Sukuk-Waqf
type: item
description: 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 progre…
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Islamic finance
  topic: category
subject: Islamic social finance
  topic: category
subject: Sukuk-waqf
  topic: keywords
subject: Maqashid al-sharia
  topic: keywords
subject: Social Fiqh
  topic: keywords
subject: DSN-MUI fatwa
  topic: keywords
subject: Contemporary Islamic Finance
  topic: keywords
creator: Nurlaili Adkhi Rizfa Faiza
creator: Hafidhotul Amaliyah
creator: Ita Marianingsih Purnasari
creator: Muhammad Lathoif Ghozali
rights: Copyright (c) 2026 Nurlaili Adkhi Rizfa Faiza, Hafidhotul Amaliyah, Ita Marianingsih Purnasari, Muhammad Lathoif Ghozali (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-04-30
publication date: 2026-04-30
starting page: 55
ending page: 70
doi: 10.22373/share.0006

A Critical Evaluation of Islamic Economic Growth in Developing Countries
type: item
description: 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 y…
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Islamic Economic Acceleration
  topic: keywords
subject: Institutional Transformation
  topic: keywords
subject: Maqasid al-Shariah
  topic: keywords
subject: Developing Countries
  topic: keywords
subject: Sustainable Development
  topic: keywords
creator: Ismaulina Chairawan
creator: Iskandar Iskandar
creator: Azharsyah Ibrahim
rights: Copyright (c) 2026 Ismaulina Chairawan, Iskandar Iskandar, Azharsyah Ibrahim (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-04-25
publication date: 2026-04-25
starting page: 36
ending page: 54
doi: 10.22373/share.0003

Does Digital Waqf Intention Lead to Actual Use? Evidence from West Java
type: item
description: 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 waka…
subject: Articles
  topic: section
subject: Islamic philanthropy
  topic: category
subject: Islamic social finance
  topic: category
subject: Digital Waqf
  topic: keywords
subject: Technology Acceptance Model
  topic: keywords
subject: Behavioral Intention
  topic: keywords
subject: Actual Use
  topic: keywords
creator: Auni Alifah Sukirman
creator: Indri Yuliafitri
creator: Nabela Hapsari
rights: Copyright (c) 2026 Auni Alifah Sukirman, Indri Yuliafitri, Nabela Hapsari (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-04-24
publication date: 2026-04-24
starting page: 15
ending page: 35
doi: 10.22373/share.0045

Assessing Digital Transformation in Zakat Management Organizations in Indonesia
type: item
description: 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 da…
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Islamic philanthropy
  topic: category
subject: digital readiness
  topic: keywords
subject: zakat management organizations
  topic: keywords
subject: digital transformation
  topic: keywords
subject: zakat governance
  topic: keywords
subject: digital readiness index
  topic: keywords
creator: Tiara Salsabila Azzahra
creator: Yunizar Yunizar
creator: Muhammad Fathrul Quddus
rights: Copyright (c) 2026 Tiara Salsabila Azzahra, Yunizar Yunizar, Muhammad Fathrul Quddus (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-07
publication date: 2026-06-07
starting page: 468
ending page: 495
doi: 10.22373/share.0084

Commodity Price Dynamics and Islamic Stock Market Volatility in Indonesia
type: item
description: 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…
subject: Articles
  topic: section
subject: Islamic finance
  topic: category
subject: Islamic capital market
  topic: category
subject: Indonesian Sharia Stock Index (ISSI)
  topic: keywords
subject: Volatility Spillover
  topic: keywords
subject: Geopolitical Risk
  topic: keywords
subject: Commodity Prices
  topic: keywords
subject: Exchange Rate
  topic: keywords
creator: Hakiki Ramadhan
creator: Muhammad Hasanuddin
creator: Anisa Ilmia
creator: Lidzikri Ahmad Syahru Rabbani
rights: Copyright (c) 2026 Hakiki Ramadhan, Muhammad Hasanuddin, Anisa Ilmia, Lidzikri Ahmad Syahru Rabbani (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-05
publication date: 2026-06-05
starting page: 426
ending page: 449
doi: 10.22373/share.0079

Digital Transformation and Tourist Loyalty in Rural Halal Tourism: Evidence from Aceh, Indonesia
type: item
description: 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 ped…
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Islamic business
  topic: category
subject: Digital transformation
  topic: keywords
subject: Rural halal tourism
  topic: keywords
subject: Social media
  topic: keywords
subject: Tourist satisfaction
  topic: keywords
subject: Tourist loyalty
  topic: keywords
creator: Siti Najma
rights: Copyright (c) 2026 Siti Najma (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-03
publication date: 2026-06-03
starting page: 383
ending page: 404
doi: 10.22373/share.0063

Maqashid-Based Framework for Islamic Digital Economy Transformation in Indonesia
type: item
description: 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 …
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Islamic business
  topic: category
subject: Islamic work ethics
  topic: category
subject: Islamic Fintech
  topic: keywords
subject: Maqashid al-Shariah
  topic: keywords
subject: Digital Economy
  topic: keywords
subject: Financial Inclusion
  topic: keywords
subject: Regulatory Fragmentation
  topic: keywords
creator: Agus Wahyudi
creator: Abdurrohman Kasdi
creator: Abu Choir
rights: Copyright (c) 2026 Agus Wahyudi, Abdurrohman Kasdi, Abu Choir (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-25
publication date: 2026-05-25
starting page: 331
ending page: 349
doi: 10.22373/share.0058

Good Amil Governance, Digitalization, and Zakat Performance: Evidence from Indonesia
type: item
description: 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 men…
subject: Articles
  topic: section
subject: Islamic management
  topic: category
subject: Islamic philanthropy
  topic: category
subject: Islamic work ethics
  topic: category
subject: Islamic social finance
  topic: category
subject: Good Amil Governance
  topic: keywords
subject: Zakat Digitalization
  topic: keywords
subject: Zakat Performance
  topic: keywords
subject: Islamic philanthropy
  topic: keywords
subject: Zakat institutions
  topic: keywords
creator: Azwar Cholili
creator: Nanang Setiawan
creator: Nur Kholis
creator: Andriani Samsuri
creator: Imam Muslih
rights: Copyright (c) 2026 Azwar Cholili, Nanang Setiawan, Nur Kholis, Andriani Samsuri, Imam Muslih (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-21
publication date: 2026-05-21
starting page: 287
ending page: 307
doi: 10.22373/share.0052

Corporate Governance and Fraud Prevention in Indonesian Islamic Banks
type: item
description: 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 Ban…
subject: Articles
  topic: section
subject: Islamic work ethics
  topic: category
subject: Islamic finance
  topic: category
subject: Islamic accounting
  topic: category
subject: Islamic banking
  topic: category
subject: Audit Committee
  topic: keywords
subject: Internal Control
  topic: keywords
subject: Sharia Compliance
  topic: keywords
subject: Fraud
  topic: keywords
subject: Islamic banking
  topic: keywords
creator: Mardiaton Mardiaton
creator: Amru Usman
creator: Rayyan Firdaus
creator: Rimal Mahdani
creator: Murni Murni
rights: Copyright (c) 2026 Mardiaton Mardiaton, Amru Usman, Rayyan Firdaus, Rimal Mahdani, Murni Murni (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-21
publication date: 2026-05-21
starting page: 270
ending page: 286
doi: 10.22373/share.0051

Developing an Integrated Model of Creative Economy and Halal Tourism in Aceh Tengah: An Analytic Network Process Approach
type: item
description: 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 K…
subject: Articles
  topic: section
subject: Economic practices among Muslim communities
  topic: category
subject: Islamic management
  topic: category
subject: Halal Tourism
  topic: keywords
subject: Creative Economy
  topic: keywords
subject: Accessibility
  topic: keywords
subject: Human Resources
  topic: keywords
subject: ANP
  topic: keywords
creator: Syaripuddin Syaripuddin
creator: Harley Agustian
creator: Zahara Zahara
rights: Copyright (c) 2026 Syaripuddin Syaripuddin, Harley Agustian, Zahara Zahara (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-02
publication date: 2026-05-02
starting page: 107
ending page: 127
doi: 10.22373/share.0033

Digital Transformation and Sustainability in Islamic Finance: Evidence from Geopolitical Uncertainty in an Emerging Regional Economy
type: item
description: 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 …
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Islamic finance
  topic: category
subject: Digital Transformation
  topic: keywords
subject: Islamic Finance
  topic: keywords
subject: Sustainable Growth
  topic: keywords
subject: Geopolitical Uncertainty
  topic: keywords
subject: Financial Performance
  topic: keywords
creator: Rauzatul Jannah
creator: Harjoni Desky
creator: Iskandar Iskandar
rights: Copyright (c) 2026 Rauzatul Jannah, Harjoni Desky, Iskandar Iskandar (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-01
publication date: 2026-05-01
starting page: 86
ending page: 106
doi: 10.22373/share.0015

Balancing Efficiency and Spirituality: Implementation of Virtual Accounts at Tebuireng Islamic Boarding School
type: item
description: 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 p…
subject: Articles
  topic: section
subject: Islamic economics
  topic: category
subject: Islamic finance
  topic: category
subject: Islamic microfinance
  topic: category
subject: Virtual Account
  topic: keywords
subject: Financial Efficiency
  topic: keywords
subject: Parents’ Satisfaction
  topic: keywords
subject: Spiritual Values
  topic: keywords
subject: New Public Management
  topic: keywords
subject: Technology Acceptance Model
  topic: keywords
subject: Cultural-Historical Activity Theory
  topic: keywords
creator: Humaidi Humaidi
creator: Dwi Ari Pertiwi
creator: Rachma Agustina
creator: Meta Ardiana
creator: Srikalimah
rights: Copyright (c) 2026 Humaidi Humaidi, Dwi Ari Pertiwi, Rachma Agustina, Meta Ardiana, Srikalimah (Author) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-04-13
publication date: 2026-04-13
starting page: 1
ending page: 14
doi: 10.22373/share.0004