Share: Jurnal Ekonomi dan Keuangan Islam
Effective from Volume 15, No. 1 (2026), Share: Jurnal Ekonomi dan Keuangan Islam will use this platform. The journal has migrated from the previous website. 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. Journal Title : Share: Jurnal Ekonomi dan Keuangan Islam Initials : Share Frequency : Two issues per year (June and December) E-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, |DOAJ, Index Copernicus| Sinta | Google Scholar, etc 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
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
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.
Economic practices among Muslim communities
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
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
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.
Bibliometric Analysis, Halal Certification, MSME Performance, Scopus, Thematic Mapping.
Copyright (c) 2026 Sari Utami, Azis Muslim, Muhammad Ghafur Wibowo (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