Jurnal Al-Muzdahir : Jurnal Ekonomi Syariah ini berisi naskah ilmiah yang diterbitkan oleh Program Studi Ekonomi Syariah Fakultas Ekonomi dan Bisnis Islam Institut Pesantren Sunan Drajat Lamongan Jawa Timur. Jurnal ini merupakan sarana publikasi ilmiah bagi para mahasiswa dan peneliti yang mempublikasikan artikel penelitian kualitatif dan kuantitatif yang mencakup bidang ekonomi dan keuangan syariah. Jurnal Terbit 2 (dua) kali dalam setahun yakni pada Januari dan Juli. E-ISSN: 2828-6278 P-ISSN: 2655-5492
Institut Pesantren Sunan Drajat Lamongan, Indonesia
PENGARUH DISIPLIN KERJA DAN PELATIHAN KERJA TERHADAP KINERJA KARYAWAN PADA PT MULTI PRIMA USAHATAMA SITE CIUJUNG
Penelitian ini bertujuan untuk mengetahui pengaruh disiplin kerja dan pelatihan kerja terhadap kinerja karyawan pada PT Multi Prima Usahatama Site Ciujung baik secara parsial maupun simultan. Metode yang digunakan adalah kuantitatif. Teknik pengambilan sampel menggunakan probability sampling dan diperoleh sampel pada penelitian ini yaitu 126 responden. Analisis data menggunakan uji validitas, uji reliabilitas, uji asumsi klasik, analisis deskriptif,analisis regresi, analisis koefisien korelasi, analisis koefisien determinasi dan uji hipotesis. Hasil penelitian ini adalah disiplin kerja berpengaruh signifikan terhadap kinerja karyawan dengan persamaan regresi Y = 9,409 + 0,361X1 nilai koefisien korelasi diperoleh sebesar 0,611 artinya kedua variabel mempunyai tingkat hubunagn yang kuat. Nilai determinasi atau kontribusi pengaruh sbesar 0,374 atau sebesar 37,4%. Uji hipotesis diperoleh t hitung > t tabel atau (3,909 %>1,980%). Dengan demikian Ho ditolak dan H1 diterima artinya terdapat pengaruh signifikan disiplin kerja terhadap kinerja karyawan. Pelatihan kerja berpengaruh signifikan terhadap kinerja karyawan dengan persamaan regresi Y = 13,169 + 0,691 X2 , nilai koefisien korelasi diperoleh sebesar 0,679 artinya kedua variabel mempunyai tingkat hubunagn yang kuat. Nilai determinasi atau kontribusi pengaruh sbesar 0,461 atau 46,1%. Uji hipotesis diperoleh t hitung > t tabel atau (6,126 %>1,980%). Dengan demikian Ho ditolak dan H1 diterima artinya terdapat pengaruh signifikan pelatihan kerja terhadap kinerja karyawan. Disiplin kerja dan pelatihan kerja berpengaruh signifikan terhadap kinerja karyawan dengan persamaan regresi Y= 9,409 0,361+0,496 X2 , nilai koefisien korelasi diperoleh sebesar 0,721 artinya kedua variabel mempunyai tingkat hubunagn yang kuat. Nilai determinasi atau kontribusi pengaruh sbesar 0,520 atau sebesar 52,0% sedankan sisanya sebesar 48,0% dipengaruhi faktor lain. Uji hipotesis diperoleh f hitung > f tabel atau (66,675%>2,680%). Dengan demikian Ho ditolak dan H1 diterima. Artinya terdapat pengaruh signifikan secara simultan disiplin kerja dan pelatihan kerja terhadap kinerja karyawan.
Copyright (c) 2026 Siti Annisya, Sela Novitasari, Feby Arma Putra https://creativecommons.org/licenses/by-sa/4.0
PERAN INOVASI TEKNOLOGI DALAM MENJAWAB TANTANGAN PASAR MODAL SYARIAH DI ERA DIGITAL
Pasar modal syariah di Indonesia semakin berkembang sebagai alternatif investasi yang sesuai dengan prinsip-prinsip syariah Islam. Namun, tantangan utama yang dihadapi adalah memastikan kepatuhan terhadap prinsip syariah dengan cara yang efisien dan transparan. Kemajuan teknologi digital seperti fintech syariah, blockchain, dan kecerdasan buatan memberikan solusi inovatif yang meningkatkan transparansi, efisiensi, dan akuntabilitas transaksi, serta memperkuat kepercayaan investor. Penelitian ini menggunakan metode studi pustaka untuk mengkaji peran teknologi dalam mengatasi tantangan pemenuhan unsur syariah di pasar modal Indonesia. Hasil kajian menunjukkan bahwa teknologi digital merupakan kunci untuk mendorong inklusi dan keinginan pasar modal syariah di era modern.
Copyright (c) 2026 Melisa Putri, Joko Setyono https://creativecommons.org/licenses/by-sa/4.0
OPTIMALISASI AKAD DALAM PRODUK PASAR MODAL SYARIAH UNTUK MENDORONG LITERASI INVESTOR DI INDONESIA
Pasar modal syariah merupakan bagian penting dalam sistem keuangan syariah yang menawarkan alternatif investasi sesuai prinsip Islam. Namun, peningkatan jumlah investor syariah di Indonesia belum diiringi dengan peningkatan literasi terhadap akad yang melandasi produk pasar modal seperti saham syariah, reksadana syariah, dan sukuk. Penelitian ini bertujuan untuk menganalisis mekanisme transaksi serta akad yang digunakan dalam ketiga instrumen tersebut serta urgensi optimalisasinya guna meningkatkan pemahaman dan kepatuhan investor terhadap prinsip syariah. Pendekatan kualitatif digunakan dengan studi literatur, regulasi, dan data sekunder dari Bursa Efek Indonesia dan Otoritas Jasa Keuangan. Hasil penelitian menunjukkan bahwa akad-akad yang digunakan dalam ketiga instrumen tersebut adalah akad Musyarakah, dan Bay’I (Jual beli) di saham syariah, Wakalah Bil Ujrah, Mudharabah, dan Bay’I di Reksadana Syariah, serta Ijarah, Mudharabah, Musyarakah, Murabahah, dan Istishna’ di Obligasi/sukuk syariah. Oleh karena itu, optimalisasi akad melalui pendekatan edukatif, penyederhanaan struktur, dan transparansi mekanisme transaksi menjadi sangat relevan. Langkah ini diyakini dapat memperkuat fondasi etis dan spiritual investasi syariah serta mendorong literasi dan kepatuhan yang berkelanjutan.
Copyright (c) 2026 Muhammad Syauqi Yunilhamri, Rozi Andrini https://creativecommons.org/licenses/by-sa/4.0
PENGGUNAAN QRIS SEBAGAI ALAT PEMBAYARAN DALAM TRANSAKSI DIGITAL PERSPEKTIF EKONOMI SYARIAH
QRIS (Quick Response Code Indonesian Standard) sebagai alat pembayaran non-tunai. Penelitian ini dilatarbelakangi oleh urgensi pemahaman terhadap efektivitas dan kesesuaian penggunaan QRIS dalam transaksi digital berdasarkan prinsip ekonomi syariah. Penelitian ini bertujuan untuk menganalisis mekanisme implementasi penggunaan QRIS di Cafe Arban serta menganalisis implementasinya dari perspektif ekonomi syariah, dengan menjawab dua pertanyaan utama: bagaimana mekanisme implementasi penggunaan QRIS dalam transaksi digital dan bagaimana kesesuaiannya dengan prinsip ekonomi syariah. Desain penelitian ini menggunakan metode kualitatif deskriptif dengan pendekatan studi kasus. Data dikumpulkan melalui wawancara, observasi, dan dokumentasi terhadap manajer, karyawan, dan pelanggan Cafe Arban di desa Tellang kecamatan Kamal kabupaten Bangkalan. Teknik triangulasi digunakan untuk menguji keabsahan data. Hasil penelitian menunjukkan bahwa penggunaan QRIS memberikan kepraktisan dan efisiensi dalam transaksi, terutama bagi pelanggan yang akrab dengan teknologi digital. Namun, tantangan masih ditemukan dalam bentuk keterbatasan akses internet, kebiasaan pelanggan yang lebih menyukai uang tunai, serta rendahnya literasi digital. Dari perspektif ekonomi syariah, QRIS dinilai sesuai selama transaksi dilakukan dengan transparansi, tanpa unsur riba, gharar, dan maisir.
Copyright (c) 2026 Rahmat, Faratul Holideh https://creativecommons.org/licenses/by-sa/4.0
Pengaruh Produk Terhadap Citra Perusahaan Pada Koperasi Simpan Pinjam Dan Pembiayaan Syariah Khairu Ummah (KSPPSS) Leuwiliang
Abstrak : Penelitian Ini Bertujuan Untuk Menganalisis Dan Membuktikan “Pengaruh Produk Terhadap Citra Perusahaan Pada Koperasi Simpan Pinjam Dan Pembiayaan Syariah Khairu Ummah (KSPPS) Leuwiliang”. Metode penelitian yang digunakan dalam penelitian ini adalah deskriptif kuantitif dengan teknik penentuan sample accidental sampling terhadap 100 responden, serta metode analisis data yang digunakan adalah uji validitas, uji reliabilitas, uji asumsi klasik, uji regresi, uji koefisien determinasi, uji hipotesis, Berdasarkan hasil penelitian, maka didapatkan temuan sebagai berikut : Pengaruh Produk Terhadap Citra Perusahaan Pada Koperasi Simpan Pinjam Dan Pembiayaan Syariah Khairu Ummah (Kspps) Leuwiliang . Hal ini dapat ditunjukan oleh nilai thitung2.308 an tingkat signifikan t lebih kecil dari 0,05 ( sig t = 0,023 < 0,05). Produk terbukti berpengaruh positif dan signifikan terhadap Citra Perusahaan. Hal ini dapat di tunjukan Fhitung sebesar 6,427 dengan nilai signifikan sebesar 0,000 sedangkan untuk mencari Ftabel dengan jumlah sampel (n) = 94 jumlah variabel (k) =5 taraf sigifikan a = 0,05 (df) = n-k = 94-5 = 89 diperoleh Ftabel sebesar 3,95 sehingga Fhitung (6,427) > Ftabel (3,95) dan secara statistik diperoleh nilai signifikan 0,000 karena nilai signifikan (0,000) < taraf signifikan 0,05.
Copyright (c) 2026 Sela Novitasari, Aden Wijaya, Ibadurohmah https://creativecommons.org/licenses/by-sa/4.0
INTERAKSI HUKUM EKONOMI SYARIAH DAN UU PERLINDUNGAN KONSUMEN: UPAYA MITIGASI GHARAR DALAM PRAKTIK SEWA-MENYEWA DI HABIBI OUTDOOR, WAJAK-MALANG
Persewaan alat outdoor merupakan salah satu bentuk usaha ekonomi kreatif yang berkembang seiring meningkatnya minat masyarakat terhadap kegiatan pendakian dan wisata alam. Namun, praktik sewa-menyewa alat outdoor yang marak justru menyimpan potensi ketidakadilan dan ketidakpastian (gharar) yang bertentangan dengan prinsip dasar muamalah dan sering kali memunculkan persoalan terkait perlindungan hak konsumen, khususnya jika akad tidak disusun secara jelas, transparan, dan sesuai prinsip hukum ekonomi syariah. Penelitian ini bertujuan untuk menganalisis pemenuhan hak penyewa pada persewaan Habibi Outdoor Wajak serta mengevaluasi kesesuaiannya dengan prinsip akad ijarah dalam hukum ekonomi syariah dan ketentuan Undang-Undang Nomor 8 Tahun 1999 tentang Perlindungan Konsumen. Penelitian menggunakan metode kualitatif deskriptif dengan jenis penelitian yuridis empiris, melalui observasi, wawancara mendalam, dan kajian literatur. Hasil penelitian menunjukkan bahwa sebagian hak konsumen belum terpenuhi secara optimal, terutama pada aspek transparansi informasi, perlindungan hukum, dan edukasi penggunaan barang. Terdapat unsur gharar dalam transaksi digital-informal yang termasuk dalam kategori gharar fahisy yang membatalkan akad karena menyangkut objek pokok (keselamatan jiwa). Sementara itu, pelayanan yang jujur, adil, dan bebas diskriminasi relatif terpenuhi, dan mekanisme kompensasi telah ada meskipun belum responsif, khususnya dalam penggantian barang. Diperlukan perbaikan berupa penyusunan akad tertulis yang rinci, peningkatan transparansi, pemberian edukasi kepada konsumen, dan penguatan mekanisme perlindungan hukum agar praktik persewaan sesuai prinsip hukum ekonomi syariah, menciptakan kesepakatan yang adil, serta meningkatkan kepercayaan konsumen.
Gharar, Hukum Ekonomi Syariah, Ijarah, Perlindungan Konsumen, Sewa-Menyewa
Copyright (c) 2026 Fitri Andriani, Ririn Noviyanti https://creativecommons.org/licenses/by-sa/4.0
PENGARUH STORE ATMOSPHERE DAN BRAND IMAGE TERHADAP KEPUASAN PELANGGAN PADA LILS BEAUTY STUDIO LEBAK BULUS KOTA JAKARTA SELATAN
The purpose of this study was to determine the effect of Store Atmosphere and Brand Image on Customer Satisfaction at Lils Beauty Studio Lebak Bulus, South Jakarta City. The method used is quantitative. The sampling technique uses the Slovin formula and obtained a sample of 89 respondents. In collecting data, researchers used a questionnaire. Data processing used the SPSS version 27 application. Data analysis used validity tests, reliability tests, classical assumption tests, regression analysis, correlation coefficient analysis, determination coefficient analysis and hypothesis testing. The results of the study showed that Store Atmosphere has a significant effect on Customer Satisfaction with a determination coefficient value of 70.9% and the hypothesis test obtained the results of t count > t table or (14.551 > 1.988). Brand Image has a significant effect on Customer Satisfaction with a determination coefficient value of 84.7% and the hypothesis test obtained the results of t count > t table or (21.933 > 1.988). Store Atmosphere and Brand Image have a significant effect simultaneously on customer satisfaction with the regression equation Y = 0.902 + 0.191X1 + 0.796X2. The coefficient of determination value is 85.4% and the hypothesis test obtained the results of F value > F table value, or (252.027 > 2.710). Keywords: Store Atmosphere; Brand Image; Customer Satisfaction
Keywords: Store Atmosphere; Brand Image; Customer Satisfaction
Copyright (c) 2026 Ana Setiana, Putri Nilam Kencana https://creativecommons.org/licenses/by-sa/4.0
ANALISIS RASIO LIKUIDITAS DAN RASIO PROFITABILITAS UNTUK MENILAI KINERJA KEUANGAN PT GAJAH TUNGGAL TBK PERIODE 2014-2023
This research aims to determine the financial performance of PT Gajah Tunggal Tbk for the 2014-2023 period by measuring financial ratio analysis. The method used in this research is a quantitative. Technical analysis uses liquidity ratios and profitability ratios by comparing financial reports from previous years compared to industry standards according to Kasmir and the average standards of similar companies listed on the Indonesian Stock Exchange. Research data collection was obtained from company financial reports and library studies related to this research. The population used is the financial report of PT Gajah Tunggal Tbk for the 2014-2023 period and the sample used is the balance sheet and profit and loss report from 2014-2023. The results of this research indicate that the financial performance of PT Gajah Tunggal Tbk for the 2014-2023 period in terms of liquidity ratios is compared using industry standards according to Kasmere in an Unhealthy condition, because the average value of the Current Ratio and Quick Ratio is still below the Cashmere industry standard, while the financial performance of PT Gajah Tunggal Tbk for the 2014-2023 period is compared with the average standard of similar companies, companies in an unhealthy condition because they are below the average of similar companies. Then looking at the profitability ratio compared to using industry standards according to Kasmir, it is in an unhealthy condition, because the average value of Return On Assets and Return On Equity is still below the Kasmir industry standard, while the financial performance of PT Gajah Tunggal Tbk for the 2014-2023 period is compared with the average standard of similar companies. The company is in an unhealthy condition because it is below the average of similar companies.
Liquidity, Profitability, Financial Performance
Copyright (c) 2026 Uswatun Hasanah, Reza Octovian https://creativecommons.org/licenses/by-sa/4.0
PENGARUH MIKRO EKONOMI TERHADAP HARGA SAHAM PADA PT. INDUSTRI JAMU DAN FARMASI SIDO MUNCUL TBK. PERIODE 2014-2023
The purpose of this research is to determine the effect of microeconomics on stock prices at PT. Industri Jamu dan Farmasi Sido Muncul Tbk. during the period 2014 to 2023. The method used in this study is a descriptive quantitative approach using secondary data in the form of company financial reports. The samples analyzed is the financial report of PT. Industri Jamu dan Farmasi Sido Muncul Tbk. 2014 - 2023. Data analysis was performed using SPSS software version 30. The analysis techniques used include descriptive analysis tests, classical assumption tests, multiple linear regression, and hypothesis tests. The results of this study indicate that the Earnings Per Share variable has a significant partial effect on stock prices (T value 7.383 > T table 2.365 and a significance value of 0.001 <0.05), and the Price to Book Value variable also has a significant effect on stock prices (T value 23.748 > T table 2.365 and a significance value of 0.001 <0.05). Simultaneously, the variables Earnings Per Share and Price to Book Value have a significant effect on stock prices with a calculated F value of 331.779 > F table 4.737 and a significance value of 0.001 < 0.05.
Copyright (c) 2026 Eni Puji Astuti, Muhamad Sailan Abdul Aziz https://creativecommons.org/licenses/by-sa/4.0
Preferensi Pelaku Usaha Mikro Kecil Menengah terhadap Alternatif Pembiayaan Syariah di Perbankan Syariah
This research examines the preferences of Micro, Small and Medium Enterprises (MSMEs) actors towards Sharia financing schemes offered by Islamic banking. The research uses a qualitative approach with a descriptive-analytical method based on a literature study of various relevant scientific literature, articles, books, and reports. The focus of the research is to understand the factors that influence the tendency of MSMEs to choose certain schemes, as well as their relationship with the understanding of Islamic economic principles, especially usury. Usury, which is expressly forbidden in Islam, involves unfair profits from loans that cause significant financial burdens, especially for small businesses. The high interest rates imposed by conventional financial institutions often result in increased debt, decreased productivity and even bankruptcy for MSMEs. The research findings show that MSMEs' preference for Islamic financing is influenced by the level of understanding, trust in sharia principles, ease of procedures, and risk perception. The Islamic financial system offers an alternative that complies with sharia principles and provides a more equitable and mutually beneficial financing solution.
Copyright (c) 2025 Siti Mayyas Sharoh, Aprilia Faizah Nur Aini, Masiyah Kholmi https://creativecommons.org/licenses/by-sa/4.0
Analisis Pengaruh Upah Minimum Regional (UMR) dan Indeks Pembangunan Manusia (IPM) terhadap Tingkat Pengangguran Terbuka (TPT) di Provinsi Banten dalam Perspektif Ekonomi Islam Tahun 2015-2024
This study analyses the effect of the Regional Minimum Wage (UMR) and Human Development Index (HDI) on the Open Unemployment Rate (TPT) from an Islamic economic perspective from 2015 to 2024 using cross-sectional data covering eight districts in Banten Province sourced from the Central Statistics Agency (BPS). This quantitative study employs the Common Effect Model. This model is deemed appropriate after passing the Chow and Hausman tests, enabling classical assumption tests, partial tests, and simultaneous tests to be conducted. The findings indicate that, partially, the UMR does not have a significant effect on the TPT. Conversely, the IPM has a significant partial effect on the TPT. Simultaneously, the UMR and IPM have a positive and significant effect on the TPT. From an Islamic economic perspective, unemployment is a social and moral issue, with an emphasis on social justice and wealth distribution. Wages are the right of workers, and improving human resource quality through the HDI is important for reducing unemployment. These results are expected to provide deeper insights into the variables studied and valuable input for formulating national economic policies aimed at reducing open unemployment in Banten Province.
Copyright (c) 2025 Rhima Kusuma, Rosydalina Putri, Diah Mukminatul Hasimi https://creativecommons.org/licenses/by-sa/4.0
Analisis Standar Pelayanan Wakaf di Lembaga Roumah Wakaf Surabaya
This study aims to analyze the implementation of waqf service standards at the Roumah Waqf Institution Surabaya. Optimal service standards are an important element in increasing trust and community participation in waqf management. This study uses a qualitative approach with a descriptive design, through document analysis and literature review. The findings show that Roumah Waqf implements various service innovations, including a personal approach to donors, digital services, and waqf asset management policies in accordance with sharia. Factors such as transparency, and responsiveness. In service, it is proven to have a significant impact on the level of community satisfaction. This research contributes to identifying best practices that can be adopted by other waqf institutions in Indonesia, as well as offering strategic recommendations for the development of more professional service standards
Copyright (c) 2025 Meidiana Meidiana, Muhammad Farid Sarifudin https://creativecommons.org/licenses/by-sa/4.0
Pengaruh Kepemimpinan dan Kompetensi Pegawai terhadap Kinerja Pegawai Pada Pusat Data dan Teknologi Informasi Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi
The purpose of this study was to determine the effect of leadership and employee competence on employee performance at the Pusat Data dan Teknologi Informasi Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi (Pusdatin Kemendikbudristek). The research method uses quantitative methods. The population in this study were all employees of the Pusat Data dan Teknologi Informasi Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi (Pusdatin Kemendikbudristek) totaling 179 people. The sampling technique used the Slovin formula with a sample size of 64 people. The data analysis method in this study uses the IBM SPSS version 26 application. Includes validity test, reliability test, classical assumption test, simple linear regression test, multiple linear regression test, coefficient of determination test, t test and f test. The results of this study are Leadership (X1) has a significant effect on Employee Performance (Y) with a determination value of 79.4% and in the hypothesis test obtained a tcount value of 14.371> t table 1.999 with a significance of 0.008 <0.05. Employee Competence (X2) has a significant effect on Employee Performance (Y) with a determination value of 63.2% and in the hypothesis test obtained a tcount value of 10.320> t table 1.999 with a significance of 0.006 <0.05. Leadership (X1) and Employee Competence (X2) simultaneously have a significant effect on Employee Performance (Y) with multiple linear regression equations Y = 4.193 + 0, 630X1 + 0.253X2. With a determination value of 43.1%. Hypothesis testing obtained Fcount value 117.553> Ftable 3.15 with a significant level of 0.000 <0.05, thus Ho1 is rejected and Ha1 is accepted, meaning that simultaneously Leadership and Employee Competence have a positive and significant effect on Employee Performance of the Pusat Data dan Teknologi Informasi Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi (Pusdatin Kemendikbudristek).
Copyright (c) 2025 Rima Handayani, Rahmi Hermawati, Eni Puji Astuti https://creativecommons.org/licenses/by-sa/4.0
Pengaruh IPM dan Pengangguran terhadap Pertumbuhan Ekonomi dalam Perspektif Islam di Provinsi Bengkulu
This study aims to determine how the economic growth of Bengkulu Province is influenced by the unemployment rate and the Human Development Index (HDI) from an Islamic economic point of view. If HDI measures the quality of human resources in terms of living standards, education, and health, then unemployment shows how effective the use of labor in a field is. The time series of data from 2012 to 2023 obtained from the Bengkulu Province Central Bureau of Statistics (BPS) is the secondary data source in this study. The method applied is Mixed Method. Multiple linear regression is the test used to analyze, along with hypothesis testing and classical assumptions, to determine the extent to which independent factors affect the dependent variable. The results showed that HDI had a partially negative and significant impact on economic growth, but had no significant effect on the unemployment variable. Unemployment and HDI together have a major impact on the economic growth of Bengkulu Province in 2012-2023. Therefore, increasing and reducing HDI is considered an important effort to realize fair and sustainable economic growth according to sharia principles because from the point of view of Islamic economics, economic development is measured by considering material aspects as well as the balance between the needs of the world and the hereafter.
Copyright (c) 2025 Fina Fasmala Sari, Supardi Mursalin, Rahmat Putra Hasibuan https://creativecommons.org/licenses/by-sa/4.0
Kinerja Keuangan Bank Muamalat melalui Pendekatan Islamicity Performance Index
This article evaluates the financial performance of Bank Muamalat Indonesia from 2022 to 2024 based on sharia principles using the Islamicity Performance Index (IPI) developed by Shahul Hameed. The purpose of this study is to measure the extent to which Bank Muamalat applies Islamic principles in its financial operations through six key indicators: Profit Sharing Ratio, Zakat Performance Index, Equitable Distribution Ratio, Director–Employee Welfare Ratio, Islamic Investment vs Non-Islamic Investment, and Islamic Income vs Non-Islamic Income. The study employed a qualitative descriptive method using documentation and literature review. The results indicate that the Profit Sharing Ratio has increased yearly, reflecting a strong commitment to Islamic profit-sharing principles. Conversely, the Zakat Performance Index shows a declining trend, suggesting a need for greater social responsibility. The ratio of income from halal sources remained high and stable, demonstrating compliance with Islamic financial norms. Meanwhile, the Equitable Distribution Ratio and Director–Employee Welfare Ratio fluctuated but remained within acceptable ranges. These findings indicate that, overall, Bank Muamalat's financial performance aligns with sharia compliance, although some areas require improvement. The IPI-based evaluation provides strategic insights for measuring and enhancing the sharia adherence of Islamic financial institutions.
Copyright (c) 2025 Umi Indasyah Zahro, Ahmad Musadad, Mustaniroh Mustaniroh, Fajar Fajar, Tri Pujiati https://creativecommons.org/licenses/by-sa/4.0
Hibah dengan Kompensasi Perspektif Fukaha Klasik dan Kontemporer
The transfer of property ownership is currently mostly done through contracts, among the contracts used for the transfer of property ownership is the grant contract. One form of the grant (hibah) is that the giver (wāhib) requires compensation. The existence of this compensation causes differences regarding the permissibility of the grant and whether it is in the form of a grant or a sale. According to the Hanafi, Maliki, Hanbali schools and the strongest opinion in the Syafi'i school, a gift with compensation conditions is valid and its law is the law of sale. Among the contemporary jurists who believe that a gift contract with compensation is a sale and purchase are Al-Dubyān, Al-Qalīṣī, Aḥmad Sa'ād, Muḥammad al-Zuḥaylī, al-Khin, al-Bughā and al-Sharbazī. Their reason is that the contract looks at the purpose and meaning, not at the wording. According to Al-Qalīṣī, Muḥammad al-Zuḥaylī, al-Khin, al-Bughā and al-Sharbazī, that a grant with compensation conditions if the compensation is not determined and is not known then the contract is invalid and this is the most valid opinion in the Syafi'i School and the strongest in the Hanbali School.
Copyright (c) 2025 Atep Hendang Waluya https://creativecommons.org/licenses/by-sa/4.0
The concept of justice in Islamic economics as a fundamental principle underlying all economic and social interactions. This study explains the dimensions of distributive and commutative justice, as well as the application of the principle of justice through Islamic economic instruments such as zakat, infaq, and profit-sharing systems. Emphasis is placed on the role of Islamic financial institutions that implement a system without usury and transparent transactions based on profit sharing. However, the implementation of justice faces challenges in the form of the dominance of capitalism, limited public understanding, and less than optimal regulations. This study concludes that the application of justice in Islamic economics can create equitable social welfare and become the foundation for sustainable economic development.
Copyright (c) 2025 Kemala Dewi, H. Khairunnas Jamal https://creativecommons.org/licenses/by-sa/4.0
Analisis Perkembangan Sosial Ekonomi Peradapan Islam Masa Khulafaur Rasyidin
This research discusses the social and economic analysis during the Khulafaur Rasyidin period. The main problem examined is how the policies implemented by Abu Bakar, Umar, Utsman, and Ali impacted the economic development and social stability of the Muslim community. The objective of this study is to analyze and describe the effects of social and economic policies during that era on the establishment of a strong and sustainable Islamic civilization foundation. The method used is a literature study with a descriptive approach, where data is obtained from books, scientific articles, and relevant published documents. The data is systematically analyzed to map the impact of zakat policies, wealth distribution, infrastructure development, and internal conflicts that occurred. The conclusion of this research indicates that the Khulafaur Rasyidin period serves as an important foundation for the development of the Islamic socio-economic system. Although various political challenges and internal conflicts hindered economic growth during Ali's time, the policies of zakat redistribution and administrative reforms implemented by the other caliphs significantly contributed to the social and economic welfare of the Muslim community.
Copyright (c) 2025 Ichsanul Reihan Adel, Wahyudi Wahyudi, Rozi Andrini https://creativecommons.org/licenses/by-sa/4.0
Pengaruh Inflasi, Kurs, dan Investasi Infrastruktur terhadap Pertumbuhan Ekonomi di Indonesia: Analisis Menggunakan Model VECM (1993-2023)
This study examines the relationship between inflation, exchange rates, and infrastructure investment on economic growth in Indonesia using the Vector Error Correction Model (VECM) approach for the period 1993–2023. Secondary data were obtained from official institutions such as Bank Indonesia, the Central Bureau of Statistics, and the Ministry of Public Works. The analysis reveals that inflation has a significant negative impact on economic growth in the long term, while exchange rates and infrastructure investment show no significant influence. The VECM model also identifies a significant error correction mechanism, with a negative error correction coefficient of 41.49% for the economic growth variable. Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD) analyses indicate minimal contributions of exchange rates and infrastructure investment to the variability of economic growth. This study recommends controlling inflation through monetary policy, stabilizing exchange rates, and enhancing infrastructure investment as strategies to foster sustainable economic growth in Indonesia.
Copyright (c) 2025 Al-Muzdahir : Jurnal Ekonomi Syariah
Kesenjangan Upah dan Keadilan Sosial terhadap Sistem Pengupahan di Indonesia
Wage disparity in Indonesia reflects a significant challenge in social justice, particularly within the wage system. This study aims to identify and analyze the factors contributing to wage inequity, including policies, corporate practices, and gender and sectoral inequalities. Using a qualitative approach, the study explores perspectives from various stakeholders, such as workers, employers, and regulators, while utilizing policy data and relevant documents for analysis. The findings reveal that structural injustices in wage distribution have widened the gap between high- and low-income workers. Factors such as differences in education, experience, and geographic location significantly contribute to this disparity. Gender-based inequality is also a major concern, with women often receiving lower wages than men despite having equivalent qualifications. In terms of policy, the study found that minimum wage regulations are often insufficient to address these inequalities. A lack of transparency in wage determination and weak regulatory enforcement exacerbate the issue. Theoretical frameworks, such as John Rawls' theory of justice, emphasize the importance of redistributing wages to benefit the most disadvantaged groups, while the efficiency wage theory suggests that higher wages can enhance worker productivity. This study recommends reforms in wage policies focused on distributive justice, increased transparency, and strengthened government regulations. These approaches are expected to create a more inclusive wage system that considers not only economic aspects but also social welfare, fostering sustainable social and economic stability in Indonesia.
Kontribusi Politik Ekonomi Pertanian dalam Penyediaan Bahan Baku Halal di Indonesia
The agricultural sector is a vital component of a nation's economy as it provides food supplies and serves as a source of livelihood for millions of people. In the context of Indonesia, with its predominantly Muslim population, the significance of the agricultural sector has grown alongside the increasing demand for halal raw materials. However, the implementation of agricultural political economy policies to support the provision of halal raw materials faces several challenges, including farmers' lack of understanding of halal standards, dependence on imported raw materials, and limited infrastructure and technology. This study employs a qualitative approach using library research methods to analyze the contribution of agricultural political economy policies in supporting the provision of halal raw materials, including identifying relevant challenges and solutions. The findings reveal that policies such as agricultural land protection, fertilizer subsidies, and the development of halal industrial zones have provided a robust foundation for establishing a halal agricultural ecosystem. Nonetheless, strategic measures, such as educating farmers, enhancing local production, and investing in modern technology, remain necessary to overcome the existing obstacles. This study concludes that adaptive and inclusive agricultural political economy policies can strengthen the role of the agricultural sector in sustainably supporting the availability of halal raw materials while simultaneously enhancing the competitiveness of Indonesia's halal products in global markets.
Pola Fatwa Dewan Syariah Nasional terhadap Produk Lembaga Keuangan Syariah
The National Sharia Council or commonly abbreviated as DSN is an institution under the auspices of the Majlis Ulama Indonesia. The existence of the DSN-MUI institution is to provide legal fatwas related to Islamic Financial Institutions in Indonesia. The increasing number of problems that exist in Islamic Financial Institutions in Indonesia has made DSN-MUI work hard to be able to provide legal fatwas in accordance with the new products submitted by Sharia Banks. This will continue and develop in accordance with the development of the banking world in Indonesia in particular. Therefore, DSN-MUI as an institution in charge of screening and issuing legal fatwas must be able to provide legal fatwas that are truly in accordance with the understanding of the law in Indonesia. DSN-MUI as an institution that has the right to provide law on Islamic financial products still receives a lot of criticism from various circles, both academics and several fiqh law experts. Among these criticisms is the inconsistency of the DSN-MUI fatwa with the literature of the salaf book, which is currently still a reference for most Indonesia scholars. There are also those who criticize the problem of using fiqh rules. DSN-MUI only uses one rule as a legal basis and does not use other rules, even though other rules are related to these rules. Not to mention the use of verses of the Qur'an, which actually have no connection with the law of the product being fatwad. The existence of these criticisms is not to weaken DSN-MUI, but it is hoped that it can be a reinforcement for DSN-MUI, because what they have fatwa will be a reference for many people in muamalah.
LARANGAN RIBA DALAM AL-QUR'AN DAN IMPLIKASINYA (QS. AL-IMRAN: 130, QS. AL-BAQARAH: 275-279)
Larangan riba dalam Al-Qur'an memiliki peran sentral dalam membangun sistem ekonomi yang adil dan berkelanjutan. Riba, yang berarti tambahan nilai tanpa dasar yang sah, dianggap sebagai praktik yang tidak hanya melanggengkan ketidakadilan sosial-ekonomi tetapi juga memperbesar kesenjangan serta merusak stabilitas masyarakat. Al-Qur'an dengan tegas melarang riba dalam beberapa ayat, seperti QS. Ali Imran: 130 dan QS. Al-Baqarah: 275-279, yang menjadi dasar norma-norma ekonomi dalam Islam. Kajian ini bertujuan untuk menganalisis konsep larangan riba berdasarkan kedua ayat tersebut menggunakan pendekatan kualitatif berbasis studi literatur, untuk menyoroti relevansi larangan riba dalam konteks ekonomi modern. Ayat-ayat Al-Qur’an yang mengatur larangan riba tidak hanya bersifat normatif, tetapi juga berfungsi sebagai panduan praktis dalam menciptakan sistem ekonomi yang berkeadilan. QS. Al-Baqarah: 275-279, misalnya, memberikan penekanan pada pentingnya menghindari praktik riba, yang kerap merugikan pihak yang lebih lemah dalam masyarakat. Dalam konteks historis, larangan ini bertujuan untuk mencegah akumulasi kekayaan di tangan segelintir individu yang menyebabkan ketimpangan ekonomi yang mendalam. Sebaliknya, ajaran ini mendorong sistem ekonomi yang memprioritaskan distribusi kekayaan yang adil, melindungi hak-hak individu, serta menjaga keseimbangan sosial.Dalam konteks ekonomi modern, larangan riba diterapkan melalui sistem perbankan syariah, yang menggantikan bunga dengan skema seperti mudharabah, musyarakah, dan murabahah. Skema ini dirancang untuk mendorong kerja sama dan partisipasi yang saling menguntungkan, memastikan distribusi manfaat yang lebih adil, serta meminimalkan kesenjangan sosial. Hasil penelitian ini menunjukkan bahwa larangan riba tidak hanya berdimensi spiritual, tetapi juga memiliki implikasi praktis yang kuat dalam menghadapi tantangan ekonomi kontemporer. Larangan riba membantu membentuk tatanan ekonomi yang lebih inklusif dan berkelanjutan, di mana umat Islam dapat berkontribusi dalam menciptakan keseimbangan ekonomi tanpa merusak nilai-nilai etika dan moral yang diajarkan oleh Islam.
Copyright (c) 2026 Dhiya Dwi Afifah, Mawardi https://creativecommons.org/licenses/by-sa/4.0
­­Peran Wakaf Produktif dalam Pemberdayaan Ekonomi Umat: Studi pada Model Pengelolaan Berbasis Maqashid Syariah
This study aims to explore the role of productive Waqf in the economic empowerment of the Ummah through the approach of maqashid Sharia, namely the principles of protection of religion, soul, intellect, heredity, and property. Using qualitative methods based on literature studies, this study highlights the great potential of productive Waqf in supporting various strategic sectors such as education, health, economy, and infrastructure. The results show that professional management of waqf assets can generate sustainable benefits, such as financing social programs, developing MSMEs, and improving the quality of human resources. The main challenge in this management is the low literacy of waqf in the community as well as regulatory constraints that have not been fully supported. Nonetheless, the principles of maqashid Sharia provide a solid foundation to ensure that Waqf management is not only oriented towards economic benefits, but also creates significant social impacts. In conclusion, productive Waqf plays a strategic role as an instrument of Islamic philanthropy that not only supports poverty alleviation but also encourages people's economic independence holistically and sustainably.
Copyright (c) 2025 Nanda Ega Rupita, Mawardi Mawardi https://creativecommons.org/licenses/by-sa/4.0
Qiyas sebagai Metode Ijtihad dan Implementasinya dalam Transaksi Keuangan Ekonomi Islam Kontemporer
Along with the dynamic development of the times, many new products and cases have emerged in the modern economy. Islamic law has established and set boundaries on these issues concerning halal and haram aspects. The Qiyas method is necessary in legal studies to produce fiqh formulations in Islamic economic and financial law. Qiyas is the fourth source of law in Islam; this method of deriving law provides a broad pathway for finding legal foundations for all encountered issues. Viewed from the various types of 'illah, the deepening of law through the method of qiyas must be done carefully and cautiously. The dynamics of development and innovation of Sharia financial contracts in the Sharia economy will certainly become more modern in accordance with the times. Therefore, this poses a challenge for Muslim scholars to address so that it does not become a concern for the community when the application of Sharia finance contracts is packaged in a modern way, which on one hand requires the use of the qiyas method to determine their legal status. This paper aims to explain the concept of qiyas as a method of ijtihad in Islamic law and then examine the implementation of qiyas in contemporary Islamic economic transactions. The type of writing in this article is a library research study using a qualitative method aimed at discussing several themes about the definition of qiyas, the authority of qiyas, the pillars and conditions of qiyas, the types of qiyas, the dynamics of qiyas development, and the implementation of qiyas in contemporary Islamic economic transactions. In this article, it can be concluded that the implementation of Qiyas to determine its legal status can be formulated in the encyclopedia of contemporary sharia financial contracts that use the Qiyas method in determining the ashl and furu’ from the perspective of Islamic law. With transactions and financial products continuously evolving, many aspects of economic transaction activities that did not exist in the past have only emerged in the contemporary context, or it can be said that these transactions have developed from classical to contemporary.
Syariah Pawnship in Indonesia: Analysis of Fiqh and Its Practice in Syariah Financial Institutions
Economic and business developments are always accompanied by developments in capital requirements and additional business capital facilities which always require guarantees to maintain the security of the capital provided. business. Pawning is a type of debt and receivable agreement and has been in place since the time of the Prophet. Over time pawnshop institutions were formed to encourage economic survival. This research aims to explain various aspects of sharia pawning starting from the history, legal basis of sharia pawning to the implementation of pawning in both banking and pawnshop institutions in Indonesia. This research is research with a qualitative descriptive approach using documentation studies through references related to sharia pawning in Indonesia. The research results show that sharia pawn operations in Indonesia do not conflict with Islamic sharia (Al-Qur'an, Hadith, Ijma, and DSN Fatwa). Not only that, the principle of pawning is actually in line with maqashid sharia, namely the protection of property, body, mind, offspring and soul. Handling problems at sharia pawnshops by providing several ways to pay off and not adding to the burden of deposits and administration costs. The results of this research provide recommendations that the implementation of sharia pawning can be implemented in the community for the benefit of the people.
Sharia Economics Students, Financial Institutions, Cooperatives
Waste and Overconsumption in Modern Finance: an Analysis of Qs Values. Al-Isra: 26-27
Excessive consumption and wastefulness have become critical issues in modern finance, especially in the digital era that facilitates consumerist behavior through online shopping and easy access to credit. This article explores the impact of consumerist lifestyles on individual and global economic stability and its relevance to the Islamic prohibition of wastefulness as stated in QS. Al-Isra: 26-27. This study employs a qualitative descriptive approach using thematic exegesis to analyze the concept of israf in the Qur'an. Findings reveal that consumerist behaviors, such as impulsive buying and consumer debt, harm financial stability and psychological well-being while exacerbating social inequality. QS. Al-Isra: 26-27 offers moral guidance on prudent financial management, avoiding wastefulness, and prioritizing social responsibility. This article emphasizes the importance of Islamic finance education, the use of Islamic financial technology, and the application of maqasid shariah principles to establish a sustainable economic system. Hence, Islamic values can serve as an effective solution to address the challenges of consumerist lifestyles in the modern era.
Efisiensi Bank Umum dengan Pendekatan Data Envelopment Analysis (DEA) untuk Mewujudkan Green Banking di Indonesia
Banking competitiveness can be reflected in the level of operational efficiency. Measuring performance based on efficiency is very crucial for banks. Banks that have better performance must manage efficiency levels to be better able to compete. This research aims to determine the level of efficiency of commercial banks and the potential for improving commercial bank inefficiencies. This type of research is quantitative descriptive research. The sample taken used purposive sampling, namely taking KBMI 4 banks, namely commercial banks which have core capital of more than 70 trillion, consisting of Bank BNI, Bank Mandiri, Bank BCA and Bank BRI. The data analysis method uses Data Envelopment Analysis (DEA) and the software used is MaxDEA. The results of this research show that the KBMI 4 bank that has achieved the most perfect efficiency levels, namely an efficiency score equal to 1, is BRI. The reason for Bank KBMI's inefficiency 4 is that most of the resources used have not been able to increase interest income and fee based income. Potential improvements that can be made are by increasing Third Party Funds, increasing total assets, reducing labor costs and switching manual transaction strategies to digital transactions
Pengaruh Harga dan Promosi terhadap Keputusan Pembelian pada Layanan Dine-in di McDonalds Ciceri Kota Serang
The purpose of this research is to determine the effect of prices and promotions on customers' purchasing decisions for dine-in services at Mcdonalds Ciceri , Serang City, both partially and simultaneously. The method used in this research is associative quantitative with a population of 37,500 customers taken as a sample of 100 respondents. The sampling technique uses a probability sampling method, namely accidental sampling. The data analysis techniques in this research are: simple linear regression analysis, multiple linear regression analysis, and coefficient of determination analysis. Then hypothesis testing is the t test and f test. The results of this research are that price influences purchasing decisions, this can be seen from the t test with the calculated t value > t table or (10.084 > 1.660). This is also reinforced by the ρ value < Sig.0.05 or (0.000 < 0, 05). Promotions influence purchasing decisions this can be seen from the t test with the calculated t value > t table or (9.126 > 1.660). This is also reinforced by the ρ value < Sig.0.05 or (0.000 < 0.05). Price and promotions influence purchasing decisions, this can be seen from the results of the f test where F calculated > F table or (73.628 > 2.70), this is also reinforced by ρ value < Sig.0.05 or (0.000 < 0, 05).
Pengaruh Social Media Marketing dan Influencer Marketing terhadap Keputusan Pembelian Produk Deliwafa di Kota Gresik
The ease with which people can access information about a product has given rise to a new shopping system that can be done online. Then, this is used by companies to attract the interest of their potential consumers by utilizing social media as a part of digital marketing, this strategy is also called Social Media Marketing (SMM). One of the social media applications that is currently frequently used is the Tiktok and Instagram applications. The TikTok and Instagram application algorithms are different from other applications, making it easier for people to go viral and be recognized by many people. So, the term influencer emerged as someone who can have an influence on other people. To become a company that can be known to the wider public, a company must have a good brand image so that potential consumers can easily remember what products the brand produces. Referring to this, the question arises of the influence of social media marketing and influencer marketing on purchasing decisions for Deliwafa products in Gresik City. This research used quantitative research with 100 respondents who were followers of the Gresik City branch of the Deliwafa Instagram account who were analyzed using multiple linear regression. Based on the results of data analysis, it is known that social media marketing influences the decision to purchase Deliwafa products in Gresik City, the influencer marketing variabel also has a positive and significant influence on the decision to purchase Deliwafa products in Gresik City