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All Journal Cakrawala Repositori Imwi Blantika : Multidisciplinary Journal Journal of Management, Economic, and Financial Journal of Sharia Micro Enterprise and Cooperation
Rudi Ferdiansah
Universitas Muhammadiyah Cirebon, Indonesia
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences

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Maqashid Sharia-Based Performance dan Sharia Governance pada Bank Umum Syariah di Indonesia Rudi Ferdiansah; Agus Hidayat; Feri Hardiyanto
Cakrawala Repositori IMWI
Publisher : Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia

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Abstract

This research is motivated by the importance of measuring the performance of Islamic Commercial Banks (BUS) which is not only oriented towards profitability, but also on the implementation of the principles of Maqashid al-Syariah and good sharia governance. The study aims to analyze the effect of Maqashid Sharia-Based Performance (MSI) and Sharia Governance Index (SGI) on the financial performance of BUS in Indonesia for the period 2019–2024. The study uses a quantitative approach with a panel data Fixed Effects method on 8 BUS with a total of 48 bank-year observations. The analysis was conducted using Driscoll-Kraay robust standard errors to address heteroscedasticity and autocorrelation. The results show that MSI, SGI, and the MSI×SGI interaction have a positive and significant effect on Return on Assets (ROA). In addition, ESG Score, bank size, and CAR have a positive effect, while NPF and BOPO have a negative effect on ROA. These findings indicate that the integration of Maqashid Sharia principles and strong sharia governance can improve the profitability and sustainability of BUS. This research provides practical implications for regulators and management of Islamic banks in developing a more comprehensive sharia-based performance evaluation system.
Peran Islamic Banking Digitalization terhadap Financial Inclusion dan Loyalitas Nasabah Muslim Feri Hardiyanto; Agus Hidayat; Rudi Ferdiansah; Mohamad Maulana Ridzki
Cakrawala Repositori IMWI 16-27
Publisher : Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia

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This study investigates the role of Islamic Banking Digitalization (IBD) on Financial Inclusion (FIN) and Customer Loyalty (LOY) among Muslim bank customers in West Java, with Customer Trust (TRUST) as a mediating variable. Employing a Partial Least Squares Structural Equation Modeling (PLS-SEM) approach on 150 respondents selected through purposive sampling, results reveal that IBD (? = 0.312; p < 0.001), FIN (? = 0.278; p < 0.001), and their interaction IBD×FIN (? = 0.187; p = 0.003) positively and significantly affect customer loyalty. TRUST exerts the strongest direct effect on LOY (? = 0.423; p < 0.001) and partially mediates both IBD ? LOY and FIN ? LOY pathways (indirect ? = 0.167 and 0.144; p < 0.001). The model explains 68.47% variance in loyalty (R² = 0.6847). Findings underscore that Sharia-compliant digital banking services, integrated with financial inclusion strategies, are critical drivers of Muslim customer loyalty when underpinned by institutional trust and Islamic financial literacy.
Sharia Banking Perspectives on Inflation And Economic Stability: Qualitative Insights And Policy Implications Feri Hardiyanto; Agus Rohmat Hidayat; Rudi Ferdiansah
Journal of Sharia Micro Enterprise and Cooperation Vol. 3 No. 1 (2026): Journal of Sharia Micro Enterprise and Cooperation
Publisher : Sekolah Tinggi Agama Islam Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59784/kb78wb61

Abstract

Background: Inflation and economic instability remain major concerns in developing economies, including Indonesia. Inflation reduces purchasing power, increases production costs, affects household welfare, and creates uncertainty for financial institutions.. Indonesia’s Islamic banking sector has grown significantly, with assets exceeding IDR 800 trillion and a market share of approximately 7.5% of total national banking assets as of 2023, underscoring its increasing relevance as a stabilizing financial force in an inflation-prone economy.Objective: This study aims to examine inflation and economic stability from the perspective of sharia banking and to identify relevant policy implications for strengthening financial resilience in Indonesia.Methods: This study uses a qualitative literature review approach by synthesizing previous studies related to inflation, Islamic finance, monetary policy, sharia banking, digital finance, MSMEs, and macroeconomic uncertainty.Results: The findings show that inflation weakens purchasing power, increases business uncertainty, and affects financial performance. Sharia banking can contribute to economic stability through third-party fund mobilization, productive financing, ethical financial governance, and support for MSMEs. Eight thematic clusters were identified: inflation and welfare, banking performance risk, sharia banking and economic growth, MSME resilience, exchange rate dynamics, monetary policy coordination, digital financial transformation, and the Islamic finance ecosystem.Conclusion: Sharia banking can serve as a complementary pillar in Indonesia’s economic stability framework. Policy integration between monetary authorities, Islamic financial institutions, and real-sector development is needed to reduce inflationary pressure and strengthen inclusive economic resilience. This study contributes an integrative policy-relevant framework positioning sharia banking as an institutional actor in inflation mitigation and inclusive financial development in Indonesia.
Integration Of Islamic Social Finance And Green Finance In Improving The Economic Resilience Of Halal Msmes Agus Rohmat Hidayat; Feri Hardiyanto; Rudi Ferdiansah
Journal of Management Economic and Financial Vol. 4 No. 2 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i2.196

Abstract

This study examines the integration of Islamic Social Finance (ISF) and Green Finance (GF) in strengthening the economic resilience of Halal MSMEs in Kuningan Regency, West Java. Using a quantitative approach with Ordinary Least Squares (OLS) multiple regression and Sobel mediation test on 120 sample respondents, the findings show that ISF (B = 0.384; P< 0.001), GF (B= 0.291; p < 0.001), their interaction terms ISF×GF (B = 0.178; P= 0.006), and Halal Business Index (B = 0.214; p < 0.001) significantly and positively affects economic resilience. The model explains 72.14% variance (R² = 0.7214). Furthermore, the Halal Business Index partially mediates the relationship between ISF, GF, and economic resilience (Sobel z > 3.0; P < 0.01). These results confirm that synergistic integration of ISF and GF, underpinned by halal principles and productive social financing (zakat, infaq, waqf), substantially enhances the economic resilience and sustainability of Halal MSMEs.
Interest Rate Dynamics and Firm Value: A Qualitative Systematic Review of Corporate Performance and Stock Returns Agus Rohmat Hidayat; Feri Hardiyanto; Rudi Ferdiansah
Blantika: Multidisciplinary Journal Vol. 4 No. 3 (2026): Blantika: Multidisciplinary Jornal
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/blantika.v4i3.508

Abstract

Exchange rate stability and Bank Indonesia’s monetary policy play a crucial role in maintaining Indonesia’s macroeconomic resilience, particularly amid global uncertainty, inflationary pressure, capital flow volatility, and changes in international monetary policy. Previous studies have discussed exchange rate movements, interest rates, inflation, banking performance, digital finance, and macroeconomic uncertainty, but these discussions remain fragmented across different economic contexts. This research aims to examine the role of exchange rate dynamics and Bank Indonesia’s monetary policy in supporting macroeconomic stability, banking performance, and financial resilience in Indonesia. This research applies a qualitative literature review approach by synthesizing previous studies related to exchange rates, monetary policy, banking, inflation, digital finance, imports, exports, and macroeconomic uncertainty. The analysis focuses on identifying key themes, relationships, and policy implications from relevant academic sources. The findings indicate that exchange rate fluctuations affect export-import activities, inflation, purchasing power, banking performance, and business sustainability. Bank Indonesia’s monetary policy, including interest rate management, liquidity regulation, and digital payment system development, contributes to strengthening economic stability and financial system resilience. Exchange rate stability and adaptive monetary policy are essential for sustaining Indonesia’s economic resilience. Strong coordination between monetary policy, banking regulation, and real-sector strategies is needed to reduce macroeconomic vulnerability.
Co-Authors Agus Hidayat Agus Rohmat Hidayat Agus Rohmat Hidayat Feri Hardiyanto Feri Hardiyanto Mohamad Maulana Ridzki