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The Effect of Interest Rates, Inflation, and Exchange Rates on Stock Prices of Companies Listed on The Jakarta Islamic Index (JII) Muhammad Farid; Muhammad Agus Mujadi
Muhasabatuna : Jurnal Akuntansi Syariah Vol. 8 No. 1 (2026): Juny
Publisher : Lembaga Penelitian, Penerbitan dan Pengabdian Masyarakat Institut Agama Islam syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/muhasabatuna.v8i1.3982

Abstract

Stock prices in the real market are highly dynamic closing prices and can change quickly due to the volume of supply and demand in the capital market. This quantitative research aims to examine the influence of macroeconomic factors consisting of interest rates ($X_1$), inflation ($X_2$), and exchange rates ($X_3$) on stock prices ($Y$). The research subjects were companies listed on the Jakarta Islamic Index (JII) for the period 2021-2024. Using a purposive sampling method, a sample of 25 companies was obtained with a total of 100 observations over four years. The data analysis technique used was multiple linear regression analysis with the assistance of SPSS software. The results of the data analysis indicate that, partially, interest rates have no positive and insignificant effect on stock prices. Meanwhile, inflation and exchange rates have been shown to have a positive and significant effect on the stock prices of companies listed on the Jakarta Islamic Index (JII).
Transforming Multi-Platform Digital Zakat Fundraising Among Millennials And General Z Mariyatul Qibthiyyah Mery; Muhammad farid; indra hidayatullah; Nurhafid Ishari
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.9678

Abstract

This study aims to analyze the transformation of multi-platform digital fundraising of zakat funds among Millennials and Generation Z in the context of changing Islamic philanthropic behavior in the digital era. This phenomenon is significant because advances in financial technology and social media have transformed how young Muslim generations interact with religious practices, particularly in fulfilling zakat obligations. This research employs a qualitative approach using a case study method, enabling the researcher to explore users’ meanings and experiences in utilizing various digital zakat platforms. Data were collected through semi-structured interviews, participatory observation, and digital documentation involving informants from zakat management institutions, platform developers, as well as young donors from the Millennial and Generation Z groups who actively use digital zakat applications.The findings reveal three main themes: (1) increased digital trust in zakat institutions due to transparency and transaction security; (2) the emergence of technology-based religious motivation that positions digital zakat as an expression of modern spirituality; and (3) the role of social media in shaping philanthropic awareness through narratives of empathy and online solidarity. These findings indicate that zakat digitalization not only transforms fundraising mechanisms but also reconstructs how young generations interpret worship and social participation.This study contributes theoretically to the development of the concepts of digital religiosity and the Technology Acceptance Model (TAM) within the context of Islamic philanthropy. Practically, the findings provide guidance for zakat institutions in optimizing transparent and participatory digital communication strategies. Future research is recommended to examine the influence of social media algorithms on digital religious behavior to broaden understanding of zakat dynamics in the era of technological transformation
RECONSTRUCTION OF EXTREME POVERTY ALLEVIATION POLICY IN LUMAJANG REGENCY BASED ON MAQĀSID AL-SHARĪ'AH: INTEGRATION OF PRODUCTIVE ZAKAT PROGRAMS, REGIONAL SOCIAL ASSISTANCE, AND COMMUNITY EMPOWERMENT Aziz Abdillah; Muhammad Farid
International Conference on Humanity Education and Society (ICHES) Vol. 5 No. 1 (2026): The 5th International Conference on Humanity Education and Society (ICHES)
Publisher : FORPIM PTKIS ZONA TAPAL KUDA

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Extreme poverty remains a strategic challenge in regional development, including in Lumajang Regency. Various poverty alleviation policies have been implemented through local social assistance, zakat management, and community empowerment programs; however, their implementation tends to be fragmented and lacks sustainable integration. This study aims to analyze extreme poverty alleviation policies in Lumajang Regency and to reconstruct them using the Maqāṣid al-Sharī‘ah approach. This research employs a qualitative policy research method through document analysis of regional development planning documents, social assistance policies, and zakat programs, complemented by a review of recent scholarly literature. The findings indicate that current poverty alleviation policies are predominantly oriented toward consumptive assistance, which mainly fulfills the objective of preserving life (ḥifẓ al-nafs), while the objectives of economic empowerment (ḥifẓ al-māl) and human capacity development (ḥifẓ al-‘aql) have not been systematically integrated. This study concludes that a reconstruction of extreme poverty alleviation policies based on Maqāṣid al-Sharī‘ah is necessary through the integration of local social assistance, productive zakat, and community empowerment to achieve sustainable social welfare.