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All Journal Economic Reviews Journal Al-Zayn: Jurnal Ilmu Sosial & Hukum
Mutiara Kesuma
Universitas Islam Negeri Sumatera Utara
Religion Humanities Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences

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Pengaruh Literasi Syariah Dan Persepsi Risiko Terhadap Pinjol Ilegal Dengan Pendapatan Sebagai Moderasi Muslim Marpaung; Dinda Tazkiyah Harahap; Mutiara Kesuma; Siti Hajar Bahzar; Anjali Marwiyah Siregar; Rahman Jalaludin Siregar
Al-Zayn: Jurnal Ilmu Sosial, Hukum & Politik Vol 4 No 4 (2026): 2026
Publisher : Yayasan pendidikan dzurriyatul Quran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61104/alz.v4i4.8761

Abstract

Fenomena maraknya pinjaman online ilegal di Sumatera Utara menunjukkan tren yang mengkhawatirkan, dengan 690 laporan tercatat sepanjang 2025. Kondisi ini diperparah oleh rendahnya indeks literasi keuangan syariah nasional yang hanya 43,42%. Penelitian ini bertujuan menguji pengaruh literasi keuangan syariah dan persepsi risiko terhadap keputusan menggunakan pinjol ilegal, serta peran moderasi tingkat pendapatan. Pendekatan kuantitatif dengan survei diterapkan terhadap 112 responden dari tiga kabupaten dengan kasus pinjol ilegal tertinggi di Sumatera Utara melalui purposive sampling. Analisis menggunakan regresi linear berganda dan Moderated Regression Analysis (MRA). Hasil penelitian membuktikan bahwa literasi keuangan syariah (β = -0,436; p < 0,05) dan persepsi risiko (β = -0,378; p < 0,05) secara simultan memengaruhi keputusan menggunakan pinjol ilegal dengan kontribusi 41,8% (R² = 0,418). Tingkat pendapatan terbukti memoderasi secara signifikan pengaruh literasi syariah (p = 0,027) dan persepsi risiko (p = 0,018) dengan ΔR² = 0,055. Efektivitas literasi dan persepsi risiko lebih kuat pada kelompok berpendapatan tinggi.
Nikel Indonesia dan Fosfat Yordania: Analisis Sinergi Strategis dan Komparasi Dampak Sektoral Terhadap Ekonomi, Lingkungan, Serta Pasar Modal Syariah dan Uang Mutiara Kesuma; Maryam Batubara
Economic Reviews Journal Vol. 5 No. 3 (2026): Economic Reviews Journal
Publisher : Masyarakat Ekonomi Syariah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56709/mrj.v5i3.1193

Abstract

This study analyzes the strategic synergy between Indonesian nickel and Jordanian phosphate commodities and compares the impact of both countries’ mining sectors on the economy, the environment, and the Islamic capital market. Using a qualitative approach with a multi-site comparative case study design, the study finds that Indonesia’s nickel downstreaming policy has driven substantial economic growth, with the mining sector contributing 12% of GDP in 2024 and processed nickel exports reaching USD9.73 billion in 2025. However, the policy faces serious criticism because of oversupply that has pushed nickel prices down by nearly 40%, from US$38,000 to US$15,000 per ton, extreme dependence on the Chinese market which absorbs 94% of downstream exports, and foreign dominance over roughly 75% of domestic nickel-refining capacity. The environmental impact is also severe, reflected in 5,501 hectares of deforestation, smelter CO2 emissions of 58.6 tons per ton of nickel, five times higher than Australia’s, and a surge in acute respiratory illness cases reaching 55,527. By contrast, Jordan’s phosphate industry, which contributes 25% of national manufacturing output, shows a more planned “green transformation” approach, although it still faces water-scarcity challenges. From a capital-market perspective, both commodities have been integrated into the Islamic financial ecosystem through sharia-indexed stocks and corporate sukuk, with Indonesia showing greater depth and diversity of instruments. The study’s main recommendation is to strengthen bilateral cooperation through existing joint ventures, apply Islamic-finance principles and environmental sustainability simultaneously, and diversify export markets and technology to reduce strategic vulnerability.
Co-Authors Anjali Marwiyah Siregar Dinda Tazkiyah Harahap Maryam Batubara Rahman Jalaludin Siregar Siti Hajar Bahzar