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All Journal At-Tahdzib: Jurnal Studi Islam dan Muamalah
Zakiyyah Ilma Ahmad
Sekolah Tinggi Ilmu Ekonomi Syariah Babussalam Jombang
Religion Economics, Econometrics & Finance Education Social Sciences

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Dynamic Capability-Based Mitigation of Displaced Commercial Risk in the Management of Temporary Syirkah Funds in Islamic Banks Zakiyyah Ilma Ahmad; Ahmad Zainul Abidin; Maulana Zakaria Ahmad
At-Tahdzib: Jurnal Studi Islam dan Muamalah Vol 14 No 1 (2026): At-Tahdzib
Publisher : Sekolah Tinggi Agama Islam At-Tahdzib, Ngoro, Jombang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61181/g0cemc13

Abstract

Background. This study presents an in-depth conceptual analysis of strategies for mitigating Displaced Commercial Risk (DCR), one of the most fundamental and distinctive risks faced by Islamic banks operating within a dual banking system. DCR refers to the situation in which Islamic banks are compelled to provide investment returns to depositors that do not accurately reflect the actual performance of the underlying assets in order to maintain market competitiveness. Aim. Consequently, this practice inherently undermines the fundamental principle of Profit and Loss Sharing (PLS) that distinguishes Islamic banking from conventional banking. Methods. Employing a qualitative conceptual approach through critical analysis and literature synthesis, this study deconstructs the limitations of the prevailing mitigation paradigm, which relies heavily on reactive instruments such as the Profit Equalization Reserve (PER). Results. As its primary contribution, this study proposes a Dynamic Capability Framework for DCR Mitigation. Rather than viewing DCR mitigation as a purely technical risk management function, the proposed framework conceptualizes it as a core organizational capability that Islamic banks must continuously develop and strengthen. The framework comprises three interrelated capability pillars: Sensing Capability, which identifies market volatility and asset-related risks; Seizing Capability, which responds proactively through effective Asset–Liability Management (ALM) and adaptive reserve management; and Transforming Capability, which enhances long-term organizational resilience through product innovation and stakeholder expectation management.
The Paradigm of the Musharakah Mutanaqishah Contract: Between Theory and Practice Syafiul Umam; Zakiyyah Ilma Ahmad; Muhammad Syafi'i Budi Santoso; Ahmad Zainul Abidin
At-Tahdzib: Jurnal Studi Islam dan Muamalah Vol 13 No 2 (2025): At-Tahdzib
Publisher : Sekolah Tinggi Agama Islam At-Tahdzib, Ngoro, Jombang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61181/4fz1fm58

Abstract

Background. The Musyarakah Mutanaqishah (MMQ) contracts have become one of the leading products in the global Islamic Banking industry, especially for financing long-term assets such as property, vehicles, and as a refinancing scheme. Aim. Its partnership-based concept is considered to better represent the principles of fairness and risk-sharing than debt-based contracts. However, in its implementation, various challenges and debates have arisen regarding the compatibility of the theoretical framework in Islamic jurisprudence with practices in Islamic financial institutions (IFIs). Methods. This qualitative research aims to examine the theoretical paradigm of the MMQ contract, analyze its practical application in Indonesian Islamic Banking, and identify potential gaps between the two. Using a literature review and field study approach through document analysis and in-depth interviews with practitioners, this study found that while conceptually MMQ offers a true partnership scheme, its practice often exhibits tendencies closer to lease-based (ijarah) or debt-based (murabahah) financing models. Results. Gap This seen the more clear in application refinancing scheme, the structure of which can cause debate jurisprudence related ban on bai’ al-’inah. Gaps This identified in aspects ownership assets, mechanisms distribution risks and benefits, as well as structure contract dual (hybrid contract). Implications touch aspect sharia compliance, protection consumers, and challenges regulation. Research This recommend the need strengthening framework regulation, innovation more products substantial, as well as improvement literacy for practitioners and clients for ensure MMQ implementation in line with maqashid sharia.
Exploring Economic Potential in Religious Tourism Areas Through A Tourism Awareness Paradigm Abdul Wakhid; Muhammad Syafi'i Budi Santoso; Zakiyyah Ilma Ahmad; Dimyati
At-Tahdzib: Jurnal Studi Islam dan Muamalah Vol 13 No 2 (2025): At-Tahdzib
Publisher : Sekolah Tinggi Agama Islam At-Tahdzib, Ngoro, Jombang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61181/kx9pj995

Abstract

Background. This article discusses the economic potential in religious tourism areas in Indonesia through the tourism awareness paradigm. The tourism sector, particularly religious tourism, has become an important pillar in economic growth, contributing around 4.5% to the national Gross Domestic Product (GDP). Aim. With the increasing number of domestic and international tourists, religious tourism areas such as Borobudur Temple and Istiqlal Mosque show a significant impact on regional income and job creation. Method. This study uses a qualitative approach with the Systematic Literature Review (SLR) method to identify economic opportunities and existing challenges. Result. The results of the study show that the application of the tourism awareness paradigm can increase community participation in the management and preservation of religious sites, as well as encourage the development of supporting infrastructure. Empowering local communities through small and medium enterprises (SMEs) also plays an important role in achieving sustainable economic benefits. Thus, the development of religious tourism areas not only improves the welfare of the community, but also preserves local culture and traditions.
Co-Authors Abdul Wakhid Ahmad Zainul Abidin Ahmad Zainul Abidin Dimyati Dimyati Maulana Zakaria Ahmad Muhammad Syafi'i Budi Santoso Syafiul Umam