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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) EQUILIBRIUM JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam JTAM (Jurnal Teori dan Aplikasi Matematika) Shirkah: Journal of Economics and Business Al-Masharif: Jurnal Ilmu Ekonomi dan Keislaman Khazanah Sosial International Journal of Economics (IJEC) Journal of Islamic Economics Lariba Jurnal Magister Ekonomi Syariah Bulletin of Islamic Economics Al-masharif: Jurnal Ilmu Ekonomi dan Keislaman Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Indonesian Journal of Islamic Literature and Muslim Society
Hanafi, Syafiq Mahmadah
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Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics Social Sciences

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The Contribution of Profit-sharing Characteristics to the Performance of Islamic Banks Hanafi, Syafiq Mahmadah
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (528.831 KB) | DOI: 10.22515/shirkah.v6i1.378

Abstract

Islamic commercial banks are highly identic with the profit-sharing as a sharia banking basic operational system. The profit-sharing becomes a specific characteristic of sharia banks as well as a distinction from conventional banks. Hence, this study aims to examine if the profit-sharing characteristic contributes to the performances of Islamic commercial banks in Indonesia. This study employed time series data derived from the Financial Service Authority (OJK) using regression-mixed test and auto-regressive heteroscedasticity (ARCH). The results pointed out that the profit-sharing system for the lending of Musharaka had an impact on the performance of sharia banks; while the profit-sharing for the funding of Mudaraba did not support the hypothesis with negative coefficient. The results suggest that the profit-sharing characteristic provides contribution to the performance of Islamic commercial banks through the lending of Musharaka. These results further indicate that the profit-sharing characteristic performed by Islamic commercial banks is proven to be effective in improving their performances. This study’s results have an implication for Islamic commercial banks to strengthen their profit-sharing characteristics and improve the public trust toward sharia banking system.
Is the Underlying Asset an Effective Source of Trust: Evidence from Indonesian Sukuk Market Hanafi, Syafiq Mahmadah; Kusuma, Hadri; Fasa, Muhammad Iqbal; Al Hashfi, Rizqi Umar
EQUILIBRIUM Vol 11, No 1 (2023): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v11i1.17426

Abstract

This research aims to investigate stock market reaction toward asset-underlied sukuk in Indonesian Sukuk Market. The novelty of this research is to test the market reaction associated with the issue of the underlying asset on the sukuk. To do that, we use event studies during 15-days pre and 15-days post issuance. There are 34 firms with 84 events from 2008 to 2019. Our results suggest that the sukuk is not statistically meaningful to investors. The shareholders could not have confidence in their funds' underlying assets as collateral for Sukuk's issue. It might still be viewed as bonds and other debt policies by investors. Investors need to be given confidence and secure in their investment, not just underlying asset but by handing over certificates of asset ownership. This study contributes empirical evidence to testing investor reactions to the issuance of guaranteed sukuk with underlying assets.
The Influence of it Incident Management and Training on Service Improvement: Does Organizational Dehumanization Have an Impact? Hasbi, Sahlan; Hanafi, Syafiq Mahmadah
International Journal of Economics (IJEC) Vol. 3 No. 2 (2024): July-December
Publisher : PT Inovasi Pratama Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55299/ijec.v3i2.1084

Abstract

This study aims to identify the positive impact of training and incident management on service recovery performance and the negative impact of organizational dehumanization on service recovery performance. The results showed that training and incident management have a positive effect on service recovery performance. However, the moderation of organizational dehumanization does not have a significant effect on reducing service recovery performance but instead strengthens it. This research provides more understanding that the implementation of banking operations, including Islamic banking, must be carried out with strict regulations, including the affirmation of provisions that can be interpreted as a pattern of organizational dehumanization. However, to strengthen and accelerate the post-incident service recovery process, it must be supported by continuous and quality training.
MARKET POWER, BANK-SPECIFIC FACTORS, AND MACROECONOMIC EFFECTS ON BANKING PROFITABILITY IN INDONESIA: BEFORE AND AFTER THE COVID-19 PANDEMIC Hayet, Hayet; Hanafi, Syafiq Mahmadah; Afandi, Mukhammad Yazid
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 13, No 1 (2024): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v13i1.72197

Abstract

This paper examines the impact of market power, bank-specific factors, and macroeconomic changes on profitability in conventional and Islamic banking in Indonesia before and after the COVID-19 pandemic. The data was collected quarterly from 6 conventional banks and 6 Islamic banks during the period from the second quarter of 2014 to 2023, and analyzed using a panel data regression model approach. The dependent variable is bank profitability, measured using the return on asset proxy (ROA) and net interest margin (NIM) / net operating margin (NOM); while the independent variables are concentration ratio (CR), third-party funding (TPF), capital adequacy ratio (CAR), non-performing loan (NPL), operating expenses to operating income (BOPO ratio), gross domestic product (GDP), inflation, exchange rate, and dummy variables. The findings demonstrate that the COVID-19 pandemic has had a detrimental impact on both types of banking, with Islamic banking experiencing a more significant impact than the conventional banking. Furthermore, the TPF, BOPO ratio, exchange rate, and inflation have a comparable impact on the profitability in both types of banking. Similarly, the market power, NPL, CAR, and GDP have distinct impact on the two types of banking, demonstrating disparities in operational features and industry competitiveness levels.JEL: L16, E32, G21.
Exploring E-Commerce: Social Media’s Impact on Brand Awareness and Loyalty for Micro Businesses in Central Java Akbar, Ilham; Hanafi, Syafiq Mahmadah; Mujib, Abdul
Khazanah Sosial Vol 6, No 3 (2024): Khazanah Sosial
Publisher : UIN Sunan Gunung Djati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/ks.v6i3.39180

Abstract

This research aims to determine the role of social media in influencing the development of brand awareness and consumer loyalty for micro-businesses in the e-commerce sector. Using a quantitative approach, a survey was conducted on 268 micro business owners who use Instagram in Central Java. Analysis was conducted through structural equation modeling to explore the relationship between the intensity and effectiveness of social media marketing, brand awareness, and consumer loyalty. The findings show that both the intensity and effectiveness of social media marketing have a significant impact on brand awareness, which in turn affects consumer loyalty. This research also identifies the direct influence of social media marketing on consumer loyalty, compared to its influence through brand awareness. The results of this study demonstrate the importance of strategic engagement on social media for e-commerce micro businesses, emphasizing that the quality of engagement is more important than its frequency. This study provides insight into how micro-businesses with limited resources can leverage social media to gain a competitive advantage in the e-commerce sector.
THE ROLE OF LOCUS OF CONTROL IN CONSUMER CREDIT DEBT BEHAVIOR DURING THE PANDEMIC COVID-19 BY USING RELIGIOSITY AS A MODERATING VARIABLE Nurhidayat, Moch; Kusuma, Hadri; Hanafi, Syafiq Mahmadah
Jurnal Aplikasi Manajemen Vol. 21 No. 2 (2023)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2023.021.02.15

Abstract

This study aims to empirically analyze the influence of locus of control variables on debtor behavior. In addition, this study also includes religiosity as a moderating variable to influence locus of control on the debtor behavior of consumption credit debtors during the Covid-19 pandemic. This research is quantitative, namely by conducting direct research on 155 respondent, objects to be analyzed using the statistical tool STATA version 14. The source of data in this study is primary data, namely, through surveys of respondents to obtain information in the form of respondents' opinions about debt management behavior during the pandemic Covid-19, the object of this research is Muslim respondents who have debt financial institutions, both Islamic/conventional and non-banking banks. The results showed that locus of control moderated by religiosity had a negative and significant effect on debt behavior so that the higher the locus of control moderated by religiosity, the lower the intensity of debt during the Covid-19 pandemic, religiosity had a positive and significant effect on debt repayment behavior where individuals who experience an increase in the locus of control moderated by religiosity will increasingly understand and carry out religious orders, namely to immediately pay off debts so that they do not become a burden in their lives. These findings indicate that the concept of locus of control can be used as an individual psychological factor to determine attitudes in making decisions on debt behavior, where individuals who have an increased locus of control are moderated by high religiosity, and these individuals have good self-control in managing debt.
Portfolio Optimization using Shariah-Compliant Asset Pricing Model in Indonesia Qudratullah, Mohammad Farhan; Hanafi, Syafiq Mahmadah; Sunaryati, Sunaryati
JTAM (Jurnal Teori dan Aplikasi Matematika) Vol 9, No 2 (2025): April
Publisher : Universitas Muhammadiyah Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31764/jtam.v9i2.29168

Abstract

This paper develops portfolio optimization using the Shariah-Compliant Asset Pricing Model (SCAPM) which maximizes the Sharpe ratio by considering investors' prevention of risk. There are four approaches to developing portfolio optimization (SCAPM without interest rates, SCAPM with zakah rate, SCAPM with nominal gross domestic product growth (GDP), and SCAPM with inflation). This is a quantitative study that implements these models in the Islamic capital market in Indonesia, namely Islamic stocks included in the Jakarta Islamic Index (JII) for the period January 2011-December 2018. Based on the results of the Kendall W concordance test, this study found that the four SCAPM optimum portfolios have a very high level of conformity for return, risk, and performance at a 95% confidence level. In terms of the plot and ratio of return and risk, based on the investor's prevention of risk: the optimum portfolio 1 (risk-seeker) and the optimum portfolio 3 (risk-neutral) tend to give the same results and these portfolios were more efficient than the optimum portfolio 2 (risk-averter). This study contributes to the existing literature in the area of mathematics and the Islamic capital market, specifically in terms of the optimal Sharia-compliant portfolio. It is the first study developing, implementing, and testing the optimal portfolio with four approaches SCAPM based on the investors' prevention of risk in Indonesia.
The Influence of Critical Factors on Customer Retention in Islamic Banking Gunawan, Dedi; Hanafi, Syafiq Mahmadah; Amal, Muhammad Ahsanul
Li Falah: Journal of Islamic Economics and Business Vol. 9 No. 2 (2024): December 2024
Publisher : Institut Agama Islam Negeri Kendari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31332/lifalah.v9i2.11473

Abstract

This study aims to examine the key determinants of customer retention in Islamic banking, with a specific focus on Bank NTB Syariah. Five critical factors are analyzed: trust, Islamic business ethics, relationship marketing, service quality, and customer satisfaction. Using a quantitative approach, the research applies Stuctural Equation Modeling (SEM) with Partial Least Square (PLS) method to analyze survey data collected from 220 customers. The results indicate that trust, Islamic business ethics, and relationship marketing significantly and positively influence customer retention. Conversely, service quality and customer satisfaction were found to have no siginificant effect. These findings highlight that ethical compliance and strong relational ties are more influential than traditional service attributes in shaping customer loyalty within Islamic banking. The study contributes to the literature by integrating ethical and relational perspectives into models of customer retention and provides practical guidance for Islamic banks to strengthen customer loyalty through trust-building, adherence to Islamic ethics, and relationship marketing strategis.
Model Pentahelix dalam Pengembangan Desa Wisata di Desa Perlang Kabupaten Bangka Tengah, Bangka Belitung Maulana, M; Hanafi, Syafiq Mahmadah; Azwar, Budi
Jurnal Magister Ekonomi Syariah Vol. 1 No. 2 Desember (2022): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2022.012-08

Abstract

In an effort to develop the Perlang Tourism Village, through the role of the Pentahelix Model. Perlang Tourism Village is one of the tourism areas located in Lubuk Besar District, Central Bangka Regency which has the potential to be developed because it has many attractive tourist destinations. The role of Pentahelix such as Academics, Business, Community, Government and Media seeks to develop Perlang Tourism Village for the better. However, it is not known in depth the involvement of related parties in the Development of the Perlang Tourism Village. Therefore, the researcher made the formulation of the problem in this research how is the Pentahelix Model in the development of the Perlang Tourism Village. The purpose of this study was to determine the involvement of the role of each informant to optimize the development potential of the Perlang Tourism Village. The method used in this research is descriptive qualitative. The conclusion in this study is that the Pentahelix Model in Perlang Tourism Village Development has been running optimally. This is because the collaboration between informants has been going well and the roles of each actor have been realized optimally.
Determinan Investasi Asing Langsung di Negara Berkembang-8 Putri, Fitri Anisa Nusa; Muhdir, Ibnu; Hanafi, Syafiq Mahmadah
Jurnal Magister Ekonomi Syariah Vol. 2 No. 2 Desember (2023): J-MES: Jurnal Magister EKonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2023.022-04

Abstract

The flow of foreign capital (FDI) into a country can be beneficial to the host country and for multinational companies as a form of external financing for the host country. This study aims to analyze and explain the factors that influence the foreign direct investment inflow of Developing-8 countries from 2012 to 2021 using a panel data regression model through fixed-effect approaches. This study found that the size of markets and trade openness have a significant positive impact on FDI in developing eight countries. Meanwhile, the availability of natural resources has significantly negative effects, but inflation and infrastructure have no significant impact on the flow of FDI into developing eight countries. To boost the inflow of FDI, it is also important for governments to be able to make appropriate and profitable policies for countries and companies that are beneficial to countries and domestic firms.
Co-Authors ABDUL MUJIB Abdul Qoyum Afandi, Mukhammad Yazid Al Hashfi, Rizqi Umar amal, Muhammad ahsanul Budi Azwar Dedi Gunawan Hadri Kusuma Hanif, Azianatud Dian Hasyim, Fuad Hayet, Hayet Helmi Haris Ilham Akbar Ilham Akbar Mahendra, Taufik Riza Maulana, M Megantoro, Ardi Moch. Nurhidayat Mohammad Farhan Qudratullah Muhammad Aziz Muslim Muhammad Iqbal Fasa Muharir, Muharir Muhdir, Ibnu Putri, Fitri Anisa Nusa Sahlan Hasbi Sari, Dia Purnama Siswanto Masruri Soehadha, Moh Sunaryati Sunaryati Utari Evy Cahyani Wijaya, Muhammad Rudi Yunadi, Ahmad