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All Journal Ihtifaz: Journal of Islamic Economics, Finance, and Banking TSAQAFAH Danadyaksa: Post Modern Economy Journal Suhuf: International Journal of Islamic Studies
Alam, Shahbaz
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Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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CSR CONTRIBUTION TO SOCIO-ECONOMIC DEVELOPMENT: EVIDENCE FROM INDONESIAN ISLAMIC BANKS Muneeza, Aishath; Ma'ruf, Aminudin; Alam, Shahbaz
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 1 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2018.24 KB) | DOI: 10.12928/ijiefb.v3i1.949

Abstract

Islamic banks play a significant role in social and environmental responsibility. It is known that Islamic finance is not merely profit-oriented but also looking at the prosperity of the society, as an ethical financial system Islamic finance give a massive contribution towards social responsibility. This exploratory study examines the relations between corporate social responsibility (CSR) practices of Indonesian Islamic banks and socio-economic development. The evidence presented is based on the published annual reports of 13 Islamic commercial banks in 2017. The findings of this research suggests that CSR is a priority of Indonesian Islamic banks and has correlation to the socio-economic development. Furthermore, the findings suggest that the robust guiding principles on CSR need to be developed and it has potential of Islamic banks credibility and profitability.
Can Al-Faruqi’s Islamization Deals with Islamic Economics? Revisiting Al-Faruqi’s Islamization of Economics Ma'ruf, Aminudin; Kurniawan, Adityo Wiwit; Fatoni, Muhammad Iqbal; Alam, Shahbaz; Hakim, Lukmanul
TSAQAFAH Vol. 19 No. 2 (2023): Tsaqafah Jurnal Peradaban Islam
Publisher : Universitas Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/tsaqafah.v19i2.9337

Abstract

This study attempts to examine al-Faruqi’s Islamization of knowledge concept in relation to Islamic economic studies. The paper employs a qualitative research method with the library and literature study approach. The study finds that al-Faruqi’s concept of Islamization of knowledge has put the fundamental principles of Islamization of economics. The concept covers the steps of mastery of the modern discipline, disciplinary survey, and mastery of the Islamic heritage. The study henceforth urges stakeholders of Islamic economic studies to consider al-Faruqi’s Islamization concept in their development of Islamic economic sciences. Furthermore, the paper encourages future research on exploring the application of al-Faruqi’s Islamization of knowledge concept driving the future of Islamic studies.
The Role of Islamic Finance in Sustainable and Green Transition Ahmed, Ubaid; Maruf, Aminudin; Alam, Shahbaz; Azizah, Lutfiatul
Suhuf: International Journal of Islamic Studies Vol. 36 No. 2 (2024): November
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/suhuf.v36i2.6314

Abstract

This study examines the role of Islamic finance in advancing the United Nations' Sustainable Development Goals (SDGs), focusing on often-overlooked conflicts among these goals, such as the tension between poverty alleviation (SDG 1), hunger eradication (SDG 2), and environmental sustainability. It emphasizes the need for balanced progress across SDGs, particularly in Muslim societies where welfare aligns with religious principles. The study advocates for a Green Economic Transition (GET) aimed at achieving high human development while respecting Maqasid Shariah and ecological limits. GET, it suggests, should be the core of climate-conscious policies and business strategies. Recognizing shifts in the global financial system to reconcile economic and social development with environmental goals, the study underscores the need for policies aligning these aspects. It also explores the contribution of Islamic economics and finance-including commercial finance (banking, takaful, Sukuk, Shariah-compliant equity markets) and social finance (Zakah, Waqf, charities, Qard)-in fostering sustainable green finance. Noting the gap where these tools are still tied to conventional finance, the study proposes a framework for developing coherent climate policies within Islamic finance and identifies opportunities for Islamic sustainable green finance.
The Role of Sharia Economic Stakeholders in Indonesia’s Sharia Economy Masterplan 2019-2024: Pentahelix Concept Analysis Ma'ruf, Aminudin; Mellinia, Rashifahunnisa’; Rohmaningtyas, Nurwinsyah; Alam, Shahbaz
Danadyaksa: Post Modern Economy Journal Vol. 2 No. 2 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v2i2.118

Abstract

Indonesia's Sharia economy has grown rapidly in recent years, attracting the attention of investors both domestically and internationally. In 2019, the Indonesian government launched the Sharia Economic Masterplan 2019-2024 to strengthen the Islamic economic ecosystem and position Indonesia as the world's leading Islamic economic center. This study aims to analyze the role of each Islamic economic stakeholder in the 2019-2024 Indonesian Islamic Economics Masterplan using the Pentahelix concept analysis. The results show that the government plays a crucial role as a regulator in formulating policies and regulations that support Islamic economic development. Through research and public consultation, academics contribute relevant concepts and innovations to the development of the Islamic economy. Islamic business people and financial institutions, such as Islamic banking, Islamic capital markets, and MSMEs, play an essential role as drivers of the halal industry. The Islamic economic community acts as an accelerator in strengthening the halal industry in various sectors. Meanwhile, as a multiplier, the media plays an essential role in maximising the fulfillment of the halal market share by promoting and educating the public about the available halal products and services. It is hoped that the synergy between stakeholders can achieve inclusive, sustainable sharia economic growth and encourage the progress of the halal industry in Indonesia.
Efforts to Save the Universe: Muhammadiyah's Concern for the Environment Harimurti, Shubhi Mahmashony; Alam, Shahbaz
Suhuf: International Journal of Islamic Studies Vol. 36 No. 1 (2024): Mei
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/suhuf.v36i1.4422

Abstract

Muhammadiyah as a part of the civilization has a responsibility to spread the mercy. The organization that founded by KH Ahmad Dahlan is not carrying the theme "Efforts to Save the Universe" for its 111th anniversary in 2023 without reason. This is because the universe is not fine. Especially the natural environment. The proof is the waste emergency, the prolonged impact of El Niño, forest fires, and the never-ending haze. These are the problems of this research. Collective efforts as the solutions are needed to resolve these problems. Muhammadiyah as a preaching movement of amar ma'ruf nahi munkar takes a role in caring for the environment. This research has some contributions. They are as a lesson learnt for another communities and the implementation of Fikih Biah. The purpose of this article is to analyze the realization of efforts to save the universe. The method used is literature research. Some literatures are used to reveal the role of Muhammadiyah to reach the good society (khairu ummah). Water jurisprudence, disaster jurisprudence, Global Forum for Climate Change, and a lot of communities empowering are the evidences of Muhammadiyah commitment to save this universe. The conclusion of this research that include in Muhammadiyah efforts is felt in adding environmental awareness, switching consumption behavior, and developing the quality of life of local socities.
Co-Authors Ahmed, Ubaid Aishath Muneeza, Aishath Aminudin Ma'ruf Azizah, Lutfiatul Fatoni, Muhammad Iqbal HARIMURTI, SHUBHI MAHMASHONY Kurniawan, Adityo Wiwit Lukmanul Hakim Maruf, Aminudin Mellinia, Rashifahunnisa’ Rohmaningtyas, Nurwinsyah