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All Journal ESENSI: JURNAL BISNIS DAN MANAJEMEN AKUNTABILITAS Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI Sosiohumaniora Jurnal Indo-Islamika Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) INFERENSI Journal of Indonesian Economy and Business I-Finance Journal Jurnal Ekonomi Syariah Teori dan Terapan Jurnal Studi Islam Global Review of Islamic Economics and Business Falah : Jurnal Ekonomi Syariah HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam Proceeding of the Electrical Engineering Computer Science and Informatics jurnal niara Economica: Jurnal Ekonomi Islam International Journal of Islamic Economics and Finance (IJIEF) Al-Muzara'ah Syarikat : Jurnal Rumpun Ekonomi Syariah Jurnal Bisnis dan Akuntansi EconBank : Journal Economics and Banking Al-Risalah : Jurnal Studi Agama dan Pemikiran Islam Jurnal Ilmiah Edunomika (JIE) International Journal of Economics Development Research (IJEDR) RESLAJ: RELIGION EDUCATION SOCIAL LAA ROIBA JOURNAL BASKARA: Journal of Business and Entrepreneurship Jurnal Syntax Transformation Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam International Journal of Finance Research Journal of Sharia Economics Madani Syari'ah : Jurnal Pemikiran Perbankan Syari'ah RELEVAN : Jurnal Riset Akuntansi Jurnal Ekonomi Trisakti Journal of Applied Islamic Economics and Finance RESLAJ: Religion Education Social Laa Roiba Journal Al-Muhasib: Journal of Islamic Accounting and Finance Tijarah Jurnal Multidisiplin Indonesia IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita Al-Risalah Jurnal Studi Agama dan Pemikiran Islam Ar Rasyiid Journal of Islamic Studies Referensi Islamika: Jurnal Studi Islam
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Asymmetric Information and Non-Performing Financing: Study in The Indonesian Islamic Banking Industry Rodoni, Ahmad; Yaman, Bahrul
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 2 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i2.7392

Abstract

The purposes of this study are: First, to analyze the indications of moral hazard and adverse selection on Indonesian Islamic commercial banks. Second, to analyze the influence of moral hazard and adverse selection on the Non Performance Financing of Indonesian Islamic banks. Two methods were used for this purpose, a qualitative content analysis approach derived from the results of interviews with the banker from the Islamic commercial banks. Besides that this study also uses Error Correction Model (ECM), with data taken from these listed Islamic banking from 2010 to June 2016. The results show that the indications of moral hazard have a positive effect on the non-performing financing (NPF) in the short run. The indication of the presence of moral hazard occurs at the long run on GDP variable, and the allocation of Murabaha financing (RM) has a positive effect on the mudharabah (FM) profit and loss sharing. The test results also show that adverse selection that represented by the profit sharing rate (PSR) has a positive effect on the level of risk sharing toward non-performing financing (NPF) in the long run.DOI: 10.15408/aiq.v10i2.7392
Comparative Analysis of Efficient Market for Sharia and Conventional Stocks in ASEAN countries Rodoni, Ahmad; Djauhari, Haikal; Rahma, Yusro; Alhassan, Alhussaini Alawad
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 14 No. 1 (2022)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v14i1.25025

Abstract

This study analyzes and compares the weak forms of Islamic and conventional stock market efficiency in ASEAN countries. The data were taken from BEI Syariah (JKISSI), Jakarta Stock Exchange (JKSE), FTSE Bursa Malaysia EMAS Syariah (FTFBMS), FTSE Malaysia KLCI (KLSE), SET Index (SETI), and FTSE SET Syariah (FTFSTSH) from January 2015 to August 2021. To avoid analytical bias due to the COVID-19 Pandemic, the data is divided into two periods, January 2015 to December 2019 and January 2020 to August 2021. The contribution of this research is to compare the market efficiency of the weak form of Islamic and conventional stocks over two periods with different methods, namely Variance Ratio Test, Run Test, ARIMA Model, and Recurrent Neural Network (RNN). This study shows that Islamic stocks in these countries are more efficient from January 2015 to December 2019. On the other hand, conventional stocks are more efficient from January 2020 to August 2021 (during the COVID-19 Pandemic).  Abstrak Penelitian ini menganalisa dan membandingkan bentuk lemah dari efisiensi pasar saham syariah dan konvensional di negara-negara ASEAN. Data berasal dari BEI Syariah (JKISSI), Bursa Efek Jakarta (JKSE), FTSE Bursa Malaysia EMAS Syariah (FTFBMS), FTSE Malaysia KLCI (KLSE), SET Index (SETI), dan FTSE SET Syariah (FTFSTSH) dari Januari 2015 hingga Agustus 2021. Untuk menghindari bias analisa akibat pandemi COVID-19, data dibagi menjadi dua periode, Januari 2015 hingga Desember 2019 dan Januari 2020 hingga Agustus 2021. Penelitian ini membandingkan bentuk lemah dari efisiensi pasar saham syariah dan konvensional selama dua periode waktu dengan metode berbeda, yaitu Variance Ratio Test, Run Test, Model ARIMA, dan Recurrent Neural Network (RNN). Studi menunjukkan bahwa Saham Syariah di negara-negara tersebut lebih efisien pada periode Januari 2015 hingga Desember 2019. Di sisi lain, saham konvensional lebih efisien pada periode Januari 2020 hingga Agustus 2021 (selama pandemi COVID-19). 
The Influence of Potential Loss Portfolio Ratio and PBH Investment Ratio on Bus ROA in Indonesia 2015 - 2022 Nuriasari, Selvia; Rodoni, Ahmad; Pratiwi, Leni Nur
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 3 No. 2 (2023)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic Institute of Kediri [IAIN Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/almuhasib.v3i2.1099

Abstract

The ratio of the portfolio of potential losses in profit-sharing financing to the mudharabah and musyarakah investment portfolio and the ratio of investment in profit-sharing financing to total financing is used to measure the results of Sharia bank investments in profit-sharing-based financing. It is known that from 2015 to 2022 the development of assets and disbursed financing (PYD) tends to decrease and in the following year increases, resulting in fluctuations in the two investment ratios. The fluctuation of two investment ratios is an interesting problem to research. This research is a quantitative descriptive study using PASW 18 which describes the results using figures with secondary data sources including the OJK Sharia Banking Statistics Report for 2015 - 2022 and the Monthly Financial Report of Sharia Banks. The research conclusion is that the investment ratio from 2015 to 2022 experienced fluctuations due to the decline in mudharabah financing and musyarakah financing at Sharia Banks.
Transforming Mosque Sustainability: Leveraging Islamic Economics and Finance for Community Empowerment Hidayat, Rahmat; Rodoni, Ahmad; Sukardi, Budi; Fachrurazi; Asmanto, Eko; Ismail, Nurizal
Economica: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.2.28314

Abstract

This research focuses on the shift in mosque empowerment models, particularly in terms of financial sustainability, rooted in Islamic economics and finance. By exploring the correlation of Islamic economics (Y), Islamic finance (Y), and mosque sustainability (Z), this research can utilize the mixed method approach of quantitative analysis to survey 200 congregation members, conduct in-depth interviews with five key informants, and employ PLS-SEM. This is the first mosque sustainability performance study to provide a quantitative analysis, along with PLS-SEM, and to correlate finance and economics in the Islamic context. Findings indicate that Islamic finance intermediates the influence of Islamic economics on mosque sustainability (indirect β=0.527; p<0.001). Islamic economics is explained to have a considerable direct influence on Islamic finance (β=0.782; p<0.001) as well as Islamic finance being the greatest contributor to mosque sustainability (β=0.673; p<0.001). This research affirms the four-dimensional sustainability pillar and the anticipation of mosque management to respond to the SDGs. This provided strong financial governance, partnership with Islamic banking, trained financial governance, and Islamic financial literacy courses.
MEMBANDINGKAN SUMBER VOLATILITAS PASAR SAHAM KONVENSIONAL DAN PASAR SAHAM SYARIAH DI INDONESIA Permana, Fikri C; Rodoni, Ahmad
Relevan : Jurnal Riset Akuntansi Vol. 6 No. 1 (2025): November
Publisher : FEB-UP Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35814/gncp3e62

Abstract

This study investigates the sources of volatility affecting the performance of Indonesia’s stock market, focusing on both the conventional Jakarta Composite Index (JKSE) and the Sharia-based Jakarta Islamic Index (JII). The analysis considers three groups of potential determinants: (a) global macroeconomic factors, proxied by Brent crude oil prices (BRENT) and gold prices (GOLD); (b) international financial market linkages, represented by the Dow Jones Industrial Average (DJIA); and (c) Indonesia’s domestic fundamentals, proxied by the Rupiah–U.S. dollar exchange rate (USDIDR) and 10-year government bond yields (INDO10). Employing stochastic econometric approaches, including a multibreak structural model and volatility models (ARCH/GARCH), this study utilizes daily data spanning from January 2, 2019, to May 31, 2022. The findings reveal that structural breaks are more frequent in the JKSE than in the JII. Moreover, the persistence of structural breaks in both indices following the declaration of the COVID-19 pandemic indicates that the crisis effects remained unresolved throughout the observation period. Furthermore, domestic fundamentals (USDIDR and INDO10) exert the strongest influence on volatility in both indices, while the significant impact of BRENT and DJIA during certain break periods underscores the importance of global market dynamics.
FINANCIAL LITERACY TO ISLAMIC BOARDING SCHOOLS IN INDONESIA; SYSTEMATIC LITERATURE REVIEW VOS VIEWER Trimulato; Rodoni, Ahmad; Amelia, Erika
Islamuna: Jurnal Studi Islam Vol. 12 No. 2 (2025): In Progress
Publisher : Madura State Islamic Institute (Institut Agama Islam Negeri (IAIN) Madura)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/islamuna.v12i2.21194

Abstract

The rapid development of Islamic finance in Indonesia has not been matched by adequate levels of financial literacy, particularly within Islamic boarding schools, which should serve as vital agents in promoting value-based financial education. As long-standing Islamic educational institutions, Islamic boarding schools have significant potential to support the enhancement of Islamic financial literacy among the Muslim community. This study aims to analyze the development of Islamic financial literacy research within Islamic boarding schools using a systematic literature review (SLR) approach. By mapping trends, central topics, and knowledge gaps, the research offers strategic directions for advancing financial education and policy formulation in Islamic boarding school settings. This research employs a systematic literature review method supported by bibliometric analysis using VOSviewer. Data were collected from scholarly articles published between 2014 and 2024 in indexed academic databases, such as Google Scholar, using the Publish or Perish (PoP) application. The data analysis includes keyword mapping, publication trend identification, author collaboration patterns, and qualitative thematic analysis. The findings reveal a significant increase in Islamic financial literacy research in Islamic boarding schools over the last three years, mainly focusing on basic practices such as saving and understanding fundamental Islamic finance principles. However, researcher collaboration remains limited, and the integration of financial literacy into Islamic boarding school curricula is still underdeveloped. The study recommends policy support for the adoption of digital Islamic finance and the strengthening of academic networks to empower Islamic boarding schools as strategic centers for Islamic financial education and community economic empowerment.
REFORMULATING CAPITAL STRUCTURE THEORIES IN THE CONTEXT OF ISLAMIC CORPORATE FINANCE: A MAQASID AL‑SHARIAH APPROACH Helmi, Achmad; Susanti, Devy; Ardhiansyah, Fajar; Sagatha, Fitri; Rodoni, Ahmad
JURNAL ILMIAH EDUNOMIKA Vol. 10 No. 1 (2026): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jie.v10i1.19101

Abstract

Struktur modal adalah aspek fundamental dalam keuangan perusahaan yang menentukan keseimbangan antara utang dan ekuitas untuk mendukung operasional dan pertumbuhan. Teori-teori tradisional seperti trade-off, pecking order, dan agency theory telah menjelaskan perilaku pendanaan berdasarkan efisiensi ekonomi, tetapi cenderung melupakan aspek etika dan sosial. Dalam konteks keuangan Islam, keputusan pendanaan harus sesuai dengan prinsip syariah yang menolak riba, gharar, dan maysir, serta berfokus pada kemaslahatan melalui maqasid al-shariah. Tulisan ini bertujuan untuk merumuskan kembali teori struktur modal dari sudut pandang keuangan Islam dengan pendekatan maqasid al-shariah. Penelitian ini bersifat konseptual dan normatif melalui kajian pustaka, analisis prinsip maqasid, serta contoh numerik yang membandingkan antara struktur pendanaan tradisional dan model musyarakah. Temuan penelitian menunjukkan bahwa pendekatan maqasid mengharuskan perubahan dalam tujuan perusahaan dari sekadar memaksimalkan nilai pasar menjadi memaksimalkan kemaslahatan yang mencakup efisiensi ekonomi, kesejahteraan sosial, dan kepatuhan terhadap syariah. Implikasinya, perusahaan berbasis syariah diwajibkan untuk mengembangkan tata kelola, instrumen pembiayaan, serta indikator kinerja yang merefleksikan dimensi maqasid. Reformulasi ini diharapkan dapat memperkuat landasan teoretis keuangan korporat Islam sekaligus memberikan arahan bagi kebijakan pendanaan yang adil, transparan, dan berkelanjutan.
PHYSICAL VS. DIGITAL SAFE HAVENS IN EMERGING ISLAMIC MARKETS: A COMPARATIVE ANALYSIS OF GOLD, COMMODITIES, AND CRYPTO ASSETS IN INDONESIA, MALAYSIA, AND TURKEY Setiawan, Gandy; Sari, Magita; Helmi, Achmad; Rodoni, Ahmad
JURNAL ILMIAH EDUNOMIKA Vol. 10 No. 1 (2026): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jie.v10i1.19372

Abstract

This study investigates the safe-haven properties of physical assets (Gold, Commodities) versus digital assets (Crypto, Shariah-compliant Tokens) for Islamic equity markets in Indonesia, Malaysia, and Turkey during the 2020–2025 monetary tightening era. Utilizing weekly data, the study employs Dummy Augmented Regression and Portfolio Weight Optimization to isolate asset correlations during extreme market downturns and simulate hedging effectiveness. The results reveal a "Shariah Crypto Paradox," where Shariah-compliant tokens fail to provide stability and instead act as risk amplifiers. Similarly, Gold fails as a safe haven due to monetary-induced contagion. Conversely, real commodities (CPO/Soybean) demonstrate superior defensive qualities, validating the "natural hedge" hypothesis for producer nations. This research challenges the "Digital Gold" narrative by empirically proving that Shariah compliance in crypto does not mitigate market volatility. It proposes a "Satellite Strategy" focusing on real commodities over digital assets for Islamic portfolio resilience.
THE USE DIGITAL SERVICES AND PRODUCT COMPLETENESS TO MAKE IT EASIER FOR GENERATION Z TO CHOOSE SAVINGS AT ISLAMIC BANKS Trimulato; Ahmad Rodoni; Erika Amelia
Referensi Islamika: Jurnal Studi Islam Vol. 4 No. 1 (2026): FEBRUARY
Publisher : Academic Bright Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66053/ri.v4i1.383

Abstract

This study aims to analyse the impact of digital services, product completeness, and promotional activities on the decision of Gen Z to choose savings in Islamic banks, with a focus on the moderating role of promotions. The research employed a Partial Least Squares Structural Equation Modeling (PLS-SEM) approach to evaluate the relationships between the variables. Data were collected through a survey of Gen Z respondents who are potential customers of Islamic banks. The findings reveal that digital services have a significant direct impact on the decision of Gen Z, while product completeness shows a weaker direct influence. However, when moderated by promotional activities, both digital services and product completeness have a stronger indirect effect on the decision to choose savings in Islamic banks. The study concludes that Islamic banks should enhance their digital services and carefully design promotional strategies to effectively attract Gen Z customers. Product completeness, although less significant on its own, plays a crucial role when coupled with effective promotions. This study contributes to the literature on Islamic banking by examining the role of digital services, product completeness, and promotion in influencing Generation Z’s decision to choose Islamic bank savings. The study highlights the moderating role of promotion in strengthening the relationship between digital services and Gen Z decision-making. The findings provide practical insights for Islamic banks to develop digital-based services and targeted promotional strategies to attract young customers.
Co-Authors Abda Abda Abdurrohman Akbar, Firman Muhammad Achmad Helmi, Achmad Ade Sofyan Mulazid Afi Parnawi Ahmad Afif Aini Masruroh, Aini Aisyah Raisa Medina Al-Arif, Mohammad Nur Rianto Alhassan, Alhussaini Alawad Alhussaini Alawad Alhassan ALI RAMA Ali Rama Amilin Amilin Amri Amir Angga Aditya Permana Ardhiansyah, Fajar Arief, Zaenal Aris Setiawan Ashal, Farid Fathony Bahrul Yaman Bambang Sutrisno Benny Ramadhan Budi Sukardi Chajar Matari Fath Mala Deni Lubis Djauhari, Haikal Djubaedi Yunus Erika Amelia Euis Amalia Fachrurazi Fathoni, Muhammad Anwar Fathoni, Muhammad Anwar Fathoni, Muhammad Anwar Fauziyah Latiefa Salsabila Gita Syardiana H. Rahmat Hidayat, H. Rahmat Habibah Moslem Hafid Asy’ari Haikal Djauhari Hasbi Abdul Al-Wahhab KH Hermadi Hermadi Hilyatun nafisah HUSNI SHABRI Hutomo, Dorojatyas Nuroska Irwanto, M. Endrik Jaharuddin, Jaharuddin KH, Hasbi Abdul Al-Wahhab Khairunnisa, Dini Anggreini Latifah, Leti Lili Supriyadi M. Arskal Salim M. Arskal Salim Maryadi Maryadi Mochamad Aziz, Roikhan Muchtar, Masruri Mufraini, M. Arief Muhamad Nadratuzzaman Hosen Muhammad Agus Salim Muhammad Anwar Fathoni Muhtadi mutawali, mutawali mutawali Nani Almuin Novia Nengsih Nur Hidayah Nurizal Ismail nurnaningsih, Desi Permana, Fikri C Pontjowinoto, Iwan P Pratiwi, Leni Nur Purnadi, Purnadi R. Melda Maesarach Rafiqi Rafiqi Rahma, Yusro Rahma, Yusro Rahmawati, Rahmawati Rakhmadi, Rezki Syahri Ramadhina, Salsabila Ratri Nurjanati Rezki Syahri Rakhmadi Ridlo, Muhammad Rasyid Rina Riniawati Riris Aishah Prasetyowati Roikhan Mochamad Aziz, Roikhan Mochamad Saepudin, Didin Sagatha, Fitri Said, Muhammad Salsabila Ramadhina Sari, Magita Selvia Nuriasari Setiawan, Gandy Sopyan Sopyan Supriyono Supriyono Sururi Maudhunati Susanti, Devy Taruno, Agus Titi Dewi Warninda Tri Mulato Trimulato Trimulato Trimulato Trimulato, Trimulato Yacop Suparno Yahya Rivai Zuwesty Eka Putri, Zuwesty Eka