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Hisbah in the Context of Shariah Governance in Islamic Finance: A Comparison Between Indonesia and Malaysia Febrina, Ilza; Abdulah, Budiman
Jurnal Ilmiah Manajemen Kesatuan Vol. 12 No. 6 (2024): JIMKES Edisi November 2024
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v12i6.2957

The Role of Hisbah has been more essential in contemporary world in promoting Ethical Values and Justice in the Society. In Islamic finance setting, the role of Hisbah has been increasingly relevant in modern financial governance especially to ensure that its operation align with the ethical standards and Shariah principles. This paper is aimed to overview the concept and urgency of Hisbah and several related major issues such as Core values of the Shariah governance framework (SGF) in Islamic Finance, at last to further discuss the SGF’s comparison between Malaysia and Indonesia. The paper adopts a descriptive approach to examine the role of Hisbah in Islamic Finance specifically in the context of SGF. The data, sourced from various journals and books were collected and analysed to find the conclusion regarding the role of Hisbah in promoting adherence to Sharia principles in contemporary Islamic Finance and a brief comparative overview of SGF between Malaysia and Indonesia. The findings of the paper highlight that Malaysia's Shariah governance framework is characterized by a centralized, standardized approach with compliance mechanisms strictly enforced through BNM and SAC to ensure consistency. In contrast, the Indonesian framework is more flexible. the DSN-MUI gives guidance for IFIs as an independent body that exercise their discretion in interpreting Shariah rulings. These two approaches represent the level of regulatory priorities and development aspects of Islamic finance in each country.

The Effect of Hedging Strategy, Exchange Rate Fluctuations, and Credit Risk on the Financial Stability of Multinational Companies in Jakarta Judijanto, Loso; Kaswoto, Junet; Febrina, Ilza
West Science Social and Humanities Studies Vol. 3 No. 03 (2025): West Science Social and Humanities Studies
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsshs.v3i03.1753

This study investigates the impact of hedging strategies, exchange rate fluctuations, and credit risk on the financial stability of multinational companies in Jakarta. Employing a quantitative approach, data were collected from 140 respondents using a Likert scale (1–5) and analyzed using Structural Equation Modeling - Partial Least Squares (SEM-PLS). The findings reveal that all three factors significantly influence financial stability, with exchange rate fluctuations exerting the strongest effect, followed by hedging strategies and credit risk. The results underscore the importance of robust financial risk management practices in mitigating external uncertainties and ensuring corporate sustainability. This study offers valuable insights for corporate managers and policymakers in fostering financial resilience amidst volatile market conditions.

Balancing Stakeholders Interest and Sustainability: Petronas Strategic Response to The Global Energy Transition Febrina, Ilza; Zubir, Siti Mahfuzah
Madani: Jurnal Ilmiah Multidisiplin Vol 2, No 12 (2025): Januari
Publisher : Penerbit Yayasan Daarul Huda Kruengmane

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.15171536

This study examines Petronas' strategic response to the global energy transition, focusing on its adoption of renewable energy, integration of sustainability practices, and the influence of leadership. This study employs qualitative document analysis to assess how Petronas integrates its strategies with Environmental, Social, and Governance (ESG) principles, as well as the United Nations' Sustainable Development Goals (SDGs), while also considering the wide-ranging interests of its stakeholders. The findings highlight Petronas investments in green hydrogen, sustainable materials, and digital technologies, emphasizing both decarbonization efforts and long-term value creation for key stakeholders, including governments, investors, employees, and local communities. Moreover, the study underscores the pivotal role of transformational leadership in shaping Petronas' sustainability strategy and its impact on stakeholder relationships. The insights provided have broader implications for other National Oil Companies (NOCs), demonstrating that enhancing sustainability profiles not only strengthens stakeholder relations but also supports long-term profitability through sustainable development.

Penerapan Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) dalam Audit Syariah dan Kepercayaan Investor di Indonesia Respatiningsih, Inneke; Sasmita, Djenni; Febrina, Ilza; Wijaya, Muhamad Rizky; Sudarmanto, Eko
Sanskara Akuntansi dan Keuangan Vol. 3 No. 03 (2025): Sanskara Akuntansi dan Keuangan (SAK)
Publisher : Eastasouth Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/sak.v3i03.553

Penelitian ini mengeksplorasi dampak dari standar Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) dan kualitas audit syariah terhadap kepercayaan investor pada lembaga keuangan syariah di Indonesia. Penelitian ini menggunakan pendekatan kuantitatif dengan sampel sebanyak 95 responden, menggunakan skala Likert dan menganalisis data menggunakan Structural Equation Modeling (SEM-PLS 3). Temuan penelitian mengungkapkan bahwa penerapan standar AAOIFI dan kualitas audit syariah berpengaruh positif dan signifikan terhadap kepercayaan investor. Secara khusus, kepatuhan terhadap standar AAOIFI berkontribusi dalam meningkatkan transparansi dan kredibilitas lembaga, sementara audit Syariah yang berkualitas tinggi berfungsi sebagai mekanisme penting untuk memastikan kepatuhan Syariah dan menumbuhkan kepercayaan investor. Hasil penelitian ini menggarisbawahi peran yang saling melengkapi dari kedua faktor tersebut dalam memperkuat kepercayaan terhadap sektor keuangan syariah di Indonesia. Studi ini memberikan wawasan yang berharga bagi para regulator, lembaga keuangan, dan investor, yang menunjukkan bahwa kerangka kerja peraturan dan praktik audit yang kuat sangat penting untuk meningkatkan kepercayaan dan menarik investasi di sektor keuangan syariah.

Strategi Ekonomi Kreatif dalam Meningkatkan Daya Saing Produk UMKM: Pengabdian Arniwita; Febrina, Ilza; Rachmania, Dewi; Rahman, Kristanti; Sasmita, Djenni; Zulaecha, Hesty Erviani; Sudarmanto, Eko
Jurnal Pengabdian Masyarakat dan Riset Pendidikan Vol. 3 No. 4 (2025): Jurnal Pengabdian Masyarakat dan Riset Pendidikan Volume 3 Nomor 4 (April 2025
Publisher : Lembaga Penelitian dan Pengabdian Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jerkin.v3i4.652

The Community Service activity themed "Creative Economy Strategies in Enhancing the Competitiveness of MSME Products" was conducted online via the Zoom platform on May 10, 2025. This initiative aimed to enhance participants’ understanding of the concepts and applications of the creative economy in MSME product development, to encourage ethics-based innovation, and to strengthen networking among members of the SSQ Community. The event was enthusiastically attended by more than 90 participants, comprising alumni of the Certified Business in Quran (CBsQ) and Certified Management in Quran (CMtQ) programs, as well as MSME practitioners and members of the general public. Dr. Arniwita, MM, from Universitas Muhammadiyah Jambi, served as the keynote speaker, delivering a presentation on strategies for product diversification, creative branding, digitalization, and inter-MSME collaboration. The outcomes of this activity indicated that participants gained new insights into the importance of innovation in enhancing competitiveness, were motivated to adopt creative economy concepts in their enterprises, and established a communication forum for business collaboration. This program is expected to serve as an initial step in building a creative, innovative, highly competitive, and sustainable MSME ecosystem at both national and international levels.

Impact of Financial Technology Utilization, Working Capital Management, and Financial Resilience on MSME Sustainability During Uncertainty Economy Lembong, Herningsih Sutri; Tundu, Astrid Kristiana; Anwar, Samsul; Syaiful, Muhammad; Febrina, Ilza; Sudarmanto, Eko
International Journal of Business, Law, and Education Vol. 6 No. 2 (2025): International Journal of Business, Law, and Education (On Progress July-Desembe
Publisher : IJBLE Scientific Publications Community Inc.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56442/ijble.v6i2.1184

Based on the results and discussion, this study concludes that financial technology utilization, working capital management, and financial resilience each have a positive and significant impact on the sustainability of MSMEs during periods of economic uncertainty. The findings highlight that MSMEs that actively adopt digital financial tools, manage their short-term finances efficiently, and develop strong financial resilience are better equipped to withstand and adapt to external shocks such as economic downturns, inflation, and market disruptions. Among the three factors, financial resilience emerged as the most influential, underscoring the critical role of strategic preparedness, adaptability, and financial buffers in ensuring business continuity. These results reinforce the theoretical perspective of the Resource-Based View (RBV), which emphasizes the importance of internal capabilities as sources of sustainable advantage. Therefore, strengthening digital adoption, financial management practices, and resilience-building efforts should be prioritized by MSME stakeholders, including policymakers, financial institutions, and business support organizations to enhance long-term survival and performance in an increasingly volatile economic environment.

Islamic Finance and Halal Investment Trends in the Digital Era: A Bibliometric Review (2010–2025) Judijanto, Loso; Khotijah, Nur; Febrina, Ilza; Mayasari, Eny; Budiman, Mamdukh
West Science Interdisciplinary Studies Vol. 3 No. 10 (2025): West Science Interdisciplinary Studies
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsis.v3i10.2300

This study offers a bibliometric analysis of Islamic finance and halal investment trends in the digital age (2010–2025), utilizing data from Scopus and examined with VOSviewer and Biblioshiny. The results indicate five predominant research themes: fintech and digital innovation, blockchain and cryptocurrency, financial inclusion and sustainability, Shariah governance, and Islamic investment ecosystems. Findings indicate that Malaysia and Indonesia spearhead worldwide research collaboration, connecting Southeast Asia, the Middle East, and Europe. Scholarship has progressively transitioned from traditional Islamic banking and sukuk to digital transformation, ethical finance, and sustainable development. The report offers pragmatic insights for policymakers and practitioners to advance Shariah-compliant financial innovation, while promoting financial inclusion and sustainable investment. It proposes a Digital Maqasid Finance Framework that amalgamates technology with Islamic ethical and social principles. This research provides a robust framework for future investigations into AI-driven Shariah compliance, digital halal finance, and sustainable Islamic investment ecosystems, despite limitations in database and time.

Islamic Finance and Halal Investment Trends in the Digital Era: A Bibliometric Review (2010–2025) Judijanto, Loso; Khotijah, Nur; Febrina, Ilza; Mayasari, Eny; Budiman, Mamdukh
West Science Interdisciplinary Studies Vol. 3 No. 10 (2025): West Science Interdisciplinary Studies
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsis.v3i10.2300

This study offers a bibliometric analysis of Islamic finance and halal investment trends in the digital age (2010–2025), utilizing data from Scopus and examined with VOSviewer and Biblioshiny. The results indicate five predominant research themes: fintech and digital innovation, blockchain and cryptocurrency, financial inclusion and sustainability, Shariah governance, and Islamic investment ecosystems. Findings indicate that Malaysia and Indonesia spearhead worldwide research collaboration, connecting Southeast Asia, the Middle East, and Europe. Scholarship has progressively transitioned from traditional Islamic banking and sukuk to digital transformation, ethical finance, and sustainable development. The report offers pragmatic insights for policymakers and practitioners to advance Shariah-compliant financial innovation, while promoting financial inclusion and sustainable investment. It proposes a Digital Maqasid Finance Framework that amalgamates technology with Islamic ethical and social principles. This research provides a robust framework for future investigations into AI-driven Shariah compliance, digital halal finance, and sustainable Islamic investment ecosystems, despite limitations in database and time.

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