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All Journal MUQTASID HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam Jurnal Ilmiah Ekonomi Islam Tazkia Islamic Finance and Business Review Al-Muzara'ah At-Tawassuth: Jurnal Ekonomi Islam Jesya (Jurnal Ekonomi dan Ekonomi Syariah) YUME : Journal of Management Istinbath: Jurnal Hukum dan Ekonomi Islam Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Jurnal BILAL: Bisnis Ekonomi Halal Share: Jurnal Ekonomi dan Keuangan Islam El-Qish: Journal of Islamic Economics Jurnal Budgeting Proceeding ISETH (International Summit on Science, Technology, and Humanity) Jurnal Ekonomi Lembaga Layanan Pendidikan Tinggi Wilayah I International Journal of Economics (IJEC) Neo Journal of economy and social humanities Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen International Journal of Management Research and Economics JSE: Jurnal Sharia Economica IIJSE International Journal of Economics, Management and Accounting Digital Innovation : International Journal Of Management Epaper Bisnis: International Journal Entrepreneurship and Management International Journal of Law and Society Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Muslim Marpaung
Politeknik Negeri Medan, Medan, Indonesia
Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Social Sciences Other

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Pengukuran Profitabilitas Perbankan Sebelum dan Sesudah Mengimplementasikan Teknologi Blockchain (Studi Kasus Pada Bank AlHilal) Sya'bana, Sasmita Wahyu; Noval, Muhammad; Marpaung, Muslim
Jurnal Ilmiah Ekonomi Islam Vol. 10 No. 3 (2024): JIEI : Vol.10, No.3, 2024
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v10i3.13966

Abstract

Financial technology emerged as a result of the rapid development of the internet and information technology, which is increasingly sensitizing the public, often known as Financial Technology. Collaboration between FinTech and banking institutions will provide benefits for both parties. The purpose of this study is to evaluate the impact of banking and FinTech cooperation, especially with regard to blockchain technology. This study uses a quantitative approach with comparative analysis to evaluate the variation in profitability levels determined by the Return on Equity (ROE), Return on Assets (ROA), and Net Profit Margin (NIM) ratios between before and after implementing blockchain technology at Al Hilal Bank for the period 2012 to 2023. The paired sample t-test was used to assess the data, and the results showed that there was no significant difference between ROA, ROE, and NPM after using blockchain technology. The implications of this study indicate that banks still need to make improvements and adjustments in order to remain optimally profitable while keeping up with technological developments.
Mythologies of Usury in Finance: Analyzing Denotation, Connotation, and Cultural Myth using Roland Barthes' Framework Bayu Tri Cahya; Nor Aishah Mohd Ali; Dwi Putri Restuti; Dian Nilam Sari; Muslim Marpaung; Rahmat Ilyas
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.121-133

Abstract

This study explores the reality of usury through a semiotic analysis based on Roland Barthes' postmodern study. The research employs a qualitative approach with a postmodernist perspective and includes in-depth interviews with academics and economic practitioners. The study was conducted both in Java and outside Java, Indonesia, involving seven participants, including practitioners and academics. The analysis reveals that usury, as postulated in Barthes' postmodern framework, can be interpreted through denotation, connotation, and myth. Denotatively, usury is seen as an additional charge on a debt at the time of repayment, exploiting debt transactions, adding monetary charges, and imposing burdensome loans on borrowers. Connotatively, usury is viewed as exploitation of borrowers, services that offer loans with high-interest rates, and unfair interest rates that favor financiers. Mythically, usury is interpreted as a revolving loan, the exchange of goods with varying qualities, pawning, and brokerage in projects. The reality of usury, as hidden behind these interpretations, suggests that usury is a form of injustice, an iceberg phenomenon, a dependency, and involves shirkah (partnership) in usury bondage.
Maqasid-Al-Shariah as a Strategic Management Lens for Digital Governance in Halal Value Chains Irma Suryani Lubis; Muslim Marpaung
Digital Innovation : International Journal of Management Vol. 3 No. 1 (2026): January: Digital Innovation : International Journal of Management
Publisher : Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/digitalinnovation.v3i1.677

Abstract

This study examines the integration of maqasid al-shariah and digital governance in halal value chains using a Systematic Literature Review (SLR) guided by the PRISMA 2020 framework. Articles indexed in Scopus from 2020–2025 were analyzed to identify theoretical patterns and research gaps. The findings indicate that existing studies remain fragmented, with maqasid primarily treated as a normative concept and digital governance addressed mainly from technological or compliance perspectives. This research proposes an integrative conceptual model linking maqasid al-shariah, digital governance, stakeholder engagement, institutional legitimacy, strategic resources, and sustainability outcomes. The synthesis demonstrates that maqasid can function as a strategic governance framework, while digital governance operationalizes Islamic values through transparent and measurable practices. The study contributes theoretically by repositioning maqasid as a strategic management lens and practically by offering guidance for value-based digital transformation in the halal ecosystem. Overall, maqasid-based digital governance emerges as a new paradigm for building ethical, resilient, and sustainable halal value chains.
Islamic Monetary Instruments and Central Bank Policy: A Systematic Literature Review on Effectiveness, Transmission Channels, and Macroeconomic Outcomes Muslim Marpaung; Irma Suryani Lubis
ePaper Bisnis : International Journal of Entrepreneurship and Management Vol. 3 No. 1 (2026): ePaper Bisnis : International Journal of Entrepreneurship and Management
Publisher : Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/epaperbisnis.v3i1.692

Abstract

The rapid development of Islamic finance has encouraged central banks in dual banking systems to design monetary instruments that comply with Sharia principles while maintaining macroeconomic stability. However, the effectiveness of Islamic monetary instruments and their transmission mechanisms remain widely debated in the literature. This study aims to systematically review the empirical and conceptual literature on Islamic monetary instruments, focusing on their effectiveness, transmission channels, and macroeconomic outcomes. Using a Systematic Literature Review (SLR) approach guided by the PRISMA framework, this research synthesizes findings from major studies examining Islamic monetary policy operations, banking transmission mechanisms, and their impacts on inflation, output, and financial stability. The results reveal that the financing/credit channel and the interest–profit pass-through mechanism are the dominant transmission pathways in dual banking systems. Although Islamic banks often demonstrate relative stability during monetary shocks, policy transmission remains partly influenced by conventional interest rate benchmarks due to institutional and market structure factors. The effectiveness of Islamic monetary instruments is largely determined by the depth of Islamic money markets, the availability of liquid instruments such as central bank sukuk, and the strength of regulatory and institutional infrastructure. Furthermore, empirical evidence linking Islamic monetary instruments directly to macroeconomic outcomes such as inflation and growth remains limited. This study proposes an integrated conceptual framework linking Islamic monetary instruments, transmission channels, and macroeconomic outcomes, moderated by institutional quality, market share of Islamic banking, and market depth. The findings contribute to the literature by providing a comprehensive synthesis of existing research and offering policy insights for strengthening Islamic monetary policy frameworks in dual financial systems.
Financial Literacy in Islamic University Students in North Sumatra Fela Yudha, Syuhada; Marpaung, Muslim
Neo Journal of economy and social humanities Vol 1 No 3 (2022): Neo Journal of Economy and Social Humanities, September 2022
Publisher : International Publisher (YAPENBI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (258.63 KB) | DOI: 10.56403/nejesh.v1i3.24

Abstract

This study intends to conclude the level of financial literacy for students of the Faculty of Economics and Business, Islamic University in North Sumatra. This type of research is a description statistic. Data obtained by taking a survey of 87 respondents. The data analysis technique used is a survey. This research is quantitative research. The sample used in this study was 87 people. The sample selection method used is Judgement sampling. Judgement sampling is a sampling technique that is carried out based on the characteristics set against elements of the target population that are adapted to the research objectives or problems. The results of this study show that according to 5 aspects in financial literacy, there are several aspects that are structured as intermediate literacy, namely financial knowledge with a percentage of literacy of 63.4%, savings and loans with a percentage of literacy of 71.4% and insurance with a literacy rate of 75.2%. Meanwhile, another aspect that is a high instruction rate is investment with a percentage level of literacy of 84.4%.
Fraud Pentagon and Fraudulent Financial Reporting in Jakarta Islamic Index Surepno, Surepno; Cahya, Bayu Tri; Andriani, Asih; Marpaung, Muslim
IQTISHADIA Vol 14, No 1 (2021): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v14i1.12374

Abstract

This study aims to examine pentagon fraud with five elements that can influence the occurrence of fraudulent financial reporting on the Jakarta Islamic Index. fraud pentagon has five elements there is pressure, opportunity, rationalization, competence (competence/ability), and arrogance. This research is a quantitative study using logistic regression analysis methods with SPSS tools. The results showed that fraud pentagon with five elements can influence the occurrence of fraudulent financial reporting in companies incorporated in the Jakarta Islamic Index. But among the five elements are pressure, opportunity, rationalization, competence (competency /ability), the element of arrogance does not have a significant effect on the occurrence of fraudulent financial reporting.
The Influence of Sharia-Based Financial Planning and Self-Control on Succes of Students’ Financial Management M. Satrya Mutthaqin; Ricca Hendarti; Mutiah Khaira Sihotang; Muslim Marpaung; Rahmanta Rahmanta
Jesya Vol 9 No 2 (2026): ARTICLES : RESEARCH JUNI 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Al-Washliyah Sibolga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36778/jesya.v9i2.2734

Abstract

The rapid development of digital financial services has significantly influenced students’ financial behavior, often leading to increased consumptive tendencies without proper planning. This study aims to analyze the effect of sharia-Based financial planning and self-control on the Succes of Students’ Financial Management at the Faculty of Islamic Studies, Universitas Muhammadiyah Sumatera Utara. A quantitative approach with an explanatory survey design was employed, involving 93 students selected through proportional random sampling from a population of 1,364. Data were collected using a structured questionnaire with a five-point Likert scale and analyzed using multiple linear regression with SPSS version 25. The results indicate that sharia-based financial planning has a positive and significant effect on Succes of Students’ Financial Management (t = 9.140; p < 0.05), and self-control also shows a positive and significant effect (t = 4.648; p < 0.05). Simultaneously, both variables significantly influence Succes of Students’ Financial Management (F = 205.205; p < 0.05), with a coefficient of determination (R²) of 0.820, indicating that 82% of the variation in Succes of Students’ Financial Management is explained by the model. These findings suggest that the integration of sharia-based financial planning and strong self-control plays a crucial role in improving students’ Succes of Students’ Financial Management. Sharia-based financial planning provides a structured and value-based framework, while self-control ensures consistent implementation in daily financial decisions. This study contributes to the development of Islamic financial behavior literature by highlighting the importance of combining cognitive and psychological factors in achieving financial well-being among students.
Pengaruh Jumlah Uang Beredar, Inflasi, Nilai Tukar, dan Ekspor CPO terhadap Pertumbuhan Ekonomi Indonesia: Pendekatan Error Correction Model (ECM) Muslim marpaung; Habib Fitrah; iqbal mustaqim; maria della siregar; muhammad yahya; zakiah rahmi Siagian
YUME : Journal of Management Vol 9, No 2 (2026)
Publisher : Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/yume.v9i2.12157

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh jumlah uang beredar (M2), inflasi, nilai tukar rupiah terhadap dolar Amerika Serikat (AS), dan ekspor Crude Palm Oil (CPO) terhadap pertumbuhan ekonomi Indonesia dalam jangka pendek dan jangka panjang. Pertumbuhan ekonomi merupakan indikator penting dalam menilai keberhasilan pembangunan suatu negara dan dipengaruhi oleh berbagai faktor makroekonomi, baik dari sisi moneter maupun sektor eksternal. Penelitian ini menggunakan data sekunder berupa data time series yang diperoleh dari publikasi resmi Bank Indonesia (BI), Badan Pusat Statistik (BPS), dan sumber terkait lainnya. Metode analisis yang digunakan adalah Error Correction Model (ECM) untuk mengidentifikasi hubungan jangka pendek dan jangka panjang antarvariabel penelitian. Hasil penelitian menunjukkan bahwa jumlah uang beredar (M2) berpengaruh positif terhadap pertumbuhan ekonomi Indonesia baik dalam jangka pendek maupun jangka panjang. Inflasi menunjukkan pengaruh negatif terhadap pertumbuhan ekonomi karena kenaikan harga yang berlebihan dapat menurunkan daya beli masyarakat dan menghambat aktivitas investasi. Nilai tukar rupiah terhadap dolar AS berpengaruh signifikan terhadap pertumbuhan ekonomi, di mana stabilitas nilai tukar menjadi faktor penting dalam mendukung kegiatan perdagangan dan investasi. Sementara itu, ekspor CPO berpengaruh positif terhadap pertumbuhan ekonomi melalui peningkatan devisa negara, pendapatan nasional, serta aktivitas sektor-sektor ekonomi yang terkait dengan industri kelapa sawit. Berdasarkan hasil penelitian, dapat disimpulkan bahwa variabel jumlah uang beredar, inflasi, nilai tukar, dan ekspor CPO merupakan faktor-faktor yang memengaruhi pertumbuhan ekonomi Indonesia. Oleh karena itu, diperlukan kebijakan moneter yang tepat, pengendalian inflasi yang efektif, stabilisasi nilai tukar, serta penguatan daya saing ekspor CPO untuk mendukung pertumbuhan ekonomi yang berkelanjutan. Temuan penelitian ini diharapkan dapat menjadi bahan pertimbangan bagi pemerintah dan otoritas terkait dalam merumuskan kebijakan ekonomi makro di Indonesia.
Financial Literacy in Islamic University Students in North Sumatra Syuhada Fela Yudha; Muslim Marpaung
Neo Journal of economy and social humanities Vol 1 No 3 (2022): Neo Journal of Economy and Social Humanities, September 2022
Publisher : International Publisher (YAPENBI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56403/nejesh.v1i3.24

Abstract

This study intends to conclude the level of financial literacy for students of the Faculty of Economics and Business, Islamic University in North Sumatra. This type of research is a description statistic. Data obtained by taking a survey of 87 respondents. The data analysis technique used is a survey. This research is quantitative research. The sample used in this study was 87 people. The sample selection method used is Judgement sampling. Judgement sampling is a sampling technique that is carried out based on the characteristics set against elements of the target population that are adapted to the research objectives or problems. The results of this study show that according to 5 aspects in financial literacy, there are several aspects that are structured as intermediate literacy, namely financial knowledge with a percentage of literacy of 63.4%, savings and loans with a percentage of literacy of 71.4% and insurance with a literacy rate of 75.2%. Meanwhile, another aspect that is a high instruction rate is investment with a percentage level of literacy of 84.4%.
Profit-sharing vs Interest Rates an Analysis of The Interaction Between Sharia and Conventional Banking in Indonesia Hilyati Inayah; Saparuddin Siregar; Sugianto Sugianto; Isnaini Harahap; Nurlaila Nurlaila; Muslim Marpaung
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 2 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i2.7784

Abstract

This study examines the relationship between Islamic profit-sharing rates and conventional bank interest rates within Indonesia’s dual banking system. Using a Vector Autoregression (VAR) model with monthly data from January 2017 to December 2023 (N = 84), the study analyzes the dynamic interactions between banking variables and macroeconomic indicators. The results show that Islamic profit-sharing rates are not significantly affected by conventional interest rates, indicating relative independence from the conventional banking system. Instead, Islamic deposit returns respond significantly to macroeconomic factors, particularly inflation and GDP. Impulse response analysis confirms that shocks to inflation and GDP have a stronger impact on Islamic profit-sharing rates than shocks from conventional banking variables. Granger causality results further reveal that conventional interest rates do not predict Islamic profit-sharing rates, while Islamic deposit returns significantly influence GDP and the exchange rate. These findings suggest that Islamic banking follows a distinct transmission mechanism driven primarily by macroeconomic fundamentals rather than conventional interest rate movements. This study contributes to the Islamic finance literature by providing empirical evidence on the relative autonomy of Islamic banking within a dual banking system.
Co-Authors Ade Khadijatul Z. Hrp Affandi, Ismi AGUS Andri Veno Andriani, Asih Annisa Anriza Witi Nasution Arief Tumanggor Arsyaf Tampubolon Asih Andriani Azhar Azliani, Firda Nur Bayu Tri Cahya Cahyani, safirah Dian Nilam Sari Diena Fadhilah Dini Fakhira Bahari Dwi Putri Restuti Emi Masyitah Enny Segarahati Barus Fany Fadhila Fela Yudha, Syuhada Habib Fitrah Hamdani, Lukman Hefriansyah Hefriansyah Hendri Tanjung Hilyati Inayah Hubbul Wathan Ian Alfian iqbal mustaqim Irma Suryani Lubis Isnaini Harahap Isnaini Harahap Jihan Khairunisa Lenny Rakhmawati, Ricca Hendarti, Lestari, Dwi Vita M. Satrya Mutthaqin M. Yasir Nasution maria della siregar Mohd Ali, Nor Aishah Muhammad Noval muhammad yahya Muhammad Zuardi Mutiah Khaira Sihotang Nasution, Athirah Nor Aishah Mohd Ali Nurhayati Nurhayati Nurlaila Nurlaila Pulungan, Fahri Juna Putra , Muhammad Umar Maya Rahmanta Rahmanta Rahmanta Rahmanta, Rahmanta Rahmat Rahmat Azahar Siregar Rahmat Ilyas Reza Febrian Saparuddin Siregar Saputri, Dilla Ajeng Diah SEGATI, AHDA Siti Kadariah Soehardi Soehardi Sugianto Sugianto Sugianto Sugianto Surepno Surepno Surepno, Surepno Sya'bana, Sasmita Wahyu Syahara, Sufi Syuhada Fela Yudha Ulfa Yolanda Usnandar Afriansyah Uswah Hasanah Widjiantoro, Surya Tegar Yovvi Sukandar zakiah rahmi Siagian Zuhirsyan , Muhammad Zuhirsyan, Muhammad