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All Journal MUQTASID HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam Jurnal Ilmiah Ekonomi Islam Tazkia Islamic Finance and Business Review At-Tawassuth: Jurnal Ekonomi Islam Jesya (Jurnal Ekonomi dan Ekonomi Syariah) Istinbath: Jurnal Hukum dan Ekonomi Islam Al-Kharaj: Journal of Islamic Economic and Business Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) 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 Bulletin of Indonesian Islamic Studies International Journal of Economics (IJEC) Neo Journal of economy and social humanities Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA) Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen International Journal of Management Research and Economics JSE: Jurnal Sharia Economica International Journal of Economics, Management and Accounting Digital Innovation : International Journal Of Management Epaper Bisnis: International Journal Entrepreneurship and Management Journal of Finance and Islamic Banking International Journal of Law and Society International Journal of Economics, Accounting, and Management
Muslim Marpaung
Medan State Polytechnic
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Medicine & Pharmacology Social Sciences Other

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Navigating Tradition and Territory: The Islamic Business Ethics of Minangkabau Traders in Negeri Sembilan, Malaysia Muslim Marpaung; Irma Suryani Lubis; Syahrial Arif Hutagalung; Yessi Kurnia Arjani Manik; Jufri Naldo
Bulletin of Indonesian Islamic Studies Vol. 4 No. 2 (2025): Bulletin of Indonesian Islamic Studies
Publisher : KURAS Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51214/biis.v4i2.1658

Abstract

This study explores Islamic economics and business anthropology with a focus on the commercial ethics of the Minangkabau diaspora in Negeri Sembilan, Malaysia. The central problem addressed is the growing challenge faced by diaspora Muslim entrepreneurs in maintaining Islamic business ethics and cultural identity while navigating increasingly competitive market environments and multicultural business interactions. In Southeast Asia, cross-border trade among ethnic communities continues to expand, yet reports of declining ethical practice and weakened cultural ties in diaspora business networks raise concerns for the sustainability of moral economic conduct. These conditions underscore the urgency to investigate how traditional Islamic values and Minangkabau customs are preserved, negotiated, and transformed within contemporary business settings. This research aims to understand the internalization of Islamic values and Minangkabau adat within the business practices of migrant traders, as well as how these values adapt to Malaysian socio-cultural contexts. Employing a qualitative method with an ethnographic approach, data were collected through in-depth interviews, participant observation, and document analysis involving 10 key informants consisting of Minangkabau traders and community leaders in Negeri Sembilan. Thematic data analysis highlights the dynamic interplay between religious principles, customary norms, and economic behavior. Findings reveal that Minangkabau traders uphold Islamic business ethics through the values of honesty, trust, and ukhuwah, while simultaneously adjusting to local business norms and regulations. Their ethical approach forms a contextual model of entrepreneurship that balances spiritual commitments with economic pragmatism. This study contributes to the formulation of the concept of Islamic Entrepreneurial Diaspora, offering an integrative model for understanding how Islamic belief systems interact with local culture in cross-national economic practices. The discovery provides theoretical enrichment to Islamic business ethics discourse and demonstrates the enduring importance of local cultural values in navigating global commercial pressures.
Prospects for Increasing the Economic Independence of the Community Through the Red and White Cooperative Based on Maqashid Sharia Muslim Marpaung; Faisal; Muflihul Fadhil; Tedi Hermansyah
International Journal of Economics Accounting and Management Vol. 2 No. 5 (2026): IJEAM - January 2026
Publisher : PT. INOVASI TEKNOLOGI KOMPUTER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60076/ijeam.v2i5.1769

Abstract

The purpose of this research is to examine the impact of capital structure, profitability, and liquidity on stock returns, taking into account company size as a moderating factor, in food and beverage firms listed on the Indonesia Stock Exchange (BEI) between 2019 and 2023. Data from the Indonesia Stock Exchange served as the foundation for this research. The sampling technique employed was purposive sampling. This research included a sample of 11 companies from the food and beverage sub-sector listed on the Indonesia Stock Exchange between 2019 and 2023, with a total of 55 companies. Moderated Regression Analysis (MRA), secondary data, and panel data regression analysis were the methods used. According to the findings of this study, capital structure has a positive and considerable impact on share returns, liquidity has a positive and significant impact on share returns, and profitability has no effect on share returns. The impact of profitability on stock returns is not greatly moderated (strengthened) by firm size
EVALUASI SYARIAH DAN PENGEMBANGAN MODEL CRYPTOCURRENCY STABLECOIN: PENDEKATAN BERBASIS FIAT VS. BERBASIS EMAS Widjiantoro, Surya Tegar; Segati, Ahda; Marpaung, Muslim
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.3006

Abstract

This study discusses the comparison between fiat-based stablecoins and gold-based stablecoins from the perspective of Islamic economics, particularly in the context of the high price volatility of cryptocurrencies. The background of this research is the need for stable digital financial instruments that comply with sharia principles, considering that stablecoins have emerged as a solution to cryptocurrency value fluctuations but raise questions regarding their compatibility with Islamic law. The research method used is a literature review by analyzing various stablecoin models and examining literature related to sharia principles in finance, such as the prohibition of riba (usury), gharar (uncertainty), maysir (gambling), and the importance of underlying assets. The results show that gold-based stablecoins are more aligned with the concept of money in Islamic economics because they are backed by clear physical assets, whereas fiat-based stablecoins contain elements of riba due to seigniorage and the lack of clarity in intrinsic value. The conclusion of this study asserts that, from an Islamic economic perspective, gold-based stablecoins are more appropriate to be developed as sharia-compliant digital transaction instruments, while fiat-based stablecoins still have several aspects that need further review regarding sharia compliance.
Analisis SWOT Pada Pengembangan Perbankan Syariah di Indonesia Muslim Marpaung; Isnaini Harahap; Usnandar Afriansyah
Jurnal Ilmiah Ekonomi Islam Vol. 8 No. 2 (2022): JIEI : Vol. 8, No. 2, 2022
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v8i2.4675

Abstract

This study will try to answer how the process of developing Islamic banking in Indonesia is currently. This research is a descriptive qualitative research. Data analysis technique using matrix and SWOT analysis. The results of the study indicate that an alternative strategy for developing Islamic banking in Indonesia is a strategy to maintain and defend. The current strenght is that Islamic financial institutions are more crisis resistant. The current weakness is the relatively small and limited fund capital and the lack of a workforce who understands the concept of Islamic baniking. The current opportunity is the merger of 3 national banks ( BNI Syariah, BRI Syariah, BSM) to become BSI. The current threat is decline in people's income due to the COVID-19. The urgency of handling power in the future is to prioritize the support of muslims. The urgency of handling weaknesses in the future is the relatively smaller and limited capital of funds. The urgency of handling future opportunities is the merger of three national banks ( BRI Syariah, BNI Syariah and BSM). The urgency of handling threats in the future is the reduction in people's income due ti due COVID-19 pandemic. Keywords : Islamic Banking, Analysis SWOT, and Islamic Economic
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.
THE RESILIENCE OF SHARIA-COMPLIANT AND CONVENTIONAL MSMES IN FACING DIGITAL DISRUPTION IN MEDAN: AN ANALYSIS OF STRATEGIES AND MAQASID SHARIA Muslim Marpaung; Helvinasari Nasution; Inayatul Widad Nasution; Widya Khaidir
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 2 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.19318781

Abstract

Digital transformation has become inevitable for micro, small, and medium enterprises (MSMEs) in Indonesia. However, MSMEs' preparedness and resilience to digital disruption still vary. According to data from the Ministry of Cooperatives and SMEs, more than 64 million MSMEs contribute 60% of the national Gross Domestic Product (GDP), yet only a small portion are truly digitalized. This study aims to analyze the differences in resilience between Sharia-compliant MSMEs and conventional MSMEs in Medan City in facing digital disruption, by examining aspects of adaptation strategies and the values of Maqasid Sharia. This research method uses a qualitative-descriptive approach through literature analysis, semi-structured interviews, and secondary data from official government reports and scientific publications. The research results show that conventional MSMEs are quicker to adopt digital technology, while Sharia MSMEs have more stable social resilience and customer loyalty due to their ethical and trust-based foundation based on Islamic principles. The implications of this research demonstrate the importance of integrating Maqasid Sharia values into MSME digitalization strategies to achieve sustainable economic resilience.
Building Customer Loyalty of TikTok Shop Gen Z Medan City Mediation Analysis of Product Quality Satisfaction Ismail; Salisa Amini; Nurhudawi; Arifa Pratami; Irma Suryani Lubis; Muslim Marpaung
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i1.7378

Abstract

Purpose: This study aims to analyze the influence of product quality on the loyalty of TikTok Shop customers generation Z in Medan City, with customer satisfaction as a mediating variable. Methods: A quantitative approach was used with the Partial Least Square Structural Equation Modeling (PLS-SEM) analysis technique. The sample consisted of 75 respondents who had shopped at least three times through TikTok Shop. Result: Product quality has a significant effect on customer satisfaction (β = 0.757; p < 0.001). Product quality also has a direct and strong effect on customer loyalty (β = 0.837; p < 0.001). Customer satisfaction has a positive effect on loyalty (β = 0.182; p < 0.001) and acts as a partial mediator in the relationship between product quality and loyalty (β = 0.138; p < 0.001). Implications: These findings suggest that in order to build Gen Z customer loyalty, TikTok Shop business actors need to maintain product quality while creating a satisfying shopping experience. Theoretically, this research contributes to the testing of mediation in loyalty models, and practically, supports visual content-based marketing strategies in the digital age.
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.
Implementasi Smart City Dan Pengaruhnya Terhadap Pemberdayaan UMKM Berbasis Maqashid Syariah Di Kota Binjai Putra Harahap, Raja Sakti; Munthe, Safaruddin; Marpaung, Muslim; Zahra, Nabila Rizsyalwa
Jesya (Jurnal Ekonomi dan Ekonomi Syariah) Vol 9 No 1 (2026): Artikel Riset Januari 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Al-Washliyah Sibolga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36778/jesya.v9i1.2558

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh implementasi Smart City terhadap pemberdayaan Usaha Mikro, Kecil, dan Menengah (UMKM) di Kota Binjai dengan menggunakan perspektif maqasid al-shari‘ah sebagai landasan normatif. Penelitian ini merupakan penelitian lapangan dengan pendekatan kuantitatif dan menggunakan metode Structural Equation Modeling berbasis Partial Least Squares (PLS-SEM). Data diperoleh dari 154 pelaku UMKM yang dipilih melalui teknik purposive sampling, dengan pengumpulan data menggunakan kuesioner skala Likert. Variabel penelitian terdiri atas Smart City sebagai variabel eksogen dan pemberdayaan UMKM sebagai variabel endogen, sementara maqasid al-shari‘ah diposisikan sebagai kerangka analitis dalam menafsirkan hasil penelitian. Hasil analisis menunjukkan bahwa implementasi Smart City berpengaruh positif dan signifikan terhadap pemberdayaan UMKM. Digitalisasi layanan publik, integrasi sistem informasi, serta pemanfaatan platform ekonomi digital terbukti mampu meningkatkan akses informasi, efisiensi usaha, dan kapasitas ekonomi pelaku UMKM. Model pengukuran dan model struktural menunjukkan tingkat validitas, reliabilitas, serta kemampuan prediktif yang memadai, sehingga hubungan kausal antarvariabel dapat dijelaskan secara empiris. Dalam perspektif ekonomi syariah, temuan ini mengindikasikan bahwa kebijakan Smart City memiliki potensi untuk mendukung pencapaian kemaslahatan ekonomi, perlindungan aset usaha, dan peningkatan kesejahteraan masyarakat, sepanjang diimplementasikan secara inklusif dan berkeadilan. Penelitian ini memberikan kontribusi akademik dalam pengembangan kajian Smart City dan UMKM berbasis ekonomi Islam, serta implikasi praktis bagi pemerintah daerah dalam merancang kebijakan pemberdayaan UMKM yang berorientasi pada keberlanjutan.
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.
Co-Authors Ade Khadijatul Z. Hrp Affandi, Ismi AGUS Andri Veno Andriani, Asih Annisa Anriza Witi Nasution Arief Tumanggor Arifa Pratami Arsyaf Tampubolon Asih Andriani Azhar Azliani, Firda Nur Bayu Tri Cahya Cahyani, safirah Diena Fadhilah Dini Fakhira Bahari Emi Masyitah Enny Segarahati Barus Faisal Fany Fadhila Fela Yudha, Syuhada fitri, yona Hamdani, Lukman Hefriansyah Hefriansyah Helvinasari Nasution Hendri Tanjung Hubbul Wathan Ian Alfian Inayatul Widad Nasution Irma Suryani Lubis Ismail Isnaini Harahap Jihan Khairunisa Jufri Naldo Khaidar Rahmaini Jamila Lestari, Dwi Vita M. Yasir Nasution Mahanani, Yekti Mohd Ali, Nor Aishah Muflihul Fadhil Muhammad Noval Muhammad Zuardi Munthe, Safaruddin Nasution, Athirah Nurhayati Nurhayati Nurhudawi Pulungan, Fahri Juna Putra , Muhammad Umar Maya Putra Harahap, Raja Sakti Rahmanta Rahmanta, Rahmanta Rahmat Rahmat Azahar Siregar Reza Febrian Salisa Amini Saputri, Dilla Ajeng Diah SEGATI, AHDA Siti Kadariah Soehardi Soehardi Sugianto Sugianto Surepno Surepno Surepno, Surepno Sya'bana, Sasmita Wahyu Syahara, Sufi Syahrial Arif Hutagalung Tedi Hermansyah Ulfa Yolanda Usnandar Afriansyah Widjiantoro, Surya Tegar Widya Khaidir Yessi Kurnia Arjani Manik Yovvi Sukandar Zahra, Nabila Rizsyalwa Zuhirsyan , Muhammad Zuhirsyan, Muhammad