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Energy Dependence, Trade Balance, and Current Account Sustainability: Evidence From ASEAN-5 Agustina, Maulidar; Majid, M. Shabri Abd.; Thahira, Zia; Dinda, Lidyana; Khairullah, Aulia; Sakuntala, Dwita
Ekonomikalia Journal of Economics Vol. 3 No. 2 (2025): October 2025
Publisher : Heca Sentra Analitika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60084/eje.v3i2.341

This study investigates how energy dependence and trade structure influence current-account sustainability in the ASEAN-5 (Indonesia, Malaysia, Thailand, the Philippines, and Vietnam) over 2014–2023. Focusing on the region’s vulnerability to energy price volatility and evolving trade patterns, the analysis evaluates long- and short-run relationships between the current account, energy trade balance, overall trade balance, real GDP per capita, and exchange rate movements. A panel Autoregressive Distributed Lag (ARDL) model with a Pooled Mean Group (PMG) estimator is applied, and long-run robustness is verified using panel Fully Modified Ordinary Least Squares (FMOLS). The results confirm a stable long-run equilibrium in which both energy and non-energy trade balances significantly and positively contribute to current-account positions. Higher real income and a depreciated exchange rate are also associated with sustained current-account improvements, reflecting capacity expansion and expenditure-switching effects. Short-run adjustments differ across countries, shaped by their import dependence, energy mix, and external balance-sheet conditions. Robustness checks affirm the stability of the estimated long-run relationships. These findings highlight the importance of strengthening energy trade resilience, enhancing non-energy tradable sectors, and maintaining prudent exchange-rate flexibility to support external sustainability in the ASEAN-5.

A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE Abd. Majid, M. Shabri; Marliyah, Marliyah; Handayani, Rita; Fuadi, Fuadi; Afrizal, Afrizal
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 1 No. 2 (2021): December
Publisher : CV. Radja Publika

Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.

PRODUCTIVE ZAKAT AS A FINANCIAL INSTRUMENT IN ECONOMIC EMPOWERMENT IN INDONESIA : A LITERATURE STUDY Ismail; Gea, Dalmaisyah; Shabri Abd. Majid, M.; Marliyah, Marliyah; Handayani, Rita
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 2 No. 1 (2022): February
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v2i1.122

The Muslim population who has great potential in tithing is Indonesia. As the largest Muslim country in Asia, one of the financial instruments that should be appreciated is productive zakat. This program can not only help underprivileged people but also can make people who have been lacking in the economy and have always been recipients of zakat can change their positions into muzakki. This study describes the extent of research on productive zakat and its empowerment in Indonesia by obtaining the results of 375 published articles that have been eliminated according to search data from 2017 to 2021. Besides that, it also shows that productive zakat is very great in playing its role as one of the Islamic financial instruments in Indonesia in empowering and alleviating poverty through philanthropic institutions that shelter it.

A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE Shabri Abd. Majid, M.; Marliyah, Marliyah; Handayani, Rita; Fuadi, Fuadi; Afrizal, Afrizal
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 2 No. 1 (2022): February
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v2i1.174

Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.

A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE Shabri Abd. Majid, M.; Marliyah, Marliyah; Handayani, Rita; Fuadi, Fuadi; Afrizal, Afrizal
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 2 No. 3 (2022): June
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v2i3.255

Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.

PRODUCTIVE ZAKAT AS A FINANCIAL INSTRUMENT IN ECONOMIC EMPOWERMENT IN INDONESIA: A LITERATURE STUDY Ismail, Ismail; Gea, Dalmaisyah; Shabri Abd. Majid, M.; Marliyah, Marliyah; Handayani, Rita
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 2 No. 3 (2022): June
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v2i3.263

The Muslim population who has great potential in tithing is Indonesia. As the largest Muslim country in Asia, one of the financial instruments that should be appreciated is productive zakat. This program can not only help underprivileged people but also can make people who have been lacking in the economy and have always been recipients of zakat can change their positions into muzakki. This study describes the extent of research on productive zakat and its empowerment in Indonesia by obtaining the results of 375 published articles that have been eliminated according to search data from 2017 to 2021. Besides that, it also shows that productive zakat is very great in playing its role as one of the Islamic financial instruments in Indonesia in empowering and alleviating poverty through philanthropic institutions that shelter it.

INVESTMENT AND OWNERSHIP FROM AN ISLAMIC PERSPECTIVE Okri Handoko, Dodi; Abd. Majid, M. Shabri
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 2 No. 4 (2022): August
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v2i4.316

Classifying ownership in the concept of standard ownership, obligations and needs in Islam, then the concept of ownership must be studied in depth, what is the Islamic view of ownership, how to invest, develop, use it and how to distribute it.Through descriptive-analytical research method by collecting primary and secondary data including books, as well as empirical facts related to the theme that the author is studying using the fiqh approach. then the two discussions become complex matters to be discussed. From here it is analyzed through literature searches, trusted sources and expert opinions in their fields.After conducting research, the author concludes that the Islamic ownership system has advantages and is in accordance with human nature because it will have an impact on justice and benefit according to the maqhosid shari'ah and the beginning is inversely proportional to the capitalist economic concept which only recognizes private ownership and the socialist economic system which only recognizes private ownership. private ownership. understand the concept of state ownership.

STUDY OF LITERATURE FINANCIAL TECHNOLOGY, BLOCKCHAIN AND ISLAMIC FINANCE Erwin SP, M.; Kresna Riady, Dwi; Shabri Abd. Majid, M.; Marliyah, Marliyah; Handayani, Rita
International Journal of Educational Review, Law And Social Sciences (IJERLAS) Vol. 2 No. 1 (2022): January
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijerlas.v2i1.129

FinTech is a new term in the financial industry and its aim is to improve financial services through the use of technology.” Financial technology is one of the most widely used terms for research in the financial industry today. The future of Islamic finance especially Islamic FinTech is very good in Muslim countries. The development of mobile and smartphones has paved the way for FinTech growth in these countries. These opportunities are certainly not without challenges. The biggest challenge for Islamic FinTech companies is about regulation and the lack of good and authentic research in the Sharia Fintech sector. Islamic FinTech needs to keep pace with the rapid developments that occur in the conventional financial world, Islamic FinTech must maintain stability and must protect investors and institutions from fraudulent trading practices.

Enhancing the Capacity of Certified SMEs Facilitators for the Internationalization of Aceh's Micro, Small, and Medium Enterprises Halim, Hendra; Kesuma, T. Meldi; Siregar, M. Ridha; Faisal, Faisal; Darwanis, Darwanis; Majid, M. Shabri Abdul; Fadhil, Rahmat; A Sakir, A Sakir; Syahrizal, Teuku Muhammad; Umuri, Khairil; Sitepu, Novi Indriyani; Nurdin, Ridwan; Sari, Meutia Dwi Novita; Adam, Mulyadi; Khairi, Fitrah
Asian Journal of Community Services Vol. 3 No. 1 (2024): January 2024
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ajcs.v3i1.7752

This community services aims to enhance the capabilities of certified SMEs facilitators from the Faculty of Economics and Business, Syiah Kuala University to internationalizing Aceh's Micro, Small, and Medium Enterprises (SMEs) through participation in the 19th Malaysia International Halal Showcase (MIHAS) 2023. That is not merely a journey to MIHAS; it is a strategic investment in building the competencies of facilitators who, in turn, become ambassadors of knowledge, aiding local SMEs enterprises in embracing internationalization with confidence and competence. Results showcase strengthened international networks and market reach, emphasizing the impactful role of university-community collaborations.

The Short-Run And Long-Run Relationship In The Indonesia Islamic Stock Returns Majid, M Shabri Abd
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 8 No. 1 (2016)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v8i1.2505

This paper aims at empirically examining the short-run and long-run causal relationship between the Indonesian Islamic stock returns and selected macroeconomic variables namely inflation, money supply and exchange rate during the pre- and post- 2008 global financial turmoil period from 2002 until 2007 and from 2008 until 2013 by using monthly data. The methodology used in this study is time series econometric techniques i.e. the unit root test,co-integration test, error correction model (ECM) and variance decompositions(VDCs). The findings showed that there is cointegration between Islamic stock prices and macroeconomic variables. The results suggest that inflation, money supply, and exchange rate significantly affected the Islamic stock returns in Indonesia. These variables should be taken into account by the policy-makers as the important policy instruments in stabilizing Islamic stock markets in the countryDOI: 10.15408/aiq.v8i1.2505

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