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All Journal JAWI : Journal of Ahkam Wa Iqtishad At-Tajdid: Journal of Islamic Studies Journal of Emerging Economics and Business Indonesian Journal of Social Issues
Musnawati, Musnawati
Universitas Islam Negeri Sultan Syarif Kasim Riau
Religion Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Analisis Penerapan Akad Surat Berharga Syariah terhadap Penerbitan Sukuk Korporasi melalui Penawaran Umum pada Pasar Modal Syariah Musnawati Musnawati
At-Tajdid : Journal of Islamic Studies Vol 3, No 1 (2023): Januari 2023
Publisher : At-Tajdid : Journal of Islamic Studies

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24014/at-tajdid.v3i1.21785

Abstract

The purpose of this study is to see and analyze the Sharia Securities Agreement on the issuance of Corporate Sukuk through a Public Offering in the Islamic Capital Market. The Sharia Securities Contracts used are the Mudharabah Contract, Ijarah Agreement and Wakalah Agreement for the issuance of Corporate Sukuk through Public Offerings. The research used Secondary data derived from the Company's Sukuk Development data from 2018 to August 2022 issued by the Share Capital Market Statistics of the Directorate of Sharia Capital Market, Financial Services Authority. The secondary data taken is in the form of information on Corporate Sukuk That Is Still Circulating based on the Mudharabah Contract, Ijarah Contract and Wakalah Contract. The data analysis method used is Multiple Linear Regression. The results showed that the number of Mudharabah Contracts issued had no effect on the issuance of Corporate Sukuk through Public Offerings, while Ijarah Contracts and Wakalah Contracts had an effect on the issuance of Corporate Sukuk through Public Offerings.TRANSLATE with x EnglishArabicHebrewPolishBulgarianHindiPortugueseCatalanHmong DawRomanianChinese SimplifiedHungarianRussianChinese TraditionalIndonesianSlovakCzechItalianSlovenianDanishJapaneseSpanishDutchKlingonSwedishEnglishKoreanThaiEstonianLatvianTurkishFinnishLithuanianUkrainianFrenchMalayUrduGermanMalteseVietnameseGreekNorwegianWelshHaitian CreolePersian //  TRANSLATE with COPY THE URL BELOW Back EMBED THE SNIPPET BELOW IN YOUR SITE Enable collaborative features and customize widget: Bing Webmaster PortalBack//
Analisis Manajemen Likuiditas dan Manajemen Gap pada Perbankan Syariah yang Terdaftar di Bursa Efek Indonesia Periode 2019-2022 Musnawati, Musnawati; Nurnasrina, Nurnasrina; Syahpawi, Syahpawi
JAWI : Journal of Ahkam Wa Iqtishad Vol. 2 No. 2 (2024): JAWI - JUNI
Publisher : MUI Kota Pekanbaru

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.12760782

Abstract

Indonesia's economy is driven by various sectors, with the banking sector playing a very important role. Indonesian banking has been operating since colonial times until today, functioning as a liaison between capital owners and capital managers. Capital owners often do not have sufficient skills to manage funds professionally, while banks have these abilities, so they can manage funds optimally and foster trust. In management, banks place the use of funds as assets and the source of funds as liabilities, which is in accordance with macro monetary policy in a country's asset management. The main purpose of this management is to monitor the financial position, which is important for planning, organizing, and supervising, as well as for capital, fund raising, fund use, and financing in liquidity management. Interest rates greatly affect liquidity management, because they have a difference or difference to sensitive assets and liabilities. Good liquidity management maintains a balance between assets and liabilities to meet various financial obligations, including debt repayments and employee salaries. The case of Silicon Valley Bank, which collapsed in March 2023, shows the importance of healthy liquidity ratios. A rapid rise in interest rates lowers the value of bonds in the portfolio and increases the cost of credit, which creates a GAP in profit returns. In contrast to conventional banking, Islamic banking uses a profit-sharing system that is more flexible in profit returns. This phenomenon attracts the author's attention to further discuss liquidity management and GAP management in Islamic banking listed on the Indonesia Stock Exchange for the 2019-2022 period, where there are four Islamic banks that have been listed on the Islamic stock exchange.  
Value Chain Analysis of the Hajj Economic Ecosystem: Accommodation, Transportation, Consumption, and Retail Musnawati
Journal of Emerging Economics and Business Vol. 1 No. 3 (2026): August
Publisher : Suria Academic Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.67467/jeeb.v1i3.156

Abstract

Indonesia's position as the world's largest sender of Hajj pilgrims, dispatching over 220,000 pilgrims annually from a Muslim population of roughly 244.7 million, places the Hajj-Umrah ecosystem at the center of a multi-trillion-rupiah economy extending beyond religion into banking, accommodation, transportation, and trade. Yet studies systematically integrating this economic multiplier effect with institutional governance challenges remain limited. This study analyzes the strategic role of Indonesia's Hajj-Umrah ecosystem as a multi-sector economic driver while identifying its accompanying governance challenges. A qualitative, descriptive-analytical design was employed, combining primary data from in-depth interviews and focus group discussions with key stakeholders, and secondary data from academic journals, institutional reports, and comparative case studies from Malaysia and Pakistan, with informants selected via purposive sampling and data analyzed through thematic coding and triangulation. Findings reveal six interconnected components travel agencies, accommodation, transportation, Islamic finance, religious tourism, and commodity trade each with distinct contributions and constraints. Growth proves asymmetric: Islamic finance and accommodation, anchored by mature institutions like BPKH, show accelerating performance, while religious tourism and commodity trade remain hindered by fragmented governance. These results refine the transnational multiplier effect framework by showing institutional maturity, not sectoral scale alone, drives differential outcomes. The study recommends strengthening lagging components and conducting further quantitative, cross-country research.
Mapping the Potential and Challenges of Islamic Economics in Riau Province: A Comparative Study of Districts/Cities Based on the Islamic Economic Index Sabarno Dwirianto; Martin; Musnawati; Roza Linda; Rendika Adisman
Journal of Emerging Economics and Business Vol. 1 No. 3 (2026): August
Publisher : Suria Academic Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.67467/jeeb.v1i3.159

Abstract

Islamic economics has become one of the strategic pillars of regional economic development in Indonesia, including in Riau Province, which holds substantial potential that has not yet been systematically mapped at the district/city level. This study aims to map the potential and challenges of Islamic economic development in Riau Province through a comparative approach across regions based on Islamic Economic Index indicators. The research employs a library research design with a systematic literature review approach and descriptive-qualitative analysis. Data sources consist of official publications from authoritative institutions (BPS Riau Province, Bank Indonesia, KNEKS, OJK, and the Riau Provincial Government) as well as academic literature collected through documentary study techniques and analyzed using content analysis and descriptive-comparative analysis. The results show that Riau holds an institutional advantage as the first province to simultaneously have a Governor Regulation on Islamic Economics, a Regional Committee for Islamic Economy and Finance (KDEKS), and a fully sharia-based regional development bank. The halal industry sector has grown significantly, with halal-certified businesses increasing from 16,050 to 35,432 between 2023 and 2026, accompanied by halal export values reaching US$10.43 billion. Riau's financial literacy and inclusion indices were recorded as the highest nationally, although Islamic financial literacy specifically still lags behind. The study also found variation in potential across districts/cities, indicating the need for differentiated policy approaches to Islamic economic development. This research contributes theoretically by enriching subnational Islamic economic mapping studies and practically by serving as a reference for local governments and KDEKS in formulating more contextual and data-driven policies for Islamic economic development in Riau Province.
Analisis Time Value of Money terhadap Ekosistem Ekonomi Biaya Penyelenggaraan Ibadah Haji Indonesia Musnawati; Sabarno Dwirianto
Indonesian Journal of Social Issues Vol. 1 No. 2 (2026): April, Social Media Addiction and the Decline of Face-to-Face Interaction Among
Publisher : CV. Scholar Edukasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66052/ijosim.v2i1.161

Abstract

Ibadah haji merupakan rukun Islam kelima yang wajib dilaksanakan oleh umat Islam yang telah memenuhi syarat istitha’ah, yaitu kemampuan finansial, fisik, kesehatan, dan mental. Dalam konteks Indonesia, pemenuhan istitha’ah jemaah haji didukung oleh berkembangnya ekosistem ekonomi haji yang melibatkan berbagai sektor, seperti perbankan syariah, layanan perjalanan, transportasi, kuliner, serta UMKM penyedia perlengkapan dan kebutuhan jemaah. Ekosistem ini tidak hanya berdampak pada kelancaran penyelenggaraan ibadah haji, tetapi juga berkontribusi terhadap pertumbuhan ekonomi nasional. Seiring meningkatnya potensi perputaran dana haji dan umrah serta adanya perubahan kebijakan Arab Saudi melalui visi Saudi 2030, peluang ekonomi dari ekosistem haji diprediksi akan terus berkembang. Namun, perkembangan tersebut tidak terlepas dari pengaruh konsep Time Value of Money yang menegaskan bahwa nilai uang saat ini berbeda dengan nilai uang di masa mendatang. Dalam perspektif ekonomi Islam, konsep Time Value of Money dipandang problematis karena berpotensi mengandung unsur riba. Perbedaan nilai uang dari waktu ke waktu berdampak pada kenaikan harga kebutuhan jemaah haji dan peningkatan biaya perjalanan haji di masa mendatang. Oleh karena itu, kajian ini bertujuan untuk menganalisis keterkaitan antara ekosistem ekonomi haji, konsep Time Value of Money, serta implikasinya terhadap pembiayaan dan kesiapan jemaah haji Indonesia. Hasil kajian ini diharapkan dapat memberikan kontribusi pemikiran dalam pengembangan ekosistem haji yang berlandaskan prinsip ekonomi Islam dan berkeadilan.
Co-Authors Martin Nurnasrina Nurnasrina Rendika Adisman Roza Linda Sabarno Dwirianto Syahpawi