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ANALISIS TAPER TANTRUM TERHADAP KINERJA KEUANGAN BANK UMUM SYARIAH DI INDONESIA Shafira, Alfina; Muhajirin, Muhajirin; Prawiro, Atmo
An Nawawi Vol 4 No 1 (2024): An Nawawi
Publisher : Sekolah Tinggi Ilmu Fikih Syeikh Nawawi Tanara Serang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55252/annawawi.v4i1.44

The phenomenon of the financial crisis that occurred in 2008/2009 can be seen from the declining economic growth rate compared to the previous year, which was 4.6 percent. After the United States implemented a quantitative easing policy for 5 years, in 2013 the Fed again implemented a policy of tapering off or taper tantrums which caused the economy in several countries, especially India, Indonesia, Brazil, Turkey and Brazil to experience shocks. Islamic banks currently operate side by side with conventional interest-based banks, where the advantage appears to be more favorable to interest-based banks in terms of the secondary market and accessibility to loans as a last resort in difficult situations. So the conclusion that the author can draw is that the taper tantrum phenomenon that occurs does not always experience a decline in the equity market, especially in developing countries. Significant influence occurs in countries such as the People's Republic of China; Hong Kong, China; Republic of Korea; and Singapore.

Optimalisasi Peran Sukuk dalam Meningkatkan Kinerja Industri Halal di Indonesia Shafira, Alfina; Rizal, Sofyan; Aziz, Roikhan Mochamad; Hasan, Asyari
JENTRE Vol. 6 No. 1 (2025): JENTRE: Journal of Education, Administration, Training and Religion
Publisher : Balai Diklat Keagamaan Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38075/jen.v6i1.536

This study explores the strategic role of sukuk (Islamic bonds) in advancing the performance of Indonesia's halal industry, which holds vast potential given the country’s large Muslim population. The purpose of this research is to identify how sukuk can be utilized as an effective Islamic financial instrument to support the growth of various halal sectors, including food, cosmetics, pharmaceuticals, tourism, and fashion. Employing a qualitative descriptive method through a literature review, this study synthesizes data from scholarly journals, institutional reports, and regulatory sources. The findings show that sukuk significantly contributes to the financing needs of the halal industry, particularly in infrastructure development, production capacity expansion, and market competitiveness. Furthermore, the integration of sukuk-based financing supports Indonesia’s vision to become a global hub for the halal economy. The study concludes that optimizing sukuk issuance and public awareness through multi-stakeholder collaboration—including government, Islamic scholars, financial practitioners, and industry players—is essential for accelerating the industry's performance. It is recommended that Indonesia strengthen policy frameworks, enhance halal certification efficiency, and encourage sukuk-backed investment mechanisms to boost national halal industry competitiveness.

Determinants of Market Share of Islamic Commercial Banks in Indonesia in the Economic System Shafira, Alfina; Rizal, Sofyan; Aziz, Roikhan Mochamad
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 8, No 2 (2025): Budapest International Research and Critics Institute May
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v8i2.8092

This research analyzes the impact of the BI Rate, CAR, ROA, FDR, as well as Murabahah and Musyarakah financing, on the market share of Islamic Commercial Banks (BUS) in Indonesia. Using quantitative panel data regression on quarterly data from 7 BUSs covering the period 2015-2024, the study found that all tested variables significantly affect market share. The BI Rate, as a macroeconomic factor, showed significance, indicating the sensitivity of Islamic banking to external economic conditions and monetary policy. Internal factors such as CAR (Capital Adequacy Ratio) and ROA (Return on Assets) positively and significantly influenced market share, aligning with Islamic economic principles of maintaining stability and wealth. FDR (Financing-to-Deposit Ratio) also had a positive effect, highlighting the link to real sector financing. On the product side, Murabahah, the dominant financing contract, proved individually significant. Musyarakah, although less utilized due to higher risk, also exerted a positive influence, underscoring the potential of Profit-Loss Sharing (PLS) schemes in Islamic finance. Overall, the findings indicate that BUS market share is influenced by a combination of external factors (BI Rate), internal health (CAR, ROA), and a focus on real sector financing (FDR, Murabahah, Musyarakah), implying a connection between the fundamental performance of Islamic banks and the real sector they finance.

Optimalisasi Peran Sukuk dalam Meningkatkan Kinerja Industri Halal di Indonesia Shafira, Alfina; Rizal, Sofyan; Aziz, Roikhan Mochamad; Hasan, Asyari
JENTRE Vol. 6 No. 1 (2025): JENTRE: Journal of Education, Administration, Training and Religion
Publisher : Balai Diklat Keagamaan Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38075/jen.v6i1.536

This study explores the strategic role of sukuk (Islamic bonds) in advancing the performance of Indonesia's halal industry, which holds vast potential given the country’s large Muslim population. The purpose of this research is to identify how sukuk can be utilized as an effective Islamic financial instrument to support the growth of various halal sectors, including food, cosmetics, pharmaceuticals, tourism, and fashion. Employing a qualitative descriptive method through a literature review, this study synthesizes data from scholarly journals, institutional reports, and regulatory sources. The findings show that sukuk significantly contributes to the financing needs of the halal industry, particularly in infrastructure development, production capacity expansion, and market competitiveness. Furthermore, the integration of sukuk-based financing supports Indonesia’s vision to become a global hub for the halal economy. The study concludes that optimizing sukuk issuance and public awareness through multi-stakeholder collaboration—including government, Islamic scholars, financial practitioners, and industry players—is essential for accelerating the industry's performance. It is recommended that Indonesia strengthen policy frameworks, enhance halal certification efficiency, and encourage sukuk-backed investment mechanisms to boost national halal industry competitiveness.

Peran Bank Syariah dalam Menegakkan Mutual Benefit: Hybrid Contract pada Produk Qardh Beragun Emas Afani Adam, Muhammad; Habibi, Ahmad; Shafira, Alfina; Dewi Santi, Asmita; Kurniawan, Hafidz; Nita Susanti, Dian
Al-Mashrof: Islamic Banking and Finance Vol. 2 No. 2 (2021): Al - Mashrof: Islamic Banking and Finance
Publisher : Universitas Islam Negeri Raden Intan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/al-mashrof.v2i2.10884

ABSTRACTThe existence of Islamic banks was initially driven by the desire for the availability of financial services in accordance with Islamic principles by realizing a banking system that avoided the practice of interest (which is considered synonymous with usury), gambling (maysir), and uncertainty (gharar) and other practices that are not in line with Islamic principle. This study used the descriptive qualitative method. This study aims to determine the role of Islamic Banks in channeling financing through mutual benefits such as savings, current accounts, and deposits. The results of this study found that Islamic banks have contributed to providing financing that can increase people’s purchasing power through the concept of Mutual Benefit. As for the hybrid contracts contained in the gold-backed qardh products, they are included in the mujtami’ah group, not mutaqabalah because there are no requirements and linkages between one contract and another.

A CONCEPTUAL FRAMEWORK FOR HALAL SMEs DIGITAL TRANSFORMATION: OVERCOMING PLATFORM DEPENDENCY THROUGH FINTECH-ENABLED DIRECT-TO-CONSUMER STRATEGIES Shafira, Alfina; Said, Muhammad; Hosen, Muhammad Nadratuzzaman; Yama, Indo; Rizal, Sofyan
Jurnal Ilmiah Ilmu Terapan Universitas Jambi Vol. 10 No. 3 (2026): Volume 10, Nomor 3, June 2026
Publisher : LPPM Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/jiituj.v10i3.56515

This study aims to develop a comprehensive conceptual framework to transform halal SMEs from platform dependency to digital autonomy through independent Direct-to-Consumer (D2C) websites, supported by Sharia-compliant fintech. This study employs a bibliometric review, drawing on 120 high-quality publications (30 papers per search query) from the Scopus and Web of Science databases. VOSviewer software was used to perform co-occurrence analysis of author and index keywords, generating network, overlay, and density visualizations. The VOSviewer analysis identified 23 key items divided into 3 main clusters with 207 links and a total link strength of 902: (1) Red Cluster – Supporting Technologies for Standalone Websites (website, platform, e-commerce, user, application); (2) Green Cluster – Fintech Innovation in the Halal Digital Ecosystem (fintech, innovation, data, evidence, role); and (3) Blue Cluster – Comparison of D2C Business Models (performance, company, time, resource, effect). The overlay visualization indicated that websites (2018.0), e-commerce (2018.5), fintech (2018.5), and innovation (2018.5) were relatively new research areas. The proposed three-stage framework—Market Dependency, Hybrid Transition, and Digital Autonomy—integrates appropriate fintech instruments (Murabahah for digital asset development, revenue-based financing for marketing, and Mudharabah for growth). Novelty: This study offers the first bibliometric mapping of the intersection between halal SMEs, D2C models, and Sharia fintech, proposing an integrated framework that bridges technical, financial, and institutional dimensions. Implications: The framework provides practical guidance for halal entrepreneurs, fintech providers, and policymakers to reduce platform dependency and achieve digital autonomy.

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