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The merger of Islamic banks in Indonesia: Do financial ratios and inflation matter? Febriandika, Nur Rizqi; Fahira, Farah Fanda; Hakim, Faris Kurnia
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): FEBRUARY
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i1.43485

Abstract

The study aims to investigate the effect of financial ratios and inflation on the stock price of Bank Syariah Indonesia using the Autoregressive Distributed Lag (ARDL) approach. This research was quantitative with variables studied include the Capital Adequacy Ratio (CAR), Return on Assets (ROA), Net Operating Margin (NOM), Operating Costs to Operating Income (BOPO), Financing to Deposit Ratio (FDR), and Inflation. Data were observed from the BSI bank merger in February 2021 to August 2024 by using the Autoregressive Distributed Lag (ARDL) method. The results indicate that in the long term, all variables have no significant effect on stock prices. Meanwhile, in the short term, ROA had a significant positive effect on stock prices, NOM and FDR had a significant negative effect, while CAR, BOPO, and inflation had no significant effect on stock prices, indicating stock price dynamics. Thus, the findings of this study indicate that investors are more responsive to changes in the financial performance of Indonesian Islamic banks in the short term than in the long term. This research contributes theoretically by showing that market responses to firm fundamentals and economic conditions occur through gradual adjustment rather than instant reactions. Practically, the findings assist investors and policymakers in understanding key fundamental and macroeconomic determinants of stock prices for the stability of Islamic banking.
Teacher Professionalism and Learning Environment in Enhancing Student Motivation: An SDG 2030 Perspective Inayati, Nurul Latifatul; Febriandika , Nur Rizqi; Dartim; Mustofa, Triono Ali; Ihsan, Muhammad Zidan Nur; Silvani Yuzarni
Profetika: Jurnal Studi Islam Vol. 26 No. 03 (2025): Profetika Jurnal Studi Islam 2025
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/profetika.v26i03.13127

Abstract

Objective: This study aims to analyze the influence of teacher professionalism, school environment, and student stress level on learning motivation. This study tested the direct relationship between variables in one integrated structural model. The focus of the research is on the context of pesantren education in Indonesia. Theoretical framework: Based on the theory of learning motivation, the concept of teacher professionalism, and the theory of the learning environment as determinants of learning quality. The conceptual model places professionalism and the school environment as the main predictors of student motivation. Literature review: Previous studies have discussed the relationship between the school environment and teacher professionalism, as well as stress and motivation to learn separately. However, the integration of the three variables in a single SEM model in Indonesia is still limited. Methods: A quantitative approach is used with Structural Equation Modeling (SEM) analysis. The sample consisted of 201 students of the Baitur Rohmah Islamic Boarding School Muhammadiyah. Results: Teacher professionalism has a significant and dominant effect on learning motivation (β = 0.360). The school environment also had a positive effect (β = 0.202). Teachers play an important role in shaping a conducive learning environment. Implications: Strengthening teacher professionalism is a key strategy to increase motivation and the quality of education. Collaboration with the government and relevant institutions supports the achievement of quality education (SDGs 4). Novelty: The novelty of the research lies in the integration of teacher professionalism, the school environment, and student stress in one structural model. This study enriches the empirical literature in the context of pesantren education in Indonesia.
Do Global Uncertainty Factors Affect Islamic Banking Stability? Evidence from Indonesia Angga Hergastyasmawan; Ellen D Oktanti Irianto; Sigit Hartoko; Lukmanul Hakim; Nur Rizqi Febriandika
Al-Tijary Vol. 11 No. 2 (2026): AL-TIJARY VOL. 11, NO. 2, JUNI 2026
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/6pw3h393

Abstract

Growing global uncertainty increasingly challenges banking stability, particularly in emerging economies vulnerable to external economic and geopolitical shocks. Although Islamic commercial banks are considered more resilient under Sharia principles, evidence on how different dimensions of global uncertainty affect their stability remains limited. This study investigates the long-run and short-run effects of global uncertainty on Islamic Commercial bank stability in Indonesia during 2016–2025 using the Vector Error Correction Model (VECM). Global uncertainty is proxied by U.S. Economic Policy Uncertainty (EPU), U.S. Geopolitical Risk (GPR), and the CBOE Volatility Index (VIX), while interest rates, exchange rates, and inflation serve as domestic control variables. In the long run, EPU and GPR positively affect Islamic bank stability, whereas inflation has a significant negative effect. The volatility index, interest rates, and exchange rates are insignificant, and no variables significantly influence stability in the short run. These findings indicate gradual long-run adjustment to external shocks. This study demonstrates that global uncertainty affects Islamic bank stability through distinct transmission mechanisms, implying that regulators should strengthen macroprudential policies while Islamic banks should enhance long-term resilience against external shocks.
Geographical Indications and Maqāṣid al-Sharī‘ah: Realizing Intellectual Property as an Instrument of Economic Justice Triyono Adi Saputro; Isman; Diana Setiawati; Azhar Alam; Nur Rizqi Febriandika
Al-Muamalat Vol. 12 No. 2 (2025): July
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v12i2.51236

Abstract

Intellectual Property (IP) protection in Indonesia remains primarily oriented toward individual and capitalist interests, thereby failing to reflect the values of distributive justice fully. This research aims to analyze Geographical Indications (GIs) as an instrument of economic justice from the perspective of Maqāṣid al-Sharī‘ah. The study employs a normative legal research method, utilizing both conceptual and legislative approaches. Data were gathered through a literature review of primary, secondary, and tertiary legal sources, which were then analyzed qualitatively to examine the relationship between the principles of positive law and the values of Maqāṣid al-Sharī‘ah. The findings indicate that the principles of Maqāṣid al-Sharī‘ah, such as hifz al-mal (protection of property), hifz al-nafs (protection of life), and hifz al-'aql (protection of intellect), provide a strong philosophical foundation for the reconstruction of a just and inclusive IP system. GIs' protection not only provides legal recognition of product origins but also serves as an instrument for the economic empowerment of local communities and the equitable distribution of financial benefits. Incorporating Sharia values into IP policies can broaden the moral, social, and ecological dimensions of a sustainable creative economy. This research recommends reformulating national IP policies by incorporating the principles of Maqāṣid al-Sharī‘ah, strengthening the role of producer communities in GIs governance, and fostering quadruple-helix collaboration among government, academia, industry, and communities. In this way, GIs can serve as an instrument of economic justice and contribute to achieving sustainable development goals.
Harmonization of Halal Tourism Regulations and The Digital Sharia Economy: A Perspective from Islamic Economic Law Saputro, Triyono Adi; Setiawati, Diana; Febriandika, Nur Rizqi; Rahmawati, Awalia Rina; Firdaus, Wahyu Tri Mohamad
Kosmik Hukum Vol. 26 No. 3 (2026)
Publisher : Universitas Muhammadiyah Purwokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30595/kosmikhukum.v26i3.31945

Abstract

Indonesia’s halal tourism industry has grown rapidly, ranking first in the Global Muslim Travel Index for two consecutive years (2023–2024), alongside the accelerating national digital sharia economy, now valued at USD 99 billion in 2025. Surakarta, a city of significant cultural and religious importance with a large domestic tourist base, has yet to establish specific regulations integrating halal tourism standards with the digital Sharia economy ecosystem, creating a legal gap amid growing market potential. This study aims to analyze the current state of halal tourism and digital Sharia economy regulations in Surakarta and to formulate an ideal harmonization model within the framework of Islamic economic law. This normative legal research employs statutory, conceptual, and case-based approaches, utilizing primary legal materials (legislation and DSN-MUI fatwas), secondary materials (academic literature and official reports), and tertiary materials, analyzed qualitatively and descriptively through mapping, gap analysis, and synthesis. The findings indicate that the regulatory vacuum in Surakarta reflects the local government’s failure to position hifz al-din and hifz al-mal as structural variables in economic policy, compounded by weak cross sectoral institutional coordination. The study proposes a harmonization model grounded in maqāşid al-sharī’ah, expanding the conventional four-pillar framework (regulatory harmonization, standardization, multi-stakeholder synergy, and sustainability orientation) with a fifth pillar digital interoperability that links halal certification databases, tourism business data, and national sharia marketplace ecosystems. This model offers a transferable framework for other culturally and religiously significant “middle-tier” cities pursuing the development of a halal tourism identity in Indonesia’s digital era.