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Pengaruh Bullions Bank, Volatilitas Emas Global, kebijakan Moneter Indonesia terhadap Investasi Emas di Bank Syariah Indonesia Ogi Marsenal Ipando; Ahmad Habibi; Muhammad Iqbal Fasa
JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Vol. 12 No. 1 (2026): Februari 2026
Publisher : Sekretariat Pusat Lembaga Komunitas Informasi Teknologi Aceh

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/jemsi.v12i1.5923

This study aims to investigate the relationship between global gold market dynamics—specifically Bullion Bank activities and gold price volatility and Indonesia's domestic monetary policy on gold investment behavior at Bank Syariah Indonesia (BSI) between January 2023 and November 2025. Employing descriptive quantitative analysis, the findings reveal a significant collective influence of these three external factors on customer interest in gold investment. The model effectively accounts for 82.5% of the variation in investment interest, highlighting the crucial role of global market sentiment and national macroeconomic directives in shaping gold investment decisions. Interestingly, separate analyses indicate that both Bullion Bank activities and global gold price volatility have a positive and significant impact. Gold investors at BSI tend to leverage price fluctuations for short-term speculative gains, rather than viewing gold purely as a safe-haven asset. Conversely, a rise in Bank Indonesia's benchmark interest rate (BI Rate) also shows a positive and significant effect on gold investment interest, reinforcing the principle of opportunity cost, where fixed-income financial instruments become more appealing during periods of high interest rates. The practical implications of this research underscore the need for BSI to develop adaptive strategies for market risk management, and for regulators, the importance of maintaining stable macroeconomic policies.

Analisis Peran Leasing Berbasis Syariah Terhadap Peningkatan Akses Pembiayaan Pada Perdagangan Internasional Desta Marta nita; Ahmad Habibi; Muhammad Iqbal Fasa
Advances In Education Journal Vol. 2 No. 3 (2025): Advances In Education Journal (Desember)
Publisher : Yayasan Al-Afif

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This study aims to analyze the role of Sharia-based leasing in increasing access to financing in the international trade sector. International trade plays a crucial role in expanding markets and strengthening global economic growth. Conventional interest-based financing systems often create economic inequality and are inconsistent with the principles of justice in Islam. Therefore, Sharia-based leasing, or Ijarah and Muntahiyah Bittamlik (IMBT), has emerged as an alternative solution capable of providing financing for productive assets without riba (riba), gharar (gharar), and maisir (gambling). The research method used is a qualitative approach using library research techniques, which examines various literature, fatwas (religious rulings), and previous empirical research findings. The results show that Sharia-based leasing plays a significant role in expanding financial inclusion, facilitating business actors in acquiring assets for export and import, and supporting the stability of cross-border transactions through the principles of fairness and contractual transparency. Furthermore, the implementation of Sharia-based leasing promotes economic efficiency and the sustainability of international trade by prioritizing the principles of partnership and risk sharing. Thus, Sharia-based leasing serves not only as a financing instrument but also as a means of empowering the global economy based on the values of maqasid al-Shari'ah.

Strategi Pengembangan Pasar Modal Syariah Untuk Mewujudkan Investasi Halal Dalam Mendukung Pertumbuhan Ekonomi Syariah Uswatun Khasanah; Ahmad Habibi; Muhammad Iqbal Fasa
Advances In Education Journal Vol. 2 No. 3 (2025): Advances In Education Journal (Desember)
Publisher : Yayasan Al-Afif

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This study aims to analyze the development strategy of the Islamic capital market in order to realize halal investment that contributes to the growth of the Islamic economy in Indonesia. The Islamic capital market functions to channel funds from the public to productive sectors through investment mechanisms free from riba, gharar, and maisir. The research method used is descriptive qualitative with a library research approach through analysis of scientific literature, regulations, fatwas of the National Sharia Council (DSN-MUI), and policies issued by the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX). The results show that clear regulations and innovation of Islamic investment products are crucial to attracting investor interest, while challenges such as a lack of public understanding and competition with conventional products need to be addressed. The development of the Islamic capital market also functions not only as a means of halal investment but also as a key driver of the growth of the Islamic economy that is just, transparent, and oriented towards the welfare of the people. This effort is in line with the objectives of maqāṣid al-syarī‘ah (the principles of Islamic law) to realize economic welfare through an ethical, inclusive, and sustainable financial system.

Perlindungan Lingkungan Dalam Perspektif Umar Bin Khattab Dewi Risyantika; Ahmad Habibi; Muhammad Iqbal Fasa
Advances In Education Journal Vol. 2 No. 3 (2025): Advances In Education Journal (Desember)
Publisher : Yayasan Al-Afif

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Environmental damage is one of the biggest problems facing modern humans, which is largely triggered by human behavior in excessive use of natural resources. In the tradition of Islamic thought, environmental fiqh (fiqh al-bi'ah) offers a normative approach that integrates the values of faith, morals, and sharia in preserving nature. This article analyzes the ecological policies and thoughts of Umar bin Khattab (RA) as one of the important figures in Islamic history who applied the principles of environmental protection through economic, social, and public governance policies. This study uses a library research method with a qualitative approach and content analysis of various primary and secondary sources related to Umar R.A.'s policies. The results show that Umar placed the environment as a divine mandate, so that economic policies, land management, production, distribution, and consumption were directed towards maintaining the welfare and preventing damage (mafsadah). Umar in realizing protection and combating environmental abuse by carrying out basic warnings, maintaining a balance between the goals of economic growth and the goals of protecting the environment, protecting natural resources, combating pollution and maintaining the balance of the ecosystem. Umar's thoughts have been shown to reflect modern sustainability principles, such as intergenerational justice, resource conservation, ecosystem balance, and environmental health as prerequisites for economic growth. Therefore, environmental fiqh from Umar ibn Khattab's perspective can serve as an important reference in developing a holistic and applicable Islamic ecological framework for contemporary environmental issues.

Transformasi Paradigma Ekonomi UMKM Dari Kapitalistik Menuju Ekonomi Hijau Berbasis Nilai Islam Ummi Kaltsum Karunianing Utami; Ahmad Habibi; Muhammad Iqbal Fasa
Advances In Education Journal Vol. 2 No. 3 (2025): Advances In Education Journal (Desember)
Publisher : Yayasan Al-Afif

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The transformation of economic paradigms among Micro, Small, and Medium Enterprises (MSMEs) has become a critical issue within Indonesia’s evolving economic landscape, particularly as profit–centered capitalist models increasingly reveal their limitations in fostering long-term sustainability. This conceptual article examines the shift of MSMEs from a capitalistic orientation toward a green economy grounded in Islamic ethical values. The transformation is driven by several key factors, including the rising awareness of halal and ethical business practices among Muslim consumers (OJK, 2024), rapid growth in Islamic financial institutions such as Islamic banks, sharia fintech, and BMTs (KNEKS, 2024), regulatory reinforcement through the Financial Sector Development Law and DSN-MUI fatwas, and the expansion of the global halal market valued at over USD 5 trillion (DinarStandard, 2023). Despite these opportunities, the transition of MSMEs toward sharia-compliant and green economic practices faces significant challenges. These include low levels of Islamic financial literacy (Bank Indonesia, 2023), limited access to affordable sharia financing, and gaps in technical guidance and mentorship. To address these issues, this study proposes a four-stage paradigm shift model: value internalization, preparatory business auditing, transformation through the application of sharia contracts and ethical business conduct, and reinforcement through halal certification and sharia-based digitalization. The analysis builds upon previous studies demonstrating the impact of Islamic values on MSME sustainability (Rahman & Rosman, 2022; Zainuddin, 2021) and the alignment between green economy principles and maqāṣid al-sharī‘ah (UNDP, 2022; Nasr, 2014). The findings of this conceptual study indicate that integrating Islamic values, green sustainability principles, and MSME business practices can produce an alternative economic model that is ethically driven, resilient, and globally competitive. This article provides a foundation for policy formulation related to sharia literacy enhancement, expansion of green-sharia financing, and strengthening the national halal ecosystem as a strategic pathway for transforming Indonesia’s MSMEs toward a more just and sustainable economy. Keywords: MSMEs, Islamic economics, capitalism, green economy, paradigm transformation, sustainability.

Pengaruh Transparansi Komunikasi, Responsibility Individu, dan Akuntabilitas Individu Terhadap Penerapan Good Corporate Governance Ditinjau Dalam Perspektif Manajemen Sumber Daya Insani: Studi pada Karyawan Ayam Sambal Ladas di Kota Bandar Lampung risalatulfatimah muawanah; Ahmad Habibi; Okta Suprianingsih
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i6.11984

The implementation of Good Corporate Governance (GCG) in practice still faces various challenges, particularly in the Micro, Small, and Medium Enterprises (MSME) sector, which plays a significant role in the national economy. Major obstacles arise from limited resources and organizational culture. In Lampung Province, there are 88,069 MSMEs recorded, dominated by Bandar Lampung City with 51,630 as of July 2025. One operating MSME in Bandar Lampung is Ayam Sambal Ladas, a culinary business established in 2019. The presence of MSMEs in Lampung's leading city in terms of quantity and growth offers a compelling research opportunity, especially in business management. This study focuses on the application of GCG principles at Ayam Sambal Ladas in its operations. By examining GCG implementation in growing MSMEs in this potential region, the research aims to illustrate how good governance can drive performance and sustainability of local culinary businesses. This study aims to analyze the influence of key individual-level GCG principles on GCG implementation from the perspective of Islamic Human Resource Management. It employs a quantitative explanatory approach. Primary data were collected via questionnaires distributed to 35 employees as samples using nonprobability sampling. Analysis involved multiple linear regression, t-test, F-test, and coefficient of determination. Results indicate that transparency in communication significantly influences GCG partially, while individual responsibility and accountability do not. Simultaneously, all three variables significantly affect GCG. From the Islamic HR Management perspective, low responsibility and accountability reflect suboptimal taqwa (god-consciousness), hisab (deed reckoning), and muhasabah dhatiyyah (self-accountability) to realize the amanah (trust) of khalifah (vicegerent).

Pengaruh Transparansi Komunikasi, Responsibility Individu, dan Akuntabilitas Individu Terhadap Penerapan Good Corporate Governance Ditinjau Dalam Perspektif Manajemen Sumber Daya Insani: Studi pada Karyawan Ayam Sambal Ladas di Kota Bandar Lampung risalatulfatimah muawanah; Ahmad Habibi; Okta Suprianingsih
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar

The implementation of Good Corporate Governance (GCG) in practice still faces various challenges, particularly in the Micro, Small, and Medium Enterprises (MSME) sector, which plays a significant role in the national economy. Major obstacles arise from limited resources and organizational culture. In Lampung Province, there are 88,069 MSMEs recorded, dominated by Bandar Lampung City with 51,630 as of July 2025. One operating MSME in Bandar Lampung is Ayam Sambal Ladas, a culinary business established in 2019. The presence of MSMEs in Lampung's leading city in terms of quantity and growth offers a compelling research opportunity, especially in business management. This study focuses on the application of GCG principles at Ayam Sambal Ladas in its operations. By examining GCG implementation in growing MSMEs in this potential region, the research aims to illustrate how good governance can drive performance and sustainability of local culinary businesses. This study aims to analyze the influence of key individual-level GCG principles on GCG implementation from the perspective of Islamic Human Resource Management. It employs a quantitative explanatory approach. Primary data were collected via questionnaires distributed to 35 employees as samples using nonprobability sampling. Analysis involved multiple linear regression, t-test, F-test, and coefficient of determination. Results indicate that transparency in communication significantly influences GCG partially, while individual responsibility and accountability do not. Simultaneously, all three variables significantly affect GCG. From the Islamic HR Management perspective, low responsibility and accountability reflect suboptimal taqwa (god-consciousness), hisab (deed reckoning), and muhasabah dhatiyyah (self-accountability) to realize the amanah (trust) of khalifah (vicegerent).

THE INFLUENCE OF REFERENCE GROUPS, TRUST, AND TRADITION ON CUSTOMERS’ DECISION TO USE ISLAMIC GOLD PAWN SERVICE WITH EDUCATION AS A MODERATING VARIABLE Niken Purnama Santi; Ahmad Habibi; Siska Yuli Anita
JURNAL PROFIT Vol 9, No 2 (2025): Economic And Financial Institutions
Publisher : Nurul Jadid University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33650/profit.v9i2.13079

This study aims to analyze the influence of reference groups, trust, and tradition on customers’ decisions to use Islamic gold pawn services, with education as a moderating variable. The research was motivated by the growing public interest in Islamic gold pawn products at Bank Syariah Indonesia (BSI) Tulang Bawang Barat Branch, which is influenced not only by economic factors but also by social, cultural, and educational aspects. The study employed a quantitative associative approach with 59 respondents selected through purposive sampling. Data were collected using an online questionnaire (Google Form) and analyzed with SPSS version 25, including validity and reliability tests, multiple linear regression, and Moderated Regression Analysis (MRA) to examine the role of education as a moderating variable. The findings reveal that reference groups, trust, and tradition have a positive and significant effect on customer decisions, both partially and simultaneously. Among these variables, tradition has the most dominant influence on decision-making. The coefficient of determination (R²) value of 0.812 indicates that 81.2% of the variation in customer decisions is explained by these three variables, while the remaining 18.8% is affected by other factors not examined in this study. The results emphasize that social and cultural factors play a crucial role in shaping customers’ behavior toward Islamic financial products. Therefore, Islamic financial institutions are encouraged to strengthen marketing strategies based on trust, tradition, and financial education to enhance public participation in Islamic pawn services.

Pengaruh Fan Culture dan Nilai Kesederhanaan Islam Terhadap Self-Congruity Konsumen Gen Z: Peran Moderasi Dorongan Komunitas dalam Perspektif Bisnis Islam Niken Permata Putri; Ahmad Habibi; Sania Nuraziza
Paradoks : Jurnal Ilmu Ekonomi Vol. 9 No. 3 (2026): Mei - Juli
Publisher : Fakultas Ekonomi, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/paradoks.v9i3.2490

Penelitian ini bertujuan menganalisis pengaruh fan culture dan nilai kesederhanaan Islam terhadap self-congruity konsumen Generasi Z pada event Comic Frontier (Comifuro), serta menguji peran dorongan komunitas sebagai variabel moderasi dalam perspektif bisnis Islam. Penelitian menggunakan pendekatan kuantitatif dengan desain kausal asosiatif. Data diperoleh melalui penyebaran kuesioner kepada 100 responden Generasi Z yang pernah menghadiri atau berpartisipasi dalam Comic Frontier. Teknik pengambilan sampel menggunakan purposive sampling, sedangkan analisis data dilakukan dengan Structural Equation Modeling–Partial Least Squares (SEM-PLS) menggunakan SmartPLS 4. Hasil penelitian menunjukkan bahwa fan culture berpengaruh positif dan signifikan terhadap self-congruity konsumen. Sebaliknya, nilai kesederhanaan Islam tidak berpengaruh signifikan terhadap self-congruity. Selain itu, dorongan komunitas tidak terbukti memoderasi hubungan antara fan culture dan self-congruity maupun hubungan antara nilai kesederhanaan Islam dan self-congruity. Temuan ini mengindikasikan bahwa pembentukan self-congruity pada Generasi Z dalam konteks fandom lebih banyak dipengaruhi oleh identitas fandom, keterlibatan partisipatif, dan ekspresi diri dibandingkan oleh nilai kesederhanaan konsumsi maupun pengaruh komunitas. Penelitian ini memberikan kontribusi pada pengembangan kajian perilaku konsumen, budaya fandom, dan bisnis Islam dengan menunjukkan bahwa nilai-nilai Islam dalam konsumsi belum tentu berperan langsung dalam pembentukan self-congruity pada konteks budaya populer digital. Temuan ini membuka peluang penelitian lanjutan untuk mengkaji faktor-faktor lain seperti religiusitas, fan identity, sense of belonging, dan emotional attachment dalam menjelaskan pembentukan self-congruity konsumen Generasi Z.

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