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All Journal Islamic Ecomonics Journal Al-Mustashfa Al Tijarah Iqtishodia: Jurnal Ekonomi Syariah Journal of Islamic Economics and Finance Studies Journal of Islamic Economics Istismar : Jurnal Kajian dan Penelitian Ekonomi dan Bisnis Islam Wadiah : Jurnal Perbankan Syariah Qawanin: Journal of Economic Syaria Law Journal of Islamic Economics Lariba Musyarakah: Journal of Sharia Economics (MJSE) Proceedings of Femfest International Conference on Economics, Management, and Business Journal of Economics, Law, and Humanities Journal of Finance and Islamic Banking International Journal of Business and Quality Research Proceedings of Femfest International Conference on Economics, Management, and Business Islamic Economics Journal Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah
Ahmad Suminto
Universitas Darussalam Gontor
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Analysis of the Influence of Monetary Instrument on the Real Sector: Using Industrial Production Index (IPI) Approach Ahmad Suminto; Risma Nada Azkiya
Proceedings of Femfest International Conference on Economics, Management, and Business Vol. 2 (2024): Proceedings of Femfest International Conference on Economics, Management, and Busines
Publisher : Universitas Darussalam Gontor

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Abstract

The role of the monetary sector in Indonesia's economic growth is very important by minimizing transaction costs or information in financial markets, to ensure the smooth flow of economic activities and enhance the productivity of individuals in the production of goods and services in the real sector. The purpose of this study is to determine the influence of monetary instruments on the real sector using Industrial Production Index (IPI) approach. This research uses quantitative methods with an Autoregressive Distributed Lag (ARDL) estimation model, with Bank Indonesia Certificates (SBI), Interbank Money Market (PUAB) and credit as independent variables of monetary instruments, while Industrial Production Index (IPI) as the dependent variable. The results of this research show that the variable SBI in this research had in-significant results on IPI. Therefore, SBI in this research has no influence on IPI. Variable interbank money market the result of this research is that the interbank variable has an influence on IPI. The variable credit for the results of this study is in-significant. Thus, credit variables have no effect on IPI. Based on the results of the f-test on monetary instruments, it can be described that instruments from monetary have a probability value of 0.0013 < 0.05. The coefficient of determination test on the monetary instruments, it can be described that monetary instruments have an influence of 45.53%, where the influence comes from SBI, interbank money market and credit variables as monetary instrument variables.
Analysis of the Islamic Banking Performance Using Sharia Conformity and Net Profitability Index Model Faris Daffa’ Rosyiid; Ahmad Suminto; Naahilah Hunafaa' Al-Qudsy
Journal of Economics, Law, and Humanities Vol. 4 No. 1 (2025): Economics, Law, and Humanities
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/jelhum.v4i1.4571

Abstract

Sharia Commercial Bank is a financial institution based on Islamic principles. Mainly, measuring banking performance uses financial ratios, including financial performance in Sharia banking. For this reason, an analysis is needed to measure the level of Sharia compliance without ignoring profitability gains. The Sharia Conformity and Profitability (SCnP) model is an analytical method used to measure the performance of Islamic Banks, and it is suitable and relevant. Sharia conformity aims to evaluate the extent of Sharia banking activities. The quantitative research uses secondary data to examine eight Islamic commercial banks listed by OJK in Indonesia from 2019 to 2023. The collection technique uses documentation from the annual report of Sharia commercial bank, a statistical report obtained from the bank's official website. The data analysis technique uses the SCnP model, which Kuppusamy initiated. Sharia conformity is measured using Sharia Investment, Income, and Profit Sharing Ratio. Meanwhile, measuring profitability uses ROA, ROE, and NPM indicators. The research results show that Sharia Commercial Banks' performance is measured using the SCnP model and divided into four quadrants. The results obtained show that Bank BCAS and BNTBS occupy the Upper Right Quadrant position; Bank BSI, BJBS, and BRKS occupy the upper left quadrant position; BPDS Bank occupies the Lower Right Quadrant position; and Bank BMI and BSB occupy the Lower Left Quadrant position. Future researchers are advised to develop research on assessing the financial performance of Islamic banks using the latest research methods, such as measuring the Banking Islamicity Index, the Maqashid Syariah Index, and the real sector financial performance Index.
Intervensi Harga Produk Sekunder Pada Masa Pandemi Covid-19 Perspektif Islam Nafilatur Rohmah Rohmah; Meichio Lesmana Lesmana; Ahmad Suminto Suminto
Islamic Economics Journal Vol. 7 No. 01 (2021): Islamic Economics Journal
Publisher : Faculty of Economics and Management

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Abstract

Islam applies freedom in the market mechanism on condition that it does not conflict with the values and principles of sharia. In the condition of the Covid-19 pandemic facing the world, especially Indonesia, the government must intervene in prices for internet data product prices because the PSBB policy implemented by the government to break the chain of spread of Covid-19 has a significant impact on public opinion, especially for the lower middle class. In addition, this policy will make the demand for internet data quite high while government subsidies cannot accommodate the community's need for internet data. The purpose of this study was to determine the Intervention of Secondary Product Prices during the Covid-19 Pandemic Period from an Islamic Perspective. The research used in this research is library research. The high market demand for the internet and the decline in people's incomes make the price of internet data difficult to reach by all levels of society, this requires the role of the government. the government can make decisions or regulations regarding the maximum limit for internet data prices during this pandemic period so that the selling price can be reached by all circles of society and still provide profits or profits for the seller or producer.
Etika Kegiatan Produksi: Perspektif Etika Bisnis Islam Ahmad Suminto Suminto
Islamic Economics Journal Vol. 6 No. 01 (2020): Islamic Economics Journal
Publisher : Faculty of Economics and Management

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Abstract

In principle, production activities are bound to the level of Islamic moral and technical values, especially on the quality aspects of products. The values cover all activities during organizing production factors, choosing materials for production, production processes, quality assurance (quality), marketing, service and customer care. This guidance is not only for obeying the commands andprohibitions of Allah and His Messenger but also improving a better understanding throughout practising these moral values. This research uses a library research method with a descriptive-analytic qualitative approach, which explains and illustrates the object of research and then analyses it from the perspective of business ethics in Islam. The analysis technique is the content analysis methodwhich contains the methods of induction, deduction, and comparison. This study aims to uncover the Ethics of Production in Islam: Perspective of Islamic Business Ethics with various case studies and information on events that the author gets. The results show that Muslim producers should consider two principles as an ethical foundation in production activities and to be in harmony with maqasidshariah. First: producing in halal circles, Islam firmly classifies goods (sil’ah) or commodities into two categories. The goods are called al-Qur’an with tayyibat, i.e. goods that are legally halal consumed and produced. Khaba'ith, i.e. goods that are legally haram consumed and produced. Second, the protection of natural resources without damaging the environment.
The influence of islamic bank and zakat on unemployment in urban and rural areas of Indonesia Mohammad Zen Nasrudin Fajri; Ahmad Suminto; Abdul Latif Rizqon
Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah Vol. 9 No. 1 (2024)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/jm.v9i1.17108

Abstract

Unemployment in Indonesia has shown a downward trend in the last decade which is associated with the positive growth of Islamic banks and zakat in Indonesia. This research aims to reveal the impact of Islamic bank performance on unemployment in Indonesia at a national level, in urban and rural areas. It also aims to find out the impact of zakat performance on those groups of unemployment. ARDL method is used to analyze data between 2007 and 2022. The results of the findings show that the zakat collection positively affects national unemployment, urban unemployment, and rural unemployment in Indonesia in the long run. However, in the short run, it only increases urban unemployment. Meanwhile, Islamic bank financing significantly reduces national unemployment and urban unemployment in the short run but it has no impact on rural unemployment. In the long run, Islamic bank financing does not affect all kinds of unemployment.Keywords: Islamic bank, zakat, unemployment, urban, rural. 
Dualisme Akad Ijarah Dan Ijarah Muntahiyah Bit-Tamlik (IMBT) Perspektif Fiqh Muamalah Sisminawati Sisminawati; Ahmad Suminto
Musyarakah: Journal of Sharia Economic (MJSE) Vol 1, No 1 (2021): April
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v1i1.4167

Abstract

he reality of practice in the field regarding ijarah financing contracts and ijarah vomitiyah bit-Tamlik differs from the basic theory, namely fiqh muamalah. So this article tries to recite or dialogue fiqh muamalah theory about the concept of lease with the reality of applications that occur in Islamic financial institutions. In this study, the author calls the dualism of the ijarah contract and the Ijarah Muntahiyah Bit-Tamlik (IMBT) fiqh muamalah perspective. The writing method in this study is a combination of two writing methods (mix method), namely library research and field studies (file research), with a descriptive-analytic qualitative approach. The literature study is carried out by collecting data on the thoughts and opinions of experts (experts) in several books in the library. Meanwhile, field studies are carried out through interviews and observations in Islamic financial institutions, as related objects. The results of this study indicate that ijarah Muntiyah bit-Tamlik (IMBT) is a kind of combination between a sale and purchase contract and a lease or more precisely a lease agreement which ends with the ownership of the goods in the hands of the lessee. In the IMBT contract there is a lease-purchase contract, there have been two transactions or contracts in one transaction. Because in practice payments made during the installment period can change function. If the buyer cannot pay off the installments, then the payment functions as a rent but if he is able to pay it off, it serves as a sale and purchase price.
A Vector Error Correction Model (VECM) Investigation on Islamic Monetary Policy on Indonesia’s Economic Growth Nusa Dewa Harsoyo; Fitri Novita; Ahmad Suminto; Galih Aisia
Iqtishodia: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): March
Publisher : Universitas Al-Qolam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35897/iqtishodia.v11i1.2390

Abstract

Sharia monetary policy is regulated to increase effectiveness in responding to economic developments, particularly in the monetary sector. Indonesia, as a country that implements a dual monetary system, plays a role in balancing the mechanisms of monetary operations and their impact on national economic development. The purpose of this study is to examine the impact of Islamic monetary policy on Indonesia's economic growth from 2020 to 2024. This research uses a quantitative approach with Vector Error Correction Model (VECM) analysis estimation model with the Gross Domestic Product (GDP) as the dependent variable. Sharia Open Market Operation (OPTS), Sharia Indonesian Bank Deposit Facilities (FASBIS) and Sharia Open Market Operation (PUAS) of Islamic monetary policy as independent variables. The results of this study show that the variables that influence GDP are OPTS which is significantly negative and FASBIS which is significantly positive in the long term, while all variables have no effect in the short term. Further research on this topic is recommended to extend the observation period and use other analysis techniques to overcome the limitations of this study in terms of sensitivity to data volume and lag. This study contributes to Islamic monetary economics by showing that Islamic monetary instruments have stronger long-term than short-term effects on economic growth. FASBIS and Sharia Open Market Operations significantly influence GDP, while PUAS has limited impact. Practically, the findings support Bank Indonesia and Islamic banks in optimizing liquidity management and strengthening Islamic monetary policy effectiveness for sustainable economic growth.
The Nexus between Financial Development and Carbon Emission in OIC Countries Mohammad Zen Nasrudin Fajri; Ikhsanul Amal; Abdul Fareed Delawari; Ahmad Suminto
Islamic Economics Journal Vol. 10 No. 01 (2024): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v10i01.46

Abstract

Economic activities are important factors for the development of countries. However, many countries give too much importance to the economy without paying attention to the country’s environment as a result of ongoing economic activities, such as industrial, electricity production, transportation, and commercial and residential which can cause environmental degradation with the spread of CO2 carbon dioxide emissions. The growth of a financial sector that supports those economic activities is considered the driver of carbon emissions at the macro level. However, Islam teaches Muslims to avoid corruption on earth including those leading to the rise in carbon emissions. This makes Muslim-majority countries have better concern in dealing with carbon emissions. This study aims to analyze the influences of financial institution index (FII) and financial market index (FII) on carbon dioxide emissions in the Organization of Islamic Cooperation member nations. Using the GMM estimator for a panel dataset of 36 countries between 2000 and 2021, this study unravels that the FII significantly increased carbon emissions in OIC countries. In reverse, FMI contributed to the reduction of carbon emissions in OIC countries. This paper recommends the government set regulations for banking sectors to improve eco-friendly credits for the private sector. It is also recommended that the government enrich the issuance of green securities and strengthen the financial market because it is effective in minimizing carbon emissions.
MODEL INTEGRATIF KEBIJAKAN MONETER ISLAM BERBASIS MAQASHID SYARIAH MEWUJUDKAN STABILITAS EKONOMI BERKELANJUTAN Violin Ladies Aulia; Ahmad Suminto
ISTISMAR Vol. 9 No. 1 (2026): Juni
Publisher : LPPM Universitas KH. A. Wahab Hasbullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32764/7jjeyb69

Abstract

Monetary policy plays an important role in maintaining economic stability. However, conventional monetary systems based on interest rates are often viewed as vulnerable to financial crises and distributive inequality. Islamic economics offers an alternative through Sharia-based monetary policy that emphasizes justice and social welfare. This study aims to analyze the construction of Islamic monetary policy from the maqashid shariah perspective and examine its managerial and contemporary applications. Using a qualitative literature review approach, the study finds that Islamic monetary policy can be developed through an integrative model linking maqashid shariah, monetary instruments, institutional governance, and welfare outcomes. Its main objectives include protection of wealth, distributive justice, and falah, implemented through sukuk, zakat, productive waqf, and profit-sharing. In Indonesia, implementation has progressed, although challenges remain in instruments, financial dualism, and literacy. Keywords: Islamic monetary policy, Maqhasid shariah, Monetary management, Economic stability, Islamic economic.
Strategies of Adaptation and Resilience for Sharia Entrepreneurship at the Minimarket Business Unit of Pondok Modern Darussalam Gontor Putri 1 Achmad Fajaruddin; Ahmad Suminto
International Journal of Business and Quality Research Vol. 4 No. 03 (2026): July - September, International Journal of Business and Quality Research (IJBQ
Publisher : Citakonsultindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63922/ijbqr.v4i03.5908

Abstract

This study aims to analyze the Sharia-based entrepreneurial resilience strategies of the mini-market business unit at Pondok Modern Darussalam Gontor Putri 1 (Mantingan, Ngawi) in navigating economic dynamics, as well as to examine the implementation of Sharia principles in its management. A qualitative approach with a case study design was employed. Data were gathered through in-depth interviews, participant observation, and document analysis, and subsequently analyzed using thematic analysis techniques. The findings indicate that the business unit's resilience is built upon four key strategies: the digitalization of operations and marketing; product and service diversification; the strengthening of management and human resources; and the consistent application of Standard Operating Procedures (SOPs). These strategies enable the business unit to maintain sustainability amidst economic shifts, price fluctuations, and changing consumer needs. The implementation of Sharia principles is reflected in the adherence to values ​​such as honesty, trustworthiness, fairness, and transparency; the avoidance of riba (usury) and gharar (uncertainty/ambiguity); and the provision of halal (permissible) and tayyib (wholesome) products. Beyond its function as an economic unit, the mini-market serves as a medium for entrepreneurial learning for female students (santriwati) through the integration of character education, Islamic business ethics, and managerial practice. This study affirms that the pesantren-based Sharia entrepreneurship model possesses strong adaptive capacity to build business resilience while simultaneously generating sustainable economic, educational, and social value.
Co-Authors Abdul Fareed Delawari Achmad Fajaruddin Afif Al Farizi Ahmad Agus Hidayat Alfin Natiqul Mahmud Amin Fonda Astiti Rob Rahayu Andilala Mansur, S.H., M.E Asifah Itsna Rosidah Aulia Fathan Mubin Azidni Rofiqo Daud Sukoco Diyan Novita Sari Fahmi Akhyar Al Farabi Fajri, Mohammad Zen Nasrudin Faris Daffa’ Rosyiid Fitri Novita Galih Aisia Hartomi Maulana Ibrahim Aliyu Gololo Ikhsanul Amal Ikhsanul Amal Iqbal Imari M. Ali Ramadhan Meichio Lesmana Meichio Lesmana Meichio Lesmana Lesmana Mohammad Zen Nasrudin Fajri Mufti Afif Muhammad Jafar Naahilah Hunafaa' Al-Qudsy Nafilatur Rohmah Nafilatur Rohmah Rohmah Noviana Prasanti Nur Hidayah Al Amin Nur Kasanah Nusa Dewa Harsoyo Nusa Dewa Harsoyo Risma Nada Azkiya Rizqon, Abdul Latif Rofi Muzaki Rofiqo, Azidni Sisminawati Sisminawati Soritua Ahmad Ramdani Harahap Taufiqul Alvin Abidin Violin Ladies Aulia Willy Tambayong