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ARE SHARIA FINANCING SCHEMES PROFITABLE? THE CASE OF ISLAMIC RURAL BANKS IN INDONESIA Nur Hidayah; Nur Akhlaqul Karimah
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 11, No 1 (2023): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v11i1.19561

Some studies find that Profit and Loss Sharing/PLS (mudharabah and musyarakah) and non-PLS (murabahah) financing positively affect Islamic banks' profitability, while other studies have found a negative relationship. This study aims to analyze the effect of PLS and non-PLS financing on the performance of Islamic banks, as proxied by the profitability ratio of ROA (Return on Assets) with the Non-Performing Finance (NPF) as a moderating variable on six Islamic Rural Banks (IRBs) using panel regression and moderated regression analysis. It finds that the PLS and non-PLS financing positively and significantly influence the IRBs' profitability. NPF as a moderating variable has weakened the effect of PLS financing on the IRBs' profitability. Meanwhile, NPF strengthens the effect of non-PLS financing on the IRBs' profitability. PLS financing with NPF can reduce the IRBs' profitability, and non-PLS financing with NPF can increase the IRBs' profitability. These findings explain why murabahah is still the dominant financing in Islamic banks. Islamic banks should strive to achieve their ideal form as a profit-sharing financial intermediary to respond to the criticism that there is no substantial difference between Islamic and conventional banks as both rely on fixed returns in the financing, perceived as similar to riba, prohibited in Islam.

Preferences for Donating to Religious and Non-Religious Philanthropic Institutions: Evidence in Indonesia Nur Hidayah; Nur Syam Ade
Signifikan: Jurnal Ilmu Ekonomi Vol 12, No 1 (2023)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v12i1.27887

This research aims to determine the factors influencing online donation decisions in religious and non-religious philanthropic institutions. 105 questionnaires were disseminated to the respondents in Jabodetabek (Jakarta, Bogor, Depok, Tangerang, and Bekasi), Indonesia, and analyzed using logistic regression. The findings reveal that in religious philanthropic institutions, the impact has a significant effect, while ease of use, convenience, and innovation have no effect on online donation decisions. In non-religious philanthropic institutions, convenience, innovation, and impact have a significant effect, while ease of use has no effect on online donation decisions. There is a slight difference in factors influencing online donation decisions in religious and non-religious philanthropic institutions. Religious philanthropic institutions should expand their impact to raise their donors. Meanwhile, non-religious philanthropic institutions should improve the quality of their digital platform and expand the innovation and impact of the programs to increase their donors.JEL Classification: D64, L31, Z12How to Cite:Hidayah, N., & Ade, N. S. (2023). Preferences for Donating to Religious and Non-Religious Philanthropic Institution: Evidence in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 12(1), 191-206. https://doi.org/10.15408/sjie.12ii1.27887.

Sharia Financial Literacy And Inclusion In Islamic Boarding Schools Of Rabithah Of Islamic Ma'ahid Of Nahdlatul Ulama DKI Jakarta Nur Hidayah; Abdul Azis; Nadhil Novarel Mathari; Tira Mutiara
Al-Mashrafiyah (Jurnal Ekonomi, Keuangan dan Perbankan Syariah) Vol 7 No 1 (2023): April 2023
Publisher : Universitas Islam Negeri Alauddin Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/al-mashrafiyah.v7i1.36027

This study aims to determine the index of Islamic financial literacy and inclusion in Islamic boarding schools with a case study at RMI NU DKI Jakarta and analyze the effect of Islamic financial literacy and inclusion on welfare proxied by Maqashid Sharia. Primary data analyzed with descriptive statistics to measure the Islamic financial literacy and inclusion index; and SEM-PLS to analyze the effect of Islamic financial literacy and inclusion on welfare proxied by Maqashid Sharia. The results showed that 34% of respondents had Islamic financial literacy and inclusion index well-literate, 57% in sufficient literate, and 9% in less literate. Islamic financial literacy has a significant positive effect on welfare proxied by Maqashid Sharia. Meanwhile, Islamic financial inclusion has a positive but insignificant effect. The government and Islamic financial institutions must increase the socialization of Islamic financial literacy in Islamic boarding schools and increase access to finance by adequate supporting infrastructure.

Public perception of the revitalization of Indonesian WaqfÂ Institution Nur Hidayah; Tira Mutiara; Muhamad Nadratuzzaman Hosen; Diah Larasati; Abdul Wahab
EKONOMIKA SYARIAH : Journal of Economic Studies Vol 7, No 1 (2023): June 2023
Publisher : Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30983/es.v7i1.6297

Indonesian Waqf Institution (BWI/Badan Wakaf Indonesia) was formed based on Law Number 41 of 2004 concerning Waqf. BWI has a firm legal standing within the national legal structure. However, several articles in the Waqf Law have an unfavorable impact on the performance of BWI. Waqf's potential and actualization gap is still significant amidst low public trust in Nazir's governance. BWI is also considered not optimal in developing the potential of Waqf in Indonesia. This study aimed to determine public perceptions regarding the proposed revitalization of BWI duties, functions, and authorities in the more ideal Waqf Management rules. The data collection method used was a questionnaire distributed to the public. The data were analyzed by descriptive statistics. The results showed that the community less agreed with expanding the role of BWI. It is possible due to the lack of public knowledge regarding issues related to the management and development of Waqf that are currently occurring. The community has not been able to adapt to changes, and it tends to be challenging to revitalize BWI's duties, functions, and authorities in waqf regulations.Badan Wakaf Indonesia (BWI) dibentuk berdasarkan Undang-Undang Nomor 41 tahun 2004 tentang Wakaf. BWI memiliki kedudukan hukum yang kuat dalam struktur hukum nasional. Namun, beberapa pasal yang tercantum dalam Undang-Undang Wakaf justru berdampak kurang baik terhadap kinerja BWI. Gap potensi dan aktulisasi Wakaf dinilai masih sangat besar, ditengah rendahnya kepercayaan publik pada tata kelola Nazir. BWI juga dinilai belum optimal dalam mengembangkan potensi wakaf di Indonesia. Penelitian ini bertujuan untuk mengetahui persepsi masyarakat terkait adanya revitalisasi tugas, fungsi dan wewenang BWI dalam aturan Pengelolaan Wakaf yang lebih ideal. Metode pengumpulan data yang digunakan adalah kuesioner yang disebar kepada masyarakat. Data yang diperoleh dianalisis secara statistik deskriptif. Hasil penelitian menunjukan bahwa masyarakat kurang setuju dengan perluasan peran BWI. Hal ini dimungkinkan karena kurangnya pengetahuan masyarakat terkait isu permasalahan terkait pengelolaan dan pengembangan wakaf yang saat ini terjadi. Masyarakat belum dapat beradaptasi dengan perubahan dan cenderung enggan terhadap upaya revitalisasi tugas, fungsi dan wewenang BWI dalam regulasi wakaf.

The Mechanism of Avoiding Riba in Islamic Financial Institutions: Experiences of Indonesia and Malaysia Muhammad Maksum; Nur Hidayah
JURIS (Jurnal Ilmiah Syariah) Vol 22, No 2 (2023)
Publisher : Universitas Islam Negeri Mahmud Yunus Batusangkar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31958/juris.v22i2.6952

The issue of discrepancy between business goals and sharia principles related to debt raises a problem. Financial institutions seek profit, but lending and borrowing money (qardh) in Islam is not for profit. This has the potential to generate usury (riba), and must be avoided by Islamic Financial Services (IFS). This article examines several Islamic legal opinions (fatwa) from the Indonesian National Sharia Council and the Malaysian Sharia Authority Council utilizing a normative and descriptive legal study approach, in conjunction with the science of Islamic jurisprudence (ushul fiqh). The results of the study outline that Islamic financial institutions must create products to avoid riba practices on unlawful debts. Two models for the creation of anticipatory riba were found by tracing and testing Islamic financial products using a credit schemes (qardh), namely entering into a service contract (ijarah) and conducting several transactions (bay' al-'inah) for one object. This product highlights the repetition of an old practice long-debated in classical fiqh because it is prohibited in a hadith of the Prophet Muhammad. This finding has implications for Sharia compliance as long as Sharia financial products do not shift to profit-sharing or buying and selling-based financial products.

The Bequest Transferred Prior to Death: Between Conflict Prevention and Gender-Biased Family Asset Division Meriyati Meriyati; JM. Muslimin; Nur Hidayah; Ahmad Rodoni
De Jure: Jurnal Hukum dan Syari'ah Vol 18, No 1 (2026)
Publisher : Shariah Faculty UIN Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/j-fsh.v18i1.36264

Gender inequity in bequest practices within the Komering adat community reflects structural inequalities shaped by social, cultural, and ideological factors. Bequest is commonly practiced as a preventive mechanism to avoid inheritance disputes within families. However, this practice tends to privilege men by allocating productive assets, such as land and plantations, primarily to male heirs, while women often receive smaller shares or are positioned as secondary beneficiaries. From a social construction perspective, this pattern reflects patriarchal traditions embedded in customary practices. This study employs a qualitative approach with a socio-juridical research design to examine how social construction and patriarchal values influence bequest practices as an economic instrument within Komering families. Primary data were collected through field observations and in-depth interviews with customary leaders, family members, and women involved in bequest practices. Secondary data were obtained from legal documents, regulations, and academic literature. The analysis draws on patriarchal theory, social construction theory, and Sylvia Walby’s framework to explore the relationship between power structures and cultural legitimacy. The findings reveal that men are consistently prioritised in receiving productive assets, while women generally receive smaller portions of family wealth. This pattern is socially legitimised through norms positioning men as primary family providers. Consequently, women experience reduced access to economic resources, increased financial dependency, and weaker bargaining positions within the social structure. From the perspective of maqāṣid al-syarī‘ah, particularly regarding asset protection and distributive justice, current bequest practices have not fully reflected principles of justice. The gap between legal ideals and social realities indicates the need for reconstructing religious understanding and encouraging social transformation. Strengthening gender-responsive policies and promoting substantive justice-based interpretations of Islamic law are therefore necessary to restore bequest practices as inclusive mechanisms that support welfare and social equity.

Kepatuhan Syariah dalam Penerbitan Sukuk: Pendekatan Kualitatif Berbasis Fatwa DSN-MUI dan Peraturan OJK di Indonesia Muhamad Resa Ardiansah; Nur Hidayah; Muhajirin Muhajirin
Community Engagement and Emergence Journal (CEEJ) Vol. 6 No. 1 (2025): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v7i2.9985

Objective: This study aims to describe the elements of sharia compliance contained in sukuk, based on the fatwas of the National Sharia Council (DSN-MUI) and several regulations issued by the Financial Services Authority (OJK) in Indonesia. Design/Methodology/Approach: This study uses a qualitative approach with documentary and secondary data, including fatwas and regulations required to explore the sharia compliance of sukuk. This study highlights and identifies the elements of sharia compliance using a hierarchy map. Findings: Sukuk in Indonesia fulfills sharia compliance through: (1) absolute prohibition of riba, gharar, maysir, tadlis, dharar, risywah, zhulm, and haram activities; (2) halal underlying assets (tangible assets, asset benefits, services, certain projects, or certain investment activities) with a minimum of 51 percent tangible assets for traded sukuk; (3) transparent returns in the form of profit sharing, margins, or ujrah in accordance with sharia contracts (mudharabah, musyarakah, ijarah, wakalah, murabahah, salam, istishna'); (4) implementation of maqasid sharia through the principle of "dar' al-mafasid muqaddam 'ala jalb al-masalih" and support for sustainable development (sustainability sukuk). All fatwas and POJK consistently emphasize that sukuk must represent ownership of real assets, not merely interest-bearing debt. Practical Implications: Existing regulations have established a strong sharia compliance framework for sovereign sukuk (SBSN) and corporate sukuk, including sustainable sukuk (green/sustainability sukuk). However, ongoing supervision by the Sharia Supervisory Board and the Sharia Expert Team, as well as transparent reporting on the use of funds, remain essential to maintaining sharia integrity throughout the sukuk lifecycle. Originality/Value: This study provides a hierarchical mapping of the elements of sharia compliance in sukuk in Indonesia by integrating relevant DSN-MUI fatwas and the development of OJK regulations, serving as a reference for further research and practice in Islamic finance.

Rethinking Profit and Loss Sharing: Regulatory Paradoxes in Mudharabah Savings and the Operationalization of Maqasid al-Shariah Irma Novida; Junarti Junarti; Hidayatulloh; Nur Hidayah; Ujang Maman
AL-ISTINBATH : Jurnal Hukum Islam Vol 11 No 1 (2026)
Publisher : Institut Agama Islam Negeri Curup

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29240/jhi.v11i1.11364

This article examines the regulatory paradox in the governance of mudharabah savings in Indonesian Islamic banking, where the principle of profit-and-loss sharing (PLS), which is doctrinally based on risk sharing, operates within a regulatory architecture oriented towards risk control and depositor protection. The interaction between risk sharing based contractual rationality and risk containment based prudential regimes raises structural questions about whether PLS still functions as a substantive governance paradigm, or primarily as a formal legal category in a stability oriented financial regime. This study aims to identify the mudharabah regulatory framework and analyze it through the principle of hifz mal in maqasid sharia as a systemic evaluation instrument for consistency between the normative objectives of Islamic finance and its supervisory mechanisms. The study uses a normative-empirical legal design. The primary data consists of the Law on Islamic Banking, Financial Services Authority (OJK) regulations, and fatwas from the National Sharia Council Indonesian Ulema Council (MUI) regarding mudharabah contracts. The secondary data includes academic literature on PLS and maqasid al-sharia. Data were collected through documentation studies and analyzed using content analysis techniques. The findings show that the integration of PLS into the modern prudential regime produces three interrelated paradoxes moderation of risk transmission through risk control mechanisms, structural limitation of depositor exposure to losses through deposit insurance, and stabilization of returns due to competitive benchmarking pressures. Furthermore, this article shows that in its interaction with the modern regulatory regime, the principle of hifz mal in maqasid sharia has undergone a transformation from a normative doctrine to an analytical instrument for reassessing PLS governance. This process leads to the repositioning of PLS from mere regulatory compliance to a maqasid oriented governance framework that allows for critical evaluation of stability orientation, risk distribution fairness, and systemic integrity. The main contribution of this research lies in the operationalization of maqasid sharia as a methodological framework for re-reading PLS governance, while offering a conceptual reconstruction of the relationship between the principles of risk sharing and modern financial stability.

Implementasi Nilai Ekoteologi Islam dalam Pengelolaan Tambak Garam di Kabupaten Sampang: Kajian Hukum Ekonomi Syariah Harisa Harisa; Nur Hidayah; Erika Amelia; Rahmawati Rahmawati
Al-Huquq: Journal of Indonesian Islamic Economic Law Vol. 7 No. 2 (2025): on Progress
Publisher : Fakultas Syariah IAIN madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/alhuquq.v7i2.22180

Perubahan iklim dan degradasi lingkungan pesisir di Kabupaten Sampang, Madura, telah berdampak nyata terhadap menurunnya kualitas ekosistem pesisir serta keberlanjutan mata pencaharian masyarakat lokal. Salah satu fakta sosial yang menonjol adalah meningkatnya kerentanan sektor tambak garam, yang selama ini menjadi sumber penghidupan utama masyarakat pesisir, akibat intrusi air laut, perubahan pola cuaca, dan degradasi lahan tambak. Dalam praktiknya, pengelolaan tambak garam masih didominasi oleh orientasi produksi ekonomi jangka pendek, sementara aspek keberlanjutan lingkungan dan ketahanan sosial belum terintegrasi secara memadai. Artikel ini menghadirkan analisis hubungan antara praktik pengelolaan tambak garam, dinamika sosial-ekonomi masyarakat pesisir, dan tantangan ekologis akibat perubahan iklim di Madura. Wilayah ini masih minim diteliti dalam literatur keberlanjutan pesisir. Berbeda dengan studi sebelumnya yang lebih fokus pada aspek teknis produksi garam, artikel ini melihat tambak garam sebagai ruang interaksi antara kepentingan ekonomi, ekologi, dan keberlanjutan sosial.. Penelitian ini bertujuan untuk menganalisis penerapan nilai-nilai ekoteologi Islam dalam pengelolaan tambak garam di Kabupaten Sampang. Selain itu, penelitian ini juga menelaah relevansinya dengan prinsip-prinsip hukum ekonomi syariah. Pendekatan yang digunakan adalah metode hukum empiris. Ini meliputi observasi lapangan, wawancara mendalam, dan analisis kebijakan serta peraturan daerah. Hasil penelitian menunjukkan bahwa nilai-nilai ekoteologi Islam mulai diinternalisasi dalam praktik sosial masyarakat pesisir. Namun, penerapannya masih parsial. Simpulan penelitian menegaskan perlunya rekonstruksi paradigma hukum ekonomi syariah yang berwawasan ekologis. Tujuannya adalah menuju pengelolaan tambak garam yang adil, berkelanjutan, dan berlandaskan nilai-nilai Islam.

Public perception of the revitalization of Indonesian WaqfÂ Institution Nur Hidayah; Tira Mutiara; Muhamad Nadratuzzaman Hosen; Diah Larasati; Abdul Wahab
EKONOMIKA SYARIAH : Journal of Economic Studies Vol. 7 No. 1 (2023): June 2023
Publisher : Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30983/es.v7i1.6297

Indonesian Waqf Institution (BWI/Badan Wakaf Indonesia) was formed based on Law Number 41 of 2004 concerning Waqf. BWI has a firm legal standing within the national legal structure. However, several articles in the Waqf Law have an unfavorable impact on the performance of BWI. Waqf's potential and actualization gap is still significant amidst low public trust in Nazir's governance. BWI is also considered not optimal in developing the potential of Waqf in Indonesia. This study aimed to determine public perceptions regarding the proposed revitalization of BWI duties, functions, and authorities in the more ideal Waqf Management rules. The data collection method used was a questionnaire distributed to the public. The data were analyzed by descriptive statistics. The results showed that the community less agreed with expanding the role of BWI. It is possible due to the lack of public knowledge regarding issues related to the management and development of Waqf that are currently occurring. The community has not been able to adapt to changes, and it tends to be challenging to revitalize BWI's duties, functions, and authorities in waqf regulations.Badan Wakaf Indonesia (BWI) dibentuk berdasarkan Undang-Undang Nomor 41 tahun 2004 tentang Wakaf. BWI memiliki kedudukan hukum yang kuat dalam struktur hukum nasional. Namun, beberapa pasal yang tercantum dalam Undang-Undang Wakaf justru berdampak kurang baik terhadap kinerja BWI. Gap potensi dan aktulisasi Wakaf dinilai masih sangat besar, ditengah rendahnya kepercayaan publik pada tata kelola Nazir. BWI juga dinilai belum optimal dalam mengembangkan potensi wakaf di Indonesia. Penelitian ini bertujuan untuk mengetahui persepsi masyarakat terkait adanya revitalisasi tugas, fungsi dan wewenang BWI dalam aturan Pengelolaan Wakaf yang lebih ideal. Metode pengumpulan data yang digunakan adalah kuesioner yang disebar kepada masyarakat. Data yang diperoleh dianalisis secara statistik deskriptif. Hasil penelitian menunjukan bahwa masyarakat kurang setuju dengan perluasan peran BWI. Hal ini dimungkinkan karena kurangnya pengetahuan masyarakat terkait isu permasalahan terkait pengelolaan dan pengembangan wakaf yang saat ini terjadi. Masyarakat belum dapat beradaptasi dengan perubahan dan cenderung enggan terhadap upaya revitalisasi tugas, fungsi dan wewenang BWI dalam regulasi wakaf.

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