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Pertimbangan Pendana (Lender) dalam Memilih Peer To Peer (P2P) Lending Syariah di Indonesia Agus Suprapto; Muhammad Said
Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam Vol 7, No 02 (2023): Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam
Publisher : Sekolah Tinggi Agama Islam Al Hidayah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30868/ad.v7i02.4785

Perkembangan industri halal di Indonesia begitu pesat, termasuk pendanaan peer to peer (P2P) lending syariah. Di Indonesia relatif baru dan berkembang cukup pesat sejak mendapat ijin resmi dari Otoritas Jasa Keuangan (OJK). Dengan keterbatasaan literasi, diperlukan pertimbangan bagi peminat khususnya pendana. Tujuan penelitian ini untuk mengevaluasi pertimbangan utama pendana dalam memilih platform P2P lending syariah ditinjau dari dorongan investasi, kenyamanan menggunakan platform, potensi risiko berupa gagal bayar yang rendah dan tantangan persaingan pendana yang tidak ketat. Penelitian ini menggunakan metode kualitatif dengan grounded theory melalui studi literatur penelitian terdahulu, informasi yang relevan melalui platform dan website selain itu penyelenggara memberikan motivasi kepada pendana atas kenyamanan platform berupa kemudahan, kelancaran, dan kecepatan sehingga pendana merasa nyaman dalam bertransaksi, diikuti dengan motivasi imbal hasil yang tinggi, risiko rendah dan persaingan antar pendana yang tidak ketat. Kenyamanan bertransaksi terus dilakukan sehingga memupuk imbal hasil yang baik. Bagi pendana harus mempertimbangkan mitigasi atas potensi risiko. Perlu penelitian lanjutan tentang keseimbangan yang diperoleh pendana antara kemudahan layanan dengan potensi keuntungan dan perlindungan atas potensi risiko yang dihadapi.

Halal In The Contemporary Economic And Business Ecosystem Nila Sulistiawati; Muhammad Said; Muniaty Aisyah
Cakrawala Repositori IMWI Vol. 6 No. 6 (2023): Cakrawala Repositori IMWI
Publisher : Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52851/cakrawala.v6i6.604

The increase in population will certainly increase the demand for halal products and services significantly. With this achievement where Indonesia is in the top five with a strong Islamic economic ecosystem and supported by a majority Muslim population, Indonesia can become a leading country in all sectors in the country's halal industry (Nasution, 2020).The Islamic economic ecosystem in Indonesia continues to grow which includes the existence of UMKM that can become producers of halal products, Islamic finance which is marked by the growing contribution of Islamic entities, both Islamic financial institutions and Islamic non-financial institutions, innovations in technology, and related regulations with the halal industry. Indonesia is the first place for consumers of halal food products in the world. Indonesia is the country with the largest Muslim population, reaching 209.1 million people or 87.2 percent of the total population of Indonesia (Mubarok & Imam, 2020). Objective: prevention of aspects of sharia obstacles in the financial aspect, MSME aspects, digitalization aspects, product quality, and regulatory aspects in realizing the strengthening of the halal industrial ecosystem? Indonesia, the world's most populous Muslim country, is a gold mine for the halal market with the potential to become not only a major market but also a major producer of halal products. Islamic finance in Indonesia has developed more than the banking sector, but also non-banking products have featured in baitul mal wa tamwil (community-based Islamic financial institutions), Islamic insurance, Islamic microfinancing, Islamic pawnshops and Islamic venture capital. The Islamic banking service has almost all complied with sharia principles as most Islamic banking products are dominated by murabahah (sales contracts). There is still a small number of Islamic banks in Indonesia which causes Islamic banks to not reach remote areas (Samsul, 2022). There is still a lack of Sharia banking education for the "lower class" people who incidentally play an important role in the UMKM sector Islamic banks are less active in financing. This can be seen from the still-difficult process of managing and applying for financing in Islamic banks. Aspects of Islamic Financial Innovation (Sharia Bank) Towards Competitive Advantage The role of Islamic banking is to become a reference through strategies and policies related to financing that will be channelled to consumers. Likewise, socialization for UMKM entrepreneurs, especially those engaged in the halal industry, both goods and services. Islamic bank strategy to enter the village as a place that has the potential to become halal tourism: Islamic banks must optimize internal and external resources. Finally, through a branchless banking system UMKM & Halal Industry in the Digital Economy Era, Challenges and Obstacles to UMKM Aspects in Strengthening the Halal Industry Ecosystem. Lack of understanding so that this is not optimal and has not been able to become a superior product in the midst of society.

Pertimbangan Pendana (Lender) dalam Memilih Peer To Peer (P2P) Lending Syariah di Indonesia Agus Suprapto; Muhammad Said
Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam Vol. 7 No. 02 (2023): Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam
Publisher : Sekolah Tinggi Agama Islam Al Hidayah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30868/ad.v7i02.4785

Perkembangan industri halal di Indonesia begitu pesat, termasuk pendanaan peer to peer (P2P) lending syariah. Di Indonesia relatif baru dan berkembang cukup pesat sejak mendapat ijin resmi dari Otoritas Jasa Keuangan (OJK). Dengan keterbatasaan literasi, diperlukan pertimbangan bagi peminat khususnya pendana. Tujuan penelitian ini untuk mengevaluasi pertimbangan utama pendana dalam memilih platform P2P lending syariah ditinjau dari dorongan investasi, kenyamanan menggunakan platform, potensi risiko berupa gagal bayar yang rendah dan tantangan persaingan pendana yang tidak ketat. Penelitian ini menggunakan metode kualitatif dengan grounded theory melalui studi literatur penelitian terdahulu, informasi yang relevan melalui platform dan website selain itu penyelenggara memberikan motivasi kepada pendana atas kenyamanan platform berupa kemudahan, kelancaran, dan kecepatan sehingga pendana merasa nyaman dalam bertransaksi, diikuti dengan motivasi imbal hasil yang tinggi, risiko rendah dan persaingan antar pendana yang tidak ketat. Kenyamanan bertransaksi terus dilakukan sehingga memupuk imbal hasil yang baik. Bagi pendana harus mempertimbangkan mitigasi atas potensi risiko. Perlu penelitian lanjutan tentang keseimbangan yang diperoleh pendana antara kemudahan layanan dengan potensi keuntungan dan perlindungan atas potensi risiko yang dihadapi.

Halal In The Contemporary Economic And Business Ecosystem Nila Sulistiawati; Muhammad Said; Muniaty Aisyah
Cakrawala Repositori IMWI Vol. 6 No. 6 (2023): Cakrawala Repositori IMWI
Publisher : Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52851/cakrawala.v6i6.604

The increase in population will certainly increase the demand for halal products and services significantly. With this achievement where Indonesia is in the top five with a strong Islamic economic ecosystem and supported by a majority Muslim population, Indonesia can become a leading country in all sectors in the country's halal industry (Nasution, 2020).The Islamic economic ecosystem in Indonesia continues to grow which includes the existence of UMKM that can become producers of halal products, Islamic finance which is marked by the growing contribution of Islamic entities, both Islamic financial institutions and Islamic non-financial institutions, innovations in technology, and related regulations with the halal industry. Indonesia is the first place for consumers of halal food products in the world. Indonesia is the country with the largest Muslim population, reaching 209.1 million people or 87.2 percent of the total population of Indonesia (Mubarok & Imam, 2020). Objective: prevention of aspects of sharia obstacles in the financial aspect, MSME aspects, digitalization aspects, product quality, and regulatory aspects in realizing the strengthening of the halal industrial ecosystem? Indonesia, the world's most populous Muslim country, is a gold mine for the halal market with the potential to become not only a major market but also a major producer of halal products. Islamic finance in Indonesia has developed more than the banking sector, but also non-banking products have featured in baitul mal wa tamwil (community-based Islamic financial institutions), Islamic insurance, Islamic microfinancing, Islamic pawnshops and Islamic venture capital. The Islamic banking service has almost all complied with sharia principles as most Islamic banking products are dominated by murabahah (sales contracts). There is still a small number of Islamic banks in Indonesia which causes Islamic banks to not reach remote areas (Samsul, 2022). There is still a lack of Sharia banking education for the "lower class" people who incidentally play an important role in the UMKM sector Islamic banks are less active in financing. This can be seen from the still-difficult process of managing and applying for financing in Islamic banks. Aspects of Islamic Financial Innovation (Sharia Bank) Towards Competitive Advantage The role of Islamic banking is to become a reference through strategies and policies related to financing that will be channelled to consumers. Likewise, socialization for UMKM entrepreneurs, especially those engaged in the halal industry, both goods and services. Islamic bank strategy to enter the village as a place that has the potential to become halal tourism: Islamic banks must optimize internal and external resources. Finally, through a branchless banking system UMKM & Halal Industry in the Digital Economy Era, Challenges and Obstacles to UMKM Aspects in Strengthening the Halal Industry Ecosystem. Lack of understanding so that this is not optimal and has not been able to become a superior product in the midst of society.

The Urgency of Halal Tourism Literacy in Responding to Rejection of Halal Tourism in Indonesia Abdul Rachman; Mayang Ayu Faluthamia; Muhammad Said; Arie Haura
Afkaruna: Indonesian Interdisciplinary Journal of Islamic Studies Vol. 18 No. 1: June 2022
Publisher : Fakultas Studi Islam dan Peradaban, Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/afkaruna.v18i1.12770

Halal tourism has received a rejection from several people in Indonesia because it is understood as a form of Islamization of tourism. This rejection is evidence of the lack of literacy in Halal Tourism in the community regarding Halal Tourism. The purpose of this paper is to investigate the rejection of Halal Tourism in several regions of Indonesia and to discover the important role of Halal Tourism literacy in responding to the rejection of Halal Tourism from some communities. This study used a qualitative descriptive approach using document analysis as a data collection technique. The results of this study indicate that Halal Tourism literacy is very important to be able to increase public understanding of Halal Tourism that the concept of Halal Tourism is a universal concept that can be accepted by all religions, societies, cultures, and governments. Halal Tourism Literacy has an important role to socialize that Halal Tourism is not a form of Islamization of tourism but rather an extended service in the tourism industry in Indonesia.

THE EFFECT OF OPTIMAL CAPITAL STRUCTURE ON PROFITABILITY WITH OPERATIONAL RISK AS AN INTERVENING VARIABLE IN ISLAMIC BANKING OF OIC COUNTRIES Wiwin Erna Ekawati; Muhammad Said; Ibnu Qizam; Erika Amelia
Referensi Islamika: Jurnal Studi Islam Vol. 4 No. 1 (2026): FEBRUARY
Publisher : Academic Bright Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66053/ri.v4i1.1027

This study empirically examines whether operational risk mediates the relationship between optimal capital structure and profitability in Islamic banking across OIC countries, comparing two competing operationalizations of the leverage target: a bank-specific historical benchmark (Moving Average Leverage Ratio) and an industry benchmark (Industry Median Leverage Ratio). This study uses a quantitative approach with panel-data analysis and purposive sampling of 60 Islamic banks in 10 OIC countries over 2018–2024; removing 43 outlier observations from 420 yields an unbalanced panel of N = 377. Optimal capital structure is measured by the two leverage proxies; operational risk by the ratio of operational risk-weighted assets (ORWA) to total risk-weighted assets (RWA); and profitability by return on assets (ROA). Random Effects panel regression is estimated; although the Hausman test favored Fixed Effects, Random Effects was retained because the industry-median proxy and the institutional controls are (quasi) time-invariant and would be absorbed by Fixed Effects. Mediation is assessed with the Sobel test complemented by cluster-bootstrap confidence intervals, alongside Fixed-Effects and separate-controls robustness checks. Only one structural result is robust: Industry Median Leverage significantly reduces operational risk (β = −0.1928; p = 0.0001), whereas Moving Average Leverage is not significant. The direct effect of capital structure on profitability is not supported once institutional controls are included, operational risk is not significantly related to profitability, and operational risk does not mediate the capital structure–profitability relationship (all indirect-effect confidence intervals contain zero). Control of corruption is consistently and positively associated with profitability. For managers, the industry-median leverage benchmark can serve as a discipline device for operational risk, not as a proven lever of profitability. For regulators, the results highlight the relevance of institutional quality particularly corruption control for Islamic-bank profitability in cross-country settings. Retaining Random Effects against the Hausman indication, and the regulatory (ORWA/RWA) nature of the operational-risk proxy, are limitations. The contribution is empirical and methodological: the study contrasts two distinct meanings of “optimal” leverage within a single mediation framework, tests operational risk as an explicit mediating channel on a cross-country OIC Islamic-banking panel, and documents a suppression effect of control of corruption on the leverage–profitability association.

The Role of Islamic Microfinance Institutions in Supporting MSME Digital Transformation in Indonesia Lili Puspita Sari; Desmadi Saharuddin; Muhammad Said
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.v11i1.2362

Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in Indonesia’s economy by contributing significantly to employment and national economic growth. However, many MSMEs still face structural challenges, particularly limited access to financing and low digital readiness. In the era of digital economy expansion, Islamic microfinance institutions have the potential to support MSME digital transformation through inclusive and Sharia-compliant financial services. This study aims to analyze the role of Islamic microfinance institutions in supporting the digitalization of MSMEs in Indonesia. This research employs a descriptive qualitative approach using a literature review method. Data were collected from academic journals, government reports, and policy documents sourced from databases such as Google Scholar and national journal repositories. The selected literature was analyzed using content analysis through data reduction, categorization, and thematic interpretation. The findings show that Islamic microfinance institutions contribute to MSME digitalization by expanding access to Sharia-compliant financing, providing business mentoring, and improving managerial and digital capacities of MSME actors. However, challenges remain, including limited capital, low digital literacy, and technological constraints. Islamic microfinance institutions play a strategic role in supporting inclusive and sustainable MSME digitalization in Indonesia.

Zakat, IPM, dan Pertumbuhan Ekonomi: Bukti dari DKI Jakarta: Bukti dari DKI Jakarta Muhammad Khaerul Muttaqien Muttaqien; Desmadi Saharuddin; Muhammad Said; Abdul Hamid; Laila Yumna
IKRAITH-EKONOMIKA Vol. 9 No. 2 (2026): IKRAITH-EKONOMIKA Vol 9 No 2 Juli 2026
Publisher : Universitas Persada Indonesia YAI

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

This study analyzes the effects of zakat, the Human Development Index (HDI), and unemployment on regional economic growth in Jakarta Special Capital Region (DKI Jakarta). The study employs a quantitative approach using secondary panel data covering seven geographical units in DKI Jakarta over the 2020–2024 period. The units of observation comprise the Thousand Islands, South Jakarta, East Jakarta, Central Jakarta, West Jakarta, North Jakarta, and DKI Jakarta Province, resulting in 35 observations. The analysis was conducted using multiple linear regression, with Gross Regional Domestic Product (GRDP) at constant prices as the dependent variable and zakat, HDI, and the unemployment rate as independent variables. The results show that zakat has a positive and significant effect on GRDP (β = 0.991; p < 0.001), whereas HDI and the unemployment rate do not have statistically significant effects. Simultaneously, the three independent variables significantly affect GRDP (F = 572.917; p < 0.001), with a coefficient of determination (R²) of 0.982. These findings indicate that the role of zakat is more pronounced in aggregate economic growth than in employment absorption, suggesting that strengthening the function of zakat should be accompanied by structural employment policies. The main contribution of this study lies in developing an integrated model that links Islamic social finance, human development, employment, and economic growth within the regional context of DKI Jakarta.

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