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Comparative Analysis between Corporate Sukuk and Bonds in Indonesia: Value at Risk Approach Putra, Bintang Fajar Muskan; Sukmaningrum, Puji sucia Sucia; Rusgianto, Sulistya
The Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

This research aims to analyze the differences in Risk (Value at Risk) and Return between sukuk and bonds. The research approach utilizes the T-test to examine this comparison. The data source is the closing prices of Sukuk and Bonds for 2018-2020. The research results indicate a significant difference between Sukuk and Bonds regarding returns. A vital difference also occurs in Sukuk and Bonds's Value at Risk (VaR). The results of this study prove that Sukuk has higher returns and lower VaR than Bonds. Sukuk can be a good instrument for portfolio diversification.
Macroeconomic, Financial Performance, COVID-19, and the Stability of Islamic Rural Banks: Regional Evidence from Indonesia Rokhmah, Fatma Nur; Rusgianto, Sulistya
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 4 (2025): November-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20254pp439-454

Abstract

This study aims to analyze the effect of macroeconomic, financial performance, and the COVID-19 pandemic on the stability of Islamic Rural Banks (BPRS) in Indonesia, as well as to examine the differences in these effects between the Java and non-Java regions. A quantitative approach using panel data regression (Random Effect Model) was applied to data from 100 BPRS during the 2020–2024 period. Financial stability was measured using the Z-score. Macroeconomic variables include provincial inflation and regional GDP growth (PDRB). Financial performance indicators consist of Capital Adequacy Ratio (CAR), Financing-to-Deposit Ratio (FDR), and Non-Performing Financing (NPF), while the COVID-19 dummy variable captures the impact of the pandemic shock. The empirical results show that CAR and NPF have a significant influence on BPRS stability across all regions, while inflation and PDRB are not statistically significant in the aggregate model. The COVID-19 variable exerts a significant negative effect on stability, confirming the pandemic’s disruptive impact on Islamic microfinance. When the model is estimated separately for Java and non-Java regions, the FDR variable demonstrates a stronger and negative effect on stability in non-Java BPRS, indicating structural disparities in liquidity management and risk absorption capacity. These findings underline the importance of region-specific macroprudential and microprudential policies, particularly in enhancing capital strength and liquidity governance among non-Java BPRS. The study contributes to the literature on Islamic financial stability by integrating macroeconomic, financial, and crisis dimensions within a regional framework, offering strategic implications for the Financial Services Authority (OJK) and Bank Indonesia to strengthen the resilience of Islamic microfinance institutions in Indonesia
Front Matter Volume 35, No. 2, June-November 2025 Rusgianto, Sulistya
Jurnal Ekonomi dan Bisnis Airlangga Vol. 35 No. 2 (2025): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V35I22025.%p

Abstract

Sharia Investment and Zakat Distribution Effects on Poverty Reduction in Indonesian Provinces (2020-2024) Ulfia Nur Afifa; Sulistya Rusgianto
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 3 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(3).240-259

Abstract

Introduction: This study aims to analyze the effects of Islamic investment, zakat distribution, gross regional domestic product (GRDP) per capita, and unemployment on poverty levels across Indonesian provinces. The objective is to assess how Islamic finance and macroeconomic indicators contribute to welfare improvement.Methodology: The method applies a static panel data regression using the Random Effect Model (REM) for the 2020–2024 period. Panel estimation captures both cross-sectional and time variations, while the Hausman test confirms the appropriateness of REM. Data are sourced from OJK, BAZNAS, BPS, and the Ministry of Manpower. The data are sourced from the Financial Services Authority of Indonesia (OJK), the National Board of Zakat (BAZNAS), the Central Statistics Agency (BPS), and the Ministry of Manpower.Result: The results show that Islamic investment significantly reduces poverty, emphasizing its role as an effective instrument for welfare. GRDP per capita also has a negative impact on poverty, highlighting the importance of regional economic growth. In contrast, zakat distribution and unemployment are not statistically significant in this model.Conclusion: The novelty of this study lies in combining Islamic social finance and investment variables with conventional macroeconomic factors in a single panel framework. This integration offers a more comprehensive perspective on poverty alleviation, particularly in the Indonesian context after 2020.
Pengaruh Pembiayaan Perbankan Syariah Berdasarkan Sektor Ekonomi Terhadap Lingkungan Hidup di Indonesia dengan Inflasi Sebagai Moderasi Dewi Rahmawati Maulidiyah; Vita Fatimatuzzahra; Sulistya Rusgianto
Jurnal Ilmiah Ekonomi Islam Vol. 9 No. 2 (2023): JIEI : Vol.9, No.2, 2023
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v9i2.8946

Abstract

This study aims to examine the effect of Islamic banking financing on the Environmental Quality Index with the inflation moderating variable. The Moderation Panel Data Regression Analysis was used in this study with samples from 33 provinces in Indonesia in 2010-2019 using non-probability sampling. The fixed effect model was chosen as the best model, using the inflation moderating variable shows that the mining and quarrying sector; the transportation, warehousing and communication sectors have a negative relationship, meaning that inflation can be a moderating variable. As for the manufacturing sector; electricity, gas, air sector; development sector; the trade, restaurant and hotel sectors have a negative and insignificant relationship and the agriculture, fishery and forestry sectors have a positive and insignificant relationship, inflation is also not moderate because high or low inflation doesn’t give effect on high financing that sectors, the focus of Islamic banking is on the real sector that drives energy consumption. Therefore, this research can serve as input for the Islamic Financial Institutions in prioritizing several environmentally friendly sectors to support Indonesia's green taxonomy, namely the service sector, the construction sector, the electricity, air and gas sector, the mining sector which have a positive but insignificant relationship because the market share of Islamic banking is still small compared to conventional banking.
THE INFLUENCE OF DIGITAL LITERACY AND PERCEPTION OF EASE OF USE ON PURCHASE DECISIONS: ISLAMIC CONSUMPTION ETHICS AS MODERATION Az-Zuhdiyyah, Hafshah Afifah; Abdullah, Muhammad Ammar; Rusgianto, Sulistya
Jurnal Ekonomika dan Bisnis Islam Vol 8 No 2 (2025): Agustus
Publisher : Universitas Negeri Surabaya

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Abstract

This study aims to analyze the influence of digital literacy and perceived ease of use on consumer purchasing decisions on e-commerce platforms, with Islamic consumption ethics as a moderating variable. Digital literacy is considered important because it influences consumers' ability to access and evaluate digital information effectively, while perceived ease of use reflects users' comfort in interacting with the platform. In the context of Muslim consumers, consumption ethics such as halal, fairness, and simplicity are also important considerations in decision-making. This study uses a quantitative approach with a survey method through a Likert scale questionnaire 1–5 to Muslim e-commerce users in Indonesia. The sampling technique used is non-probability sampling with a purposive sampling method of Muslim consumers using e-commerce in Indonesia. The collected data were analyzed using PLS-SEM techniques to test the direct and moderating effects. The results of this study indicate that digital literacy and perceived ease of use have a positive and significant effect on purchasing decisions in e-commerce. However, Islamic consumption ethics is not proven to moderate the relationship between digital literacy and purchasing decisions or between perceived ease of use and purchasing decisions. These findings provide implications for e-commerce players to improve the quality of digital services and also provide input for Muslim consumers to be wiser in utilizing the convenience of digital platforms in accordance with the principles of Islamic consumption ethics.
Pengaruh Zakat terhadap Pertumbuhan Ekonomi di Negara-Negara OKI: Peran Moderasi Kualitas Institusi dan Tantangan Digitalisasi dalam Ekonomi Syariah La Himmah il Princess Choris; Arva Athallah Susanto; Sulistya Rusgianto; Tika Widiastuti
SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah Vol 8 No 1 (2026): SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah
Publisher : STEI Kanjeng Sepuh Gresik Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59636/saujana.v8i1.352

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh zakat terhadap pertumbuhan ekonomi per kapita di negara-negara anggota Organisasi Kerja Sama Islam (OKI), dengan mempertimbangkan kualitas institusi sebagai variabel moderasi. Menggunakan data panel lintas negara selama periode 2003–2022 dan pendekatan regresi panel Tobit, penelitian ini menemukan bahwa zakat tidak memberikan dampak signifikan terhadap pertumbuhan ekonomi secara langsung. Namun, ketika dikombinasikan dengan kualitas institusi (INSQ), zakat menunjukkan pengaruh positif dan signifikan terhadap pertumbuhan. Sebaliknya, kualitas institusi sendiri menunjukkan pengaruh yang bervariasi, bahkan negatif dalam jangka pendek, yang mungkin disebabkan oleh biaya adaptasi reformasi institusional. Temuan ini mengindikasikan bahwa zakat paling efektif ketika dijalankan dalam konteks kelembagaan yang sedang berkembang. Selain itu, efektivitas pemerintah dan integritas lembaga memiliki pengaruh positif terhadap pertumbuhan, sementara rule of law menunjukkan dampak negatif dalam jangka pendek. Penelitian ini menyarankan pentingnya integrasi strategis antara instrumen fiskal Islam dan tata kelola yang baik untuk mendukung pembangunan ekonomi yang inklusif dan berkelanjutan di negara-negara Muslim.
Pendampingan Instrumentasi SROI kepada LAZ Yatim Mandiri untuk Mengukur Dampak Sosial-Ekonomi-Spiritual Program Breeding dan Fattening Domba Rusgianto, Sulistya; Widiastuti, Tika; Suprayogi, Noven; Cahyono, Eko Fajar; A'la, Al Marifatul; Laila, Nisful; Sukmaningrum, Puji Sucia; Dewi, Eka Puspa; Atiya, Nikmatul; Sambas, Shafana Putri; Fitriani, Chorista
SEMAR (Jurnal Ilmu Pengetahuan, Teknologi, dan Seni bagi Masyarakat) Vol 14, No 1 (2025): Mei
Publisher : LPPM UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/semar.v14i1.96450

Abstract

Kegiatan pengabdian masyarakat ini bertujuan memberikan pendampingan Lembaga Amil Zakat Nasional (LAZNAS) Yatim Mandiri dalam meningkatkan kemampuan mengevaluasi dampak sosial-ekonomi-spiritual program breeding dan fattening domba menggunakan metode Social Return on Investment (SROI). Tahapan kegiatan meliputi: (1) koordinasi awal untuk menyusun instrumen SROI; (2) Focus Group Discussion (FGD) dengan LAZNAS Yatim Mandiri guna menggali informasi terkait program; (3) pendampingan penyusunan instrumen SROI; (4) pendampingan evaluasi lapangan untuk pengumpulan data; dan (5) pendampingan penghitungan dampak sosial-ekonomi menggunakan metode SROI. Melalui program ini, Yatim Mandiri berhasil mengembangkan instrumen evaluasi SROI yang relevan dan efektif dalam mengukur dampak program. Hasil evaluasi menunjukkan bahwa rasio SROI program ini mencapai 5,42, yang berarti setiap Rp1 yang diinvestasikan menghasilkan manfaat ekonomi dan sosial senilai Rp5,42. Kegiatan ini tidak hanya memberikan gambaran nyata dampak sosial-ekonomi yang dihasilkan oleh program, tetapi juga memperkuat kapasitas LAZ Yatim Mandiri dalam menyusun dan mengevaluasi program secara mandiri di masa depan. Pendampingan ini diharapkan menjadi model strategis dalam pengelolaan program zakat berbasis pemberdayaan masyarakat yang terukur dan berkelanjutan.
Co-Authors A'la, Al Marifatul Abdullah, Muhammad Ammar Achmad Fadlil Abidillah Achmad Fadlil Abidillah Achmad Nur Iman Ahmad Fadlur Rahman Bayuny Akhmad Kusuma Wardhana Akhmad Kusuma Wardhana Akhmad Kusuma Wardhana akhmad kusuma wardhana Al Khaidar, Moch Aridhi Alfath Shifa Ghifara Almeyda, Devia Andini Cahyaning Pratiwi Annisa Rahma Febriyanti Anwar Allah Pitchay Arva Athallah Susanto Asya'bani, Nispia Asya’bani, Nispia Athallah Susanto, Arva Athi’ Hidayati Atiya, Nikmatul Awaludin, Azrul Afrillana Az-Zuhdiyyah, Hafshah Afifah Bayu Rahmadi Putra Bella, Firsty Izzata Cholil, Muhammad Chrisananda, Riska Anin Chrisananda, Riska Anin Devita Alliv Nurdiana Dewi Rahmawati Maulidiyah Dian Ghani Reza Dasangga Diana Nabilatul Arifah Eka Puspa Dewi Eko Fajar Cahyono, David Kaluge Eko Siswahto Faradilah Putri Fauzi Fasiha Fasiha Fasiha, Fasiha Fathurrohman, Muhammad Said Fauzi, R. Mohammad Qudsi Firdan Thoriq Faza Fitria Idham Chalid Fitriani, Chorista Habibi, Zamzam Hafizhah, Nur Zakiya Hariyanto Hariyanto Hasna Fauziana hasna fauziana Hasyim, Fuad Hidayati, Niswatin Nurul Hikmah, Lailatul Hosfaikoni Hadi, Nizar Ibnu Affan Inayah Rahman Indirwan, Syanisma Khansa Isro’i, Moch Imron Ivana Rosediana Dewi Jazilinni’am, Naili Joko Hadi Purnomo Juminten, Rekno Kamaluddin Kamaluddin Kanasibah, Auvi Diyanati Kasanah, Roisatun Kefeli, Zurina Kholison, Rohmatul Farokhah La Himmah il Princess Choris Lailatul Qamariyah Lailatul Qamariyah Lu'liyatul Mutmainah Mahsa Pasca Genbi Muhammad Mamduh, Muhammad Faizul Mardianita W.P, Olga Marwah Eugenia Cascarella Meri Indri Hapsari, Meri Indri Moh. Nurul Qomar Muh. Khairul Fatihin Muhamad Nafik Hadi Ryandono Muhammad Alan Nur Muttaqin, Ibnu Nadira Rahmandani Nanda Lismatiara Zubaid Nisful Laila Niswatin Nurul Hidayati Noven Suprayogi, Noven Nurul Fauziah Olga Mardianita W.P Perdana, Yuda Mahesa Pertiwi, Tanza Dona Puji Sucia Sukmaningrum Purnomo, Joko Hadi Putra, Bintang Fajar Muskan Putri Rizka Citaningati Ramly, Arroyan Ramly, Arroyyan Ririn Tri Ratnasari Robbani, Ridho Roemanasari, Febrita Rokhmah, Fatma Nur Sabela, Jenny Sambas, Shafana Putri Samsul Arifin Setianingsih, Hesti Eka Sholikah, Nia Mariatus Siska Arie Novita Sjam, Dewi Sjam, Dewi Sri Herianingrum Sri Herianingrum Sri Herianingrum Sukran Sukran Sukran, Sukran Suprayitno, Aryadimas Susanto, Arva Athallah Tiara Trenawulan Barkah Tika Widiastuti Ulandari Ulandari Ulfia Nur Afifa Vita Fatimatuzzahra Wahab, Abd Wedari, Dinda Tamara Widayanti, Mega Ayu Widyan Apriliska Fajri Yan Putra Timur