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All Journal Jurnal Ekonomi Pembangunan ETIKONOMI Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang Jurnal Ekonomi Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) IQTISHODUNA Jurnal Ekonomi Syariah Teori dan Terapan JURNAL EKONOMI DAN BISNIS AIRLANGGA An-Nisbah: Jurnal Ekonomi Syariah JIET (Jurnal Ilmu Ekonomi Terapan) Jurnal Ekonomi dan Bisnis Islam Falah : Jurnal Ekonomi Syariah Jurnal Ilmiah Ekonomi Islam Jurnal Riset Akuntansi dan Keuangan Jurnal Ekonomi & Keuangan Islam Transformatif Shirkah: Journal of Economics and Business PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat JESI (Jurnal Ekonomi Syariah Indonesia) Economic Education and Entrepreneurship Journal Journal of Islamic Accounting and Finance Research Media Agribisnis Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Oeconomicus Journal of Economics ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) SEMAR Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Journal of Islamic Economics and Finance Studies Daengku: Journal of Humanities and Social Sciences Innovation Al-Buhuts (e-journal) Jurnal Ekonomika dan Bisnis Islam Indonesian Community Journal Ijtimā`iyya: Journal of Muslim Society Research Indonesian Capital Market Review Journal of Islamic Economics Lariba SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah Sharia Economic and Management Business Journal (SEMBJ) Jurnal Mediasas : Media Ilmu Syari'ah dan Ahwal Al-Syakhsiyyah An-Nisbah: Jurnal Ekonomi Syariah Madania: Jurnal Kajian Keislaman eJEBA
Sulistya Rusgianto
3Department Of Islamic Economy, Faculty Of Economy And Business, Universitas Airlangga (60286), Indonesia
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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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.
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.
The impact of the Russia-Ukraine conflict on market volatility: stability of Islamic cryptocurrency Fuad Hasyim; Sulistya Rusgianto; Hesti Eka Setianingsih; Nurul Fauziah; Arroyan Ramly
Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024)
Publisher : Universitas Islam Negeri Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/jiafr.2024.6.2.22363

Abstract

Purpose - This research investigates how the Russia-Ukraine conflict affects the volatility of cryptocurrencies, with a specific focus on the comparative stability of Islamic gold-backed cryptocurrencies versus conventional cryptocurrencies, such as Bitcoin.Method - Utilizing the GARCH model, this study examines the risk factors and volatility transmission among cryptocurrencies (Bitcoin and Tether-gold), traditional financial markets (gold and stock markets), and their interrelationships during the conflict period. The study employs the daily closing prices of Bitcoin, Tether-gold, gold, the S&P 500, and the Dow Jones Islamic Market Index from February 7, 2020, to November 30, 2023.Result - Bitcoin experienced significant volatility during the conflict, while the Tether-gold remained more stable. Islamic gold-backed cryptocurrencies have proven to be more stable than conventional ones during geopolitical crises.Implication - The findings offer valuable insights for investors seeking safe-haven assets during periods of economic uncertainty. Gold-backed cryptocurrencies present a more stable investment option compared to conventional cryptocurrencies, especially for investors adhering to Shariah principles.Originality - This research highlights the stability of Islamic gold-backed cryptocurrencies during geopolitical events, contributing to the understanding of safe-haven assets and offering practical implications for portfolio diversification and risk management.
DECIPHERING THE DETERMINATION OF INDEX SHARIA FINANCIAL INCLUSION IN THE INDONESIAN LANDSCAPE Arifin, Samsul; Rusgianto, Sulistya; Suprayitno, Aryadimas; Sholikah, Nia Mariatus
e-Journal Ekonomi Bisnis dan Akuntansi Vol. 11 No. 2 (2024): e-JEBA Volume 11 Number 2 Year 2024
Publisher : UPT Penerbitan Universitas Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19184/ejeba.v11i2.48301

Abstract

This research aims to provide an in-depth review of the literature on the Index Sharia Financial Inclusion (ISFI) and examine the determinants influencing it. The study employs a quantitative approach across 28 provinces in Indonesia. The ISFI value is calculated using a well-established formula referenced in prior studies. The methodology adopted is a widely recognized one, utilizing the EViews 10 software for analysis. The results indicate that two variables, GDP per Capita and the Human Development Index (HDI), have a significant positive impact on ISFI. Conversely, the Number of Poor Population and the Gini Ratio exhibit a significant negative effect. Additionally, Unemployment and Zakat Distribution in the economic sector do not show a significant impact. The findings of this research are intended to serve as a reference for evaluating and enhancing sharia financial inclusion in Indonesia.
Pendampingan Instrumentasi SROI kepada LAZ Yatim Mandiri untuk Mengukur Dampak Sosial-Ekonomi-Spiritual Program Breeding dan Fattening Domba Sulistya Rusgianto; Tika Widiastuti; Noven Suprayogi; Eko Fajar Cahyono; Al Marifatul A'la; Nisful Laila; Puji Sucia Sukmaningrum; Eka Puspa Dewi; Nikmatul Atiya; Shafana Putri Sambas; Chorista Fitriani
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.
Front Matter Volume 36, No. 1, December-May 2026 Sulistya Rusgianto
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

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

Abstract

Fossil Fuel Subsidies in the Sustainable Urban Transport Agenda: A Maqaṣid al-Shari‘ah Approach Wempie Yuliane; Bayu Arie Fianto; Aam Slamet Rusydiana; Sulistya Rusgianto; Rheza Hermawan
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.2338

Abstract

Background: Urban transport systems in many Muslim-majority countries face persistent challenges from rapid motorization, underinvestment in public transport, and long-standing fossil fuel subsidies. Although politically popular, these subsidies distort price signals, encourage excessive private vehicle use, and contribute to congestion, air pollution, public health risks, and limited fiscal space for sustainable mobility investments. Method: This qualitative conceptual study reviewed Islamic jurisprudence, Islamic ethics, fossil fuel subsidies, transport externalities, and sustainable urban transport. It applies maqasid al-shariah, maslahah, khilafah, and la darar wa la diror to evaluate fossil fuel subsidies and sustainable urban transport from an Islamic ethical policy perspective. Results: Fossil fuel subsidies are found to generate ethical and socio-policy concerns when they encourage excessive private vehicle use, intensify negative transport externalities, and constrain public transport investment. From an Islamic ethical perspective, these effects may undermine life, wealth, public welfare, and environmental stewardship, whereas sustainable urban transport reflects harm prevention, public interest, moderation, and responsible stewardship better. Research limitations: This conceptual-normative paper develops an Islamic ethical-policy framework. Future research should empirically validate it through city-level case studies, stakeholder interviews, and behavioral studies on sustainable mobility acceptance. Originality/value: This study frames sustainable urban transport as an Islamic ethical policy imperative when mobility-related harm threatens the public welfare. Its originality lies in applying maqasid al-shariah, maslahah, khilafah, and la darar wa la diror to reassess fossil fuel subsidies and support sustainable mobility transitions, thus offering an ethical basis for subsidy reform, public transport investment, and policy acceptance.
Does the Risk and Financing Structure Affect Islamic Bank Performance in Indonesia? Ichsan Hamidi; Sulistya Rusgianto; Kamalia Sani; Robi'atul Adawiyah
Journal of Islamic Economics and Finance Studies Vol 6 No 2 (2025): JIEFeS, December 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i2.11323

Abstract

This study examines the effects of Profit and Loss Sharing (PLS) financing, Financing to Deposit Ratio (FDR), and Non-Performing Financing (NPF) on the profitability of Islamic commercial banks in Indonesia. Using a quantitative approach, the study employs a fixed-effect panel data regression model based on quarterly data from five Islamic commercial banks over the 2019–2023 period. The empirical results indicate that PLS financing has a positive and statistically significant effect on profitability, while NPF exerts a negative and significant effect. In contrast, FDR shows a negative but statistically insignificant relationship with profitability. These findings suggest that Islamic bank profitability is not primarily driven by liquidity expansion or financing intensity, but rather by the quality of financing and the effectiveness of risk management. The results further highlight that profit and loss-sharing financing can function as a strategic instrument to enhance profitability when supported by strong governance and credit risk control. By integrating financing structure, liquidity behavior, and credit risk within a unified analytical framework, this study contributes to the literature by providing empirical evidence on the conditional effectiveness of Islamic risk-sharing mechanisms in an emerging Islamic banking system.   Penelitian ini bertujuan untuk menganalisis pengaruh pembiayaan bagi hasil, Financing to Deposit Ratio, dan Non-Performing Financing terhadap profitabilitas bank umum syariah di Indonesia. Penelitian ini menggunakan pendekatan kuantitatif dengan model regresi data panel fixed effect berdasarkan data triwulanan dari lima bank umum syariah selama periode 2019–2023. Hasil penelitian menunjukkan bahwa pembiayaan PLS berpengaruh positif dan signifikan terhadap profitabilitas, sedangkan NPF berpengaruh negatif dan signifikan. Sementara itu, FDR memiliki pengaruh negatif namun tidak signifikan terhadap profitabilitas. Temuan ini mengindikasikan bahwa profitabilitas bank syariah tidak ditentukan oleh ekspansi likuiditas atau intensitas penyaluran pembiayaan, melainkan oleh kualitas pembiayaan dan efektivitas pengelolaan risiko. Hasil penelitian juga menegaskan bahwa pembiayaan bagi hasil dapat berfungsi sebagai instrumen strategis untuk meningkatkan profitabilitas apabila didukung oleh tata kelola yang kuat dan pengendalian risiko kredit yang memadai. Dengan mengintegrasikan struktur pembiayaan, perilaku likuiditas, dan risiko kredit dalam satu kerangka analisis, penelitian ini memberikan kontribusi empiris mengenai efektivitas bersyarat mekanisme bagi hasil dalam sistem perbankan syariah di negara berkembang.
Co-Authors Aam Slamet Rusydiana 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 Al Marifatul A'la Alfath Shifa Ghifara Almeyda, Devia Andini Cahyaning Pratiwi Annisa Rahma Febriyanti Anwar Allah Pitchay Arroyan Ramly Arva Athallah Susanto Arva Athallah Susanto Asya'bani, Nispia Asya’bani, Nispia Athi’ Hidayati Awaludin, Azrul Afrillana Bayu Arie Fianto Bayu Rahmadi Putra Bella, Firsty Izzata Cholil, Muhammad Chorista Fitriani Chrisananda, Riska Anin Chrisananda, Riska Anin Devita Alliv Nurdiana Dewi Rahmawati Maulidiyah Dian Ghani Reza Dasangga Diana Nabilatul Arifah Eka Puspa Dewi 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 Fuad Hasyim Habibi, Zamzam Hadi, Nizar Hosfaikoni Hafizhah, Nur Zakiya Hariyanto Hariyanto hasna fauziana Hasna Fauziana Hasyim, Fuad Hesti Eka Setianingsih Hidayati, Niswatin Nurul Hikmah, Lailatul Ibnu Affan Ichsan Hamidi Inayah Rahman Indirwan, Syanisma Khansa Isro’i, Moch Imron Ivana Rosediana Dewi Jazilinni’am, Naili Joko Hadi Purnomo Juminten, Rekno Kamalia Sani Kamaluddin Kamaluddin Kanasibah, Auvi Diyanati Kasanah, Roisatun Kefeli, Zurina Kholison, Rohmatul Farokhah La Himmah il Princess Choris 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 Nikmatul Atiya Nisful Laila Niswatin Nurul Hidayati Noven Suprayogi, Noven Nurul Fauziah Nurul Fauziah Oktari, Marina Olga Mardianita W.P Perdana, Yuda Mahesa Pertiwi, Tanza Dona Puji Sucia Sukmaningrum Purnomo, Joko Hadi Putra, Bintang Fajar Muskan Putri Rizka Citaningati Ramly, Arroyyan Rheza Hermawan Ririn Tri Ratnasari Robbani, Ridho Robi'atul Adawiyah Roemanasari, Febrita Rokhmah, Fatma Nur Sabela, Jenny Samsul Arifin Setianingsih, Hesti Eka Shafana Putri Sambas 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 Wedari, Dinda Tamara Widayanti, Mega Ayu Widyan Apriliska Fajri Yan Putra Timur Yuliane, Wempie