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Pemikiran Ekonomi Imam Ibnu Taimiyyah Menguak Pemikiran Ekonomi Muslim Klasik Marsella Marsella; Mohamad Soleh Nurzaman
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 5 No 5 (2023): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

This article aims to analyze classical Muslim economic thought based on the main ideas of Imam Ibn Taimiyah. Authors this article using a qualitative analysis method where the data and information were obtained by conducting a literature search from articles and previous research studies. The results obtained indicate that several principles of Islamic economics were born from the thoughts of Imam Ibn Taimiyah, which must be fulfilled in Islamic economic activities. These principles include monotheism, rules, freedom, justice, balance, and responsibility. Therefore, mus fulfilled all tenets because they are related to one another and cannot be separated. Of course, the thoughts of Imam Ibn Taimiyah have their meaning and purpose in developing economic activities, especially Islamic economics. Artikel ini bertujuan untuk menganalisis pemikiran ekonomi muslim klasik berdasarkan pokok pemikiran Imam Ibn Taimiyah. Dalam penulisan artikel ini menggunakan metode analisis kualitatif dimana data dan informasi yang termuat didalamnya didapat dengan melakukan penelusuran pustaka dari artikel dan kajian penelitian terdahulu. Hasil yang diperoleh menunjukkan bahwa terdapat beberapa prinsip ekonomi islam yang lahir dari pemikiran Imam Ibn Taimiyah yang harus dipenuhi dalam kegiatan perekonomian islam. Prinsip tersebut diantaranya: ketauhidan, kaidah, kebebasan, keadilan, keseimbangan, dan tanggung jawab. Keenam prinsip tersebut harus terpenuhi seluruhnya sebab keenam prinsip memiliki keterkaitan satu sama lain tanpa boleh terpisahkan. Tentunya pemikiran Imam Ibn Taimiyah memiliki makna dan tujuan tersendiri untuk mengembangkan kegiatan perekonomian khususnya ekonomi islam.

Intentions to Consume Sustainable Fashion Products in Indonesia: Does Religiosity Affect ? Mohamad Soleh Nurzaman; Elvira Herdiani
ETIKONOMI Vol 22, No 2 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i2.34281

Religiosity is expected to be a positive driving factor of consumption demand for environmentally friendly fashion products. However, few studies have been found that focus on consumer behavior in purchasing sustainable fashion, and none use religiosity as an explanatory variable. This study, therefore, is the first to analyze the effect of religiosity on the intention to consume sustainable fashion products. This study used a quantitative approach with the Structural Equation Modelling (SEM) analysis method and involved 522 respondents in Indonesia. By adopting the theory of planned behavior model, the study results show that religiosity significantly positively affects purchase intentions of sustainable fashion products through the variables' attitude towards behavior and perceived behavioral control. At the same time, the green thinking variable also has a positive impact, but altruism is irrelevant to sustainable fashion consumption. These results indicate that if the consumer is religious, this can lead to a better environmentally friendly attitude and result in a tendency to consume sustainable fashion products.JEL Classification: D12, D90, Z12How to Cite:Nurzaman, M. S., & Herdiani, E. (2023). Intentions to Consume Sustainable Fashion Products in Indonesia: Does Religiosity Affect? Etikonomi, 22(2), 277 – 292. https://doi.org/10.15408/etk.v22i2.34281.

Islamic Fintech Business Model and Regulation in Indonesia Surbakti Mhd Handika; Mohamad Soleh Nurzaman
Al Tijarah Vol. 10 No. 1 (2024): Al Tijarah | June
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/at.v10i1.10418

The growth of the sharia financial technology (fintech) industry in Indonesia presents a joint task with stakeholders, namely increasing literacy in order to create a conducive ecosystem for the development and sustainability of sharia fintech. This study aims to systematically explain the various Islamic fintech business models in Indonesia and transaction schemes to the regulations and regulators that regulate and supervise them. This study uses a qualitative approach and descriptive analysis (qualitative descriptive analysis). This preliminary research found that there are four sharia fintech business models operating in Indonesia, namely: fintech payment, peer to peer lending, securities crowdfunding and digital financial innovation. The regulators that carry out regulation and supervision are Bank Indonesia (Ministry of Payment System Policy), Financial Services Authority (Directorate of Fintech Regulation, Licensing, and Supervision, Department of Capital Markets and Digital Finance and Innovation Group) and the Indonesian Ulema Council (National Sharia Council). The author suggests that further researchers can explore the study of each of these sharia fintech clusters, both in terms of regulation, consumer behavior, business model development and so on.

Islamic Fintech Development Strategy in Indonesia: Analytic Network Process (ANP) Approach Surbakti, Mhd Handika; Nurzaman, Mohamad Soleh
Ekonomi Islam Indonesia Vol. 6 No. 2 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i2.582

This study aims to analyze problem priorities, solutions and strategies in the development of Islamic fintech in Indonesia by using Analytical Network Process (ANP) method. The background of this study is the rapid growth of the Islamic fintech industry in Indonesia, but until now the map has not been found in its development. This study involved stakeholders from the government/ regulators, practitioners and academics as the research respondents. The results of this study showed that the problem priorities of Islamic fintech development in Indonesia respectively are Regulation, Literacy, Human Resources (HR) and Capital. While the solution priorities respectively are Literacy, Human Resources (HR), Regulation and Capital. The alternative priorities for the Islamic fintech development strategy in Indonesia respectively are Increasing Literacy, Strengthening Government Support, Improving Quality and Quantity of Human Resources (HR), Expanding Access to Capital and Creating Ecosystems. This study shows that collaborative efforts are needed so that the Islamic fintech industry in Indonesia can develop and be sustainable.

Macroeconomic Determinants and Global Islamic Market Linkages of the Jakarta Islamic Index Fitriansyah, Rahmat; Nurzaman, Mohamad Soleh
Share: Jurnal Ekonomi dan Keuangan Islam Vol 14, No 1 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.26679

Amidst significant volatility and a sustained decline over the past decade, the Jakarta Islamic Index (JII) performance is closely linked to domestic macroeconomic conditions and global Islamic equity trends. This study employs Vector Autoregression (VAR) and Vector Error Correction Model (VECM) methodologies to analyze the short- and long-term impacts of key macroeconomic indicators—Bank Indonesia interest rate (BI Rate), Consumer Price Index (CPI), Rupiah exchange rate (ER), global oil prices (CO), and Dow Jones Islamic Market (DJIM) indices from the US, Europe, and Japan—on the JII. Short-term findings reveal negative effects from the BI Rate and DJIM Europe, and positive impacts from the CPI and DJIM Japan. In the long term, ER, CO, and DJIM Japan negatively influence the JII, while DJIM US provides positive contributions. Significant contributors to JII fluctuations include DJIM Japan, CPI, and CO, with adverse responses to BI Rate and DJIM US shocks. These findings underscore the imperative for policymakers to maintain exchange rate stability, manage monetary policy prudently, and consider energy diversification. For Sharia investors, the results advocate for strategic portfolio diversification, incorporating global Sharia-compliant equities and inflation-resistant assets to navigate the identified risks and optimize returns.========================================================================================================ABSTRAK - Indikator Makroekonomi dan Pasar Modal Syariah Global pada Jakarta Islamic Index. Di tengah volatilitas signifikan dan penurunan berkelanjutan selama dekade terakhir, kinerja Jakarta Islamic Index (JII) terkait erat dengan kondisi makroekonomi domestik dan tren pasar ekuitas syariah global. Penelitian ini menggunakan metode Vector Autoregression (VAR) dan Vector Error Correction Model (VECM) untuk menganalisis dampak jangka pendek dan jangka panjang dari indikator makroekonomi utama, yaitu suku bunga Bank Indonesia (BI Rate), Indeks Harga Konsumen (CPI), nilai tukar Rupiah terhadap Dolar AS (ER), harga minyak global (CO), dan indeks Dow Jones Islamic Market (DJIM) dari AS, Eropa, dan Jepang, terhadap JII. Hasil jangka pendek menunjukkan dampak negatif dari BI Rate dan DJIM Eropa, serta dampak positif dari CPI dan DJIM Jepang. Dalam jangka panjang, ER, CO, dan DJIM Jepang memberikan pengaruh negatif terhadap JII, sementara DJIM AS memberikan kontribusi positif. Kontributor utama terhadap fluktuasi JII adalah DJIM Jepang, CPI, dan CO, dengan respons negatif terhadap kejutan dari BI Rate dan DJIM AS. Temuan ini mendorong pembuat kebijakan untuk menjaga stabilitas nilai tukar, mengelola kebijakan moneter secara bijaksana, dan mempertimbangkan diversifikasi energi. Bagi investor syariah, hasil studi ini mendukung diversifikasi portofolio strategis, menggabungkan ekuitas syariah global dan aset tahan inflasi untuk mengelola risiko yang teridentifikasi dan mengoptimalkan imbal hasil.

Macroeconomic Determinants and Global Islamic Market Linkages of the Jakarta Islamic Index Fitriansyah, Rahmat; Nurzaman, Mohamad Soleh
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 14 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.26679

Amidst significant volatility and a sustained decline over the past decade, the Jakarta Islamic Index (JII) performance is closely linked to domestic macroeconomic conditions and global Islamic equity trends. This study employs Vector Autoregression (VAR) and Vector Error Correction Model (VECM) methodologies to analyze the short- and long-term impacts of key macroeconomic indicators—Bank Indonesia interest rate (BI Rate), Consumer Price Index (CPI), Rupiah exchange rate (ER), global oil prices (CO), and Dow Jones Islamic Market (DJIM) indices from the US, Europe, and Japan—on the JII. Short-term findings reveal negative effects from the BI Rate and DJIM Europe, and positive impacts from the CPI and DJIM Japan. In the long term, ER, CO, and DJIM Japan negatively influence the JII, while DJIM US provides positive contributions. Significant contributors to JII fluctuations include DJIM Japan, CPI, and CO, with adverse responses to BI Rate and DJIM US shocks. These findings underscore the imperative for policymakers to maintain exchange rate stability, manage monetary policy prudently, and consider energy diversification. For Sharia investors, the results advocate for strategic portfolio diversification, incorporating global Sharia-compliant equities and inflation-resistant assets to navigate the identified risks and optimize returns.========================================================================================================ABSTRAK - Indikator Makroekonomi dan Pasar Modal Syariah Global pada Jakarta Islamic Index. Di tengah volatilitas signifikan dan penurunan berkelanjutan selama dekade terakhir, kinerja Jakarta Islamic Index (JII) terkait erat dengan kondisi makroekonomi domestik dan tren pasar ekuitas syariah global. Penelitian ini menggunakan metode Vector Autoregression (VAR) dan Vector Error Correction Model (VECM) untuk menganalisis dampak jangka pendek dan jangka panjang dari indikator makroekonomi utama, yaitu suku bunga Bank Indonesia (BI Rate), Indeks Harga Konsumen (CPI), nilai tukar Rupiah terhadap Dolar AS (ER), harga minyak global (CO), dan indeks Dow Jones Islamic Market (DJIM) dari AS, Eropa, dan Jepang, terhadap JII. Hasil jangka pendek menunjukkan dampak negatif dari BI Rate dan DJIM Eropa, serta dampak positif dari CPI dan DJIM Jepang. Dalam jangka panjang, ER, CO, dan DJIM Jepang memberikan pengaruh negatif terhadap JII, sementara DJIM AS memberikan kontribusi positif. Kontributor utama terhadap fluktuasi JII adalah DJIM Jepang, CPI, dan CO, dengan respons negatif terhadap kejutan dari BI Rate dan DJIM AS. Temuan ini mendorong pembuat kebijakan untuk menjaga stabilitas nilai tukar, mengelola kebijakan moneter secara bijaksana, dan mempertimbangkan diversifikasi energi. Bagi investor syariah, hasil studi ini mendukung diversifikasi portofolio strategis, menggabungkan ekuitas syariah global dan aset tahan inflasi untuk mengelola risiko yang teridentifikasi dan mengoptimalkan imbal hasil.

Is Full-Fledged Sharia General Insurance More Efficient Compared to Sharia Business Units (UUS)? An Efficiency Evaluation Study Towards the Mandatory Spin-Off Period in Indonesia Marsella, Marsella; Nurzaman, Mohamad Soleh; Anwar, Saiful
The International Journal of Financial Systems Vol. 3 No. 1 (2025)
Publisher : Otoritas Jasa Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61459/ijfs.v3i1.47

This study explores the comparative efficiency of Islamic general insurance providers in Indonesia, focusing on full-fledged companies versus Islamic business units (UUS), particularly in light of the mandatory spin-off policy. Covering the period from 2017 to 2022, we adopt a two-stage analytical approach. First, we apply a non-parametric method — Data Envelopment Analysis (DEA) — to measure efficiency levels, using assets and business expenses as input variables, and net profit along with operating income as output variables. In the second stage, we employ Tobit regression to investigate the key drivers of efficiency, using the DEA scores as the dependent variable and Return on Assets (ROA), Return on Equity (ROE), Current Ratio, and Risk-Based Capital (RBC) as explanatory factors. Our findings reveal that Islamic business units consistently outperform full-fledged Islamic insurers in achieving higher efficiency. Furthermore, ROA emerges as a significant positive determinant of efficiency, while the Current Ratio shows a significant negative impact. In contrast, ROE and RBC do not exhibit significant influence on efficiency levels. These insights contribute to the discourse on the operational dynamics of Islamic insurance, offering practical implications for regulators and industry stakeholders navigating the evolving Sharia insurance landscape in Indonesia.

A Model of Zakah-Waqf Integration for MSMEs Empowerment in Islamic Social Finance Alfian, Annisa Maulidia; Nurzaman, Mohamad Soleh; Alfian, Alfian
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 14 No. 2 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.28451

Micro, small, and medium enterprises (MSMEs) in Indonesia face persistent challenges in accessing capital, as reported in the 2023 Micro and Small Industry (IMK) survey. As instruments of Islamic social finance, zakah and waqf offer promising alternative funding sources for MSME empowerment. Currently, zakah and waqf institutions operate productive MSME programs independently, despite their complementary characteristics. This study aims to develop an integrated model of productive zakah and cash waqf to enhance the empowerment of MSMEs, while also identifying the key issues, solutions, and strategies required for implementation. A qualitative approach was employed through in-depth expert interviews to design the model, followed by the Delphi-Analytic Network Process (ANP) method to assess stakeholder consensus on challenges, responses, and policy strategies. The findings reveal a dual-scheme model: the first scheme utilizes productive zakah and returns from cash waqf (mauquf alaih) to support newly established MSMEs, while the second scheme allocates cash waqf funds (mauquf bih) to more established MSMEs under a mudharabah contract. Delphi-ANP analysis indicates that human resource capacity is the top priority for successful integration, followed by regulatory alignment, public awareness, and technological readiness. The study concludes that harmonizing zakah and waqf management within single institutions should be prioritized before expanding to cross-institutional collaborations, offering a practical roadmap for enhancing Islamic social finance effectiveness in MSME development. Abstrak Model Integrasi Zakat-Wakaf untuk Pemberdayaan UMKM dalam Keuangan Sosial Islam. Usaha Mikro, Kecil, dan Menengah (UMKM) di Indonesia masih menghadapi kesulitan dalam memperoleh akses permodalan, sebagaimana tercermin dalam survei Industri Mikro dan Kecil (IMK) tahun 2023. Zakat dan wakaf sebagai instrumen keuangan sosial Islam menawarkan alternatif pendanaan yang potensial bagi pemberdayaan UMKM. Saat ini, program zakat produktif dan wakaf tunai dijalankan secara terpisah oleh masing-masing lembaga, meskipun keduanya memiliki karakteristik yang saling melengkapi. Penelitian ini bertujuan untuk merancang model integrasi zakat produktif dan wakaf tunai untuk pemberdayaan UMKM, serta mengidentifikasi isu utama, solusi, dan strategi implementasinya. Pendekatan kualitatif digunakan melalui wawancara mendalam dengan para ahli untuk menyusun model, yang kemudian dilanjutkan dengan metode Delphi-Analytic Network Process (ANP) guna mengukur konsensus pemangku kepentingan terhadap permasalahan, solusi, dan strategi kebijakan. Hasil penelitian menunjukkan bahwa model integrasi terdiri dari dua skema: skema pertama menggunakan dana zakat produktif dan hasil pembiayaan wakaf (mauquf alaih) untuk mendukung UMKM baru, sedangkan skema kedua mengalokasikan dana wakaf tunai (mauquf bih) kepada UMKM yang telah berjalan melalui kontrak mudharabah. Analisis Delphi-ANP menempatkan penguatan kapasitas sumber daya manusia sebagai prioritas utama integrasi, diikuti oleh keselarasan regulasi, peningkatan kesadaran masyarakat, dan kesiapan teknologi. Penelitian ini menyimpulkan bahwa harmonisasi manajemen zakat dan wakaf dalam satu lembaga perlu didahulukan sebelum melangkah ke kolaborasi antar-lembaga, sehingga dapat menjadi panduan praktis dalam meningkatkan efektivitas keuangan sosial Islam untuk pengembangan UMKM.

Analisis Stabilitas dan Efektivitas Relatif Besaran Moneter Bebas Bunga di Indonesia: Sebuah Pengujian Ekonometrik pada Data Time Series Tahun 1971:1-2002:4 Nasution, Mustafa Edwin; Nurzaman, Mohamad Soleh
Jurnal Ekonomi dan Pembangunan Indonesia Vol. 6, No. 2
Publisher : UI Scholars Hub

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

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Does Religious Learning Affect Saving Intention in Islamic banks? An Empirical Evidence from High School Alumni in Jakarta Mohamad Soleh Nurzaman; Toyyib Hidayah
Talaa : Journal of Islamic Finance Vol. 4 No. 2: December 2024
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v4i2.768

Indonesia is one of the countries with the largest Muslim population in the world, but the number of Islamic bank customers is still small compared to conventional banks. Although there have been many studies that have tried to identify factors that influence intention in saving in Islamic banks, none have discussed the role of religious learning in high schools. Therefore, this study aims to determine whether there is an effect of compulsory Islamic religious learning for 3 years at the high school level on saving intention in Islamic banks. This study uses a quantitative method by taking a sample of 125 alumni of State High Schools in Jakarta who graduated in 2020-2023, which were then analyzed using the Partial Least Square Structural Equation Model (PLS-SEM). Based on the Theory of Reasoned Action (TRA) used, the results of this study indicate that Islamic religious learning provided during school has a significant effect on saving intention in Islamic banks. Meanwhile, the variables of religiosity, attitude, and subjective norms also have an effect, with a higher significance value, on interest in saving in Islamic banks.

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