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Zakat Empowerment Model to Increase Income Generating Activities among Mustahik Sutrisno, Sutrisno; Hakimi, Fifi
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 1 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i1.10502

Abstract

This qualitative study explores a zakat-based empowerment model aimed at enhancing income generating activities (IGA) among mustahik through an integrated framework of capital support, capacity building, and continuous mentoring. Data were collected through in-depth interviews and focus group discussions with mustahik beneficiaries and program managers of productive zakat initiatives in Yogyakarta. The analysis focuses on understanding how productive zakat interventions, entrepreneurial skills development, and institutional support shape mustahik’s business performance and economic independence. The findings reveal that structured training, intensive mentoring, and appropriate business model selection play crucial roles in enabling mustahik to optimize the use of productive zakat and improve their livelihoods. Moreover, financial literacy and ongoing institutional guidance emerge as key determinants of program success, influencing beneficiaries' ability to sustain and grow their microenterprises. This study contributes to the refinement of zakat empowerment frameworks and offers practical recommendations to strengthen the long-term effectiveness and sustainability of zakat-based entrepreneurship programs in poverty alleviation.
A Comparative Study of Financial Distress in Sharia-Listed Transportation and Logistics Companies: Insights from the Altman Z - score Model During and After COVID-19 Syahidin, Muhammad Ramizal; Hakimi, Fifi; Maf'ula, Faricha; Kusumaningtyas, Dita Pratiwi; Assadam, Elvina
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.11964

Abstract

This study aims to analyze and compare the financial distress conditions of transportation and logistics sector issuers listed on the Sharia Securities List (Daftar Efek Syariah/DES) using the Altman Z-Score model during and after the COVID-19 pandemic (2021–2024). The novelty of this research lies in the selected period and research object. Employing a quantitative approach, the study examines quarterly financial reports of 14 issuers listed on the Indonesia Stock Exchange (BEI). Data analysis includes descriptive statistics, the Kolmogorov-Smirnov normality test, and the Wilcoxon Signed Rank difference test. The results reveal no statistically significant difference in financial distress levels between the pandemic and post-pandemic periods. Most issuers remained in the Altman Z-Score “red zone,” indicating persistently high bankruptcy risk. Nevertheless, these Sharia-compliant issuers demonstrated considerable financial resilience by consistently maintaining interest-based debt below 45% of total assets in accordance with DES criteria. Government stimulus policies and effective risk management practices further reinforced their stability. This study enriches the Islamic capital market literature by evidencing the relative resilience of Sharia-compliant companies amid prolonged crisis.