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All Journal Jurnal Akuntansi dan Pajak Jurnal Ilmiah Ekonomi Islam Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah JABE (Journal of Applied Business and Economic) Journal of Humanities and Social Studies Syarikat : Jurnal Rumpun Ekonomi Syariah EKSISBANK (Ekonomi Syariah dan Bisnis Perbankan) International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Ilmiah Edunomika (JIE) Al-Kharaj: Journal of Islamic Economic and Business SOSIOEDUKASI : JURNAL ILMIAH ILMU PENDIDIKAN DAN SOSIAL Community Development Journal: Jurnal Pengabdian Masyarakat JURMA : Jurnal Program Mahasiswa Kreatif Ekonomi Bisnis Manajemen dan Akuntansi (EBMA) Quantitative Economics and Management Studies Jurnal Akuntansi AKTIVA INTERNATIONAL JOURNAL OF CULTURAL AND SOCIAL SCIENCE Jurnal Minfo Polgan (JMP) Jurnal Ekonomi Syariah dan Bisnis Economic Reviews Journal Mumtaz : Jurnal Ekonomi dan Bisnis Islam Islam Realitas: Journal of Islamic and Social Studies Asian Journal of Applied Business and Management (AJABM) Innovative: Journal Of Social Science Research Indonesian Journal of Advanced Research (IJAR) JURNAL EKONOMI BISNIS DAN MANAJEMEN Jurnal Ekonomi Bisnis dan Manajemen Jurnal Ilmiah Ekonomi dan Manajemen Jurnal Sains Student Research Mimbar Administrasi Ecobankers : Journal of Economy and Banking Jurnal Ekonomi, Manajemen, Akuntansi Scripta Economica: Journal of Economics, Management, and Accounting Nomico JRTI (Jurnal Riset Tindakan Indonesia) Jurnal Ekonomi, Manajemen, Bisnis dan Akuntansi Review Jurnal Ekonomi, Manajemen, Akuntansi dan Keuangan Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Maryam Batubara
Universitas Islam Negeri Sumatera Utara
Religion Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Public Health Social Sciences Other

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Analisis Komparatif Krisis Likuiditas Sektoral pada Palestine Exchange (PEX) dan Bursa Efek Indonesia (BEI) Hasbih Soleh Suryadi; Maryam Batubara
Economic Reviews Journal Vol. 5 No. 3 (2026): Economic Reviews Journal
Publisher : Masyarakat Ekonomi Syariah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56709/mrj.v5i3.1192

Abstract

This study aims to comparatively analyze the impact of monetary structures and Islamic financial architecture on the stability of banking sectors listed on capital markets, using the Palestine Exchange (PEX) and the Indonesia Stock Exchange (IDX) as case studies. Employing a political-economy approach and structural analysis, the study examines how the absence of monetary sovereignty triggered the anomaly known as "The Shekel Surplus Crisis" in Palestine, contrasting it with the single, Rupiah-based monetary transmission mechanism in Indonesia. Furthermore, the study explores how Islamic financial instruments on both exchanges responded to these liquidity challenges. The analysis reveals that both conventional and Islamic banking issuers on the PEX face extreme operational risks due to the accumulation of unproductive physical capital (Shekels)—which cannot be digitized owing to repatriation quota restrictions imposed by the Central Bank of Israel—coupled with a lack of liquidity management instruments for Islamic finance in Palestine. Conversely, mandatory Rupiah regulations and the availability of Islamic money market instruments (PUAS) on the IDX—fully supported by Bank Indonesia—have proven effective in creating a stable liquidity buffer. The study concludes that capital market performance and the resilience of the Islamic finance industry are not determined solely by Shariah compliance or infrastructure modernization but are intrinsically linked to a nation's monetary sovereignty. (UNCTAD, 1994; IMF, 2022; Bank Indonesia, 2008; Bank Indonesia, 2024).
Nikel Indonesia dan Fosfat Yordania: Analisis Sinergi Strategis dan Komparasi Dampak Sektoral Terhadap Ekonomi, Lingkungan, Serta Pasar Modal Syariah dan Uang Mutiara Kesuma; Maryam Batubara
Economic Reviews Journal Vol. 5 No. 3 (2026): Economic Reviews Journal
Publisher : Masyarakat Ekonomi Syariah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56709/mrj.v5i3.1193

Abstract

This study analyzes the strategic synergy between Indonesian nickel and Jordanian phosphate commodities and compares the impact of both countries’ mining sectors on the economy, the environment, and the Islamic capital market. Using a qualitative approach with a multi-site comparative case study design, the study finds that Indonesia’s nickel downstreaming policy has driven substantial economic growth, with the mining sector contributing 12% of GDP in 2024 and processed nickel exports reaching USD9.73 billion in 2025. However, the policy faces serious criticism because of oversupply that has pushed nickel prices down by nearly 40%, from US$38,000 to US$15,000 per ton, extreme dependence on the Chinese market which absorbs 94% of downstream exports, and foreign dominance over roughly 75% of domestic nickel-refining capacity. The environmental impact is also severe, reflected in 5,501 hectares of deforestation, smelter CO2 emissions of 58.6 tons per ton of nickel, five times higher than Australia’s, and a surge in acute respiratory illness cases reaching 55,527. By contrast, Jordan’s phosphate industry, which contributes 25% of national manufacturing output, shows a more planned “green transformation” approach, although it still faces water-scarcity challenges. From a capital-market perspective, both commodities have been integrated into the Islamic financial ecosystem through sharia-indexed stocks and corporate sukuk, with Indonesia showing greater depth and diversity of instruments. The study’s main recommendation is to strengthen bilateral cooperation through existing joint ventures, apply Islamic-finance principles and environmental sustainability simultaneously, and diversify export markets and technology to reduce strategic vulnerability.
Perkembangan Pasar Uang dan Pasar Modal di Malaysia: Studi Perbandingan dengan Indonesia Yasri Azwar Siregar; Maryam Batubara
Economic Reviews Journal Vol. 5 No. 3 (2026): Economic Reviews Journal
Publisher : Masyarakat Ekonomi Syariah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56709/mrj.v5i3.1194

Abstract

This article examines the development of the money market and stock market in Malaysia and compares it with conditions in Indonesia. The study employs a descriptive-qualitative method based on a literature review of academic publications, official reports from financial authorities, and stock exchange statistics from both countries published within the last five years. The findings indicate that Malaysia's capital market, regulated by Bank Negara Malaysia and the Securities Commission Malaysia, has grown relatively steadily, with Bursa Malaysia's market capitalisation reaching approximately RM2.05 trillion in the third quarter of 2024 and the highest number of listed companies in the ASEAN region. Malaysia also maintains its position as a global Islamic finance hub, with sukuk serving as a core instrument of its money and capital markets. Meanwhile, the Indonesia Stock Exchange recorded a larger nominal market capitalisation, yet its market-capitalisation-to-GDP ratio remains relatively lower than Malaysia's. Indonesia's money market is being strengthened through Bank Indonesia's regulatory reforms and its money and foreign exchange market deepening roadmap toward 2030. Studies on ASEAN capital market integration show a relatively strong short-term linkage between the Indonesian and Malaysian capital markets. The article concludes that both countries share a broadly aligned direction of financial market development, while differing in the pace of market deepening, investor literacy, and the role of Islamic finance.
The Influence of Stock Market Anomalies on Sharia Stock Returns in Companies Implementing the ESG (Environmental, Social, and Governance) Concept in Indonesia Eva Syahrida Siregar; Maryam Batubara; Nur Ahmadi Bi Rahmani
JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) Vol 9, No 2 (2025): Journal of Humanities and Social Studies
Publisher : UNIVERSITAS PAKUAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jhss.v9i2.12218

Abstract

Market anomaly is a deviation that occurs in the capital market. The existence of market anomalies (irregularities) then forms one of the phenomena that disrupts the efficient capital market hypothesis theory. This market anomaly rejects the hypothesis of the capital market efficiency concept which states that investors cannot predict prices and rates of return based on past stock prices due to random returns, but can be predicted based on the influence of the calendar or a certain period. So that this seasonal anomaly can be utilized by investors to obtain high abnormal returns. This study was conducted to test the effect of the Monday Effect and Ramadhan Effect phenomena on the returns of companies that apply the ESG concept in Indonesia for the period 2024. The sampling technique used in this study uses NonProbability Sampling, namely quota sampling. Data analysis was carried out using descriptive analysis and hypothesis testing. The results of the analysis show that there is no Monday Effect and Ramadhan Effect phenomenon in Indonesia in 2024. So the Monday Effect and Ramadhan Effect phenomena do not affect the returns of companies that apply the ESG concept in Indonesia
Analisis Kelangkaan Minyak Goreng Terhadap Masyarakat Medan Hafidah Ayu Kusnadi; Sheila Anggraini; Maryam Batubara
Ekonomi Bisnis Manajemen dan Akuntansi (EBMA) Vol 3, No 1: 2022
Publisher : LPPM Universitas Labuhanbatu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36987/ebma.v3i1.2983

Abstract

This study aims to determine how people's attitudes towards the scarcity of cooking oil in the city of Medan. Cooking oil is one of the nine basic ingredients that have an important role for the people of Indonesia and also for the Indonesian economy. The city of Medan is one of the big cities which of course also needs cooking oil for consumption needs for household use or for trading. The conditions that occurred during the economic crisis a few years ago, when there was a shortage of cooking oil in the local market, showed the importance of cooking oil as a daily necessity. The results and conclusions are that the causes of the increase in cooking oil prices include hoarding, smuggling of cooking oil, and public panic buying. The government's actions are to make a policy regarding cooking oil at one price per liter, establish a Food Task Force Team, create a complaint hot line, and provide a budget for subsidizing cooking oil prices. The factors that influence consumer behavior in buying cooking oil are price, income, daily needs and easy to obtain.
Peran Agen Asuransi di Era Digital dalam Pemasaran Produk Asuransi Muhammad Fauzan; Maryam Batubara
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 4 No. 2: Januari 2025
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v4i2.7471

Abstract

This article will discuss the impact of technological advances on the insurance industry. Digital insurance is a type of insurance that can be purchased online, which makes it easier to obtain insurance without using an intermediary. All previously traditional insurance purchasing processes can now be completed online at any time and from any location as long as you have an internet connection. Nowadays, various digital insurance options are also accessible, including online life insurance offered by insurance companies, travel insurance, car insurance, health insurance, and accident insurance. Apart from being purchased online, buyers will receive their insurance policy in digital format, which is usually called an electronic policy. Usually, online insurance policies. The claim procedure can also be completed online. When compared to traditional insurance promoted by marketers, digital insurance is generally not much different. For those of you who want to start trying to get protection, digital insurance offers a number of benefits that are worth considering.
Subnational welfare dynamics: interaction effects and structural contributions of socioeconomic drivers in post-conflict economies Yola Kaspia; Maryam Batubara; Yusrizal
JRTI (Jurnal Riset Tindakan Indonesia) Vol. 11 No. 1 (2026): JRTI (Jurnal Riset Tindakan Indonesia)
Publisher : IICET (Indonesian Institute for Counseling, Education and Therapy)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29210/30036899000

Abstract

Poverty is a multidimensional issue influenced by the interaction of various economic and social indicators. However, most previous studies have relied on static regression approaches, which fail to capture dynamic feedback mechanisms over time. This study analyzes the dynamic interactions among poverty headcount, population, the Open Unemployment Rate (OUR), real Gross Regional Domestic Product (GRDP), and the Human Development Index (HDI) in Aceh Province, Indonesia. Utilizing official provincial-level annual time-series data from Statistics Indonesia (BPS) for 2005–2024 (n=20), this study employs a Vector Autoregression (VAR) framework, including the Engle–Granger cointegration test, Error Correction Model (ECM), Impulse Response Function (IRF), and Variance Decomposition (VD). To preserve degrees of freedom and avoid over-parameterization given the short sample size, optimal lag lengths were strictly constrained based on information criteria. The findings indicate no significant short-run causal relationships among variables, except from poverty to HDI. The ECM estimation reveals that population, OUR, GRDP, and HDI do not significantly affect poverty in the short run, but exert strong cointegrating effects in the long run. IRF shows that shocks gradually return to equilibrium, while VD identifies GRDP and poverty as the most dominant shock drivers in the system. These findings demonstrate that poverty alleviation in Aceh requires long-term structural policies focused on inclusive economic growth, human capital enhancement, and labor market expansion rather than short-term interventions.
Sharia Crowdfunding as an Instrument of MSME Financial Inclusion in Indonesia: Development, Challenges, and Regulatory Implications Bunga Dwi Fani Ritonga; Saparuddin Siregar; Maryam Batubara
Journal of Economics, Management, and Accounting Vol 1 No 3 (2026): March: Scripta Economica: Journal of Economics, Management, and Accounting
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/4w024365

Abstract

Sharia crowdfunding has gained increasing attention as an alternative financing mechanism capable of supporting MSME financial inclusion in Indonesia’s Islamic economic framework. This study aims to analyze the development of Sharia crowdfunding, identify key challenges in its implementation for MSME financing, and examine the resulting regulatory and institutional implications. Employing a qualitative research approach, the study utilizes in-depth interviews, document analysis, and literature review to capture perspectives from regulators, platform operators, Sharia authorities, investors, and MSME actors. The findings indicate that Sharia crowdfunding contributes to expanding access to capital through ethical, risk-sharing, and technology-based financing models, while remaining consistent with Islamic principles. However, its implementation is constrained by limited financial literacy, dual regulatory compliance demands, governance standardization issues, MSME capacity limitations, and investor risk perceptions. The study further reveals that effective regulatory harmonization, strengthened Sharia supervision, and institutional coordination are critical to ensuring sustainability and credibility. These findings underscore the role of Sharia crowdfunding as a complementary instrument for inclusive economic development and provide policy-relevant insights for strengthening Indonesia’s Islamic fintech ecosystem.
An Analysis of the Impact of Flash Floods on the Economic Welfare of the Community in Batang Toru From the Perspective of Maqasid Sharia Rizalul Muslih Syawaluddin Hsb; Maryam Batubara; Muhammad Arif
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12279

Abstract

This study analyzes the factors causing landslides and flash floods and their impact on the economic well-being of communities in Batang Toru District, South Tapanuli Regency, from the perspective of Maqasid Sharia. It was prompted by the flash flood disaster of 25 November 2025, which resulted in fatalities, infrastructure damage, loss of productive assets, and disruption of social-economic activities. This qualitative field research collected data through in-depth interviews, observation, and documentation involving the village head, the Regional Disaster Management Agency (BPBD), and affected residents, analyzed using the Miles, Huberman, and Saldaña interactive model. The findings show that the disaster was caused by the interaction of extreme rainfall, steep topography, the overflow of the Batang Toru River, land-use change, and river sedimentation. The disaster significantly affected economic well-being through damaged farmland, lost productive assets, halted economic activity, declining household income, heightened health risks, and disrupted children's education. From the Maqasid Sharia perspective, these impacts touch all five essential objectives of sharia: hifz al-din, hifz al-nafs, hifz al-'aql, hifz al-nasl, and hifz al-mal. Mitigation, emergency response, and rehabilitation efforts by the government, BPBD, and the community reflect the implementation of Maqasid Sharia values, although economic recovery still requires strengthening through environmental-conservation-based mitigation policy and post-disaster economic empowerment programs.
Analysis of Determinants of Sharia Stock Price Index in the Jakarta Islamic Index (JII) for the Year 2015–2025 Sarah Fitria Harahap; Maryam Batubara; Yusrizal
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12282

Abstract

The purpose of this research is to determine the impact of inflation, exchange rates, and world oil prices on the Islamic stock price index in the Jakarta Islamic Index (JII) from 2015 to 2025. The research method used is a quantitative method with a multiple linear regression model, and the data source is secondary data obtained from the official websites of BPS and IDX. The data analysis techniques used are classical assumption tests, multiple linear regression tests, and hypothesis tests. Based on the data analysis results, inflation has a positive and insignificant effect on the JII. The exchange rate has a negative and significant effect on the JII, and world oil prices have a positive and insignificant effect on the JII. Simultaneously, inflation, the exchange rate, and world oil prices influence the JII by 66.2%, while the remaining 33.8% is explained by other variables outside the model. The results of this study imply that investors should pay more attention to exchange rate developments when considering investment decisions in sharia stocks. For the government and relevant authorities, exchange rate stability is one of the factors that need to be considered in maintaining the stability of the sharia capital market.
Co-Authors Abdurrozzaq Ismail Aldy Fauzan Amalia Ramadhani Suci Ardi Anas Zahir Almasri Andrian Syahputra Anisa Mawaddah Annisa Lestari Ritonga Annisa Ul Husna Ardina Khoirunnisa Harahap Arya Neta Adinda Jambak Assyfa Urrahman Astri Sri Rezeki Harahap Awaluddin Rambe Azra Afwandy Badrun Nisa Bambang Suriadi Bella Delima Bunga Dwi Fani Ritonga Dea Rahma Novita Dea Sarah Sati Hana'an Dea Sarah Sati Hana’an Dinda Nada Nabiilah Dwiki Wardana Syah Ella Sriwahyuningih Elsa Hafe Eza Lubis Eva Syahrida Siregar Evan Hamdani Eza Okhy Awalia Br Nasution Fadhillah Insani Fahmi Fauzi Fathur Rahman Febri Andriawan Purba Febriyani Natari Manik Habib Fitrah Hafidah Ayu Kusnadi Hafizah Mahira Nasution Hamdani Harahap, Muhammad Ikhsan Hasbih Soleh Suryadi Ika Darma Yuni Ilham Akbar Lubis Ilham Habibi Lubis Imam Aldino Inayatul Widad Nasution Indah Purnama Sari Ira Damayanti Harahap Ismi Nujaima Jannah, Nurul Juliana Nasution Khairani Ritonga Luthfiah Nazmi M. Fikri Haikal M. Harry Pranata M. Imam Muslim Nasution M. Iqbal Suharno M. Ridwan Mahlia Putri Maisaroh Maisaroh Marwiyah Siregar Masnum Rambe Melani Azzahra Nur Miftah Rizki Addin Hrp Muhammad Arif Muhammad Arif Muhammad Azizi Akbar Lubis Muhammad Fauzan Muhammad Idris Nasution Muhammad Ramadhan Muhammad Syahbudi Muhammad Yunus Lubis Mukhlis Mutiara Kesuma Nadira Paramita Nadzira Putri Andani Nastiti . Nur Ahmadi Bi Rahmani Nuraisah Nuraisah Nurhasanah Siregar Nuri Aslami Nurul Hasanah Nurul Hasanah Nasution Nurul Inayah Osman Ali Purnama Rahmadhani Silalahi Putri Filza Salsabila Surbakti Rahmah Nur Dongoran Rahmi Syahriza Raisa Aulia Rahma Reydina Pasya Amanda Riza Saharah Piliyang Rizalul Muslih Syawaluddin Hsb Rizka Amalia Lubis Rizkie Ragilita Rizkika Yulika Rizky Aulia Lubis Rusdi Riduan Pulungan Ryan Hidayat Safa Maisyarah Siregar Salsabila Rambe Saparuddin Siregar Sarah Fitria Harahap Sheila Anggraini Siregar, Zainal Arifin Siti Khodijah Harahap Siti Nurul Atiqah Sukiman Sukiman Tambunan, Khairina Taufik Arnanda Marpaung Tengku Alfi Syahrin Tentiyo Suharto Thasya Virdinia Tria Rizki Maulia Try Maya Andira Wahyu Syarvina Yasri Azwar Siregar Yeprian Aji Ratukarangga Yola Kaspia Yusrizal Zainuddin Harahap