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All Journal Economic Journal of Emerging Markets IJIBE (International Journal of Islamic Business Ethics) Proceeding SENDI_U PROSIDING SEMINAR NASIONAL CENDEKIAWAN Jurnal Manajemen Pelayanan Publik Jurnal Ilmiah Ekonomi Islam Al-Muzara'ah Dinamisia: Jurnal Pengabdian Kepada Masyarakat Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Aptisi Transactions on Technopreneurship (ATT) Jurnal Ekonomi Bisnis Indonesia Indonesian Journal of Accounting and Governance Meteor STIP Marunda El-Barka: Journal of Islamic Economics and Business Jurnal Wacana Ekonomi Al-Awqaf: Jurnal Wakaf dan Ekonomi Islam Community Empowerment Devotion: Journal of Research and Community Service Jurnal Ketenagakerjaan Sibatik Journal : Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan El-Ecosy : Jurnal Ekonomi dan Keuangan Islam PENANOMICS: INTERNATIONAL JOURNAL OF ECONOMICS Business and Entrepreneurial Review Journal of Tax Law and Policy Media Riset Akuntansi Auditing & Informasi Indonesian Management and Accounting Research Media Ekonomi Scientium Law Review Ekonomi Digital Dharma Ekonomi Enrichment: Journal of Multidisciplinary Research and Development Dirkantara Indonesia Gudang Jurnal Multidisiplin Ilmu International Journal of Economics and Management Sciences International Journal of Economics, Management and Accounting Green Inflation: International Journal of Management And Strategic Business Leadership Suhuf: International Journal of Islamic Studies Indonesian Journal of Accounting and Governance
Muhammad Zilal Hamzah
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Religion Aerospace Engineering Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Transportation Other

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The Transformation of Islamic Philanthropy as an Economic Power: Multiplier Effect Cash Waqf Linked Deposit (CWLD) in Sharia Banking Faaza, Haseena Khalida; Haris, Muhamad; Hamzah, Muhammad Zilal; Hadi, Kuncoro; Fahruroji, Fahruroji
Enrichment: Journal of Multidisciplinary Research and Development Vol. 3 No. 8 (2025): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v3i8.553

Abstract

Islamic philanthropy, particularly waqf, is undergoing a significant transformation from merely a socio-religious instrument with a charitable model to a driving force for sustainable economic development. One strategic innovation in the Islamic banking ecosystem is Cash Waqf Linked Deposit (CWLD), a scheme for managing cash waqf through Islamic deposits that allows the principal to be preserved while the returns are used for social programs and economic empowerment of the community. This study aims to analyze how CWLD can create a multiplier effect on the community's economy by synergizing the social and commercial functions of Islamic banking. The research method used a descriptive-analytical qualitative approach through literature study and source triangulation to assess the concept, implementation, opportunities, and challenges of CWLD using an approach based on the PRISMA 2020 protocol. The results show that CWLD can increase liquidity and third-party funds (DPK) with low-cost funds in Islamic banking, strengthen real sector financing, and create layered social impacts through the empowerment of MSMEs, education financing, and capacity building of nadzir institutions. This scheme encourages the creation of a multiplier effect in the form of increased community income, job creation, growth in economic activity and national output, as well as strengthening the Islamic financial ecosystem and social empowerment. The CWLD scheme effectively integrates the commercial financial sector with philanthropic goals, transforming waqf assets that tend to be passive into dynamic capital for sustainable development. This innovation proves that Islamic philanthropy can be a catalyst for inclusive economic growth and strength while strengthening the intermediary function and social impact of Islamic banking. However, the development of CWLD faces several obstacles, such as the need to improve public literacy, institutional readiness, and the need for regulatory harmonization. The study recommends improving public education, strengthening the capacity of nadzir, optimizing collaboration between regulators and industry, and digitizing governance in the Islamic philanthropy ecosystem. Through these strategies, CWLD has great potential to become a social financial instrument that can strengthen the economic resilience of the community and support inclusive and sustainable national development in accordance with the principles of maqasid sharia.
Macroeconomic and Price of Oil and Gold on Liabilities of Hajj Fund Management Agency Sulistyowati, Lilies; Hamzah, Muhammad Zilal; Ratnawati, Nirdukita
Aptisi Transactions On Technopreneurship (ATT) Vol 7 No 2 (2025): July
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/att.v7i2.533

Abstract

This study examines the influence of macroeconomic variables on the sustainability of hajj funds managed by the Indonesian Hajj Financial Management Agency (BPKH). Using monthly data from 2019-2023, the research employed multiple linear regression analysis followed by dynamic systems modeling to assess fund sustainability. The regression results show that GDP growth and exchange rates positively influence hajj fund assets (p<0.05), while BI-7 Day Reverse Repo Rate, inflation, and Jakarta Islamic Index negatively affect fund assets. Dynamic system simulations reveal that under current conditions (ROI 6.78%, subsidy portion 40%), hajj funds will face deficit by 2030. However, optimistic scenarios with increased ROI to 10% and reduced subsidy portions to 20% ensure fund sustainability until 2050, with assets reaching IDR 569 trillion. These findings suggest that BPKH should enhance investment portfolio returns while the government should reconsider subsidy allocation policies to ensure long-term sustainability of hajj fund management in Indonesia.
The Performance of the Job Loss Security Scheme in Indonesia: A Systematic Literature Review and Bibliometric Analysis Putri, Indah Anggoro; Hamzah, Muhammad Zilal; Sofilda, Eleonora
Jurnal Ketenagakerjaan Vol 20 No 2 (2025)
Publisher : Pusat Pengembangan Kebijakan Ketenagakerjaan Kementerian Ketenagakerjaan Republik Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47198/jnaker.v20i2.631

Abstract

Unemployment protection has become a key element of social policy reform in developing economies, especially amid labor market volatility and global crises. This study conducts a bibliometric and systematic literature review (SLR) of 141 peer-reviewed articles on unemployment insurance and job loss protection from Scopus and Web of Science. Through performance analysis, co-occurrence mapping, and thematic synthesis, it identifies trends in publication growth, key journals, institutional contributors, and conceptual clusters. Research is largely concentrated in high-income countries and driven by multilateral organizations. Key themes include policy instruments, labor market integration, and geographic gaps. Indonesia’s Job Loss Security (JKP) is assessed against global trends, highlighting innovation and implementation challenges. Citation patterns reveal the value of collaboration and open-access publishing. The study informs both research and policy by offering insights into current developments and recommending strategies to improve design, coverage, and institutional coordination for more inclusive unemployment protection in the Global South.
UNEMPLOYMENT INSURANCE RESEARCH AND THE GOVERNANCE OF INDONESIA’S JOB LOSS GUARANTEE PROGRAM: A GLOBAL BIBLIOMETRIC ASSESSMENT AND SYSTEMATIC LITERATURE REVIEW: UNEMPLOYMENT INSURANCE RESEARCH AND THE GOVERNANCE OF INDONESIA’S JOB LOSS GUARANTEE PROGRAM: A GLOBAL BIBLIOMETRIC ASSESSMENT AND SYSTEMATIC LITERATURE REVIEW Iskandar, Adriyansya; Hamzah, Muhammad Zilal; Sofilda, Eleonora; Nurhayati, Nurhayati
PENANOMICS: International Journal of Economics Vol. 4 No. 3 (2025): December
Publisher : Yayasan Pusat Cendekiawan Intelektual Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56107/penanomics.v4i3.271

Abstract

This study analyses global research trends on unemployment insurance (UI) alongside Indonesia’s Job Loss Guarantee programme (Jaminan Kehilangan Pekerjaan/JKP) by integrating bibliometric analysis and a systematic literature review. Drawing on 16,181 Scopus-indexed publications from 2010 to 2025, the bibliometric findings indicate a clear transition from early conceptual debates to rapid scholarly expansion after 2018, largely triggered by the COVID-19 pandemic and subsequent labour market reforms. Recent research increasingly focuses on adaptive UI systems that emphasise activation policies, digital governance, and reemployment support. A PRISMA-guided review identifies seven empirical studies relevant to Indonesia, examining ALMPs, JKP implementation, labour mobility, behavioural responses to job loss, unemployment forecasting, and skilled-worker vulnerability. Overall, Indonesia’s contribution to UI scholarship remains modest and predominantly descriptive, with limited methodological depth. Persistent challenges include weak institutional coordination, low public awareness of JKP, mismatched training provision, and restricted access for informal workers. The study highlights critical research gaps in impact evaluation, policy integration, and regional variation. Policy recommendations stress stronger governance coordination, data-driven activation mechanisms, and targeted skills development to enhance labour market protection in Indonesia.
Economic Structure, Administrative Capacity, and Public Trust in Tax Performance: A Service-Centered Systematic Review across Income Groups, 2015–2025 Haptari, Vissia Dewi; Sriyanto, Agus; Hamzah, Muhammad Zilal; Sofilda, Eleonora
Jurnal Manajemen Pelayanan Publik Vol 10, No 1 (2026): Jurnal Manajemen Pelayanan Publik
Publisher : Universitas Padjadjaran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24198/jmpp.v10i1.66422

Abstract

Cross-country variation in tax-to-GDP ratios reflects differences in economic structure, administrative capacity, and public trust under diverse institutional settings. This study provides a PRISMA-guided systematic review (2015–2025) to explain the determinants of tax performance across income groups. We identify 150 eligible studies and compile a core set of 90 for comparative synthesis, applying quality weights based on research design and methodological transparency. Higher-quality evidence links higher income per capita and stronger governance to higher tax ratios, while inflation and poorly managed resource rents weaken non-resource tax effort; digital tax administration (e-filing, e-invoicing, and risk-based analytics) is generally associated with higher compliance, but effects depend on baseline capacity, service design, and bureaucratic integrity. The review advances a service-centered framework integrating fiscal-contract and institutional-capacity perspectives into a “service–trust–revenue” loop and a “tax-capacity ladder”, with policy implications on reform sequencing: strengthening governance, modernizing administration, and progressively broadening the tax base through transparent communication and risk-based digital enforcement.
ANALISIS TREN DAN FAKTOR YANG MEMPENGARUHI PERTUMBUHAN DPK BANK HIMBARA: PENDEKATAN SLR Handoko, Hendro; Zilal Hamzah, Muhammad; Tri Broto, Giri
SIBATIK JOURNAL: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan Vol. 5 No. 3 (2026)
Publisher : Penerbit Lafadz Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/sibatik.v5i3.4539

Abstract

Third-Party Funds (TPF) represent the primary source of bank funding and determine banks’ capacity to perform their intermediation function. Within the State-Owned Banks Association (Himbara)—comprising BNI, BRI, Mandiri, and BTN—the growth of TPF during the 2015–2023 period exhibited significant fluctuations. These dynamics were influenced by various factors, including macroeconomic conditions, digital transformation, internal bank performance, and regional socio-economic characteristics. Previous studies indicate that external variables such as exchange rates and the Loan to Deposit Ratio (LDR) affect TPF growth, with LDR tending to have a negative short-term impact. Meanwhile, digital transformation in banking has reshaped customer behavior and expanded financial service access, although its successful implementation requires policy harmonization to maintain stability and public trust. This study employs a Systematic Literature Review (SLR) approach to identify, evaluate, and synthesize empirical findings related to the determinants of TPF growth, focusing on its components: demand deposits, savings deposits, and time deposits. The results reveal that TPF growth in Himbara banks is simultaneously influenced by macroeconomic indicators, digital banking development, capital strength, operational efficiency, and regional socio-economic conditions. This study contributes both theoretically and practically by providing a comprehensive overview of strategic factors affecting fund mobilization in Himbara banks and serves as a basis for formulating adaptive and sustainable funding strategies in the digital era.
Analisis Risiko Penggunaan Mesin DIGICS terhadap Keamanan dan Kepercayaan Nasabah pada Layanan Perbankan Digital Jati Chandrasasi; Muhammad Zilal Hamzah; Giri Tri Broto
Ekonomi Digital Vol. 5 No. 1 (2026): Februari
Publisher : PT. Cendekia Sapta Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55837/ed.v5i1.202

Abstract

Tujuan ― Penelitian ini bertujuan untuk menganalisis risiko operasional dan keamanan pada mesin perbankan swalayan hibrida seperti DigiCS, serta dampaknya terhadap persepsi keamanan, kepercayaan, dan kepuasan nasabah menggunakan teori TAM dan Commitment Trust.  Metode ― Penelitian ini menggunakan pendekatan Systematic Literature Review (SLR) dengan pedoman PRISMA 2020. Kajian dilakukan terhadap 11 artikel jurnal peer-reviewed yang relevan dan dipublikasikan dalam kurun waktu satu dekade terakhir (2015–2024).  Hasil ― Hasil sintesis literatur menunjukkan bahwa risiko yang diidentifikasi mencakup ancaman siber seperti phishing dan malware, disrupsi operasional berupa kegagalan sistem, serta risiko fisik yang khas pada mesin swalayan, seperti skimming. Literatur secara konsisten menunjukkan bahwa persepsi nasabah terhadap keamanan dan keandalan operasional merupakan fondasi utama dalam membangun kepercayaan. Selanjutnya, kepercayaan berperan sebagai variabel mediasi yang secara konsisten dikaitkan dengan peningkatan kepuasan nasabah dalam layanan perbankan digital.  Implikasi ― Temuan ini memberikan wawasan strategis bagi lembaga keuangan untuk mengembangkan kerangka kerja mitigasi risiko yang terintegrasi, memastikan inovasi teknologi tidak hanya meningkatkan kemudahan tetapi juga memperkuat kepercayaan dan kepuasan nasabah.  Orijinalitas ― penelitian ini menganalisis lanskap risiko gabungan (fisik dan digital) dari mesin swalayan hibrida seperti DigiCS, dan secara komprehensif memodelkan peran kepercayaan sebagai variabel mediasi krusial antara persepsi keamanan dan kemudahan dengan kepuasan nasabah.
Building a Sustainable Maritime Finance Ecosystem: Enhancing Shipping Management and Education Wibowo, Titis Ari; Mudakir , Mudakir; Hamzah, Muhammad Zilal; Sofilda, Eleonora
Meteor STIP Marunda Vol 17 No 2 (2024): December
Publisher : Pusat Penelitian dan Pengabdian kepada Masyarakat (P3M) STIP Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36101/msm.v17i2.386

Abstract

This research explores the intersection of maritime finance, sustainability, and education, aiming to develop a sustainable maritime finance ecosystem. Focusing on port and shipping management, the study examines the perspectives of three key stakeholder groups: maritime industry experts, educators, and graduates. Through qualitative research and descriptive analysis, the study identifies key challenges and opportunities in aligning financial practices with sustainability goals. Findings show that while industry professionals and educators recognize the importance of green finance and sustainable business practices, gaps remain in education, particularly in integrating up-to-date sustainability principles into curricula. Furthermore, the research emphasizes the need for continued collaboration between industry, education, and policy to ensure that future maritime professionals are equipped with the skills necessary to navigate evolving financial and environmental challenges. The results provide actionable insights for enhancing vocational training and curriculum development to support the maritime sector’s transition to more sustainable and financially viable practices. Overall, this research highlights the crucial role of education in fostering a sustainable maritime future and provides recommendations for improving maritime finance and sustainability frameworks.
Determinants of Claim Realization Death Benefit Program: Social Protection Analysis Himawan, Aquila; Sofilda, Eleonora; Hamzah, Muhammad Zilal
Jurnal Ketenagakerjaan Vol 21 No 1 (2026)
Publisher : Pusat Pengembangan Kebijakan Ketenagakerjaan Kementerian Ketenagakerjaan Republik Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47198/jnaker.v21i1.725

Abstract

The Death Benefit Program (JKM) is a key instrument within Indonesia’s employment-based social protection system, aimed at safeguarding workers’ households from the economic consequences of the death. This study examine to analyze the effects of labor market structure, macroeconomic conditions, human development, as well as program participation and financing on the number of JKM claims in Indonesia. This study employs a quantitative approach using panel data regression across Indonesian provinces (16) for the period 2018–2024. The results show that the proportion of formal workers, economic growth, IPM, and the number of JKM participants significantly affect the realization of JKM claims. In contrast, the total number of employed persons and the proportion of informal workers do not have a significant impact. These findings suggest that JLI claim realization is driven more by the quality of labor market integration into social insurance system and institutional capacity than by the size of the working population. This study contributes by positioning JKM claims as a policy outcome of risk based social protection and underscores the need to shift policy focus toward improving participation quality, promoting labor formalization, and strengthening governance to ensure sustainability and equity.
Pengaruh Digital Governance terhadap GDP melalui E-Taxation dan E-Banking di Indonesia: Analisis Literatur Sistematis Gilberth Suryadi; Mulyani Safira; Nindah Warachmah Suharji; Dini Hariyanti; Muhammad Zilal Hamzah
Jurnal Wacana Ekonomi Vol 25 No 02 (2026): Jurnal Wacana Ekonomi
Publisher : Fakultas Ekonomi Universitas Garut

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52434/jwe.v25i02.43399

Abstract

Digital transformation in public governance and the financial sector has become a strategic driver of national economic growth. Digital governance plays a crucial role in improving bureaucratic efficiency, fiscal transparency, and the integration of public and financial services. This study aims to analyze the impact of digital governance on Gross Domestic Product (GDP) growth through two key instruments, namely e-taxation and e-banking in Indonesia. A Systematic Literature Review (SLR) method was employed, examining scientific publications and official institutional reports from 2020 to 2025. The analytical framework is based on Modernization Theory, the E-Government Maturity Model, and Fiscal Policy Transmission Theory. The findings indicate that strengthened digital governance positively contributes to increased tax revenues, expanded financial inclusion, and improved efficiency of the financial system, which indirectly supports GDP growth. The integration of e-taxation and e-banking within the digital governance framework enhances fiscal capacity, economic stability, and sustainable economic development.
Co-Authors Abd Rahman, Nur Hayati Abd. Ghafar b. Ismail Abdul Yusuf Agus Sriyanto Agus Susanto, Eko Ahmad Ahmad Airin Devanty Andhika Suparjan Ardhiani Fadila Ari Mulianta Ginting, Ari Mulianta Arsal, Yon Asma'i , Astuti, Camelia Puji Bustamil, Bustamil Chintia Apriyanti Dewi, Nur Diana Dian Wahyudi Dida Nurhaida Dimyati Dimyati Dini Hariyanti Eferedo, Eferedo Eleonora Sofilda Faaza, Haseena Khalida Fahruroji Fahruroji, Fahruroji Gilberth Suryadi Giri Tri Broto Handoko, Hendro Haris, Muhamad Herawan, Bonny Famedian Hesti Ekawati Hilman Latief Himawan, Aquila Ihsanul Fatta Indah Anggoro Putri indianies janio Iskandar, Adriyansya Islami, Wardah Isnaini Mukti Azis Jadi Suriadi Jati Chandrasasi Jhon Tafbu Ritonga Jhon Talbu Ritonga Kamila Ramadhani Kuncoro Hadi Lidia Wahyuni Luci Irawati M Andrio Mulasaputra Maisyarah, Anisa Makarim, Dina Fornia Meinarsih, Triana Meutia, Astrid Mudakir , Mudakir Mudakir Mudakir Mulyani Safira Munawar, Muhammad Agil Musa Ritonga Natris Idriyani Nindah Warachmah Suharji nirdukita ratnawati, nirdukita Nurhayati Nurhayati Nurwahidin Pardomuan Sihombing, Pardomuan Putri, Indah Anggoro R. Ajeng Entaresmen, R. Ajeng Reska Prasetya Ridhona Fultanegara Rudy Tanjung Rumondang, Haiyani Shafrani Dizar Sipayung, Bonarsius Sobiyanto, Ahmad Suci Romadhona Sulistyowati, Lilies Sutradi Sutardi Tatok Djoko Sudiarto, Tatok Djoko Tri Broto, Giri Tri Handayani Triana Meinarsih Tubagus Irmansah Vissia Dewi Haptari, Vissia Dewi Wahyudi Wahyudi Wahyuni, Lidia Wan Usman, Wan Wibowo, Titis Ari Yurinaldi Yurinaldi Yusuf, Abdul Yusuf, Abdul Yuswar Zainul Basri Zainuddin Siregar ZAINUL ARIFIN Zarwin Sabar Zulkifli Husin, Zulkifli