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FAITH AND FINANCE: UNDERSTANDING MUSLIM MILLENNIALS’ SHIFT TOWARD RIBA-FREE INVESTMENTS Hidayatullah, Syarif; Suherlan, Ade; Khalid, Radhwan Hazim
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 13, No 2 (2025): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v13i2.35040

This study aims to present the main factors that affect riba-free Investment Preference with an emphasis on religiosity, financial literacy, and factors derived from Planned Behavior Theory (TPB). The cross-sectoral quantitative survey methodology used targets the Muslim millennial generation domiciled in DKI Jakarta. This study used a sample of 385 respondents. The key variables measured include investment preferences in sharia and conventional products. Data analysis involves descriptive statistics, validity and reliability tests, comparative tests, and Covariance-Based Structural Equation Models (CB-SEM). The results show a statistically significant preference among the millennial generation of Jakarta Muslims towards riba-free investment products compared to conventional alternatives. Religiosity emerged as the strongest positive predictor of riba-free investment preferences. Attitudes towards sharia investment and perceptions of behavior control also have a significant positive effect. Financial literacy showed a positive but relatively weak influence, while subjective norms and risk tolerance did not significantly predict preference in the final model. The overall model explains most of the variation in preferences. This research contributes to the understanding of investment behavior among Millennial Muslims in accordance with Islamic principles.

Waqf Literacy, Trust, and Public Interest in Cash Waqf Postcolonial: A Study of Urban Muslims in Jakarta Kholid, Hendra; Suherlan, Ade
Tribakti: Jurnal Pemikiran Keislaman Vol. 37 No. 1 (2026): Tribakti: Jurnal Pemikiran Keislaman
Publisher : Universitas Islam Tribakti (UIT) Lirboyo Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33367/tribakti.v37i1.8026

This study examines the determinants of public interest in participating in cash waqf in Jakarta by focusing on the roles of waqf literacy, trust in waqf management institutions, and religiosity within a postcolonial urban context. Employing a quantitative approach, data were collected from 350 respondents and analyzed using descriptive statistics and multiple linear regression. The results show that public interest in cash waqf is relatively high (Mean = 3.50; SD = 0.75), while waqf literacy remains at a moderate level (Mean = 3.20; SD = 0.85) and trust in waqf management institutions is comparatively lower (Mean = 2.90; SD = 0.95), indicating a significant but underutilized participation potential. The regression model demonstrates strong explanatory power, accounting for 55% of the variance in public interest (R² = 0.550; Adjusted R² = 0.540; F = 58.320; p < 0.001). Waqf literacy has a positive and significant effect on public interest (B = 0.350; β = 0.280; p < 0.001), while trust in waqf management institutions emerges as the most dominant determinant (B = 0.450; β = 0.390; p < 0.001). Religiosity also exerts a significant but weaker influence (B = 0.200; β = 0.180; p = 0.008), whereas income and education show moderate effects, and age and gender are not statistically significant. The findings suggest that cash waqf participation in Jakarta is shaped less by demographic factors and more by epistemic capacity and institutional legitimacy. Theoretically, this study contributes to contemporary waqf scholarship by demonstrating that Islamic piety in postcolonial urban societies is not diminished but renegotiated through literacy and trust. It argues that normative–theological explanations of waqf must be complemented by epistemic and governance perspectives to understand modern Islamic philanthropic practices adequately.

Waqf Literacy, Trust, and Public Interest in Cash Waqf Postcolonial: A Study of Urban Muslims in Jakarta Kholid, Hendra; Suherlan, Ade
Tribakti: Jurnal Pemikiran Keislaman Vol. 37 No. 1 (2026): Tribakti: Jurnal Pemikiran Keislaman
Publisher : Universitas Islam Tribakti (UIT) Lirboyo Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33367/tribakti.v37i1.8026

This study examines the determinants of public interest in participating in cash waqf in Jakarta by focusing on the roles of waqf literacy, trust in waqf management institutions, and religiosity within a postcolonial urban context. Employing a quantitative approach, data were collected from 350 respondents and analyzed using descriptive statistics and multiple linear regression. The results show that public interest in cash waqf is relatively high (Mean = 3.50; SD = 0.75), while waqf literacy remains at a moderate level (Mean = 3.20; SD = 0.85) and trust in waqf management institutions is comparatively lower (Mean = 2.90; SD = 0.95), indicating a significant but underutilized participation potential. The regression model demonstrates strong explanatory power, accounting for 55% of the variance in public interest (R² = 0.550; Adjusted R² = 0.540; F = 58.320; p < 0.001). Waqf literacy has a positive and significant effect on public interest (B = 0.350; β = 0.280; p < 0.001), while trust in waqf management institutions emerges as the most dominant determinant (B = 0.450; β = 0.390; p < 0.001). Religiosity also exerts a significant but weaker influence (B = 0.200; β = 0.180; p = 0.008), whereas income and education show moderate effects, and age and gender are not statistically significant. The findings suggest that cash waqf participation in Jakarta is shaped less by demographic factors and more by epistemic capacity and institutional legitimacy. Theoretically, this study contributes to contemporary waqf scholarship by demonstrating that Islamic piety in postcolonial urban societies is not diminished but renegotiated through literacy and trust. It argues that normative–theological explanations of waqf must be complemented by epistemic and governance perspectives to understand modern Islamic philanthropic practices adequately.

MODEL OF MICROFINANCE FINANCING QUALITY DETERMINANTS BASED ON SOCIAL AND FINANCIAL ASPECTS: A CASE STUDY OF PT. PNM BOGOR AND ITS SURROUNDING AREAS (BOGOR CITY, BOGOR REGENCY, AND DEPOK) Terminanto, Ade Ananto; Heirunissa, Heirunissa; Pratama, Yoghi Citra; Suherlan, Ade
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 11, No 2 (2025): Vol 11, No 2 (2025)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34203/jimfe.v11i2.13541

ABSTRACTThis study aims to analyze the influence of social and financial aspects on financing quality at PT PNM in the Bogor and Depok regions. The novelty of this research lies in its recommended social strategy for reducing Non-Performing Loan (NPL) levels. Using primary data from 106 respondents and secondary data, this study applies descriptive analysis methods and SEM-PLS. The results show that social aspects have a significant positive effect on financial aspects. Both social and financial aspects have been shown to have a significant negative effect on the potential for NPL. Social factors such as discipline, group solidarity (joint responsibility), and socio-economic stability of customers determine the smoothness of installments. Financially, the ability to manage business finances and effective risk management are key to maintaining portfolio quality. The study concludes that a strategy combining social and financial approaches is crucial for PT PNM to improve financial performance. It is recommended that PT PNM strengthen its mentoring program, customer education, and regular monitoring system for early risk detection. Mitigation strategies through the implementation of 3R (Rescheduling, Reconditioning, Restructuring) and intensive mentoring need to be optimized to adjust payment obligations to the real conditions of customers in the field.ABSTRAKPenelitian ini bertujuan untuk menganalisis pengaruh aspek sosial dan keuangan terhadap kualitas pembiayaan di PT PNM wilayah Bogor dan Depok. Kebaruan penelitian ini terletak pada rekomendasi strategi aspek sosial untuk menekan tingkat Non-Performing Loan (NPL). Menggunakan data primer dari 106 responden serta data sekunder, penelitian ini menerapkan metode analisis deskriptif dan SEM-PLS. Hasil penelitian menunjukkan aspek sosial berpengaruh positif signifikan terhadap aspek keuangan. Baik aspek sosial maupun keuangan terbukti berpengaruh negatif signifikan terhadap potensi NPL. Faktor sosial seperti kedisiplinan, solidaritas kelompok (tanggung renteng), dan stabilitas sosial-ekonomi nasabah menjadi penentu kelancaran angsuran. Secara finansial, kemampuan pengelolaan keuangan usaha dan manajemen risiko yang efektif merupakan kunci menjaga kualitas portofolio. Penelitian menyimpulkan bahwa strategi kombinasi pendekatan sosial dan keuangan sangat krusial bagi PT PNM untuk meningkatkan kinerja keuangan. Disarankan agar PT PNM memperkuat program pendampingan, edukasi nasabah, serta sistem monitoring berkala untuk deteksi dini risiko. Strategi mitigasi melalui penerapan 3R (Rescheduling, Reconditioning, Restructuring) dan pendampingan intensif perlu dioptimalkan untuk menyesuaikan kewajiban pembayaran dengan kondisi riil nasabah di lapangan.

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