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All Journal Al-Kharaj: Journal of Islamic Economic and Business Jurnal Investasi Islam An-Nisbah : Jurnal Perbankan Syariah Formosa Journal of Science and Technology (FJST) Indonesian Journal of Advanced Research (IJAR) Sharia Economic and Management Business Journal (SEMBJ) Journal of Finance and Islamic Banking Outline Journal of Economic Studies Jurnal At-Tanmiyah Ekonomi dan Bisnis Islam JRTI (Jurnal Riset Tindakan Indonesia)
Yusrizal
Universitas Islam Negeri Sumatera Utara
Religion Agriculture, Biological Sciences & Forestry Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Analysis of Macroeconomic Indicators (A Case Study in North Sumatra Province) Rahmadani Hasibuan; Muhammad Ridwan; Yusrizal
Formosa Journal of Science and Technology Vol. 2 No. 8 (2023): Agustus 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjst.v2i8.5600

Abstract

This study explores the intricate relationship between unemployment, inflation, and poverty in North Sumatra Province, Indonesia. In the second quarter of 2022, inflation surged, surpassing national and regional rates. Ali Hardana's research emphasizes inflation's impact on poverty, affecting purchasing power and wealth distribution. Methodologically, a quantitative approach using secondary data from 2010 to 2022 is employed. Panel data regression reveals economic growth's substantial influence on poverty, aligned with prior research. The study underscores Islamic economics' role in alleviating poverty, stressing justice, equitable wealth distribution, and governmental interventions. The Productive Economic Endeavors (UEP) and Non-Cash Food Assistance (BPNT) programs emerge as avenues for marginalized community upliftment, guided by social equity and economic progress. The study advocates sustained robust economic growth, equitable income distribution, and fortified social assistance programs as essential strategies to combat poverty. In essence, this study enriches comprehension of the complex ties between economic factors and poverty in North Sumatra.
Food Resilience Strategy Based on Local Wisdom in Deli Serdang Regency Rizka Amalia Lubis; Yusrizal; Rahmi Syahriza; Maryam Batubara
Indonesian Journal of Advanced Research Vol. 2 No. 8 (2023): August 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijar.v2i8.5599

Abstract

This research aims to discover how the primary priority strategy for local wisdom-based food security can be found in Deli Serdang by presenting the internal and external conditions that have been carried out so far. Additionally, the researcher also outlines some urgent measures that need to be implemented to better direct the local wisdom-based food security strategy. The method used is qualitative, employing SWOT analysis and QSPM. The number of respondents who filled out the questionnaire consisted of 5 respondents each from farmers, local communities, as well as traditional and religious figures, and 5 respondents from expert professionals. Based on the SWOT analysis, the strategy quadrant obtained after being processed in the IFE and EFE matrices falls under Quadrant I. This indicates that the strategy used is a progressive strategy. This strategy implies that local wisdom-based food security in Deli Serdang possesses strength and potential. Furthermore, the QSPM analysis yielded the result that the primary priority strategy to be pursued is to focus on preserving local wisdom-based food security to turn it into an international-scale business opportunity.
Sustainable Nature Tourism Development at Katobung Waterfall: Implications for Local Economic Development and Environmental Conservation Maisyah Khairani Hasibuan; Yusrizal; Ahmad Syakir
Jurnal Investasi Islam Vol. 11 No. 2 (2026): Jurnal Investasi Islam (JII)
Publisher : FEBI IAIN Langsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32505/jii.v11i2.15560

Abstract

This study aims to analyze the impact of the Katobung Waterfall development on the community's microeconomics and regional finances, as well as identify structural constraints to its management in a state forest area. Using a qualitative approach with a phenomenological design, data were collected through in-depth interviews with 12 key informants and field observations. Data analysis employed a modified Moustakas method through the stages of horizontalization and clustering themes using the Common-Pool Resources Theory and Livelihood Framework analysis tools. Field findings indicate that self-help tourism has triggered a diversification of food stall income of Rp150,000 to Rp200,000 every weekend and reduced unemployment through informal transportation services. However, its macro contribution to Regional Original Income (PAD) is zero due to a regulatory void. The local government is hampered in allocating APBD funds for repairs to a 14-kilometer road and sanitation because the location is in a Production Forest area under the auspices of the KPHP. This institutional friction has triggered illegal management, parking conflicts, and garbage accumulation. This research provides a scientific contribution in the form of an antithesis to the classical CBT theory by proving that local control without formal legal certainty and adequate human capital actually traps destinations in the Tragedy of the Commons, thus requiring a Collaborative Sustainable Governance framework.
STUDI KOMPARATIF RISIKO SISTEMIK ANTARA BANK SYARIAH DAN BANK KONVENSIONAL DI INDONESIA: PENDEKATAN TAFSIR TEMATIK TERHADAP SURAH AL-BAQARAH Oktavera Rizki; Azhari Akmal Tarigan; Mustapa Khamal Rokan; Andri Soemitra; Yusrizal
At-Tanmiyah Jurnal Ekonomi dan Bisnis Islam Vol 4 No 2 (2025): Desember, At-Tanmiyah: Jurnal Ekonomi dan Binis Islam
Publisher : Sekolah Tinggi Ekonomi dan Bisnis Islam (STEBIS) Al-Ulum

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65778/atjebi.v4i2.89

Abstract

This study aims to compare systemic risk between Islamic banks and conventional banks in Indonesia by employing a thematic exegesis approach (tafsīr al-mawḍū‘ī) to selected Qur’anic verses in Surah Al-Baqarah, specifically verses 30, 219, 220, 245, 275, 276, and 282. These verses address fundamental themes related to finance, justice, debt relationships, usury (ribā), charitable giving (ṣadaqah), and equitable wealth distribution within the framework of Islamic economic principles. By integrating qualitative analysis drawn from classical and contemporary Qur’anic exegesis—including Tafsīr al-Ṭabarī, Ibn Kathīr, and Tafsīr al-Māwardī—with insights from modern economic literature, this study highlights the fundamental distinctions between Sharī‘ah-based financial principles and conventional banking practices in relation to financial system stability. The findings indicate that the Islamic financial system embodies inherent mechanisms capable of mitigating systemic risk, notably through the prohibition of ribā, the implementation of profit-and-loss sharing arrangements, and the moral obligation to uphold charitable redistribution and social justice. In contrast, interest-based conventional financial systems tend to exacerbate economic inequality and amplify vulnerability to financial crises. These findings reinforce the contemporary relevance of Qur’anic values in informing financial stability policies within modern economic systems.
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.
Comparison of Market Efficiency and Microeconomic Volatility Transmission between Islamic and Conventional Stock Markets: Empirical Evidence from the JII and the IHSG Oktavera Rizki; Muhammad Ridwan; Andri Soemitra; Yusrizal
Outline Journal of Economic Studies Vol. 5 No. 1: October - March 2026
Publisher : Outline Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61730/00r5eq44

Abstract

Purpose: This study aims to analyze market efficiency and the transmission of micro-volatility between the Jakarta Composite Index (IHSG) and the Jakarta Islamic Index (JII) using high-frequency data from September 22 to October 20, 2025. The primary objective is to evaluate the volatility of returns, co-movement, microstructure volatility clustering, and the buffering effect of Sharia-compliant indices. Methods: The study uses logarithmic continuous returns to assess return volatility and co-movement. Descriptive statistics are employed to examine market fluctuations, while the volatility clustering effect and rapid shock transmission between the two indices are analyzed. Pre-test and post-test evaluations, along with observational analysis, are used to examine the relationship and behavior of these indices during the study period. Results: The findings reveal that both IHSG and JII exhibit significant short-term fluctuations, indicative of typical micro-volatility in emerging markets. However, JII shows relatively lower volatility and fewer extreme negative returns, suggesting that Sharia screening provides a stabilizing effect on the market. The study also identifies a strong co-movement between the two indices, highlighting high short-term integration despite brief divergences due to differences in index structure and liquidity profiles. Additionally, the analysis confirms volatility clustering, with calm periods followed by sharp movements, and rapid shock transmission between the indices.
Analisis Determinan Keunggulan Islamic Banking Ecosystem pada Generasi Z: Studi Kasus Mahasiswa FEBI UIN Sumatera Utara Indah Tri Sari Harahap; Nurlaila; Yusrizal
An-Nisbah: Jurnal Perbankan Syariah Vol. 7 No. 2 (2026): An-Nisbah: Jurnal Perbankan Syariah
Publisher : Program Studi Perbankan Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51339/nisbah.v7i2.5401

Abstract

Meningkatnya persaingan layanan perbankan digital dan kebutuhan untuk determinan loyalitas nasabah generasi Z. Penelitian ini bertujuan untuk menganalisis pengaruh kepatuhan syariah dan kemudahan mobile banking terhadap loyalitas nasabah pada mahasiswa FEBI UIN Sumatera Utara. Metode penelitian yang digunakan adalah kuantitatif asosiatif dengan populasi sebanyak 4.556 mahasiswa dan sampel sebanyak 98 responden yang dipilih menggunakan teknik probability Sampling. Data dianalisis menggunakan regresi linear berganda melalui perangkat lunak SPSS. Hasil penelitian menunjukkan bahwa secara parsial, kepatuhan syariah berpengaruh positif dan signifikan terhadap loyalitas nasabah (t=2,013; p=0,047). Kemudahan mobile banking juga memberikan pengaruh positif dan signifikan yang lebih dominan terhadap loyalitas (t=7,441; p=0,000). Secara simultan, kedua variabel tersebut berkontribusi sebesar 55,6% terhadap variasi loyalitas nasabah, sementara sisanya dipengaruhi faktor lain di luar model. Temuan ini menegaskan bahwa integrasi antara integritas nilai religius dan keunggulan fungsional teknologi merupakan determinan kritis bagi perbankan syariah dalam memenangkan persaingan di pasar digital.
Resilience of the Islamic Economic System in Facing Global Crises: A Review of Macroeconomic Stability Principles and the Experiences of Muslim Countries Yona Fitri; Khaidar Rahmaini Jamila; Yusrizal; M. Ridwan; Anugerah Fathir Alhadid
Journal of Finance and Islamic Banking Vol. 9 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v9i1.14985

Abstract

Purpose: This study examines the resilience of the Islamic economic system in responding to global financial crises by analyzing its core principles, including the prohibition of riba, profit-and-loss sharing, asset-backed financing, and zakat-based redistribution. Method: This research employs a Systematic Literature Review (SLR) guided by the PRISMA 2020 protocol. Boolean search strings were applied to Scopus, Web of Science, and Google Scholar, yielding 140 records, which were refined through identification, screening, eligibility, and inclusion stages into 25 final sources. The study also applies a structured cross-country comparative analysis of Malaysia, Indonesia, Saudi Arabia, Iran, and Türkiye using macroeconomic and financial stability indicators, including capital adequacy, non-performing financing/loans, credit growth, GDP volatility, and Islamic finance market share. Results: The findings indicate that Islamic financial institutions tend to demonstrate relatively stronger resilience during crisis periods due to risk-sharing mechanisms, asset-backed financing, and restrictions on speculative transactions. However, the effectiveness of this resilience depends on institutional governance, regulatory quality, and Shari’ah supervision. Implications: This study provides insights for regulators and Islamic financial institutions in strengthening governance, harmonizing Shari’ah standards, and developing substantive Islamic financial instruments. Originality: The study integrates a PRISMA-based SLR with indicator-based cross-country comparative analysis to examine Islamic economic resilience.
BPJS Ketenagakerjaan as a Fiscal Instrument in Ensuring the Stability of Workers' Welfare in Indonesia Tedi Hermansyah; Muflihul Fadhil; Muhammad Habibi Siregar; Muhammad Irwan Padli Nasution; Yusrizal; Muhammad Ridwan
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 1 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i1.2487

Abstract

Background: The global economy in 2026 faces increasingly complex challenges, ranging from trade fragmentation to geopolitical tensions that trigger commodity price volatility. In facing these dynamics, the Indonesian Government, through the 2026 Macroeconomic Framework and Main Fiscal Policy Principles (KEM-PPKF), positions the State Budget (APBN) as the main shock absorber to maintain macroeconomic stability. This research aims to elaborate on the strategic role of BPJS Ketenagakerjaan as a fiscal instrument in ensuring the stability of workers' welfare in Indonesia. Method: Using a qualitative approach and literature review, this analysis explores how social security can function as an automatic stabilizer that supports national economic resilience Results: The findings show that BPJS Ketenagakerjaan has evolved into a major pillar of social protection. However, significant structural challenges remain in reaching informal sector workers and achieving closer policy synchronization between the social security system and the national fiscal agenda. Conclusion: The study concludes that the integration of social security into the national fiscal strategy is urgently needed to transform the paradigm of social protection from a cost burden into a strategic investment that supports inclusive and sustainable economic resilience.
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): All articles in this issue include authors from 3 countries of origin (Indonesi
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 Ahmad Syakir Andri Soemitra Anugerah Fathir Alhadid Azhari Akmal Tarigan Indah Tri Sari Harahap Khaidar Rahmaini Jamila M. Ridwan Maisyah Khairani Hasibuan Maryam Batubara Muflihul Fadhil Muhammad Habibi Siregar Muhammad Ridwan Mustapa  Khamal  Rokan Nasution, Muhammad Irwan Padli Nurlaila Oktavera Rizki Rahmadani Hasibuan Rahmi Syahriza Risa Lidia Lidia Rizka Amalia Lubis Sarah Fitria Harahap Tedi Hermansyah Yola Kaspia Yona Fitri