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All Journal Iqtishoduna: Jurnal Ekonomi Islam Indonesian Journal of Islamic Literature and Muslim Society Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Syafiq Mahmadah Hanafi
Universitas Islam Negeri Sunan Kalijaga Yogyakarta
Religion Economics, Econometrics & Finance

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Determinants of Value Creation in Indonesia's Sharia-Compliant Companies Rizal Ma'ruf Amidy Siregar; Syafiq Mahmadah Hanafi; Abdul Qoyum
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 2 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i2.7731

Abstract

This study examines the financial determinants of value creation in Indonesian Sharia-compliant companies by analyzing the effects of leverage, Current Assets to Total Assets (CATA), and Accounts Receivable to Total Assets (ARTA) on accounting-based and market-based performance, measured by Return on Assets (ROA) and Tobin’s Q. Panel data from firms consistently listed in the Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII) over the 2019–2023 period were analyzed using the Generalized Method of Moments (GMM) to address endogeneity and dynamic relationships. The results indicate that leverage has a significant negative effect on both ROA and Tobin’s Q, whereas ARTA positively influences ROA but has no significant impact on Tobin’s Q. CATA does not significantly affect either performance measure, while the lagged values of ROA and Tobin’s Q exhibit strong persistence, highlighting the dynamic nature of firm performance. This study contributes to the literature by integrating accounting-based and market-based measures of value creation within a dynamic GMM framework for Sharia-compliant firms and by incorporating Sharia governance principles into the analysis of financial performance. The findings extend stakeholder, firm value, and Sharia compliance theories by demonstrating that sustainable value creation depends on prudent financial management alongside adherence to Islamic principles. The results offer practical implications for managers, investors, and regulators seeking to strengthen the sustainability and competitiveness of Indonesia’s Sharia capital market.
Investigating of Macroecoprudential Assessment Against Economic Resilience During Pandemic Covid-19 Helmi Haris; Fuad Hasyim; Syafiq Mahmadah Hanafi
Indonesian Journal of Islamic Literature and Muslim Society Vol. 8 No. 2 (2023): December 2023
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/islimus.v8i2.7689

Abstract

The Covid-19 pandemic has brought about changes in recent times, one of which impacts economic conditions. This study aims to investigate government policies through the National Economic Recovery (PEN) with a macroeconomic approach to the condition of economic resilience. Macroeconomic indicators use interest rates (IR), inflation, IHSG, money supply (MS), and tax revenues to see the effect on economic resilience, which consists of economic growth (GDP), unemployment, and poverty. The data used is a time series with an observation period from January 2017 to June 2021. The analytical method used is the Error Correction Model (ECM). The results show that the policy package through the National Economic Recovery (PEN) effectively overcame the economic downturn during the pandemic, although it is not yet fully optimal. At least policies based on fiscal and monetary can bring Indonesia's economic growth in a positive direction. So that in the long term, unemployment and poverty due to a decrease in people's purchasing power can be overcome.
Empowered by Design: Mustahik, Productive Zakāt, and the Politics of Staged Empowerment in BAZNAS Maluku, Indonesia Aisa Manilet; Syafiq Mahmadah Hanafi; Muhammad Tanthowi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3615

Abstract

The distribution of productive zakāt by BAZNAS Maluku Province reflects an institutional effort to promote the socio-economic transformation of mustahik through an empowerment-oriented approach. This study examines the implementation, outcomes, constraints, and development prospects of productive zakāt programmes at the local level. Employing a qualitative ethnographic approach, data were collected through field observations and in-depth semi-structured interviews with 21 purposively selected informants, including productive zakāt beneficiaries, BAZNAS administrators, and amil across Maluku Province, West Seram, Central Maluku, East Seram, and Ambon City. The findings reveal substantial variation in programme implementation, particularly between regions with established coordination mechanisms and those affected by institutional dysfunction. Empowerment outcomes are likewise uneven: some mustahik achieve business growth and stronger economic capacity, while others remain vulnerable because of weak mentoring, limited market support, and inadequate follow-up evaluation. Programme effectiveness is influenced by community support, the flexibility of field actors, resource availability, and inter-institutional synergy. More importantly, empowerment emerges not as a linear intervention but as a socially negotiated and staged process. Three interconnected phases are identified: awareness, through religious engagement and productive consciousness; capacity building, through training and community-based learning; and power deployment, through access to capital, business facilities, and market networks. This study contributes to the literature by proposing a contextual, replicable staged empowerment model that positions mustahik as active subjects within a locally responsive zakāt ecosystem. It demonstrates that sustainable socio-economic transformation requires not only financial assistance, but also continuous mentoring, institutional coordination, and market-oriented support tailored to beneficiaries’ evolving local economic contexts.
Co-Authors Abdul Qoyum Aisa Manilet Fuad Hasyim Helmi Haris Muhammad Tanthowi Rizal Ma'ruf Amidy Siregar