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All Journal Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Journal of Sharia Economics
Nafis Irkhami
Universitas Islam Negeri Salatiga
Economics, Econometrics & Finance Social Sciences

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Pengaruh Jumlah Instrumen Investasi, Harga Emas, Nilai Kurs Rupiah dan Biaya Penyelenggaraan Ibadah Haji terhadap Hasil Investasi Keuangan Haji di Indonesia Agung Kurnia Setiawan; Nafis Irkhami
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 8 No 4 (2023)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v8i4.21022

Abstract

Abstract This research aims to analyze the cause-and-effect relationship of policies on the number of investment instruments, gold prices, rupiah exchange rates and costs of organizing the Hajj on the results of Hajj financial investments in Indonesia.This research uses a population, namely the financial reports of the Hajj Financial Management Agency (BPKH) of the Republic of Indonesia in the 2018-2022 period. Sampling in this research used the saturated sampling method. Hypothesis testing applies the Pearson product moment method using the Eviews tool. The research results show that the variable number of investment instruments has a very strong and significant correlation with the investment results of Hajj funds. The gold price variable has a strong and significant correlation with the investment results of Hajj funds. The exchange rate variable has a very low and insignificant correlation with the investment results of Hajj funds. The variable cost of organizing the Hajj pilgrimage has a moderate and significant correlation with the investment results of Hajj funds. Keywords: Number of Investment Instruments, Gold Price, Rupiah Exchange Rate, Cost of Organizing the Hajj Pilgrimage, Hajj Financial Investment Results
SHARIA BANKING FINANCING FOR MICRO BUSINESS DEVELOPMENT WITH MUSYARAKAH MUTANAQISAH CONTRACTS Shintya Putri Ayu Nurmalika; Nafis Irkhami
Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics
Publisher : Program Studi Magister Ekonomi Syariah UIN Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/jose.v7i1.9477

Abstract

Islamic banking plays a strategic role in expanding access to financing for micro and small enterprises through partnership-based financial instruments. One scheme with strong potential for this purpose is the musyarakah mutanaqisah contract, a diminishing partnership arrangement in which ownership shares are gradually transferred from one party to another over time. This study examines the role of musyarakah mutanaqisah in small business financing, its implementation mechanisms within Islamic banking institutions, and the challenges encountered in its application.This research employs a qualitative approach using descriptive-analytical methods based on a literature review of Islamic finance studies, regulatory frameworks, DSN–MUI fatwas, and publications from Islamic financial institutions. The findings indicate that musyarakah mutanaqisah provides an alternative financing mechanism that strengthens access to capital for small enterprises through partnership-based financing, proportional risk sharing, and more equitable asset ownership structures. However, its implementation remains constrained by limited public literacy, the complexity of contractual structures, and practices that do not always fully reflect genuine profit-sharing principles. This study contributes to the literature by positioning musyarakah mutanaqisah as a productive asset financing instrument for small enterprises within the framework of maqashid al-shariah. Future research should explore its empirical application in Islamic microfinance institutions to assess its effectiveness in promoting inclusive economic development.
Co-Authors Agung Kurnia Setiawan Shintya Putri Ayu Nurmalika