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The Influence of Product Quality, Member Satisfaction, and Brand Image on Member Loyalty of the Baitul Tamwil Muhammadiyah Mulia Sharia Consumer Cooperative Alfain Jalaluddin Ramadlan; Farokhah Muzayinatun Niswah; Dita Pratiwi Kusumaningtyas; Elvina Assadam
Journal of Islamic Economy Vol. 2 No. 2 (2025): JULY-JOIE
Publisher : Pt. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/3v54x542

Abstract

Competition in the world of the sharia cooperative industry requires administrators to work harder to maintain the loyalty of members so that they do not move to other competitors. So it is important for the management to know the factors that can affect the loyalty of its members. The purpose of this study is to determine the influence of product quality variables, member satisfaction, and brand image on the loyalty of members of the Sharia Consumer Cooperative (KKS) Baitul Tamwil Muhammadiyah (BTM) Mulia partially and simultaneously. The sample used in this study was 98 samples selected by the purposive sampling method with the respondent criteria, namely active members of the KKS BTM Mulia and members who have purchased products or services more than once. The data were processed using multiple linear regression analysis techniques. Based on the test, it was found that member satisfaction and brand image had a positive and significant effect on the loyalty of KKS BTM Mulia members, while product quality had no effect on the loyalty of KKS BTM Mulia members. Product quality, member satisfaction, and brand image simultaneously have a positive and significant effect on the loyalty of KKS BTM Mulia members.          
A Comparative Study of Financial Distress in Sharia-Listed Transportation and Logistics Companies: Insights from the Altman Z - score Model During and After COVID-19 Muhammad Ramizal Syahidin; Fifi Hakimi; Faricha Maf'ula; Dita Pratiwi Kusumaningtyas; Elvina Assadam
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.11964

Abstract

This study aims to analyze and compare the financial distress conditions of transportation and logistics sector issuers listed on the Sharia Securities List (Daftar Efek Syariah/DES) using the Altman Z-Score model during and after the COVID-19 pandemic (2021–2024). The novelty of this research lies in the selected period and research object. Employing a quantitative approach, the study examines quarterly financial reports of 14 issuers listed on the Indonesia Stock Exchange (BEI). Data analysis includes descriptive statistics, the Kolmogorov-Smirnov normality test, and the Wilcoxon Signed Rank difference test. The results reveal no statistically significant difference in financial distress levels between the pandemic and post-pandemic periods. Most issuers remained in the Altman Z-Score “red zone,” indicating persistently high bankruptcy risk. Nevertheless, these Sharia-compliant issuers demonstrated considerable financial resilience by consistently maintaining interest-based debt below 45% of total assets in accordance with DES criteria. Government stimulus policies and effective risk management practices further reinforced their stability. This study enriches the Islamic capital market literature by evidencing the relative resilience of Sharia-compliant companies amid prolonged crisis.