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Fractional Reserve Banking in Islamic Finance: A Comparative Analysis of Islamic and Western Economic Perspectives fathurrahman, Ayif
Jurnal Ar-Ribh Vol 8, No 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v8i1.17634

This article examines the concept and implementation of fractional reserve banking (FRB) through the lens of both Western economic thought and Islamic finance. Utilizing a qualitative methodology with a library research approach, this study investigates theoretical and practical differences between the two paradigms. In conventional Western finance, FRB is widely accepted as a mechanism that enables credit expansion, supports investment, and enhances liquidity within financial systems. Economists such as Mises, Keynes, and Rothbard offer varying justifications and criticisms of this system—ranging from monetary creation efficiency to moral hazards such as artificial credit inflation. Conversely, Islamic economic thought fundamentally challenges the legitimacy of FRB due to its connection with interest (riba), risk of gharar (uncertainty), and issues of dual ownership in deposit structures. Islamic scholars argue that the practice contradicts the principles of ownership (milkiyah) and justice in financial dealings, thereby undermining the ethical framework of Sharia-compliant finance. The paper highlights how the replication of conventional banking practices in Islamic finance raises concerns about authenticity and systemic risks. Additionally, it addresses the resurgence of proposals for full-reserve banking following global financial crises, suggesting growing discontent with the status quo. Ultimately, this comparative analysis reveals a significant philosophical and operational divide between Western and Islamic views on banking and monetary policy. The study contributes to ongoing discussions about ethical financial reform and provides critical insights into the viability of implementing fractional reserve banking in Islamic financial institutions.

The Effect Of Using Mobile Banking And Religiusity On Consumtive Behavior Of E-Commerce Users Fathurrahman, Ayif; Febriani, Peggy
Jurnal Ar-Ribh Vol 6, No 1 (2023): April 2023
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v6i1.10628

This study aims to determine how the influence of the use of mobile banking and religiosity on the consumptive behavior of SHOPEE e-commerce users, namely Muslim students who use mobile banking in shopping at SHOPEE e-commerce. The sample in this study using purposive sampling technique amounted to 218 respondents. The analytical method used is multiple linear regression analysis. The results of this study indicate that the use of mobile banking has a significant positive effect on the consumptive behavior of SHOPEE e-commerce users, and religiosity has a significant negative effect on the consumptive behavior of SHOPEE e-commerce users

Pengembangan Paradigma Wasathiyah dalam Ilmu Ekonomi Islam fathurrahman, Ayif
Jurnal BAABU AL-ILMI: Ekonomi dan Perbankan Syariah Vol 10, No 1 (2025): Islamic economics and banking research
Publisher : Universitas Islam Negeri Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/ba.v10i1.7182

This article aims to discuss the development of the wasathiyah paradigm in Islamic economics. The approach in this study is a qualitative approach. This study was designed in the form of library research using various library sources as sources of research data. The results of the study are that the wasathiyah paradigm in Islamic economics is the original paradigm of Islamic economics because it originates from the Qur'an which is intended as a guideline for humans in carrying out economic activities. There are 3 dimensions of wasathiyah that are very likely to be applied as a basis for the development of Islamic economics, first, the wasathan dimension (middle) to avoid the extremism of economic thinking that has occurred in the capitalist economic system and the socialist economic system. Second, the dimension of progress as the best economic model to realize human welfare. Third, the worldly-ukhrowi dimension, the unificative dimension between the world and the hereafter which gave birth to the concept of falah as the goal of Islamic economics, the pursuit of worldly material means can be maximized in order to maximize the implementation of worship to Allah SWT to be more perfect.

Fractional Reserve Banking in Islamic Finance: A Comparative Analysis of Islamic and Western Economic Perspectives fathurrahman, Ayif
Jurnal Ar-Ribh Vol. 8 No. 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v8i1.17634

This article examines the concept and implementation of fractional reserve banking (FRB) through the lens of both Western economic thought and Islamic finance. Utilizing a qualitative methodology with a library research approach, this study investigates theoretical and practical differences between the two paradigms. In conventional Western finance, FRB is widely accepted as a mechanism that enables credit expansion, supports investment, and enhances liquidity within financial systems. Economists such as Mises, Keynes, and Rothbard offer varying justifications and criticisms of this system—ranging from monetary creation efficiency to moral hazards such as artificial credit inflation. Conversely, Islamic economic thought fundamentally challenges the legitimacy of FRB due to its connection with interest (riba), risk of gharar (uncertainty), and issues of dual ownership in deposit structures. Islamic scholars argue that the practice contradicts the principles of ownership (milkiyah) and justice in financial dealings, thereby undermining the ethical framework of Sharia-compliant finance. The paper highlights how the replication of conventional banking practices in Islamic finance raises concerns about authenticity and systemic risks. Additionally, it addresses the resurgence of proposals for full-reserve banking following global financial crises, suggesting growing discontent with the status quo. Ultimately, this comparative analysis reveals a significant philosophical and operational divide between Western and Islamic views on banking and monetary policy. The study contributes to ongoing discussions about ethical financial reform and provides critical insights into the viability of implementing fractional reserve banking in Islamic financial institutions.

Meaningful Economics: An Islamic Perspective On Human Well-Being and Ethical Value Ayif Fathurrahman; Muhammad Danish Farhad Bin Zainol Asri
IECON: International Economics and Business Conference Vol. 3 No. 2 (2025): International Conference on Economics and Business (IECON-3)
Publisher : www.amertainstitute.com

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65246/aww8v285

This article analyzes the crisis faced by several multinational corporations, in light of the growing ethical awareness among Muslim consumers regarding global issues such as the Israeli aggression in Gaza. Employing a qualitative-descriptive approach and literature review, this study examines how the phenomenon of consumer boycotts reflects a paradigm shift in the consumption behavior of Muslim societies. The findings reveal that such boycotts are not merely rooted in political sentiment but also represent an expression of the values embedded in maqāṣid al-sharī‘ah, including justice, solidarity, and moral responsibility. Furthermore, the article proposes the framework of meaningful economics as an alternative to the conventional economic model, which often tends to be reductionist and unresponsive to evolving social dynamics. Within the Islamic economic paradigm, consumption and production are regarded as meaningful activities that encompass both spiritual and ethical dimensions. This study recommends that global corporations adopt value-based business models and remain attentive to the moral sensitivities of Muslim consumers as a long-term sustainability strategy.

ANALISIS DETERMINAN PENDAPATAN PEDAGANG KAKI LIMA DI KAWASAN MALIOBORO PASCA RELOKASI Fathurrahman, Ayif; Arsianto, Anisa Nendiya
Forum Bisnis Kewirausahaan Vol 15 No 1 (2025): Forum Bisnis dan Kewirausahaan
Publisher : LPPM Universitas Multi Data Palembang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35957/forbiswira.v15i1.13579

The Yogyakata Special Region Government has made a policy regarding regulations for the Malioboro area, namely regarding Relocation in order to regulate the Malioboro area into an area that is clean from street vendors. This study uses independent variables, namely business capital, length of business, location, working hours, and level of education, while the independent variable uses income. This study aims to determine the business capital, length of business, location, working hours, and level of education on the terraces of Malioboro have an influence on income and to determine the income of post-relocation street vendors. In this study, researchers used primary data and took samples using a questionnaire.The researchers only took 100 respondents after going through the Sloving formula calculation method, fromthe total population of street vendors on the terraces of Malioboro. The analytical tool method used by the researcher is multiple linear regression which as the dependent variable is income and the independent variables are business capital, length of business, location, working hours, and level of education.

Meaningful Microenterprise in the Informal Economy: Angkringan As A Culturally Rooted Islamic Socio-Economic Practice in Java, Indonesia fathurrahman, Ayif
Jurnal Ar-Ribh Vol. 8 No. 2 (2025): October 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/mf3ycy22

This study explores angkringan—a traditional, informal street food enterprise in Java, Indonesia—as a meaningful microenterprise that embodies the principles of Islamic socio-economics within the context of the informal economy. Amid the increasing collapse of formal, globalized retail chains such as KFC in Indonesia, this research seeks to understand how culturally rooted, low-scale enterprises can offer a sustainable and socially embedded economic alternative.Adopting a qualitative-conceptual approach, the study integrates theories from the meaning economy, Islamic socio-economic ethics, and informal economic systems. Data were drawn from secondary sources including academic literature, government reports, and media documentation, as well as light contextual field observations in selected angkringan locations in Yogyakarta. The findings reveal that angkringan functions not only as a microeconomic unit but also as a space of social interaction, mutual care, and ethical trade practices. It fosters affordability, inclusivity, and community cohesion, aligning with key Islamic economic values such as ‘adalah (justice), rahmah (compassion), and kifāyah (sufficiency). Unlike formal fast-food outlets driven by profit maximization, angkringan promotes relational well-being and cultural resilience. The study argues that angkringan represents a bottom-up, value-driven model of Islamic microenterprise that is both culturally meaningful and ethically grounded. This research contributes to the development of a culturally contextualized Islamic socio-economic framework and opens new pathways for integrating local wisdom, ethical values, and community-based development into Islamic economics. It recommends a shift in policy and academic discourse from financing-centric approaches to meaning-centric, socially embedded economic practices.

The Effect Of Using Mobile Banking And Religiusity On Consumtive Behavior Of E-Commerce Users Fathurrahman, Ayif; Febriani, Peggy
Jurnal Ar-Ribh Vol. 6 No. 1 (2023): April 2023
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v6i1.10628

This study aims to determine how the influence of the use of mobile banking and religiosity on the consumptive behavior of SHOPEE e-commerce users, namely Muslim students who use mobile banking in shopping at SHOPEE e-commerce. The sample in this study using purposive sampling technique amounted to 218 respondents. The analytical method used is multiple linear regression analysis. The results of this study indicate that the use of mobile banking has a significant positive effect on the consumptive behavior of SHOPEE e-commerce users, and religiosity has a significant negative effect on the consumptive behavior of SHOPEE e-commerce users

Factors Influencing People's Decision to Save in Sharia Bank (Case Study in Sleman District) Fathurrahman, Ayif; Ratnasari, Dian Puspita
Jurnal Ar-Ribh Vol. 7 No. 2 (2024): Oktober 2024
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v7i2.13236

This research aims to analyze the determinants that have an influence on savings decisions in regional sharia banks in Sleman Regency. The possibility of a technical sample is the sampling technique in this research. From this technique there were 116 respondents. This research data is primary data with multiple linear regression methods. Research finds that the religiosity variable has no influence on people's decisions to save in Islamic banks. Meanwhile, the variables of trust, level of results and knowledge have a significant positive influence on the decision to save. Meanwhile, simultaneously all the research variables that influence the decision to save at a regional sharia bank in Sleman Regency with a coefficient of 0.630 promise from the results of this research that sharia banks are able to maintain the variables of trust, knowledge and level of profit sharing which are the dominant factors that influence people to save at the k sharia bank.

ANALYSIS OF DETERMINANTS OF BANK SYARIAH INDONESIA CUSTOMER SATISFACTION LEVEL fathurrahman, Ayif
IHTIYATH : Jurnal Manajemen Keuangan Syariah Vol 7 No 1 (2023): Vol.7 No.1 Juni 2023
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32505/ihtiyath.v7i1.5799

ANALYSIS OF DETERMINANTS OF BANK SYARIAH INDONESIA CUSTOMER SATISFACTION LEVEL Abstract Purpose: This study aims to analyze the determinants of customer satisfaction in Bank Syariah Indonesia (BSI) KCP Wirobrajan, focusing on factors such as tangible elements, reliability, responsiveness, assurance, empathy, and overall customer satisfaction. Design/methodology/approach: Primary data was collected from 100 respondents who were customers of BSI KCP Wirobrajan, Yogyakarta, using an accidental sampling method. The research employed a Likert scale questionnaire to gather data on tangible elements, reliability, responsiveness, assurance, empathy, and customer satisfaction. Multiple regression analysis was applied to examine the relationships between these variables. Findings: The study reveals that tangible elements, reliability, responsiveness, assurance, and empathy positively influence customer satisfaction in Bank Syariah Indonesia. The results underscore the importance of these factors in shaping the overall customer experience and satisfaction levels. Research limitations/implications: While the study contributes valuable insights, it is essential to acknowledge the limitations. The research is specific to BSI KCP Wirobrajan in Yogyakarta, and variations may occur in different regions or with different research objects. Additionally, the study is based on primary data collected through a questionnaire, which may have inherent biases. Practical implications: The findings of this research have practical implications for Bank Syariah Indonesia in enhancing customer satisfaction. By focusing on tangible elements, reliability, responsiveness, assurance, and empathy, the bank can improve its overall service quality, leading to higher customer satisfaction and loyalty. Keywords: Tangible, Reliability, Responsiveness, Assurance, Empathy, Customer Satisfaction, Bank Syariah, Service Quality. ANALISIS DETERMINAN TINGKAT KEPUASAN NASABAH BANK SYARIAH INDONESIA Abstrak Tujuan: Penelitian ini bertujuan untuk menganalisis determinan kepuasan nasabah di Bank Syariah Indonesia (BSI) KCP Wirobrajan, dengan fokus pada faktor-faktor seperti elemen nyata, keandalan, daya tanggap, jaminan, empati, dan kepuasan pelanggan secara keseluruhan. Desain/metodologi/pendekatan: Data primer dikumpulkan dari 100 responden yang merupakan pelanggan BSI KCP Wirobrajan, Yogyakarta, dengan metode accidental sampling. Penelitian ini menggunakan kuesioner skala Likert untuk mengumpulkan data tentang elemen nyata, keandalan, daya tanggap, jaminan, empati, dan kepuasan pelanggan. Analisis regresi berganda diterapkan untuk menguji hubungan antara variabel-variabel ini. Kesimpulan: Penelitian ini mengungkapkan bahwa elemen nyata, keandalan, daya tanggap, jaminan, dan empati berpengaruh positif terhadap kepuasan nasabah di Bank Syariah Indonesia. Hasilnya menggarisbawahi pentingnya faktor-faktor ini dalam membentuk pengalaman pelanggan secara keseluruhan dan tingkat kepuasan. Keterbatasan / implikasi penelitian: Meskipun penelitian ini menyumbangkan wawasan yang berharga, penting untuk mengakui keterbatasan tersebut. Penelitian ini khusus untuk BSI KCP Wirobrajan di Yogyakarta, dan variasi dapat terjadi di berbagai daerah atau dengan objek penelitian yang berbeda. Selain itu, penelitian ini didasarkan pada data primer yang dikumpulkan melalui kuesioner, yang mungkin memiliki bias yang melekat. Implikasi praktis: Temuan penelitian ini memiliki implikasi praktis bagi Bank Syariah Indonesia dalam meningkatkan kepuasan nasabah. Dengan berfokus pada elemen nyata, keandalan, daya tanggap, jaminan, dan empati, bank dapat meningkatkan kualitas layanannya secara keseluruhan, yang mengarah pada kepuasan dan loyalitas pelanggan yang lebih tinggi. Kata kunci: Tangible, Reliability, Responsiveness, Assurance, Empathy, Customer Satisfaction, Bank Syariah, Service Quality.

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