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All Journal Perisai : Islamic Banking and Finance Journal Al-Muamalat : Jurnal Ekonomi Syariah Jurnal Manajemen
Alfi Khilmi Khusnia
Unknown Affiliation
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Implementasi CSR terhadap Kemaslahatan Stakeholder Perspektif Maqashid Syari’ah pada Bank Bukopin Syari’ah Indonesia Alfi Khilmi Khusnia; Imam Kamaluddin
MAMEN: Jurnal Manajemen Vol. 4 No. 2 (2025): April 2025
Publisher : Yayasan Literasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55123/mamen.v4i2.5051

Abstract

The problem found in the Islamic bank Bank Bukopin Syariah in the implementation of CSR programs is that there are still many criteria that have not been explained in detail and have not been implemented, this causes stakeholders to lose confidence in the bank if the promised CSR program is not realized. And if some of the criteria do not work, it will reduce the concept of Sharia with the application of Maqashid Sharia in the bank. Islamic law requires Muslims not only to be guided by the Al-Quran and As-Sunnah alone, but also to be subject to the objectives of Sharia, namely Maqasid Sharia in CSR activities in banking. This study aims to examine the implementation of CSR towards stakeholder benefits from the perspective of Maqashid Sharia at Bukopin Syariah Bank in Indonesia. The results of this study prove that Bukopin Syariah Bank is able to meet several criteria contained in maqashid sharia, namely ad-dharuriyyah and al-hajiyyah. Although maqashid at-tahsiniyyah has not been fulfilled, Bukopin Syariah Bank is still trying to implement CSR programs that are related to maqashid at-tahsiniyyah criteria.
The Impact of Green Banking on Profitability of Indonesia’s Islamic Commercial Banks Khoirul Umam; Alfi Khilmi Khusnia; Vina Fithriana Wibisono; Naahilah Hunafaa' Al-Qudsy
Perisai : Islamic Banking and Finance Journal Vol. 9 No. 2 (2025): October
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v9i2.1893

Abstract

The intensifying competition within the banking industry has driven institutions to adopt strategies that not only focus on profitability but also uphold sustainability values. Among these initiatives, green banking; representing a form of green investment within the Islamic financial framework; has become a key approach. This study investigates how green banking practices, and the number of ATMs affect the profitability of Islamic commercial banks in Indonesia, using Return on Assets (ROA) as the performance measure for the 2019–2024 period. Using a quantitative approach, the research applies panel data regression with a Fixed Effect Model (FEM). The results reveal that green banking practices do not have a significant impact on bank profitability. Although theory suggests a positive correlation, the empirical results reveal that its contribution to improving ROA remains unproven, likely due to its limited and long-term implementation stage. Similarly, the number of ATM units shows no significant effect and even tends to negatively affect profitability, possibly because of high operational expenses and customers’ growing shift toward digital banking services. Despite the insignificant short-term impact, the incorporation of environmentally friendly banking measures by Islamic banks represents an essential step toward incorporating environmentally responsible financing and energy efficiency. This approach holds promising potential to enhance the sustainability, reputation, and competitiveness of Islamic banks in the long term.
A Normative Analysis of DSN-MUI Fatwa No. 154/DSN-MUI/V/2023 and Its Implications for Sharia ETF Governance in Indonesia Setiawan bin Lahuri; Alfi Khilmi Khusnia; Yulizar Djamaluddin Sanrego; Khoirul Umam; Muchammad Taufiq Affandi
Al-Muamalat: Jurnal Ekonomi Syariah Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.52282

Abstract

The rapid development of Islamic finance has increased demand for Sharia-compliant investment instruments, including Sharia Exchange-Traded Funds (ETF). In Indonesia, Sharia ETF governance faces regulatory fragmentation and legal uncertainty, particularly concerning the integration of Sharia principles into capital market regulations. Existing studies have predominantly examined performance aspects or formal compliance processes, while the role of fatwas as operational governance instruments remains understudied. This research examines the National Sharia Board-Indonesian Council of Ulama (DSN-MUI) Fatwa No. 154 of 2023 as a Sharia governance instrument. A normative juridical approach is employed to analyze the provisions within the fatwa, Financial Services Authority (OJK) regulations, and operational practices of Sharia ETF on the Indonesia Stock Exchange (IDX). Data analysis was conducted using thematic methods based on the dimensions of Sharia governance, transparency, and law enforcement. The findings indicate that although Fatwa No. 154 provides legal clarity and certainty, the fatwa remains at a normative level and lacks operational standards that can be implemented in disclosure, reporting, and supervision aspects. Consequently, Sharia compliance risks ceasing at a formalistic stage without effective integration with capital market regulations. This research contributes to Islamic financial governance literature by offering a conceptual framework that positions fatwa as a regulatory instrument within Sharia capital market governance. The implications emphasize the need for regulatory strengthening and enhanced inter-institutional coordination to realize more effective Sharia ETF governance.
Co-Authors Imam Kamaluddin Khoirul Umam Muchammad Taufiq Affandi Naahilah Hunafaa' Al-Qudsy Vina Fithriana Wibisono Yulizar Djamaluddin Sanrego