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Trade and Industrial Dynamics in the Heyday of the Abbasid Dynasty: Historical Relevance to Contemporary Indonesian Economic Development Resty Paryanda; Restu Asa Marisza Sukma; Arifah Rohmatul Hidayah; M. Arif Faizin
Eshraq: Journal of Islamic Studies Vol. 2 No. 1 (2026): Januari
Publisher : Eshraq: Journal of Islamic Studies

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Abstract

This research discusses the dynamics of trade and industry during the heyday of the Abbasid Dynasty (750–1258 AD) and its relevance to contemporary Indonesian economic development. The Abbasid period is known as the golden phase of Islamic civilization which was characterized by the advancement of science, technology, and an integrated economic system. The Abbasid economy grew rapidly thanks to a combination of agricultural, manufacturing, and financial services sectors supported by strong institutions such as baitul mal and hisbah, as well as an efficient cross-regional trade system. Through a comparative historical approach, the study found that the success of the Abbasid economy rested on market integration, production specialization, and inclusive institutional governance. In the Indonesian context, the results of this study show that the national industrial and trade sectors still face the challenges of low added value, dependence on imported raw materials, and weak synergy between sectors. The Abbasid learning emphasizes the importance of strengthening economic institutions, developing logistics infrastructure, technological innovation, and improving the quality of human resources. By adapting the principles of efficiency, morality, and equity applied during the Abbasid period, Indonesia can strengthen the foundation of a competitive, inclusive, and sustainable industrial and trade economy in the era of globalization.
Determinants of Welfare from an Islamic Perspective: Economic Growth, Income, and Employment on Welfare Muhamad Agus Alfiyan Nur Ahmada; Siti Itsna Syamsiyah; Arifah Rohmatul Hidayah; Rokhmat Subagiyo; Muhammad Aswad
Community Engagement and Emergence Journal (CEEJ) Vol. 6 No. 6 (2025): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v6i6.9616

Abstract

This study aims to analyze the influence of economic growth, income, and employment on welfare in Indonesia in 2023. The research is motivated by the mismatch between increasing economic growth and equitable distribution of welfare, as well as inconsistencies in previous research findings regarding the effects of macroeconomic variables on welfare. A quantitative methodology is employed in this study, using secondary data obtained from the Central Bureau of Statistics (BPS). The population consists of 34 provinces in Indonesia in the 2023 period. Multiple linear regression is employed as the analytical method to evaluate the research hypotheses. The results show that simultaneously, economic growth, income, and employment have a positive and significant effect on welfare in Indonesia in 2023. Partially, economic growth has a negative and insignificant effect on welfare in Indonesia in 2023. Income has a positive but insignificant effect on welfare in Indonesia in 2023. On the other hand, employment has a positive and significant effect on welfare in Indonesia in 2023. These findings indicate that improvements in public welfare are more influenced by employment stability and productivity rather than economic growth and income, as the distribution of the latter is not necessarily equitable.
Reaktualisasi Maqasid Al-Shariah dalam Etika Ekonomi Islam di Era Digitalisasi Global Sulistiyah Sulistiyah; Arifah Rohmatul Hidayah
AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis Vol. 6 No. 2 (2026): AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis
Publisher : Perhimpunan Sarjana Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37481/jmeb.v6i2.1860

Abstract

The rapid expansion of global digitalization has significantly transformed economic activities, enhancing efficiency while simultaneously generating ethical challenges such as data exploitation, consumer manipulation, and profit-oriented business practices that often neglect moral considerations. This study aims to examine the relevance of maqāṣid al-Shariah as an ethical and normative framework for guiding Islamic economic practices in the digital era toward justice, sustainability, and social welfare. Employing a qualitative library research method, this study analyzes contemporary and classical literature sourced from national and international academic publications related to Islamic economics, digital transformation, and maqāṣid-based ethics. The findings reveal that the core principles of maqāṣid al-Shariah including the protection of religion, life, intellect, wealth, and progeny provide a comprehensive ethical foundation for regulating digital economic activities across production, consumption, and public policy domains. These principles emphasize a balance between technological innovation and moral responsibility, ensuring transparency, fairness, data protection, and long-term societal well-being. This study contributes to the discourse on Islamic digital economics by positioning maqāṣid al-Shariah not merely as a normative concept but as a strategic ethical framework capable of addressing contemporary digital economic challenges in a holistic and sustainable manner.
Struktur Modal Apple dalam Pengelolaan Biaya Modal Global: Sebuah Systematic Literature Review Arifah Rohmatul Hidayah; Helmalia Oktaviana; Gayuh Kawedar; Aldino Putra Arika; Rokhmat Subagiyo; Mohammad Aswad
EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi Vol. 5 No. 6: September 2026
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/ekoma.v5i6.19062

Abstract

Penelitian ini bertujuan untuk menganalisis strategi struktur modal yang diterapkan Apple Inc. dalam mengelola biaya modal global serta mengkaji kesesuaiannya dengan teori struktur modal modern. Penelitian menggunakan metode Systematic Literature Review (SLR) dengan mengidentifikasi, mengevaluasi, dan mensintesis berbagai literatur ilmiah yang relevan mengenai struktur modal, biaya modal, dan keuangan perusahaan multinasional. Sumber data berasal dari artikel ilmiah nasional dan internasional yang dipublikasikan pada periode 2020-2025. Hasil kajian menunjukkan bahwa Apple menerapkan strategi struktur modal yang mengombinasikan penggunaan laba ditahan, penerbitan obligasi internasional, serta program pembelian kembali saham untuk menciptakan struktur pendanaan yang efisien. Meskipun memiliki cadangan kas yang besar, Apple tetap memanfaatkan utang karena mampu memberikan manfaat penghematan pajak (tax shield), biaya pinjaman yang relatif rendah, serta peluang menurunkan Weighted Average Cost of Capital (WACC). Strategi tersebut memungkinkan perusahaan mempertahankan fleksibilitas keuangan, meningkatkan efisiensi biaya modal, dan memaksimalkan nilai perusahaan dalam jangka panjang. Temuan penelitian menunjukkan bahwa kebijakan struktur modal Apple mencerminkan kombinasi Trade-Off Theory dan Pecking Order Theory. Trade-Off Theory dinilai lebih dominan dalam menjelaskan keputusan perusahaan menggunakan utang secara aktif untuk memperoleh manfaat pajak dan efisiensi biaya modal tanpa meningkatkan risiko kebangkrutan secara signifikan. Penelitian ini menegaskan bahwa strategi struktur modal Apple merupakan pendekatan integratif yang berorientasi pada optimalisasi biaya modal global dan penciptaan nilai perusahaan yang berkelanjutan.