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Perkembangan Keuangan Syariah dan Pertumbuhan Ekonomi di Indonesia: Analisis Hubungan Jangka Panjang dan Jangka Pendek: The Development of Islamic Finance and Economic Growth in Indonesia: An Analysis of Long-Term and Short-Term Relationships Azwar Azwar; Arif Mashuri; Jamaluddin Majid
HISAB: Jurnal Akuntansi Lembaga Keuangan Syariah Vol. 1 No. 1 (2025): HISAB: Jurnal Akuntansi Lembaga Keuangan Syariah
Publisher : Program Studi Akuntansi Lembaga Keuangan Syariah, Politeknik Wahdah Islamiyah Makassar

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Abstract

This study aims to analyze the short-run and long-run relationship between sukuk development and economic growth in Indonesia. The research employs a quantitative approach using annual time series data covering the period 2003–2022. The dependent variable is Gross Domestic Product (GDP) per capita (current US$), while the independent variable is the value of Sukuk Outstanding (in billion rupiahs). The analysis utilizes the Autoregressive Distributed Lag (ARDL) model to examine both the long-term and short-term linkages between the two variables. The estimation results indicate that, in the long run, sukuk has a positive and significant effect on economic growth, confirming that an increase in sukuk issuance can strengthen national economic activity through the financing of productive, asset-based projects. In the short run, the Error Correction Model (ECM) results reveal an error correction coefficient of -0.084852, which is significant at the 1% level, implying an adjustment mechanism of approximately 8.48% per period toward long-run equilibrium. Although temporary negative effects are observed from previous sukuk issuances, the findings suggest that the market possesses a gradual self-correcting capacity. This study underscores the strategic role of sukuk in supporting sustainable economic growth in Indonesia, in line with Islamic finance principles that emphasize justice, stability, and social welfare.
Implementation of the halal product assurance system in micro-enterprises: a monitoring and evaluation study of school canteens Azwar Azwar; Arif Mashuri; Andi Wawan Mulyawan; A. M. Nur Atma Amir; Nelia Syafriawati; Cut Muthiadin; Abur Hamdi Usman
Journal of Halal Product and Research Vol. 9 No. 1 (2026): Towards an Inclusive Halal Ecosystem: A Framework of Collaborative Governance,
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jhpr.vol.9-issue.1.20-39

Abstract

This study aims to assess the conformity of implementing the Halal Product Assurance System (HPAS) in micro-scale school canteen enterprises that have already obtained halal certification. The study employs a descriptive qualitative approach using monitoring and evaluation (M&E) methods within a case study design. Data were collected through triangulation techniques, including semi-structured interviews with halal persons in charge, direct observation of production processes and facilities, examination of HPAS documentation, and completion of the Internal Audit Checklist in accordance with Appendix 16 of the HPAS Manual. Data analysis was conducted using a descriptive qualitative method to identify the level of substantive and administrative compliance with HPAS requirements. The findings indicate that the implementation of HPAS in the school canteen has been substantively well established, particularly in aspects related to raw materials, halal product processes, and product control, with no major non-conformities identified that could affect the halal status of the products. Nevertheless, weaknesses remain in administrative and documentation aspects, such as the absence of documented halal policies, unclear job descriptions for halal supervisors, undocumented written procedures for halal product processes, and the lack of systematic recording of materials and monitoring activities. All identified findings are categorized as minor and administrative in nature, which are commonly encountered in micro-scale enterprises. Accordingly, this study recommends the gradual and proportionate strengthening of HPAS documentation, capacity building for business actors through halal guidance and training, and the implementation of documented internal audits and management reviews to enhance the sustainability of HPAS implementation. These findings contribute empirical insights to the development of a contextualized HPAS coaching and mentoring model for education-based micro enterprises.   Keywords: Halal Product Assurance System (HPAS); Micro Enterprises; School Canteens; Monitoring and Evaluation