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Fitri Nur Latifah
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perisai@umsida.ac.id
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INDONESIA
Perisai : Islamic Banking and Finance Journal
Published by Universitas Muhammadiyah Sidoarjo
ISSN : 25033077     EISSN : 25033077     DOI : https://doi.org/10.21070/perisai
Core Subject : Economy,
Economics, Econometrics & Finance
PERISAI Journal of Islamic Banking and Finance publishes articles and short communications in Banking and Finance covers wide range of islamic studies forms such as Fiqh Muamalah, Economy, Banking, Finance, Islamic Studies and Business Model issue. Reader : Islamic Studies, society, student Author : academic, professional
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Pemasaran
Articles 6 Documents
 1 
Search results for , issue "Vol. 10 No. 1 (2026): April" : 6 Documents clear
Is Islamic Banking’s Role in Third-Party Funds Becoming Significant? : Evidence from CASA and Time Deposits in Indonesia (2020–2024) Fitri, Novi Lailatul; Maghviroh, Rovila El; Suwandi, Indra
Perisai : Islamic Banking and Finance Journal Vol. 10 No. 1 (2026): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v10i1.1867

Abstract

This study investigates the dynamics of third-party fund (TPF) mobilization within Indonesia’s dual-banking system, focusing on the comparative roles of Islamic banks (SB) and conventional banks (CB) from 2020 to 2024. By decomposing TPF into two components—CASA (demand and savings deposits) and time deposits (TD)—the research offers novel insights into market share shifts and inter-system interdependencies. Using a quantitative approach, the analysis draws on 60 months of official banking data from the OJK and employs descriptive statistics, time-series trend analysis, non-parametric and comparative tests, cross-correlation, and ARIMA modeling to capture structural dynamics and substitution effects. Findings indicate that CB maintains dominance with an average TPF market share exceeding 90%, despite a statistically significant downward trend. Conversely, SB records steady but moderate gains, primarily within CASA, while TD remain largely stagnant. SB exhibits greater volatility in growth rates, signaling heightened sensitivity to market shocks. Cross-correlation results reveal strong substitution effects between CB and SB in CASA products, whereas SB’s TD demonstrate weaker interdependence with CB counterparts. ARIMA modeling further confirms CB’s market share as highly predictable and structurally stable, contrasting with SB’s more volatile and less forecastable pattern. This study contributes by introducing a structural comparison of CASA and TD between SB and CB—a rarely adopted approach in previous literature, which typically treats TPF as a homogeneous variable. The results suggest that SB’s relative market share gains reflect CB’s slower expansion rather than accelerated SB growth.  
Self-Declaration in Halal Certification: Regulatory Loophole, Ethical Risk, or Participatory Governance Opportunity in Indonesia Kusumaningtyas, Menur; Latifah, Fitri Nur
Perisai : Islamic Banking and Finance Journal Vol. 10 No. 1 (2026): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v10i1.2028

Abstract

The rapid growth of the halal industry has positioned halal certification as a crucial regulatory instrument to ensure religious compliance, consumer trust, and market integrity. The self-declaration policy for halal certification in Indonesia aims to simplify procedures and expand access for micro and small businesses. However, this policy has sparked debate regarding halal integrity, regulatory accountability, and ethical assurance. This research uses a qualitative critical legal approach with doctrinal and socio-legal analysis of regulations, policy documents, and public discourse regarding self-declaration. The analysis is conducted within the framework of the maqasid sharia and Islamic economic ethics. The results show that self-declaration improves administrative efficiency and certification access, but also poses governance risks in the form of verification gaps, weakened accountability, and a potential decline in public trust. Delegating halal claims to business actors without independent oversight risks turning halal certification into an administrative formality. Therefore, self-declaration needs to be integrated into a participatory halal governance model involving regulators, religious authorities, independent auditors, and the community. This model is considered capable of balancing regulatory efficiency, ethical integrity, and religious legitimacy. Keywords: Halal Certification, Self-Declaration, Participatory Governance, Maqasid Shariah, Islamic Economic Ethics
Stakeholder Strategies and Sustainable Profitability in Islamic Banking: SDGs, Digitalization, and Institutional Logics Fahamsyah, Mohammad Hatta; Miharja, Muhammad Najamuddin Dwi; Rakhmat, Adriana Syariefur
Perisai : Islamic Banking and Finance Journal Vol. 10 No. 1 (2026): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v10i1.2029

Abstract

This study investigates the impact of stakeholder-oriented strategies, Sustainable Development Goals (SDGs) integration, and digitalization on the profitability of Islamic banks in Indonesia, with Return on Assets (ROA) used as a proxy for financial performance. A quantitative approach is employed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze panel data from 10 Islamic commercial banks over the period 2019–2023. The findings reveal that stakeholder-oriented strategies have a positive and significant effect on profitability. SDGs integration not only enhances financial performance but also functions as a partial mediator in the relationship between stakeholder strategies and profitability. In addition, digitalization acts as a moderating variable that strengthens this relationship, indicating its role as a strategic enabler in improving financial outcomes. These results highlight the importance of integrating sustainability and digital transformation into the strategic management of Islamic banking institutions. From an institutional logics perspective, the findings reflect the alignment of economic, social, and religious dimensions in achieving sustainable profitability. This study contributes to the literature by offering a comprehensive and integrated framework that links stakeholder theory, SDGs, and digitalization within the context of Islamic banking. Keywords: Stakeholder Strategies, Islamic Banking, SDGs, Digitalization, Profitability (ROA), Institutional Logics
Ideology, Discourse, and Green Economy: A Comparative Analysis of Lazismu, Lazisnu, and Baznas in Indonesia Adji, Kumara; Sriyono, Sriyono; Samad, Khairunnisa Abd; Wai, Khoong Tai
Perisai : Islamic Banking and Finance Journal Vol. 10 No. 1 (2026): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v10i1.2030

Abstract

This study examines how ideological paradigms shape the construction and implementation of green economy within Islamic philanthropic institutions in Indonesia. While existing studies on zakat predominantly focus on governance and socio-economic impact, little attention has been given to the ideological and discursive foundations underlying institutional practices. Addressing this gap, the study adopts a qualitative comparative approach to analyze three major zakat institutions—Lazismu, Lazisnu, and Baznas—which represent modernist, traditionalist, and state-driven paradigms, respectively.Drawing on a critical framework inspired by Michel Foucault, particularly the concepts of discourse and power–knowledge, this research demonstrates that green economy is not a neutral or universally defined concept, but a contested discourse shaped by institutional ideologies. The findings reveal that each institution articulates and operationalizes green economy differently: as a measurable sustainability framework aligned with global standards, as a culturally embedded expression of communal ethics, or as part of national development policy.The study contributes to the literature by advancing an epistemological perspective on zakat, highlighting the role of ideology in shaping economic-environmental practices, and proposing the possibility of a synthetic model of Islamic green economy. These findings offer both theoretical insights and practical implications for the development of sustainable Islamic philanthropy in diverse socio-religious contexts. Keywords: Islamic Philanthropy,  Zakat Institutions,  Green Economy, Discourse Analysis,  Ideology, Indonesia, Sustainability
From Helper to Supervisor: Career Advancement Based on Meritocracy and Islamic Work Values Putranto, Johni Harius
Perisai : Islamic Banking and Finance Journal Vol. 10 No. 1 (2026): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v10i1.2039

Abstract

Career advancement is an important mechanism to improve employee motivation, productivity, and organizational sustainability. However, in many small and medium enterprises (SMEs), promotion systems are often informal and vulnerable to subjectivity. This study investigates how meritocracy and Islamic work values influence internal career advancement at PT. M steel structure manufacturing company in Sidoarjo. The company applies a structured internal hierarchy consisting of helper, machine operator, coordinator operator, and production supervisor. Promotion decisions are based on job rotation experience, technical competence, communication skills, and responsibility. This study employed a mixed-method approach involving all 35 employees through census sampling and interviews with management. Quantitative data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), while qualitative findings supported contextual interpretation. The results indicate that competence, empowering leadership, self-efficacy, and Islamic work values significantly affect career advancement. Transparent merit-based systems were also found to strengthen employee trust and work motivation. This study contributes to the literature of Islamic Human Resource Management by demonstrating the practical relevance of amanah (trustworthiness), kafa’ah (competence), and fairness in promotion systems within manufacturing SMEs. Keywords: Career Advancement, Meritocracy, Islamic HRM, Empowering Leadership, Competence, SMEs
Development of Green Sukuk in Indonesia Based on The Pillars of Sustainable Development Ulfah, Indar Fauziah; Al-Kahfi, Muhammad Fakhri
Perisai : Islamic Banking and Finance Journal Vol. 10 No. 1 (2026): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v10i1.2040

Abstract

Green Sukuk represents a transformative Islamic financial instrument specifically designed to fund environmentally friendly projects that accelerate the achievement of the Sustainable Development Goals (SDGs). Despite its potential, the issuance and management of Green Sukuk in Indonesia still encounter several operational clusters that require further optimization. This research aims to provide a comprehensive literature review regarding the development of Green Sukuk in Indonesia, analyzed through the framework of the SDGs Pillars (Social, Economic, Environmental, and Governance). The methodology employed is a qualitative literature review, utilizing a three-stage data analysis technique: data reduction, data display, and conclusion drawing/verification. The findings reveal that Green Sukuk plays a pivotal role as a catalyst for the sustainable development agenda and climate change mitigation. However, the instrument faces significant structural hurdles, including liquidity constraints in secondary markets, the risk of greenwashing, and the necessity for more rigorous impact reporting standards. The study concludes that while Green Sukuk is a vital financing bridge, further empirical research is essential to examine its practical implementation and ensure measurable contributions toward achieving Indonesia's 2030 SDG targets. Keywords: Green Sukuk, SDGs, Islamic Finance, Climate Change

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