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Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah
Published by Universitas Muhammadiyah Surabaya
ISSN : 25276344     EISSN : 25805800     DOI : http://dx.doi.org/10.30651/jms.v6i3.7248
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah (e-ISSN: 2580-5800; p-ISSN: 2527-6344) is a journal that is managed by the Islamic Banking Study Program, Muhammadiyah University of Surabaya and in collaboration with professional organizations, namely Ikatan Ahli Ekonomi Islam. This journal is published three times a year (April, August and December). This journal focuses on the publication of research results and scientific articles on islamic banking, islamic finance, islamic microfinance institutions, non-bank financial institutions, islamic capital market, islamic economic and other themes related to Islamic finance.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 31 Documents
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Search results for , issue "vol 11 no 3 (2026)" : 31 Documents clear
The Effect of the Rupiah/USD Exchange Rate and World Gold Prices on the Stock Price of PT Aneka Tambang Tbk (ANTM): Evidence from the Indonesian Sharia Stock Index, 2021–2024 Alfani Mubarak; Mujibno
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.31893

Abstract

Penelitian ini dilatarbelakangi oleh fluktuasi Kurs Rupiah/USD dan Harga Emas Dunia yang dapat memengaruhi pergerakan Harga Saham PT Aneka Tambang Tbk (ANTM) pada pasar modal syariah. Penelitian terdahulu menunjukkan hasil yang berbeda-beda mengenai pengaruh kurs dan harga emas dunia terhadap saham syariah sehingga menimbulkan research gap. Selain itu, penelitian yang secara khusus membahas saham ANTM dalam Indeks Saham Syariah Indonesia (ISSI) periode 2021–2024 masih terbatas. Penelitian ini bertujuan untuk mengetahui pengaruh Kurs Rupiah/USD dan Harga Emas Dunia terhadap Harga Saham ANTM baik secara parsial maupun simultan. Penelitian menggunakan pendekatan kuantitatif dengan jenis penelitian asosiatif. Data yang digunakan berupa data sekunder time series bulanan periode 2021–2024 sebanyak 48 sampel yang diperoleh dari Bank Indonesia, Investing.com, dan Bursa Efek Indonesia. Analisis data menggunakan regresi linier berganda melalui uji asumsi klasik, uji t, uji F, dan koefisien determinasi (R²). Hasil penelitian menunjukkan bahwa Kurs Rupiah/USD dan Harga Emas Dunia secara parsial berpengaruh negatif dan signifikan terhadap Harga Saham ANTM. Secara simultan, kedua variabel juga berpengaruh signifikan terhadap Harga Saham ANTM dengan nilai signifikansi 0,000 <0,05. Nilai koefisien determinasi sebesar 0,767 menunjukkan bahwa Kurs Rupiah/USD dan Harga Emas Dunia mampu menjelaskan pengaruh terhadap Harga Saham ANTM sebesar 76,7%, sedangkan sisanya dipengaruhi faktor lain di luar penelitian.
Marketing Strategies for Hajj and Umrah Products from a Performance Marketing Perspective: A Case Study of PT Wuhi Tour Bengkulu Karien Nabila Ayu; Khairiah Elwardah; Khozin Zaki
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32177

Abstract

Competition in the Hajj and Umrah travel business is getting tougher along with the development of digital technology, so companies are required to implement measurable and effective marketing strategies. This study aims to analyze the performance of marketing strategies, describe the results of the SWOT analysis, and identify supporting and inhibiting factors at PT. Wuhi Tour Bengkulu. The method used is descriptive qualitative through in-depth interviews, observation, and documentation with the Director and staff of PT. Wuhi Tour Bengkulu. The results show that the marketing performance strategy is implemented through three stages: planning by segmenting prospective pilgrims based on age, economic conditions, and readiness to worship; implementation through multi-channel marketing using digital and conventional media with personal follow-up; and measurement based on the number of inquiries, registrations, and growth of pilgrims per period. The SWOT analysis shows strengths in the partner network and service quality, weaknesses in social media content, opportunities from digital developments, and threats of price competition. Inhibiting factors include economic conditions and the mindset of prospective pilgrims who prioritize low prices. This strategy has been implemented in a structured manner, but needs to improve the quality of digital content and consistency in communicating service values ​​to increase the conversion of Hajj pilgrims sustainably.
An Efficiency Analysis of Textile and Garment Companies Listed on the Indonesian Sharia Stock Index (ISSI) During the 2016–2024 Period: A Data Envelopment Analysis Approach Dian Sastrawardani; Moh, Mukhsin; Ahmad Fatoni
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.31365

Abstract

Penelitian ini menganalisis tingkat efisiensi 12 perusahaan tekstil dan garmen yang terdaftar di Indeks Saham Syariah Indonesia (ISSI) periode 2016-2024 menggunakan metode Data Envelopment Analysis (DEA) dengan pendekatan VRS berorientasi output. Variabel input meliputi biaya bahan baku, biaya tenaga kerja, dan biaya operasional, sedangkan output adalah laba bersih. Hasil penelitian menunjukkan bahwa tidak ada perusahaan yang konsisten mencapai efisiensi sempurna (100%) setiap tahun. PT Argo Pantes Tbk mencapai rata-rata efisiensi tertinggi (95,80%), sementara PT Panasia Indo Resources Tbk terendah (79,00%). Mayoritas perusahaan berada pada kategori efisiensi cukup hingga tinggi, namun masih terdapat ruang perbaikan dalam pengelolaan input, terutama biaya bahan baku dan operasional, untuk memaksimalkan laba bersih. Kata Kunci: Efisiensi, Perusahaan Tekstil dan Garmen, ISSI, Data Envelopment Analysis (DEA), Variable Return to Scale (VRS)
Digital Transformation in Enhancing the Performance and Services of Islamic Banks in Indonesia Novi Yanti Safitri Pulungan; Jureid; Rina Sari; Kholidatun Napisah
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.31515

Abstract

Perkembangan teknologi digital mendorong transformasi signifikan dalam industri perbankan, termasuk perbankan syariah. Transformasi ini tidak hanya meningkatkan efisiensi operasional, tetapi juga kualitas layanan kepada nasabah, dengan tetap memperhatikan prinsip-prinsip syariah.Penelitian ini bertujuan untuk menganalisis peran transformasi digital dalam meningkatkan kinerja dan kualitas layanan bank syariah di Indonesia. Metode yang digunakan adalah pendekatan kualitatif melalui studi pustaka dengan memanfaatkan data sekunder dari jurnal, buku, dan laporan resmi.Hasil penelitian menunjukkan bahwa transformasi digital mampu meningkatkan efisiensi, mempercepat transaksi, serta memperluas akses layanan. Selain itu, kualitas layanan juga meningkat melalui kemudahan, kecepatan, dan transparansi. Namun, implementasinya masih menghadapi tantangan seperti risiko keamanan siber, keterbatasan infrastruktur, dan rendahnya literasi digital.Dengan demikian, transformasi digital berperan strategis dalam pengembangan perbankan syariah, dengan tetap memperhatikan prinsip syariah dan kesiapan teknologi serta sumber daya manusia.
The Implementation of Sharia Contracts in Islamic Banking Operations: A Fiqh al-Muamalah Perspective Rini Wahyuni Batubara; Jureid; Mhd Rezki Fadly Lubis; Warda Afriani; Riska Amelia
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.31788

Abstract

Penelitian ini membahas implementasi akad-akad dalam operasional bank syariah berdasarkan perspektif fiqih muamalah. Penelitian bertujuan untuk mengetahui penerapan akad penghimpunan dana, pembiayaan jual beli, pembiayaan bagi hasil, akad sewa, serta prinsip kehati-hatian dalam operasional bank syariah. Metode penelitian yang digunakan adalah penelitian kualitatif dengan pendekatan studi kepustakaan melalui berbagai jurnal dan buku terkait ekonomi Islam dan fiqih muamalah. Hasil penelitian menunjukkan bahwa implementasi akad pada bank syariah telah menggunakan akad yang sesuai dengan prinsip syariah, seperti wadi’ah, mudharabah, murabahah, salam, istishna’, musyarakah, ijarah, dan ijarah muntahiya bit tamlik. Penerapan akad tersebut dilakukan berdasarkan prinsip keadilan, transparansi, kerelaan, dan penghindaran unsur riba, gharar, serta maisir. Selain itu, penerapan prinsip kehati-hatian dan pengawasan Dewan Pengawas Syariah berperan penting dalam menjaga kepatuhan syariah pada operasional bank syariah. Meskipun demikian, masih terdapat tantangan berupa rendahnya literasi masyarakat dan potensi penyimpangan akad sehingga diperlukan penguatan edukasi dan pengawasan syariah agar implementasi akad berjalan sesuai dengan prinsip fiqih muamalah.
Reconstructing the Role of Islamic Social Finance Institutions in the Regional Social Protection Architecture: A Structural Critique of Regulatory Fragmentation and an Integrated Maqasid-Based Model in Bengkulu Province Syafitri Angraini
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.31944

Abstract

Lembaga Keuangan Sosial Islam (LKSI), yang meliputi Zakat, Infak, Sedekah, dan Wakaf (ZISWAF), memiliki potensi yang sangat besar dalam mendukung kesejahteraan sosial dan pengentasan kemiskinan. Namun, di Indonesia, khususnya di Provinsi Bengkulu, integrasi LKSI ke dalam sistem perlindungan sosial daerah masih belum optimal. Kondisi ini terutama disebabkan oleh fragmentasi regulasi, dualisme kelembagaan, serta dominasi pendekatan yang bersifat karitatif, sehingga membatasi dampak sistemik LKSI dalam mengatasi ketimpangan sosial-ekonomi. Penelitian ini menggunakan pendekatan kualitatif dengan desain normatif-yuridis dan konseptual yang didukung oleh perspektif kritis-struktural. Data dikumpulkan melalui studi kepustakaan dan dokumentasi yang mencakup kerangka hukum, dokumen kebijakan, serta berbagai sumber akademik yang relevan. Analisis difokuskan pada identifikasi fragmentasi regulasi, tantangan kelembagaan, dan potensi integrasi LKSI dalam kerangka perlindungan sosial daerah dengan menggunakan maqashid syariah sebagai pisau analisis.Temuan penelitian menunjukkan bahwa LKSI di Bengkulu belum terintegrasi secara sistematis ke dalam arsitektur perlindungan sosial daerah. Fragmentasi regulasi dan lemahnya koordinasi antarlembaga telah menyebabkan tumpang tindih program, inefisiensi, serta terbatasnya dampak kebijakan. Selain itu, implementasi LKSI masih didominasi oleh program bantuan yang bersifat konsumtif dan jangka pendek, sehingga belum memberikan kontribusi yang signifikan terhadap pemberdayaan ekonomi yang berkelanjutan. Dari perspektif maqashid syariah, praktik yang berjalan saat ini belum sepenuhnya mewujudkan tujuan kesejahteraan sosial yang komprehensif, terutama dalam aspek perlindungan harta (hifz al-mal), perlindungan jiwa (hifz al-nafs), Penelitian ini mengusulkan model integratif berbasis maqashid syariah yang menekankan harmonisasi regulasi, kolaborasi kelembagaan, transformasi program menuju pemberdayaan produktif, serta pengembangan sistem data yang terintegrasi. Model ini diharapkan dapat memperkuat peran LKSI sebagai komponen strategis dalam sistem perlindungan sosial daerah, sehingga mampu berkontribusi pada terwujudnya sistem kesejahteraan yang lebih inklusif, adaptif, dan berkelanjutan.
Halal Awareness and Discounts on Consumers' Purchase Decisions: Evidence from DRW Skincare Sulalah; Wardatus Syarifah
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32397

Abstract

This study aims to examine the influence of halal awareness and discounts on purchasing decisions for DRW Skincare products at the Masaran Sentol Laok Sumenep branch. This research is based on the increasing need for skincare products among Muslim consumers and the growing importance of halal assurance in consumer behavior. In addition, discount strategies are also considered capable of influencing purchasing decisions. This study used a quantitative approach with a survey method. The population consisted of consumers of DRW Skincare at the Masaran Sentol Laok Sumenep branch, with 55 respondents selected as the sample. Data were collected through questionnaires and analyzed using multiple linear regression, partial test, and simultaneous test. The results show that halal awareness has a positive effect on purchasing decisions. Discounts also have a positive effect on purchasing decisions. Simultaneously, halal awareness and discounts influence consumer purchasing decisions for DRW Skincare products. These findings indicate that halal assurance and promotional strategies are important factors in strengthening consumer trust and encouraging purchasing behavior.
Effects of Electronic Word-of-Mouth (e-WOM), Customer Engagement, and Customer Experience on Customer Loyalty toward Muslim Fashion Products on Shopee: Evidence from Generation Z Muslims in Bengkulu City Lia Elenda; Noni Afrianty; Citra Liza
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32398

Abstract

This study aims to examine the influence of Electronic Word of Mouth (eWOM), customer engagement, and customer experience on customer loyalty toward Muslim fashion products on Shopee e-commerce among Muslim Generation Z in Bengkulu City. This research employed a quantitative approach with a causal research design. The population consisted of Muslim Generation Z consumers in Bengkulu City who use Shopee and have purchased Muslim fashion products. The sample comprised 100 respondents selected using the Slovin formula and purposive sampling technique. Data were collected through a questionnaire distributed via Google Forms to respondents who met the research criteria. The collected data were analyzed using multiple linear regression with the assistance of SPSS version 27. The results indicate that Electronic Word of Mouth (eWOM) has a positive and significant effect on customer loyalty. Customer engagement also has a positive and significant effect on customer loyalty. Likewise, customer experience has a positive and significant effect on customer loyalty. Furthermore, Electronic Word of Mouth (eWOM), customer engagement, and customer experience simultaneously have a positive and significant effect on customer loyalty toward Muslim fashion products on Shopee e-commerce among Muslim Generation Z in Bengkulu City.
The Digital Transformation of MSMEs and Its Alignment with Islamic Business Ethics: Evidence from the Panjang Beach Area, Bengkulu City Nadia Ananda Putri; Romi Adetio Setiawan; Nurrahmah Putry
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32399

Abstract

Digital transformation has become a crucial strategy for Micro, Small, and Medium Enterprises (MSMEs) to enhance their competitiveness in the era of information technology advancement. The use of social media, marketplaces, digital payments, and various online platforms provides opportunities for MSMEs to expand their marketing reach and improve business efficiency. However, the implementation of digital transformation also requires adherence to the principles of Islamic business ethics, such as honesty, trustworthiness, fairness, and transparency in all business activities. This study aims to analyze the digital transformation practices undertaken by MSMEs in the Panjang Beach area of ​​Bengkulu City and assess their compliance with Islamic business ethics. The study employed a qualitative descriptive approach with field research methods. Informants were selected through purposive sampling, involving MSMEs actively utilizing digital technology in their business activities. Data were collected through observation, in-depth interviews, and documentation, then analyzed using the Miles and Huberman model, which includes data reduction, data presentation, and conclusion drawing. The results are expected to provide an overview of the implementation of digital transformation in MSMEs and its level of compliance with the principles of Islamic business ethics. Furthermore, this research is expected to serve as a reference for MSMEs in developing digital-based businesses that are not solely focused on economic profit but also adhere to Sharia values ​​in their business practices.
The Effects of Income and Islamic Lifestyle on Consumptive Behavior in the Use of Shopee PayLater: A Study in Setiabudi District Hasnawi Erwan; Mohammad Mukhsin; Mohamad Ainun Najib
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 3 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.30245

Abstract

Perkembangan teknologi digital mendorong meningkatnya penggunaan layanan paylater, termasuk Shopee PayLater, yang berpotensi memicu perilaku konsumtif masyarakat modern. Penelitian ini bertujuan menganalisis pengaruh pendapatan dan gaya hidup Islam terhadap perilaku konsumtif pengguna Shopee PayLater di Kecamatan Setiabudi. Metode penelitian menggunakan pendekatan kuantitatif dengan survei terhadap 100 responden. Analisis regresi linear berganda menunjukkan bahwa pendapatan (X1) dan gaya hidup Islam (X2) berpengaruh negatif dan signifikan terhadap perilaku konsumtif (Y), dengan persamaan regresi Y = 32,509 – 0,409X1 – 0,502X2. Nilai R² sebesar 0,505 mengindikasikan bahwa 50,5% perilaku konsumtif dipengaruhi kedua variabel tersebut.

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