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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 1,564 Documents
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Implementasi Ekonomi Sirkular: Inovasi Pemanfaatan Limbah Operasional Menjadi Produk Bernilai Ekonomi Tinggi Muhammad Danil; Dewanti Dwi Istifarda
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 2 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i2.32503

Abstract

Penelitian ini bertujuan untuk menganalisis implementasi model ekonomi sirkular melalui inovasi pemanfaatan limbah operasional sebagai strategi menciptakan nilai ekonomi baru. Di tengah ketatnya persaingan bisnis global, efisiensi sumber daya menjadi kunci keberlanjutan usaha. Metode yang digunakan dalam kajian ini adalah studi literatur dengan merujuk pada referensi ilmiah terbitan lima tahun terakhir (2021-2026) serta observasi pada tren industri hijau. Hasil analisis menunjukkan bahwa transformasi limbah operasional baik limbah organik maupun anorganik melalui pendekatan recycle dan upcycle tidak hanya mampu menekan biaya pembuangan (waste management cost), tetapi juga menghasilkan lini produk baru yang memiliki daya saing di pasar. Implementasi ekonomi sirkular ini terbukti mampu meningkatkan citra merek (brand image) di mata konsumen yang kini semakin peduli terhadap isu lingkungan. Artikel ini menyimpulkan bahwa inovasi berbasis limbah bukan sekadar upaya penyelamatan lingkungan, melainkan strategi kewirausahaan cerdas untuk memaksimalkan profitabilitas dan menciptakan ekosistem bisnis yang regeneratif.
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 4 (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.
Implementasi Akad Wakalah Bil Ujrah Pada Asuransi Jiwa Syariah Warsidi; Isma Swadjaja; Sami Ullah Khan
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.v11i3.31607

Abstract

Abstract This study analyzes the implementation of the wakalah bil ujrah contract in Islamic life insurance products, focusing on the conformity of participant fund management with DSN-MUI Fatwa No. 52/DSN-MUI/III/2006. It applies a descriptive qualitative approach through a normative-empirical review of fatwas, insurance regulations, recent literature, and product documents such as sharia insurance application forms, policy summaries, policy provisions, benefit illustrations, and product information summaries. The findings indicate that wakalah bil ujrah positions participants as principals and the insurance company as an agent entitled to a fee for managing tabarru' funds and/or investment funds within agreed authority. Substantively, the practice can be considered sharia-compliant when it ensures clarity of contracting parties, delegated objects, amount and mechanism of ujrah, separation of participant and company funds, and avoidance of riba, gharar, and maisir. Nevertheless, fee transparency, participant literacy, and simplification of policy information remain critical areas to strengthen consumer protection and sharia compliance.
Determinants of Mudharabah Deposits in Islamic Rural Banks in Indonesia: Evidence from the 2020–2024 Period Salma Noor Khalifatuzzahra; Moh Mukhsin; Ahmad Fatoni
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 4 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32495

Abstract

Abstrack This study aims to analyze the determinants of mudharabah deposits at Islamic Rural Banks (BPRS) in Indonesia for the period 2020–2024. The variables used include Islamic Rate of Return, conventional bank deposit rates, inflation, and money supply, using monthly secondary data across four deposit maturities — one month, three months, six months, and twelve months. The analytical methods employed are the Autoregressive Distributed Lag (ARDL) for one-month, three-month, and twelvemonth maturities, and the Error Correction Model (ECM) for the six-month maturity. The results indicate that the influence of the four variables is heterogeneous — varying in direction and significance depending on the maturity and time horizon of the analysis. Simultaneously, all four variables have a significant effect in the long run but are not significant in the short run. Among the four variables, money supply is the most dominant and consistent factor influencing mudharabah deposits across all maturities in the long run, while the influence of the other variables is selective across specific maturities and time horizons. These findings imply that depositors' decisions to place funds cannot be explained by a single factor, but are influenced by a combination of Islamic banking internal factors and macroeconomic conditions that operate differently across each maturity segment. Keywords: Mudharabah Deposits, Islamic Rate of Return, Deposit Interest Rate, Inflation, Money Supply, BPRS Abstrak Penelitian ini bertujuan menganalisis determinan deposito mudharabah pada Bank Perekonomian Rakyat Syariah (BPRS) di Indonesia periode 2020–2024. Variabel yang digunakan meliputi Islamic Rate of Return, suku bunga deposito bank umum konvensional, inflasi, dan jumlah uang beredar, dengan data sekunder bulanan pada empat tenor — satu bulan, tiga bulan, enam bulan, dan dua belas bulan. Metode analisis yang digunakan adalah Autoregressive Distributed Lag (ARDL) untuk tenor satu bulan, tiga bulan, dan dua belas bulan, serta Error Correction Model (ECM) untuk tenor enam bulan. Hasil penelitian menunjukkan bahwa pengaruh keempat variabel bersifat heterogen — berbeda arah dan signifikansi tergantung pada tenor dan horizon waktu analisis. Secara simultan, keempat variabel berpengaruh signifikan dalam jangka panjang namun tidak signifikan dalam jangka pendek. Di antara keempat variabel, jumlah uang beredar merupakan faktor paling dominan dan konsisten yang memengaruhi deposito mudharabah di seluruh tenor dalam jangka panjang, sementara pengaruh variabel lainnya bersifat selektif pada tenor dan horizon waktu tertentu. Temuan ini mengimplikasikan bahwa keputusan nasabah dalam menempatkan dana tidak dapat dijelaskan oleh satu faktor tunggal, melainkan dipengaruhi oleh kombinasi faktor internal perbankan syariah dan kondisi makroekonomi yang bekerja secara berbeda pada setiap segmen tenor. Kata kunci: Deposito Mudharabah, Islamic Rate of Return, Suku Bunga Deposito, Inflasi, Jumlah Uang Beredar, BPRS
The Effects of Islamic Financial Instruments and Inflation on Economic Growth: The Mediating Role of the Human Development Index in Java, Indonesia Samsiah; Tenny Badina; Nani Suhartini
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 4 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32561

Abstract

Abstract This study aims to analyze the effect of Zakat, Infaq, and Shadaqah (ZIS) fund distribution, sharia financing, and inflation on economic growth with the Human Development Index (HDI) as an mediasi variable. The approach used is a quantitative approach with panel data, and data processing is carried out using the help of EViews 13 software through the path analysis method. The analysis techniques used include multiple linear regression, t-test, F-test, and mediation analysis. The results of the study indicate that ZIS fund distribution and sharia financing have a positive and significant effect on HDI and economic growth. Conversely, inflation shows an insignificant effect on both variables. IPM has been empirically proven to mediate the relationship between ZIS distribution and sharia financing on economic growth. This finding indicates that improving the quality of life of the community through IPM has an important role in driving sustainable economic growth. Keywords: ZIS, sharia financing, inflation, Human Development Index, economic growth
Evaluating the Market Penetration Strategy of an Islamic Rural Bank in Rural Areas: A Case Study of BPRS Bhakti Sumekar, Pragaan Branch Office Nurhaliza; Nurul Hidayati
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 4 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32961

Abstract

Islamic Rural Banks (BPRS) play an important role in enhancing Islamic financial inclusion and local economic development in rural areas. However, BPRS face significant challenges in expanding their market share, such as low financial literacy among the community, limited infrastructure, and competition with conventional banks. Therefore, evaluating the market penetration strategies of BPRS is crucial to ensure the successful expansion of Islamic financial services in rural areas. This study aims to evaluate the effectiveness of the market penetration strategies implemented by BPRS Bhakti Sumekar KCP Pragaan in rural areas. The research problems include: how are the market penetration strategies applied by BPRS Bhakti Sumekar KCP Pragaan in rural areas, and what challenges and opportunities are encountered in implementing these strategies. This research uses a descriptive qualitative approach through a case study at BPRS Bhakti Sumekar KCP Pragaan. Data were collected through in-depth interviews, observations, and documentation involving BPRS management, marketing staff, customers, and members of the rural community. The results of the study show that the market penetration strategies implemented by BPRS Bhakti Sumekar KCP Pragaan include social and personal approaches through direct outreach to the community, utilization of local and digital media, and regular promotional activities. The study also identifies key challenges such as low financial literacy, limited geographic access, competition with conventional banks, and limited technological adoption among rural communities. Nevertheless, there are significant opportunities that can be leveraged, including the strong Islamic values of the community, high demand for microfinance, and government support for Islamic financial inclusion. These findings provide a comprehensive overview of the successes and constraints in implementing market penetration strategies by BPRS in rural areas.
Generation Z Participation in Implementing Ziswaf: The Roles of Literacy, Social Interest, and Religiosity Lathiefa Rusli; Zulfa Fadillah; Danik Choiriyah Purnomo; Ely Masykuroh
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 4 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.31911

Abstract

The research aims to analyzes the influence of literacy, social interest, and religiosity on Generation Z’s participation in ZISWAF. Generation Z was chosen due to their role in using digital technology and social media, which can enhance management of ZISWAF. Despite Indonesia’s vast ZISWAF potential, participation by Generation Z remains low. This may be due to limited ZISWAF literacy and social and religious factors. The research employs a quantitative approach using a survey distributed to 100 Generation Z respondents in Indonesia, with purposive sampling ensuring participants had relevant ZISWAF knowledge. The results indicate that ZISWAF literacy did not have a significant effect on participation, suggesting that basic knowledge alone is insufficient to motivate involvement. In contrast, social interest showed a positive and significant influence on participation, highlighting the importance of social attitudes in driving engagement. Religiosity did not show a significant impact, possibly due to differences in understanding and applying religious values in daily life. Overall, the combined influence of literacy, social interest, and religiosity significantly affects participation. These findings imply that a comprehensive strategy, which enhances ZISWAF literacy and social attitudes, is necessary to boost Generation Z’s participation in sustainable ZISWAF management.
Efektivitas Zakat dan Pembiayaan Perbankan Syariah terhadap Penurunan Kemiskinan di Aceh Chintia Rahma Aini
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 4 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32146

Abstract

This study aims to analyze the influence, exchange rates and interest rates on economic growth.Inflation, exchange rates and interest rates are important variables in macroeconomics. This studyuses time series data from 1980-2017. To see the effect of the independent variables on thedependent variable, the Ordinary Least Square analysis model is used. The research resultsobtained: conversion, exchange rates and interest rates are negative and significant to economicgrowth. Increased inflation, the exchange rate and interest rates will contribute to a decline ineconomic growth. For this we need monetary policy that is able to provide stimulus to growth, apriority for increasing interest rates. Bank Indonesia as a monoteric authority holder can do it throughmonetary policy. Inflation and the exchange rate are the consequences of economic openness.Keywords: Inflation, Exchange Rates, Interest Rates and Economic Substitution
Keadilan dan Trasparansi dalam Pemenuhan Akad Istisna' pada Usaha Konveksi Mikro: Studi Kasus Toko Vinstore Konveksi Hendra; Tri Hidayati
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 4 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.32799

Abstract

Penelitian ini bertujuan untuk menganalisis penerapan akad istisna’ dalam perspektif keadilan dan transparansi pada Toko Vinstore Konveksi. Penelitian ini menggunakan metode penelitian kualitatif dengan pendekatan deskriptif. Teknik pengumpulan data dilakukan melalui observasi, wawancara, dan dokumentasi terhadap pihak pemilik usaha, karyawan, serta konsumen. Hasil penelitian menunjukkan bahwa penerapan akad istisna’ pada Toko Vinstore Konveksi telah berjalan sesuai dengan prinsip dasar ekonomi syariah, yang ditunjukkan melalui adanya kesepakatan awal terkait spesifikasi produk, harga, dan waktu pengerjaan sebelum proses produksi dilakukan. Dari aspek keadilan, praktik transaksi telah mencerminkan keseimbangan hak dan kewajiban antara produsen dan konsumen berdasarkan prinsip saling ridha. Dari aspek transparansi, informasi terkait harga, proses produksi, dan waktu pengerjaan telah disampaikan secara terbuka kepada konsumen. Selain itu, praktik akad yang dilakukan juga mampu meminimalisir unsur gharar karena adanya kejelasan objek pesanan dan kesepakatan di awal transaksi. Dengan demikian, penerapan akad istisna’ pada Toko Vinstore Konveksi menunjukkan bahwa usaha mikro mampu mengimplementasikan prinsip akad syariah secara aplikatif dalam kegiatan bisnis sehari-hari.
Optimalisasi Distribusi Dana Sosial Islam Melalui Perbankan Syariah Roifatus Syauqoti; Aip Wahidzul Latif; Luluk Wahyu Roficoh
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 11 No 4 (2026)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v11i4.33206

Abstract

Islamic banks are intermediary institutions that perform two functions, namely commercial and social functions. However, the social function of Islamic banks has not been fully realized in practice and the real sector, as banks tend to focus more on business and financial performance while neglecting social aspects. As Sharia-compliant financial institutions, Islamic banks have a Islamic Social Finance function, the have authority to collect zakat, infaq, sadaqah, grants, and other social funds and distribute them to the relevant institutions. This study employs a qualitative approach through a literature review and analyzes the data using deductive reasoning to draw conclusions. The findings indicate that the distribution of zakat has not been optimal due to the commingling of zakat funds with infaq and sadaqah funds, all of which are collectively recognized as part of Corporate Social Responsibility (CSR) programs. Existing zakat distribution practices are more focused on productive distribution schemes that generate long-term impacts, while the fulfillment of basic needs, which is a prerequisite for productive zakat, has not been adequately addressed. From an institutional perspective, there is also a lack of coordination and cooperation between Islamic banks and the National Zakat Agency (BAZNAS). The distribution of zakat can be optimized through the separation of zakat funds from CSR funds, as well as the separation of zakat from infaq and sadaqah funds. Furthermore, a proper classification of mustahik (zakat beneficiaries) is needed to ensure that both consumptive and productive zakat distributions are appropriately targeted. Enhanced coordination and collaboration between Islamic banks and BAZNAS are also essential to improve the effectiveness of zakat distribution.

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