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al-Uqud : Journal of Islamic Economics
Published by Universitas Negeri Surabaya
ISSN : 25490850     EISSN : 25483544     DOI : http://dx.doi.org/10.26740/al-uqud
Core Subject : Economy,
Economics, Econometrics & Finance
al-Uqûd : Journal of Islamic Economics published by the Islamic Economic Studies Department of Economics Faculty of Economics, Universitas Negeri Surabaya in cooperation with the Forum of Economic and Business Lecturer Islam (FORDEBI). al-Uqûd published twice a year, in January and July. The journal will focus on providing quality research in the areas of Islamic economics, banking and finance. The goal of the journal is to cover topics that are paramount in modern Islamic economics and finance. The language used in the form of Indonesian and English. Editors invite research lecturers, the reviewer, practitioners, industry, and observers to contribute to this journal.
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Articles 10 Documents
 1 
Search results for , issue "Vol. 8 No. 2 (2024): July" : 10 Documents clear
Bankziska and loan sharks eradication in Souhteast Asia: Evidence from Indonesia Kusuma, Kumara Adji; Fauji, Imam; Faruq Ahmad Futaqi; Tai Wai, Khoong; bin Ramlan, Syafiq Izwan; Binti Nordin, Nadhirah
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p161-174

Abstract

Loan sharking is still prevalent in Muslim-majority countries in Southeast Asia, such as Indonesia, Malaysia, and Brunei Darussalam. Several policies have been drawn by government and non-government institutions with negative results in eradicating the practice of usury. The phenomenon of Banziska as a new type of financial institution, which combines the principles of Islamic microfinance and charity in Ponorogo City, Indonesia, has the great potential of becoming the solution to eradicating riba in society. Since its first operation up to the last three years ago, it has liberated 65 percent of 585 active partners from loan sharks and conducted 1807 rounds of financing. It has now been duplicated in other neighboring cities. The research approach is a combination of desk research (literature review and case studies), primary research (data collection through surveys and interviews), and analysis (qualitative and quantitative methods). The result is a description of the Bankziska model. The concept is creating an ecosystem involving many elements in society, such as societal/religious organizations, partners, charity institutions, and volunteers. It follows a pattern that aims to transform mustahiq into muzakki and achieve the objective of sharia of zakat.
Integrating Islamic finance principles and the digital disruptive age to support global sustainability Mahfudz, Akhmad Affandi; Rusyda Afifah Ahmad; Daribayeva Meruyert; Nafi Ilman Husin
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p175-188

Abstract

To support global sustainability, the integration of Islamic financial principles in the digital era can be a driver of a more just, inclusive, and sustainable financial system. It will also ensure economics equality in the country and promote the public financial ecosystem and the environment. The objective of this study is to evaluate the level of significance in incorporating the tenet of Shariah amid digital disruption in financial technology to support global sustainability by way of considering the element of environmental, economic and sustainability measures. This paper employs a qualitative that includes a strong pedigree on various databases and reputable journal local and abroad. The paper finds that the principle of Shariah can eliminate the practice of social and economic inequality by preventing economics activities that lead to injustice and oppression and ensuring that risk is shared equally in all transactions.
Resilient finance: Navigating COVID-19 in the Indonesian capital market through an Islamic economic perspective Sukmaningrum, Puji Sucia; Bin Mohd Dali, Nuradli Ridzwan Shah; Madyan, Muhammad; Laila, Nisful; Widiastuti, Tika
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p239-254

Abstract

This study examines investor behavior, measured by trading volume activity (TVA) and average abnormal return (AAR), during the COVID-19 pandemic in Indonesia. It provides a comprehensive analysis of the pandemic's impact on four key subsectors: pharmaceuticals, telecommunications, transportation, and food and beverages. Using an event study methodology with daily stock prices and trading volume data, the results reveal varying investor reactions across subsectors. Notably, the pharmaceutical subsector showed significant differences in TVA averages and AAR changes two days before and seven days after the pandemic announcement. In contrast, the food and beverages subsector experienced no significant change in TVA, but notable AAR fluctuations over 11 days. The telecommunications subsector demonstrated significant negative AAR differences post-announcement, despite no TVA changes, while the transportation subsector experienced a negative AAR difference over 11 days with no TVA variations. This detailed sectoral analysis offers valuable insights for stakeholders seeking to understand the differential impact of COVID-19 on various industries.  
Do organizational characteristics and audit opinion affect zakat performance? Zakiy, Faris Shalahuddin; Agriyanto, Ratno; Farida, Dessy Noor; Rahmiyanti, Firdha; Fauziah, Najim Nur; Fuadi, Nasrul Fahmi Zaki
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p211-226

Abstract

This research aims to examine the influence of organizational characteristics and audit opinion on zakat performance in Indonesia. The study examines 33 zakat institutions in Indonesia from 2017 to 2021, with 151 observations. Zakat performance in this study is measured using activity ratios, growth ratios, and excess zakat scores. The independent variables in this study are organizational characteristics (i.e. organizational age and organizational size) and audit opinion. The data is analyzed using data panel regression. The research findings indicate that audit opinion positively and significantly impacts zakat performance. Organizational size has a positive and significant impact on zakat performance in model 1, while it does not impact other models. Organizational age does not have an impact on zakat performance. This study highlights the importance of effective and efficient zakat management. Additionally, accountability and transparency reflected through audit opinions can minimize the potential for information asymmetry and conflicts of interest between agents and principals. Therefore, the organization's operational experience, asset growth, and audit opinion can enhance zakat performance in terms of the growth of fund collection and the practical and innovative distribution of zakat, infaq, and shadaqa funds.
Unveiling the links: How poverty, unemployment, education, and income inequality drive crime in Indonesia? Kurniasih, Erni Panca; Andini, Novia; Kartika, Metasari; Dosinta, Nina Febriana; Hamsyi, Nur Fitriana; Iqbal, Ichsan
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p189-210

Abstract

Despite a general decline in crime rates in Indonesia, the rising trends in poverty, unemployment, and income inequality in several provinces raise concerns about their potential to incite criminal behavior and escalate crime rates. This study aims to empirically examine the effects of poverty, unemployment, education, and income inequality on crime rates in Indonesia. Utilizing secondary data from the Central Statistics Agency (BPS), the study analyzes a panel dataset comprising 32 provinces over five years through panel data regression techniques. The findings reveal that poverty and unemployment have a significant and positive impact on crime rates, highlighting their critical roles as socioeconomic determinants of criminal activity. In contrast, education levels and income inequality do not exhibit significant effects on crime rates in the Indonesian context. Theoretically, these findings underscore the relevance of economic and social strain theories, which suggest that socioeconomic hardships contribute to deviant behavior as individuals seek alternative means to meet unmet needs. Practically, the study emphasizes the need for targeted poverty alleviation programs and effective unemployment reduction strategies to mitigate crime rates. Policymakers should focus on creating sustainable economic opportunities and strengthening social safety nets in vulnerable regions. This research contributes to the broader discourse on crime prevention by providing insights into the socioeconomic drivers of crime in a developing country context, guiding future strategies to foster social stability and security.
Upholding Islamic business ethics: Enhancing passenger service satisfaction in bus transportation Fauzi, Qudsi; Ulfah, Ulfah; Wijayanti, Ida; Wardhana , Akhmad Kusuma; Niroula, Ballav
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p287-301

Abstract

Islamic business principles are applicable to traders, ensuring that sales are not merely for profit as a secular objective, but also to attain blessings from Allah SWT. This research seeks to elucidate the Islamic business ethics implemented in a transportation enterprise and their effects on passenger satisfaction. This research employed case study and descriptive exploratory analytic methodologies. Data gathering was conducted through comprehensive interviews. Consequently, data validation is achieved through data triangulation. The findings indicate that bus crews applied four principles of Islamic business ethics. Simultaneously, the principles of honesty (Siddiq) and transparency (tabligh) are not comprehensively adhered to by the bus crew employed by this company. They performed well in terms of duty (amanah) and professionalism (fathonah). The application of Islamic ethics in bus services influences customer pleasure. This research offers numerous practical implications for professionals in the transportation industry.
Understanding zakat payments in Indonesia: A psychological perspective on muzakki behaviour Julita, Julita; Soemitra, Andri; Marliyah
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p271-286

Abstract

The muzakki decision to pay zakat is influenced by behavioural finance, which considers psychological factors like emotions and beliefs. This research aims to establish a model for zakat payments that incorporates perceptions, financial behaviours, and religiosity among muzakki. This research analyses and evaluates what a practical and relevant model to be used by muzakki in behavioural finance-based zakat payment decisions in zakat management organisation, having good perceptions, financial behaviour, psychology, emotions, and religiosity, as well as a commitment to zakat payments in zakat management organisation is. His research indicates that money's psychology (X1) influences Muzakki's decision to pay zakat in behavioural finance. Perception (X2) and external locus of control (X3) do not affect this decision. The emotional quotient (Z) significantly impacts Muzakki's zakat decisions and moderates the psychology of money (X1) on these decisions. However, it does not moderate Perception (X2) about zakat payments. Lastly, the emotional quotient (Z) moderates the external locus of control (X3), affecting Muzakki's decision to pay zakat at management organisations in behavioural finance. Zakat management organisations can effectively tailor their strategies to align with behavioural finance principles, addressing the psychological and emotional factors driving Muzakki's decisions.
Enhancing human resource development as a strategic imperative for halal certification in food MSMEs Harahap, Ade Khadijatul Z; Ramadhan, Muhammad; Harahap, Isnaini
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p227-238

Abstract

This study examines the challenges, solutions, and strategies related to human resource (HR) development in food MSMEs to obtain halal certification, particularly in regions such as North Sumatra, Padangsidimpuan City, South Tapanuli Regency, and Mandailing Natal Regency, where the number of halal-certified MSMEs remains limited. Despite having a large Muslim population, MSMEs in these areas face difficulties in tapping into the halal industry. The study identifies three main issues: limited HR capacity, low-quality HR, and lack of experience. Using the Analytic Network Process (ANP) method, the findings reveal that HR development through training and education is the most effective solution, although the level of agreement among informants is moderate. Additionally, the study proposes key strategies to address these challenges, including improving technical skills and fostering attitudes, work ethics, and knowledge, with a high level of agreement on these priorities.
Improving digital payment system services: The impact of e-service quality and e-Loyalty on user preferences Soma, AM; Wati, Ina Kartika; Ispriyahadi, Heri
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p302-313

Abstract

This research aims to provide deeper insights into user preferences and the factors influencing their choices in using Digital Payment Systems, particularly in the context of the DANA e-wallet as an alternative to BI-Fast during service improvement periods. The study focuses on key variables such as E-System Quality and E-Loyalty. The findings indicate that the constructs of E-Loyalty and E-Service Quality demonstrate high levels of validity and reliability, and there exists a significant relationship between electronic service quality and electronic loyalty. Data analysis also identifies specific dimensions of DANA e-wallet service quality that have a significant impact on user preferences and loyalty levels. Factors such as compensation, ease of link access, and ease of contacting customer service are aspects that need attention to enhance service quality. Thus, the research conclusion provides valuable guidance for other Digital Payment Systems owners or managers to improve their service quality and strengthen customer relationships, akin to what is done by DANA e-wallet. These findings offer valuable guidance for other e-wallet owners or managers to enhance their service quality, focusing on aspects such as compensation, link access convenience, and ease of contacting customer service. The importance of improving electronic service quality to achieve higher customer loyalty should be emphasized by stakeholders in the digital payment industry, with specific steps that can be taken based on these findings to strengthen customer relationships and maintain competitive advantages.
Unpacking the drivers of service performance: How workload, compensation, and competence influence outcomes through employee satisfaction Farida, Ida; Soma, AM; Mulyanti, Rita Yuni
al-Uqud : Journal of Islamic Economics Vol. 8 No. 2 (2024): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v8n2.p255-270

Abstract

Hospitals must provide exemplary care to patients, with improvements in service standards closely linked to enhanced work quality by medical staff. Effective human resources are essential to healthcare initiatives, especially in the context of services offered to participants of Indonesia's National Health Insurance (BPJS Kesehatan). Despite the government’s commitment to ensuring equal treatment for all patients, discrepancies in the care provided to BPJS and non-BPJS patients persist. Moreover, the high volume of BPJS patients has intensified the workload for healthcare workers, contributing to potential fatigue and burnout. This study, using a quantitative approach and Partial Least Squares (PLS) analysis, investigates how workload, compensation, and competence influence service performance at Harapan Jayakarta Hospital in Jakarta, with employee satisfaction serving as a mediating variable. The findings reveal that both workload and compensation significantly impact service performance. Additionally, compensation and competence are key factors in the mediation of employee satisfaction, while all three variables—workload, compensation, and competence—collectively affect service performance at the hospital. These results underscore the importance of addressing workload and compensation issues to enhance service quality and overall employee well-being in healthcare settings.

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