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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.
Arjuna Subject : -
Articles 205 Documents
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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.
Developing halal tourism in a rural context: The role of Islamic spiritual capital Kurniasari, Widita Kurniasari; Zakik, Zakik
al-Uqud : Journal of Islamic Economics Vol. 7 No. 2 (2023): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v7n2.p296-310

Abstract

This research aims to obtain an in-depth description of implementing the concept of Islamic spiritual capital in the development of halal tourism in a rural context. The approach used in this research is qualitative, i.e., a field research study. The results showed the importance of cultivating Islamic spiritual capital, reflected through good corporate governance and work ethic, i.e., working hard, smart, and sincerely. This work ethic involves the body, brain, and heart. Islamic leadership prioritises the traits of STAF (Siddiq/truthfulness, Tabligh/advocacy, Amanah/trustworthiness, Fathonah/wisdom). The concept of Islamic spiritual capital can achieve shared prosperity (maqashid sharia) in the community, Village-Owned Enterprises and Tourism Awareness Group, which is realised in the form of maintaining religion (hifz din), protecting the soul (hifz nafs), protecting the mind (hifz aql), protecting offspring (hifz nasl) and finally, preservation of assets (hifz maal). This research implies that better halal tourism management will increase people's economic empowerment in rural areas and create tourism facilities for Muslim consumers, which can become a means of recreation and worship.
Milenials consumer behavior and it’s influence on purchase decisions of halal cosmetic products Yudha, Ana Toni Roby Candra; Haryono, Slamet
al-Uqud : Journal of Islamic Economics Vol. 8 No. 1 (2024): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v8n1.p83-95

Abstract

The stretching development of the global halal industry, including Indonesia, continues to receive consumers' attention. Among the many sectors that attract consumers' interest is cosmetics, especially with a halal label; product quality supported by promotions by public figures continues to encourage consumers' desire to use halal cosmetics. This study aims to confirm the influence of millennial consumer behavior on purchasing decisions for halal cosmetic products. A random confirmation process of the respondents accompanies this quantitative research method. There were 120 respondents who were dominated by women millennials, with the SmartPLS test tool and a Likert scale of degree 4. The research results were among the four independent variables. Halal labels and sales services had no effect, while product quality and consumer ratings affected purchasing decisions for halal cosmetics. At the confirmation level, it is known that halal labels and sales services get respondents' attention; even without knowledge about them, they immediately buy products because of brands, influencers, and friend recommendations. So, the halal label and sales service does not have a significant effect; instead, it is an attitude of 'ignorance' and is more due to brand or influencer education, as previously stated.
The Service quality, corporate image, satisfaction, and loyalty: A study of Sharia banks in rural areas during COVID-19 Haryanto, Rudy; Al Jufri, Elda Ayu Nabila; Ahmad, Azline Alisa
al-Uqud : Journal of Islamic Economics Vol. 7 No. 2 (2023): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v7n2.p278-295

Abstract

This research investigates the relationship between customer satisfaction and loyalty in a rural Sharia bank in Indonesia during the post-pandemic period. The study seeks to understand how the pandemic has affected customers' perceptions and loyalty and analyse the impact of corporate image on customers’ loyalty. The research method used regression analysis and path analysis. The results reveal the positive and significant effects of service quality and corporate image on customers' satisfaction, indicating the importance of these factors in maintaining customer contentment during challenging times. However, the quality of service and the corporate image do not influence customers’ loyalty. This research provides valuable insights for Islamic banks and other financial institutions in enhancing customer loyalty strategies. By prioritising service quality and cultivating a positive corporate image, banks can foster more significant levels of customer satisfaction, ultimately leading to increased customer loyalty and a strengthened competitive advantage.
The impact of the covid-19 pandemic on the efficiency performance of Islamic Banks in Indonesia: A two-stage data envelopment analysis approach Marlina, Lina; Saepulloh, Asep; Dewi, Sinta Verawati
al-Uqud : Journal of Islamic Economics Vol. 8 No. 1 (2024): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v8n1.p67-82

Abstract

Additionally, resilience to crises makes Islamic banking one of the leading solutions to overcoming the economic crisis. This research aims to analyse the level of performance of Islamic banking in Indonesia and determine factors, including the impact of the COVID-19 pandemic during the 2011-2022 period, using 11 Islamic commercial banks in Indonesia. The analysis method used is DEA Two Stage, with secondary data from the financial reports of each Islamic commercial bank. The input variables are fixed assets, labour costs, and third-party funds. The output variables are the amount of financing provided and operational income. The research results explain that no Islamic commercial banks in Indonesia achieved optimal efficiency during the research period. Then, the efficiency level of Islamic commercial banks in Indonesia fluctuated yearly during the research period. Furthermore, the COVID-19 pandemic has impacted the efficiency level of Islamic commercial banks in Indonesia. In the potential improvement analysis, know that the most significant source of inefficiency is the output variable: the amount of financing provided. The results of the benchmarking analysis found Islamic commercial banks with the most references, where the year most referred to was 2021-2022.
Driving Islamic work performance from transactional leadership and the mediation role of job satisfaction in sharia retails Prasetyo, Ari; Zakik, Zakik
al-Uqud : Journal of Islamic Economics Vol. 8 No. 1 (2024): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v8n1.p29-41

Abstract

This research aims to analyse the influence of transactional leadership on Islamic work performance through job satisfaction at Sharia retails in Indonesia. The research method used is explanation (explanatory research). The research sample consisted of Sharia Retail employees, totalling 88 respondents. The independent variable used in the results of this study is transactional leadership. The intervening variable is job satisfaction. Dependent variable on Islamic work performance. Data collection techniques using questionnaires. The analysis technique used in this research is PLS structural equation modelling. The research results show a direct influence of transactional leadership on Islamic work performance, and transactional leadership indirectly influences Islamic work performance through job satisfaction at Sharia retail. The indirect influence of transactional leadership on Islamic work performance shows that there is a direct influence of transactional leadership on job satisfaction, and job satisfaction also influences Islamic work performance.
Sharia governance and corporate social responsibility as instruments to achieve asean food vision 2025 Katamsi, Etom; Afif, Ahmad; Sabbahatun, Sri; Amalia, Euis; Mufraini, M. Arief; Hasan, Asyari
al-Uqud : Journal of Islamic Economics Vol. 8 No. 1 (2024): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v8n1.p56-66

Abstract

This study aims to identify strategies to achieve the ASEAN 2025 vision in the agriculture sector using sharia governance and Corporate Social Responsibility (CSR) schemes. Therefore, this research will use a mixed method for data analysis. The sample is from Islamic banking in Indonesia, Malaysia, and Singapore. In addition, the dependent variable is taken from ASEAN agriculture statistics for 2018-2022. The results have explained that CSR indicators from the Islamic Social Reporting theory in the agriculture sector are widely developed in Indonesia. It is also supported by Law No. 4 of 2023 on P2SK in formulating changes in the role of sharia governance and CSR. In addition, financial, product, employee, community, and environmental indicators need to be further improved by Islamic banking through additional distribution in financing and investment in the agriculture sector. There are several policy recommendations for all ASEAN stakeholders and Islamic banking. ASEAN countries need to focus their economic vision on the agriculture sector. In addition, Islamic banking in ASEAN countries can implement sharia governance and CSR schemes in corporate governance and economic policies. Therefore, it must also be supported by good governance in the Sharia governance scheme.
Dynamic relationship between sukuk and economic growth in Indonesia: Evidence from Vector Error Correction Model (VECM) and Wavelet Analysis Novitasari, Elva; Arundina, Tika
al-Uqud : Journal of Islamic Economics Vol. 7 No. 2 (2023): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v7n2.p243-258

Abstract

This research highlights the positive development of the sukuk market in Indonesia, particularly corporate sukuk and sovereign sukuk. Sovereign sukuk experienced faster growth, despite corporate sukuk being issued earlier. Corporate sukuk is considered an economic stimulus through corporate capital expenditure, while sovereign sukuk is used for infrastructure financing. Both types of sukuk are expected to drive economic growth, although the role of sukuk in economic growth is still debated. Therefore, research under current conditions remains highly relevant. This study employs the Vector Error Correction Model (VECM). The findings indicate a positive contribution of sukuk to long-term economic growth, and economic growth has a positive impact on the sukuk market in the short term. Impulse Response Function (IRF), Variance Decomposition (VD), and Granger Causality analyses are utilized to measure the influence and causality of variables. The impact of sovereign sukuk on economic growth, including the period during the Covid-19 pandemic, has increased compared to the pre-pandemic period. Wavelet analysis is also employed to explore the movements of retail and non-retail sovereign sukuk concerning economic growth in various time periods. The movements of retail sovereign sukuk may serve as an indication of economic growth, and a strong correlation is found between retail sovereign sukuk and economic growth.
Shaping financial futures: How does quran surah Yusuf discuss the instruments of the state financial policy? Berkah, Dian; Widiastuti, Tika; Atiya, Nikmatul
al-Uqud : Journal of Islamic Economics Vol. 8 No. 1 (2024): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v8n1.p42-55

Abstract

This research presents an in-depth analysis of state financial policy, taking inspiration from the interpretation of the Prophet Yusuf's dream immortalised in Surah Yusuf. Using a qualitative approach and a literature review method that combines tafsir bi al ma'tsur and tafsir bi ra'yi, this research discusses each verse in detail, exploring the relevance of the findings to current scientific developments. The main findings include the seven-year cycle, the basis for formulating state financial policies, instruments based on food security strategies, and the determining phases for a country that can prosper or decline. This conclusion underlines the importance of the first and second cycles as policy foundations that should be addressed, opening new insights into understanding and designing state financial policies.
Trust, waqf literacy and cash waqf intention in Islamic boarding schools: A theory of planned behavior Qomar, Moh. Nurul; Ratnasari, Ririn Tri; Hasyim, Fuad; Hidayati,; Putra, Trisno Wardy
al-Uqud : Journal of Islamic Economics Vol. 8 No. 1 (2024): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/aluqud.v8n1.p109-123

Abstract

This research aimed to explore the factors influencing individuals' inclination to contribute funds as waqf to Islamic boarding schools in Indonesia. Additionally, the Theory of Planned Behaviour (TPB) was used as the conceptual framework to analyse human behaviour. In this context, trust and waqf literacy were evaluated and identified as determinants of cash waqf intention. The partial least squares structural equation modelling (PLS-SEM) method was used to completely analyse and assess the model. Meanwhile, the questionnaires were distributed electronically to 436 respondents in Indonesia. The results showed that subjective norms, trust, and waqf literacy had a direct effect on attitudes. However, these variables did not have a direct impact on the intention to donate cash waqf in Islamic boarding schools. Attitudes did not influence the intention to donate cash waqf while perceived behavioural control (PBC) had a substantial impact on the variable.

Page 18 of 21 | Total Record : 205

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