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al-Uqud : Journal of Islamic Economics
ISSN : 25490850     EISSN : 25483544     DOI : http://dx.doi.org/10.26740/al-uqud
Core Subject : Economy,
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 205 Documents
Sustainable development and Islamic philanthropy: Synergy of zakat and SDGs Arwani, Agus; Muhammad, Rifqi; Mahmudi, Mahmudi
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/al-uqud.v8n1.p124-160

Abstract

The research aims to explore the synergy between Zakat as a form of Islamic philanthropy and the Sustainable Development Goals (SDGs), which include economic, social and environmental dimensions, to meet the needs of the current generation without compromising the capabilities of future generations. Using a Systematic Literature Review (SLR) approach, this research analyses relevant literature to understand the potential and obstacles to integrating Zakat with sustainable development. Research findings show that Zakat can accelerate poverty alleviation, improve access and quality of education, and fund health programs which align with several SDG targets. However, challenges faced in zakat integration include less positive public perceptions, regulations that still need optimisation, and gaps in zakat management practices. The implications of these findings show that to optimise Zakat's contribution to achieving the SDGs, increased governance, transparency, and cross-sector collaboration are needed. This research provides valuable insights for policymakers, zakat practitioners, and other interested parties to design more effective strategies for utilising Zakat as the primary driver of achieving the SDGs.
Islamic leadership and other external factors in improving the career path of lecturers Rovian, Ivan; Widati, Sri
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.p96-108

Abstract

The previous research studies conducted in East Java stated that there is a tendency for University lecturers to improve their career paths, especially those who have lecturer certification, due to the influence of lecturer behaviour, lecturer personal problems, lack of institutional facilities and information systems, and less supportive technology. This research concerns the creation of excellent quality and professional human resources. This study examines the impact of Islamic leadership encouragement, peer encouragement, availability of facilities, organizational policies, type of university, and demographic factors on lecturers' career paths. The research method uses quantitative SPSS with 345 respondents from five universities in East Java. Results showed that Islamic leadership encouragement, availability of facilities, organizational policies, type of university, and age were significant factors in improving lecturers' career paths. In contrast, gender factors did not significantly influence lecturers' career paths. This research brings some implications for University regulators and leaders regarding treatments that could be pushed to improve lecturer career paths in East Java Province.
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.
The present state of Shariah governance of Islamic banks in Bangladesh: an overview Alam, Md. Kausar; Ahmad, Abu Umar Faruq
al-Uqud : Journal of Islamic Economics Vol. 9 No. 2 (2025): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This review aims to explore the Shariah governance (SG) scenario of Islamic banks (IBs) in Bangladesh. The review finds that Bangladesh has a lacking of comprehensive SG guidelines, and Islamic banks are practicing guidelines developed by their own. As a result, their SG practices are diversified and create confusion among the stakeholders. Thus, this review overlooked the SG, and summarized the Centralized Shariah Governance Framework (CSGF) and Shariah Secretariat (SR) for the development of existing practices. If the regulatory authorities implement these frameworks within the central bank and Islamic banks, the scenario of SG will be improvized and enhance the trust of stakeholders.
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.
Sustainable finance in the Islamic world: A comparative study of ESG reporting in Indonesia, Malaysia, and Brunei Darussalam Adirestuty, Fitranty; Ratnasari, Ririn Tri; Firmansyah , Egi Arvian; Al Adawiyah, Rumaisah Azizah; Chazanah , Indah Nur; Yuliawati , Tia
al-Uqud : Journal of Islamic Economics Vol. 9 No. 1 (2025): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v9n1.p18-32

Abstract

This research examines the sustainability reporting procedures of three Islamic banks located in Indonesia, Malaysia, and Brunei Darussalam. The research methodology employs a comprehensive and dependable descriptive approach, utilising a content analysis framework grounded in established sustainable practices and prior studies. This led to an extensive examination of 302 elements, encompassing environmental, socioeconomic, governance, and sharia compliance dimensions. The findings indicate that all three Islamic banks exhibit a commendable level of transparency and are dedicated to adopting sustainable practices. This signifies substantial transparency regarding governance and minimal disclosure concerning sharia compliance, reflecting the ethical identity of the IBs. Bank Syariah Indonesia has the highest degree of disclosure among all sampled banks. This study examines ESG disclosure in Islamic banks and paves the way for future research to broaden its coverage by include more factors. This may result in a more thorough investigation and further insights in the domain. The study's conclusions and suggestions could substantially influence Islamic banks, regulators, and other stakeholders.
Empowering the food sector: A cooperative-based business partnership model at Al-Ittifaq Islamic Boarding School, Bandung Rahman, Dwinda; Baga, Lukman Mohammad; Asikin , Zenal
al-Uqud : Journal of Islamic Economics Vol. 9 No. 1 (2025): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/al-uqud.v9n1.p1-17

Abstract

Farmer institutions have been unable to improve farmer production and welfare. Modern cooperatives are increasingly recognized for their good impact on farmers' well-being. This study seeks to identify critical success criteria for modern cooperatives, examine the performance of the Al Ittifaq Islamic Boarding School Cooperative (Kopontren), and investigate the responsibilities of stakeholders in their partnership value chain. This study also looks at the influence of these partnerships on farmer well-being and proposes an inclusive, sustainable food sector partnership model based on cooperatives. Data were acquired using qualitative descriptive methods, including narrative literature reviews, benchmarking, and in-depth interviews. The value chain analysis identified four major pillars of modern cooperatives: governance, economy, social, and environmental. Al Ittifaq Kopontren received a checklist rating of 0.66, indicating that it is good. Farmer incomes increased by 6-55% in 2023 compared to 2022, demonstrating the effectiveness of cooperative business partnerships in raising revenue. Future success necessitates the implementation of an inclusive, long-term partnership model involving strong institutions, research bodies, sustainable standards, and export-oriented and downstream product development.