cover
Contact Name
Nurhafid Ishari
Contact Email
hafid.ishari@gmail.com
Phone
-
Journal Mail Official
jurnaliqtishoduna@gmail.com
Editorial Address
-
Location
Kab. lumajang,
Jawa timur
INDONESIA
Iqtishoduna: Jurnal Ekonomi Islam
ISSN : 22525661     EISSN : 24430056     DOI : -
Core Subject : Economy,
The focus of the Journal of Syari'ah Economics and Islamic Business all aspects of scientific discussions about Islamic Economics, Syari'ah Banking and Islamic Economic Management ideas covering: 1) research article, 2) conceptual idea, 3) review of the literature, and 4) practical experience.
Arjuna Subject : -
Articles 404 Documents
From Monetary Paradox to Real-Asset Sovereignty: A Maqashid al-Shari'ah Approach to Blockchain-Backed Sovereign Currency Uliyatul Mu'awwanah; Mursidah; Aula Izatul Aini; Ma'rifaful Munawaroh; Miftahul Hasanah
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3801

Abstract

Background and research gap – The global monetary system currently faces a dual paradox of trust: the failure of institutional trust in inflationary fiat money and the failure of algorithmic trust in volatile cryptocurrencies. While extensive literature has examined each failure separately, little work has synthesized them through an Islamic ethical framework. In particular, the potential of Maqashid al-Shari’ah to offer a coherent alternative that addresses both institutional and algorithmic distrust remains underexplored, leaving a significant theoretical and policy gap for developing nations seeking monetary sovereignty. Purpose – This study aims to deconstruct this dichotomy and offer a new synthesis through the lens of Maqashid al-Shari’ah. It argues that algorithmic technology should not be utilized for speculation, but rather as an auditing instrument (tabayyun) to prevent excessive money creation (seigniorage), thereby upholding Hifzh al-Mal (Preservation of Wealth). Design/methodology/approach – Employing a qualitative research method with a library research approach, this study dissects historical data, Islamic economic literature, and blockchain technical protocols. A comparative analysis of hyperinflation in Venezuela and Bitcoin volatility in El Salvador is conducted to evaluate how both extremes fail to uphold Hifzh al-Mal. Key Findings – The comparative analysis reveals that both inflationary fiat and volatile cryptocurrencies fail to preserve wealth, as evidenced by Venezuela’s hyperinflation exceeding 1,000,000% and Bitcoin’s price swings of over 80% within single years in El Salvador. As a solution, this research formulates the “Digitized Real-Asset Paradigm” model, proposing a Sovereign Asset-Backed Digital Currency (S-ABDC) anchored to a basket of real assets (gold/energy) and transparently validated through blockchain-based Proof-of-Reserve mechanisms. Research limitations/implications – This study is limited to a conceptual and literature-based analysis, without empirical field testing of the proposed S-ABDC model. The findings are therefore primarily theoretical and may require adaptation to specific national contexts. Nevertheless, the implications offer a roadmap for developing nations to restore monetary sovereignty that is just, stable, and free from dollar hegemony. Originality/value – This paper offers an original synthesis of Maqashid al-Shari’ah with digital currency design, reframing blockchain as a tool for transparency rather than speculation. It contributes a novel ethical framework for monetary reform and proposes future research steps, including pilot implementations and empirical testing of the S-ABDC model.
Beyond Financial Performance: Reconstructing Firm Value in Islamic Banking through Sharia Enterprise Theory Ismawati; Romzie Rosman; Nurjannah; Juhasdi Susono; Supriadi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3939

Abstract

Background and research gap Research on firm value in Islamic banking remains dominated by financial and market-based perspectives, while the integration of  sharia accountability dimensions into firm valuation remains underexplored in the international literature. This gap limits understanding of how Islamic banks may conceptualise corporate value beyond conventional financial measures. Purpose – This study aims to reconstruct firm value in Bank Muamalat Indonesia and Bank Syariah Indonesia through Sharia Enterprise Theory by positioning Asset and Liability Management (ALMA) as accountability to humans, Green Banking as accountability to nature, and zakat as accountability to God. Design/methodology/approach – Employing an interpretive paradigm, the study adopts a phenomenologically informed comparative case-study approach. Data were collected in Makassar and Gowa, South Sulawesi, from May to July 2026 from seven informants comprising four practitioners, one regulator, and two academics through focus group discussions, interviews, observations, and document analysis. Phenomenological reduction identified meaning units and distinguished noema from noesis through intentional analysis. Key Findings – The findings reveal the absence of specific  sharia-based indicators for Islamic banking firm value. ALMA reflects stakeholder accountability, while Green Banking demonstrates environmental accountability, although evidence is stronger in internal operational practices than in green financing and portfolio-level impacts. Zakat represents transcendental accountability to God. Research limitations/implications – Given its qualitative and context-specific design, the study offers analytical rather than statistical generalisability. Originality/value – Its originality lies in developing an interpretive evaluative framework for understanding Islamic banking firm value through  Sharia Enterprise Theory, rather than proposing a validated causal or composite model.
Integrating Green Economy and Hifd Bi’ah for Environmental Conservation: A Case Study of Eco-Friendly Agriculture in Pamekasan, Indonesia Fahrurrozi; Zainal Abidin
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

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

Abstract

Background and research gap – Existing research has examined green economy policy and Islamic environmental ethics, but less is known about how resource-management practices and religious meanings are articulated together in local hydroponic farming. Purpose – This study explores green economy-related agricultural practices and interpretations of environmental responsibility through the contemporary concept of ḥifẓ al-bīʾah in Ceguk Village, Tlanakan District, Pamekasan Regency, Indonesia Design/methodology/approach – A descriptive qualitative single-case study was conducted from March to September 2025, drawing on field observations, documentation, and semi-structured interviews with seven purposively selected informants: three hydroponic farmers, two consumers or community members, one religious leader, and one Agricultural Office representative. Each informant was interviewed once for 30–45 minutes. Key Findings – Findings identify reported limited-space cultivation, controlled water and nutrient management, reduced need for diesel-powered land preparation, household participation, and access to locally grown vegetables. Participants also expressed environmental responsibility through amānah (trust), justice, spiritual blessing, and ḥifẓ al-bīʾah. Critically, the evidence supports religious-ethical articulation and reports of agricultural practices but does not establish that religious beliefs caused specific farming decisions or that these practices achieved measurable environmental improvements. Employment creation and comprehensive household food security were not independently established. Research limitations/implications – By distinguishing ethical articulation, behavioural enactment, and environmental performance, the study offers a context-specific analytical contribution rather than a validated conservation model. Originality/value – Its implications concern the potential relevance of locally meaningful ethical perspectives alongside technical and socioeconomic considerations, without assuming their universal applicability.
Islamic Socio-Economic Model in Medan's QRIS Payment System: The Roles of Ease of Use, Digital Divide, and Financial Inclusion Riyan Pradesyah; Khairunnisa
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3599

Abstract

Background and research gap - Digital payment transformation through the Quick Response Code Indonesian Standard (QRIS) has expanded rapidly across Indonesia, yet whether simple technological adoption translates into Islamic socio-economic welfare remains underexplored. Purpose - This study analyzes the Islamic socio-economic model within the QRIS payment ecosystem in Medan City by examining the structural relationships among QRIS ease of use, digital divide, financial inclusion, and Islamic socio-economic outcomes. Design/methodology/approach - A quantitative explanatory research design was conducted, involving a purposive sample of 225 active QRIS users in Medan City. Primary data gathered via 5-point Likert scale questionnaires were evaluated using Partial Least Squares-Structural Equation Modeling (PLS-SEM) in SmartPLS. Key Findings -  The empirical findings demonstrate that QRIS ease of use and digital divide exert positive and significant direct impacts on both Islamic socio-economics and financial inclusion. Conversely, financial inclusion has a negative and significant direct impact on Islamic socio-economic outcomes. Furthermore, financial inclusion acts as a negative mediating variable, significantly channelling the indirect effects of both QRIS ease of use and digital divide onto Islamic socio-economics. All seven proposed hypotheses (H1-H7) are supported by the empirical data. Research limitations/implications - These results confirm that merely expanding access to digital financial services is insufficient to promote societal well-being. Originality/value - To achieve genuine Islamic socio-economic welfare, policymakers and financial institutions must prioritize quality financial usage, enhanced Sharia financial literacy, and productive, ethical transaction behaviors over passive technology adoption.
Beyond Financial Performance: Reconstructing Firm Value in Islamic Banking through Sharia Enterprise Theory Retna Anggitaningsih; Ravika Mutiara Savitrah; Mohd Shahid Mohd Noh
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3619

Abstract

Background and research gap - Operational risk management remains underexplored in medium-scale food distribution enterprises, particularly those handling perishable products whose business continuity depends on transportation, product quality, human resources, and information systems. Purpose – This study examines how an Enterprise Risk Management (ERM) framework can support operational risk prioritization and mitigation at UD Anugrah, an ice cream distribution enterprise in Surabaya, Indonesia, while interpreting its implications for responsible business practices relevant to Islamic business and economics. Design/methodology/approach – Using a descriptive qualitative case study design, data were collected through semi-structured interviews, direct observation, and document analysis. Seven operational risks were identified across four categories: human resources, technology, processes, and the environment. A five-point likelihood-impact matrix was used to assess and prioritize these risks.. Key Findings – Seven operational risks were identified across four categories: human resources, technology, processes, and the environment. A five-point likelihood-impact matrix was used to assess and prioritize these risks. Transportation damage and product melting emerged as high-priority risks, whereas ineffective employee development and computer system disruption with potential data loss were classified as medium-priority risks. Proposed mitigation measures included regular vehicle maintenance, backup power provision, employee training, and systematic data backup and computer security. The findings illustrate how ERM can translate risk identification into context-specific control recommendations aimed at protecting product quality, Research limitations/implications – The study’s originality lies in demonstrating the practical application of ERM in a medium-scale perishable-food distribution enterprise and articulating its potential relevance to responsible business conduct. Originality/value – its findings provide context-specific analytical insights rather than statistically generalizable or causal conclusions.
Beyond Survival: Responsiveness and Muslim Entrepreneurial Characteristics in Building Post-Pandemic Resilience among Book Publishing MSMEs Samino Setiawan; Syafiq Mahmadah Hanafi; Muhammad Ghafur Wibowo
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

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

Abstract

Background and research gap – Research on the determinants of business resilience has been widely discussed in the literature. However, the role of responsiveness and the characteristics of Muslim entrepreneurs are still rarely the primary focus and have not been widely used as an effective framework. Purpose – This study aims to empirically test the factors that influence the resilience of Micro, Small, and Medium Enterprises (MSMEs), particularly in the publishing industry in the Special Region of Yogyakarta (DIY) after the Covid-19 pandemic. Design/methodology/approach – Using a sample of 142 businesses published, this study applies the Structural Equation Modeling (SEM) method to test the hypothesis. Key Findings – The results indicate that the business environment significantly affects business resilience, while technology adoption does not have a significant impact. On the other hand, responsiveness plays a complex role, both as a direct determinant and as a mediator that bridges the influence of the business environment and technology adoption on business resilience. Furthermore, the characteristics of Muslim entrepreneurs are shown to have a direct influence on business resilience, but they do not act as a moderator. Research limitations/implications – This study makes two main contributions. First, it recommends responsiveness as an attitude that publishing business actors should adopt to be more sensitive to the business environment and better utilize technology to help businesses survive. Second, this study introduces the characteristics of Muslim entrepreneurs such as spirituality, religiosity, entrepreneurial orientation, and social capital as a foundation that business actors need to adopt, as these characteristics have been shown to guide them through the crisis caused by the Covid-19 pandemic. Originality/value – Therefore, these results not only enrich the academic literature but also provide practical implications for business actors, policymakers, and other stakeholders in developing strategies to strengthen resilience based on contextual and applicable Islamic values.
The Maqāṣid al-Sharī’ah Perspective on the Distribution of the Tobacco Excise Revenue-Sharing Fund (DBH-CHT) in Kediri City, Indonesia Mu'min Firmansyah; Mawardi; Selamet; A. Komarudin; Muhammad Hanif Abdillah; Brian Fairman
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3662

Abstract

Background and research gap – Previous studies of the Tobacco Excise Revenue-Sharing Fund (DBH-CHT) have examined its regulation, allocation, absorption, health spending and welfare effects, mostly from descriptive policy or legal perspectives. None of the studies reviewed evaluates how local DBH-CHT spending aligns with the objectives of Islamic law, and research on Kediri City, a major recipient, has covered only planning capacity and health spending. Purpose – This article analyses the regulation, distribution mechanisms and development of DBH-CHT in Kediri City in 2021–2025 and evaluates them using an explicit Maqāṣid al-Sharīʿah framework. The applicable framework comprises Law No. 39 of 2007, as amended by Law No. 1 of 2022, and Minister of Finance Regulations (PMK) that set a 50:25:25 allocation for welfare, health and law enforcement in 2021 (PMK No. 206/PMK.07/2020) and a 50:40:10 allocation from 2022 (PMK No. 215/PMK.07/2021, retained by PMK No. 72 of 2024 and No. 22 of 2026). Design/methodology/approach – This document-led qualitative single-case study combines regulations and official programme documents, semi-structured interviews with purposively selected officials and beneficiaries (used for corroboration), and peer-reviewed literature. The data were coded thematically and assessed with a rubric that operationalises ḥifẓ al-dīn, ḥifẓ al-nafs, ḥifẓ al-ʿaql, ḥifẓ al-nasl and ḥifẓ al-māl. Key Findings – DBH-CHT is implemented through Kediri Mayor Regulation No. 82 of 2021 on direct cash assistance (BLT) and Mayor Regulations No. 45 of 2022 and No. 5 of 2023 on business capital assistance. In 2024, 5,617 micro, small and medium enterprises each received IDR 2.5 million; in 2025, 4,674 beneficiaries each received IDR 1 million in BLT (approximately IDR 4.67 billion in total). Alignment is direct for ḥifẓ al-nafs and ḥifẓ al-māl, indirect for ḥifẓ al-ʿaql and ḥifẓ al-nasl, and absent for ḥifẓ al-dīn, which lies outside the regulatory mandate; overall alignment is therefore partial. Research limitations/implications – The findings rest on a single locality, a small corroborative interview sample, partial reliance on official news releases and media reports, and an interpretive mapping of programmes onto Maqāṣid dimensions; they are therefore analytical rather than statistically generalisable. Preventive health, education and family-oriented programmes would strengthen the welfare orientation of DBH-CHT. Originality/value – The study combines an analysis of DBH-CHT implementation, field and documentary evidence from Kediri City, and a transparent, replicable Maqāṣid al-Sharīʿah rubric for evaluating earmarked fiscal transfers.
Sustainability Reporting Disclosure, Islamic Intellectual Capital, and Maqashid Sharia Performance in Indonesian Islamic Banks: The Moderating Role of Islamic Corporate Governance Baiq Naili Amalia; Lilik Handajani; Ayudia Sokarina
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3716

Abstract

Background and research gap – Sharia banking must achieve both financial and Maqashid Sharia performance, driven by sustainability reporting and Islamic intellectual capital, supported by effective Islamic corporate governance implementation. Purpose – This study examines the impact of sustainability reporting disclosure (SRD) and Islamic intellectual capital (IIC) on maqashid sharia performance (MSP), with Islamic corporate governance (ICG) as a moderating variable. Design/methodology/approach – Utilizing a quantitative explanatory design, this research analyzes panel data from 12 fully-fledged Islamic commercial banks in Indonesia over the period 2020–2024 (60 bank-year observations). Hypotheses were tested using panel fixed effects regression and Moderated Regression Analysis (MRA). To mitigate endogeneity concerns and dynamic panel bias, a Two-Stage Least Squares (2SLS) regression was executed as a robustness test. Key Findings – The empirical results reveal that SRD has a statistically insignificant effect on MSP. Conversely, IIC exhibits a significant negative effect (t-statistic = -4,739, p < 0.05), indicating a structural mismatch where intellectual capital investments do not immediately translate into Maqashid-based social and ethical objectives. ICG fails to moderate the SRD–MSP relationship but significantly moderates and positively enhances the influence of IIC on MSP (t-statistic = 2,147, p < 0.05), demonstrating that effective governance aligns intellectual capital allocation with Maqashid Sharia dimensions. Among control variables, bank size positively influences MSP, whereas profitability shows a significant negative effect. To address endogeneity and dynamic panel bias, a 2SLS robustness test was conducted, yielding consistent. Research limitations/implications – The research is geographically constrained to Indonesian Islamic banks and relies on non-standardized sustainability reporting disclosure metrics. Originality/value – This paper provides novel empirical evidence by challenging the assumed positive linear outcomes of Islamic intellectual capital, establishing ICG as a crucial moderating mechanism that aligns intellectual capital allocation with Maqashid Sharia dimensions.
Green Waqf and the SDGs: A Systematic Literature Review on Its Contribution and Potential for Sustainable Development Taufiq Ramadhan; Andini Rachmawati; Usman Alfarisi; Sartika Dwi Kusuma Wardhani; Bayu Arif Mahendra; Alfikrul Akbar; Ratih Ayu Muflihah
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3795

Abstract

Background and research gap - Although green waqf is increasingly discussed as an Islamic social finance instrument for environmental sustainability, international literature lacks a systematic synthesis distinguishing explicitly environmental waqf from general productive or social waqf, particularly regarding its contribution to the Sustainable Development Goals (SDGs). Purpose - This study examines how green waqf contributes to environmental and socio-economic sustainability, identifies implementation barriers, and establishes priorities for future research. Design/methodology/approach - Following PRISMA 2020, a systematic literature review searched Scopus-indexed publications, nationally accredited (SINTA) journals, and conference proceedings published between 2015 and 2026. An explicit inclusion criterion distinguished green waqf from broader waqf practices. Forty-four studies were analysed thematically. Key Findings - No qualifying study predated 2019, while 36 of 44 studies focused on Indonesia or Malaysia. Conceptual and review studies predominated over empirical evaluations. Green waqf initiatives addressed forests, renewable and biomass energy, water, waste, coastal ecosystems, and agriculture, with the strongest emphasis on SDGs 13, 15, and 7. Integration with zakat and sadaqah, blockchain, crowdfunding, and green sukuk offers potential, but these approaches remain largely unvalidated. Weak governance, limited transparency, and inadequate regulatory support constitute major barriers. Research limitations/implications - The findings reflect the geographical concentration and limited empirical depth of the available literature, restricting generalisability. Originality/value - The study advances a maqasid-based understanding of green waqf and proposes a research agenda prioritising empirical validation, governance reform, and scalability.
Determinants of Cash Waqf Investment Preference: Awareness, Religiosity, Perceived Risk Management, Islamic Financial Literacy, and Transparency Muhammad Arief Al Hakim; Hadiyanto Arief; Muhammad Iman Kurniawan; Athia Nur Kamilah
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3796

Abstract

Background and research gap - Although cash waqf investment channels endowed funds into Sharia-compliant instruments while preserving the waqf principal, international research has not fully clarified how religious and institutional factors shape individual preferences. Purpose – This study examines the determinants of cash waqf investment preference in Indonesia. A cross-sectional online survey was conducted in 2025 involving 120 adult Muslims purposively selected for basic Islamic financial literacy and interest in Islamic investment, mainly in Greater Jakarta (Jabodetabek) and other Indonesian provinces. Design/methodology/approach – Data were analysed using partial least squares structural equation modelling (PLS-SEM) in SmartPLS 4.1. Awareness (β = 0.409, p < 0.001) and religiosity (β = 0.460, p = 0.001) were positively associated with preference. Key Findings Perceived risk management was negatively associated with preference (β = −0.219, p = 0.049), contrary to the hypothesised direction; therefore, H3 was not supported. Islamic financial literacy (β = −0.055, p = 0.671) and transparency (β = −0.065, p = 0.718) were not significant. The model explained 36.3% of the variance in preference. Research limitations/implications – The study examines general preference rather than comparing waqf sukuk, Sharia-compliant stocks and productive assets. Generalisability is limited by purposive sampling and a relatively affluent, experienced sample, 93.3% of whom had previously given waqf. Originality/value – Waqf institutions could strengthen awareness programmes and faith-based communication, while future research should use more diverse samples and compare preferences across allocation channels.