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El-Barka: Journal of Islamic Economics and Business
Published by Institut Agama Islam Negeri Ponorogo
ISSN : 26571153     EISSN : 26571862     DOI : -
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
El Barka is a semiannual journal published by the Faculty of Islamic Economics and Business IAIN Ponorogo and cooperate with Ikatan Ahli Ekonomi Islam Indonesia (IAEI). El Barka accepts original scientific writings that have never been published in the field of economics, islamics economics and business, including conceptual thoughts, research reports, case reports, application of theory, critical studies and literature reviews.
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Articles 149 Documents
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The Utilization of Zakat Funds to Improve the Welfare of Mustahik: An Analysis of the BAZNAS South Sumatra Zmart Program Rika Rahim; Rinol Sumantri; Abdullah Sahroni
El-Barka Journal of Islamic Economics and Business Vol. 8 No. 2 (2025)
Publisher : El-Barka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/elbarka.v8i2.12117

Abstract

This study aims to analyze the utilization of zakat funds in improving the welfare of mustahik through the Zmart program managed by the National Zakat Agency (BAZNAS) of South Sumatra Province. The research uses a qualitative method with a case study approach. Data were collected through interviews, observations, and documentation from both primary and secondary sources. The findings indicate that the Zmart program has a positive impact on improving the welfare of mustahik, particularly in increasing income, enhancing business skills, and fostering economic independence. The utilization of zakat funds through the Zmart program is proven to contribute to poverty reduction and economic empowerment. These results imply that productive zakat distribution can be an effective instrument for sustainable community welfare development.
Learning from the Bangladeshi Islamic Microfinance Model for Sharia Microfinance Development in Indonesia Adinda Rizqi Nur Azizah; Amin Wahyudi; Raisha Salisa Ahmad
El-Barka Journal of Islamic Economics and Business Vol. 8 No. 2 (2025)
Publisher : El-Barka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/elbarka.v8i2.12329

Abstract

The extreme institutional fragmentation of Indonesia's 4,500+ BMT units has led to an inability to achieve economies of scale despite serving 3.7 million customers with assets of Rp 16 trillion, while the Bangladesh centric bank model (RDS-IBBL) serves 520,000 members with high efficiency but at the expense of social closeness, creating a trade-off of efficiency versus embeddedness that requires systematic investigation. The research uses a comparative qualitative method by analyzing academic literature 2008-2025, institutional reports (UNDP, Bangladesh Bank, OJK, LAZ), and regulatory documents through comparative descriptive analysis of six dimensions with multi-source triangulation validity. Empirical findings show that the Bangladesh bank-centric model achieved a recovery rate of >95% and increased the income of 72% of participants, while the Indonesian community-based model had a recovery rate of 85-90% but was resilient during the 1997-1998 crisis, with a dominance of 70-80% in both countries, explained five factors: transaction cost economics, extreme information asymmetry, institutional path dependency, regulatory constraints, and customer preference for certainty. The theoretical contribution validates the path dependency theory that institutional design shaped by historical trajectories is different (the legacy of the Grameen Bank versus the tradition of mutual cooperation) and rejects the assumption of convergence by proving persistent diversity that is context-dependent. The policy implications include five recommendations: a national apex body BMT for shared services while preserving local autonomy; Sharia Microfinance Academy with a target of 5,000 certified professionals in 5 years; harmonization of OJK regulations, Ministry of Cooperatives, Ministry of Religion; dual-track financing strategy to increase PLS proportion from <20% to 40% in 5 years; and the Structured Waqf Zakat Microfinance Integration Model Graduated Approach (70-80% Mustahiq to become muzakki in 2-3 years), requires a national coordination framework to transform the MFI ecosystem from atomistic fragmented to networked professionals to contribute optimally to the SDGs.
Islamization of Economics in Pakistan: Analyzing the Weaknesses in Muftī Taqī ʿUsmānī’s Response to Capitalism Zain Razzaq
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
Publisher : El-Barka

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Abstract

This study addresses a significant gap in the literature on the Islamization of economics in Pakistan by critically examining Muftī Taqī ʿUsmānī’s conception of capitalism and his proposed strategy for its Islamization. The purpose of the paper is to analyze how capitalism is conceptualized in ʿUsmānī’s writings and to assess his proposed Islamic alternative to capitalism. Methodologically, it employs qualitative critical textual analysis of two of ʿUsmānī’s key works—“Islam aur Jadīd Maʿīshat-o-Tijārat” and “An Introduction to Islamic Finance”. The findings indicate that ʿUsmānī treats capitalism primarily as an economic system rather than as a broader socio-cultural and political order. This perspective leads him to propose reforming or Islamizing capitalism through the removal of specific practices, particularly interest-based financial mechanisms. However, the analysis demonstrates that Islamizing capitalism is fundamentally impossible, as its structures and values are incompatible with Islamic principles. The study develops a theoretical analysis by distinguishing capitalism as a totalizing system that structures social, cultural, and political life from its narrower conception as a purely economic system. It also considers the implications of ʿUsmānī’s focus on the economic dimension, showing how Islamization frameworks that address primarily economic aspects may overlook the broader systemic character of capitalism.
Identity, Religion and Legitimacy: The Dynamics of Immigrants in Managing Halal Certification in Malaysia Ahmad Yoga; Nafi'ah Nafi'ah; Ning Daris Salamah Elmi Putri Sibron Ning; Khoirul Fathoni Khoirul Fathoni
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
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Abstract

This study examines how Muslim immigrants in Malaysia navigate and adapt to the halal certification process, and how it serves as a means to establish a religious identity and a source of legitimacy for their business activities. The study used a qualitative approach, employing in-depth interviews with 12 informants, including Indonesian Muslim immigrant food entrepreneurs, Muslim consumers, and community leaders in Gombak, Selangor, Malaysia. Data was obtained through interviews, observations, and documentation, then analyzed using Miles and Huberman's interactive model. It is interpreted using the theoretical framework of social identity, symbolic interaction, and institutional legitimacy. Findings show that the status of immigrants formally does not hinder the halal certification process as long as all administrative and Sharia standards are met. However, immigrants still face obstacles such as bureaucratic complexity, language barriers, the digitization of the MYe-HALAL system, and strict documentation requirements. Conclusion, in practice, halal certification serves not only as a form of regulatory compliance but also as a symbol that can increase consumer trust and strengthen social acceptance of immigrants. This study contributes to the study of halal governance by showing that halal certification functions not only as a regulatory mechanism, but also as an instrument of social legitimacy and economic integration for Muslim immigrant entrepreneurs.
Dinar–Dirham as an Ethical Monetary Framework: Qur’anic Perspectives on Financial Justice in the Digital Economy Abd Rosyid Rosyid; Aang Kunaifi; Zainol Fata; Fikri Zhilalil Haq
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
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Abstract

The contemporary global monetary system based on fiat currency has been associated with various challenges, including inflation, exchange-rate volatility, and monetary instability in several developing economies. This study investigates the concept of money from an Islamic perspective by analyzing Qur’anic references to dinar and dirham as representations of gold- and silver-based monetary instruments. Employing a qualitative approach through thematic Qur’anic interpretation (tafsir maudhu’i) combined with a review of historical and contemporary monetary phenomena, the study examines the relevance of precious metals as measures of value within Islamic economic thought. The analysis focuses primarily on Surah Al-Imran (3:75) and At-Taubah (9:34), alongside historical evidence from selected Muslim-majority countries that have experienced monetary instability under fiat currency regimes. The findings indicate that Qur’anic references to dinar and dirham reflect principles related to value preservation, transactional fairness, and wealth protection. Furthermore, historical observations suggest that gold and silver have exhibited relatively greater long-term stability in purchasing power than several fiat currencies subject to inflationary pressures. This study contributes to the discourse on Islamic monetary economics by offering a reinterpretation of Qur’anic monetary concepts in relation to contemporary debates on monetary stability and alternative currency frameworks in Muslim societies.
Exploring Cognitive, Personal, and Environmental Factors Influencing Sukuk Investment Intentions in Kandahar, Afghanistan: A Pre-Market Launch Study Abdullah Ziarmal; Mohamad Yosaf Asak; Baryali Rohan; Mohammad Wase Sadiqi
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
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Abstract

Sukuk, an Islamic financial instrument that has gained global recognition, remains a relatively new concept in Afghanistan. Recently, Afghanistan Islamic Bank, in collaboration with the Islamic Emirate of Afghanistan (IEA), plans to initiate Sukuk issuance in the near future. In this context, the present study examines investors’ perceptions and intentions regarding Sukuk investments in Kandahar, Afghanistan. This study employs a quantitative research design, collecting primary data from 300 investors in Kandahar, Afghanistan, using an adapted questionnaire. A cognitive social model comprising five independent constructs-awareness, compatibility, internal influence, external influence, and choice and preferences-was employed to examine the determinants of investment intention. The collected data were analyzed using SPSS software. The findings reveal that investors’ intentions are significantly influenced by awareness, compatibility, and social influence factors. From a practical perspective, the results provide valuable insights for Sukuk issuers and policymakers, highlighting the importance of cognitive, personal, and environmental factors in enhancing investors’ perceptions and intentions toward Sukuk investment.
Maslahah-Based Evaluation of Mandatory Halal Certification Policy for Street Vendors Eko Nur Cahyo; Maharani Pradnya Paramita; Khurun’in Zahro’
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
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Abstract

This study analyzes the realization of maslahah in the implementation of Government Regulation No. 42 of 2024 concerning mandatory halal certification for street vendors in Blitar Regency. Enforced on October 17, 2024, the regulation aims to ensure halal product assurance, strengthen consumer protection, and support the sustainability of micro and small enterprises. The issue is significant as the policy directly affects informal economic actors who often face regulatory and administrative constraints. This research employs a qualitative descriptive approach. Data were collected through in-depth interviews with street vendors and relevant stakeholders and supported by an analysis of regulatory documents and related literature. The analysis focuses on assessing whether the implementation of the regulation delivers public benefit (maslahah) while maintaining proportionality and legal fairness. The findings indicate that halal certification provides tangible legal and economic benefits, including increased consumer trust, improved sales turnover, expanded market access, and enhanced business legitimacy. The policy has been generally well accepted, particularly due to government facilitation through simplified procedures and the free self-declaration halal certification scheme. From the perspective of Islamic legal theory, the implementation of this regulation reflects maslahah dharuriyah, as it safeguards religious compliance (hifz al-din) and promotes economic welfare (hifz al-mal). This study highlights halal certification as a regulatory instrument aligned with the objectives of Islamic law (maqasid al-shari‘ah).
Explaining Continuance Intention in Islamic Digital Banking: The Mediating Role of Digital Self-Efficacy Among Generation Z Jafira Hasna Sajiddah; Harun Alrasyid; Irma Hidayati
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
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Abstract

This study examines continuance intention toward Islamic digital banking among Generation Z, a segment that increasingly relies on digital financial services yet does not always maintain long-term usage. Despite the rapid growth of Islamic digital banking, there is a limited understanding of how cognitive, technological, and psychological factors jointly influence post-adoption behaviour. To address this gap, the study investigates the effects of Islamic financial literacy, information quality, and digital satisfaction on continuance intention, with digital self-efficacy serving as a mediating variable. The study contributes to the post-adoption literature by integrating Islamic financial literacy and digital self-efficacy into a unified framework for explaining sustainable usage behaviour in Islamic digital banking. Using a quantitative approach, data were collected from 205 Generation Z users of Islamic digital banking in Indonesia and analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The findings reveal that Islamic financial literacy, information quality, and digital satisfaction significantly influence continuance intention and digital self-efficacy, with information quality emerging as the strongest predictor. Digital self-efficacy also mediates the relationships between these factors and continuance intention. These findings suggest that continuance intention in Islamic digital banking is shaped not only by technological performance but also by users’ knowledge and confidence in using digital financial services. Practically, Islamic financial institutions should enhance information quality, user experience, and Islamic financial literacy initiatives to encourage sustained engagement with Sharia-compliant digital banking services.
Risk Mitigation Effectiveness in Takaful and Conventional Insurance: : A Claims Ratio Comparison in Indonesia Haya Nabila; Amin Wahyudi; Syahruddin
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
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Abstract

This study analyzes the effectiveness of risk mitigation in Takaful (Islamic insurance) and conventional insurance in Indonesia during the 2020–2024 period, employing a comparative quantitative approach grounded in risk management theory and insurance effectiveness indicators, as measured by the claims ratio. Secondary data were obtained from the Financial Services Authority (Otoritas Jasa Keuangan/OJK), the Indonesian Sharia Insurance Association (Asosiasi Asuransi Syariah Indonesia/AASI), and the Indonesian Life Insurance Association (Asosiasi Asuransi Jiwa Indonesia/AAJI). The data were analyzed using a quantitative descriptive method and comparative ratio analysis, comparing claims ratios between Takaful and conventional insurance to examine the effect of premium growth and claims ratios on risk-mitigation effectiveness. The findings indicate that conventional insurance demonstrates greater premium stability and more effective claims management than Takaful. Meanwhile, Takaful exhibits considerable growth potential but continues to face challenges, including low market penetration, fluctuating claims ratios, and suboptimal efficiency in risk management. These findings suggest that strengthening Islamic financial literacy, enhancing product innovation, improving industry governance, and reinforcing regulatory frameworks are critical factors in improving the effectiveness of risk mitigation and the competitiveness of Indonesia's Takaful industry. Theoretically, this study contributes to the literature on risk management and financial intermediation theory by establishing the claims ratio as an empirical indicator of risk-mitigation effectiveness; practically, it offers an evidence-based reference for regulators, industry associations, and Takaful operators in formulating policies to strengthen the stability and competitiveness of Indonesia's Sharia insurance industry.

Page 15 of 15 | Total Record : 149

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