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Iqtishodia: Jurnal Ekonomi Syariah
Published by Universitas Al-Qolam
ISSN : 2503118X     EISSN : 25804669     DOI : -
Core Subject : Religion, Economy, Humanities, Social,
Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Iqtishodia: Jurnal Ekonomi Syariah is a scientific journal that serves as a means of developing intellectual lecturers and academics of Islamic economic activists.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 185 Documents
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Islamic Social Finance as a Civilizational Mechanism: A Worldview-Guided Framework for Digital Innovation Khoirul Umam; Imam Kamaluddin
Iqtishodia: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2026): September
Publisher : Universitas Al-Qolam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35897/iqtishodia.v11i2.2430

Abstract

Islamic Social Finance (ISF) is increasingly framed as a technical instrument for poverty alleviation, welfare provision, and alignment with global development agendas. While such approaches offer operational value, they risk detaching ISF from its metaphysical and civilizational foundations. This paper argues that ISF is more accurately understood as a civilizational mechanism grounded in the Islamic worldview, designed to transform society from a condition of kufr, conceptualized here in its moral–sociological sense as the concealment of blessings through hoarding, injustice, dependency, and social fragmentation, towards a condition of syukr, characterized by the ethical manifestation of blessings through circulation, dignity, justice, and social cohesion.Drawing upon Islamic metaphysics, moral economy, and civilizational theory, the study conceptualizes Islamic Social Finance as an institutional bridge linking worldview principles with socio-economic order. The paper further examines the implications of rapid digitalization in ISF, including the adoption of artificial intelligence, blockchain, and platform-based governance. It identifies key civilizational risks associated with digital transformation, such as data absolutism, algorithmic bias, dehumanization of worship, and the bureaucratization of compassion. To address these challenges, the study proposes a worldview-guided ethical framework for digital innovation in ISF, grounded in five principles: preservation of meaning (ḥifẓ al-maʿnā), human dignity (karāmah), justice (ʿadl), purification (tazkiyah), and stewardship (istikhlāf). The paper contributes a novel conceptual foundation for Islamic Social Finance, offering guidance for ethically governing its digital transformation while preserving its civilizational purpose.
Strengthening the Halal Value Chain Through Post-Disaster MSME Incubation in Central Sulawesi, Indonesia: An Evaluative Case Study Based on CIPP Nurul Mufida A Lasapi; Nur Syamsu; M Hidayat; Fatma; Dewi Salmita
Iqtishodia: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2026): September
Publisher : Universitas Al-Qolam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35897/iqtishodia.v11i2.2521

Abstract

This study evaluates how the PABETA incubation program strengthened the halal value chain of post-disaster MSMEs in Central Sulawesi, Indonesia. Using an evaluative case study design and the Context–Input–Process–Product (CIPP) framework, the study examines program relevance, implementation quality, and early outcomes. Data were collected retrospectively from program documents, participant outputs, activity records, and stakeholder feedback, and were analyzed using descriptive statistics and qualitative content analysis. The findings show that the program addressed four interrelated areas: business readiness, certification and compliance, digital marketing and distribution, and external market linkage. All 25 participating MSMEs completed Business Model Canvases and established professional social media accounts, while 18 adopted e-commerce platforms. Ten MSMEs initiated PIRT or halal-related certification processes, seven obtained PIRT certification, and nine reached investment readiness, with six attracting investor interests. These results suggest that integrated incubation can strengthen the upgrading of halal-oriented MSMEs, although longer-term mentoring is still needed to support sustained market performance.
Cash Waqf as an Instrument for the Economic Sustainability and Development of Islamic Educational Institutions: An Evaluative Study of Al-Ikhlash Modern Islamic Education Institute Muhsin Arafat; Ahmad Muhammad Husni; Imam Haryadi
Iqtishodia: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2026): September
Publisher : Universitas Al-Qolam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35897/iqtishodia.v11i2.2723

Abstract

Cash waqf has increasingly been recognized as a potential instrument for supporting the sustainability of Islamic educational institutions. However, its effectiveness depends not only on the permissibility of cash waqf but also on how it is managed, transformed into institutional assets, and utilized for long-term development. This study aims to evaluate the implementation of cash waqf at Al-Ikhlash Modern Islamic Education Institute from Islamic jurisprudential and Indonesian legal perspectives and to examine its contribution to institutional sustainability and development. Employing a qualitative case study approach, the study draws on interviews, institutional documents, and relevant legal and scholarly sources. The data were analyzed through an evaluative framework covering jurisprudential legitimacy, legal compliance, waqf management, asset development, and institutional outcomes. The findings indicate that the implementation of cash waqf at Al-Ikhlash is broadly consistent with contemporary Islamic jurisprudence and Indonesian waqf regulations, particularly through the preservation of waqf capital and its conversion into durable assets. Cash waqf has supported the acquisition and expansion of land, development of educational facilities, and improvement of institutional capacity. These developments have coincided with growth in student enrollment, teaching personnel, and community participation. The study highlights that cash waqf can function not merely as a fundraising mechanism but as a developmental instrument that strengthens the long-term sustainability and institutional autonomy of Islamic educational institutions, while also identifying the need for stronger digital documentation and governance mechanisms.
Measuring Stock Investment Risk of PT Bank Syariah Indonesia Tbk Using Monte Carlo Value at Risk Shinta Leyla Maghfiroh; Fitrian Aprilianto; Atut Frida Agustin
Iqtishodia: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2026): September
Publisher : Universitas Al-Qolam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35897/iqtishodia.v11i2.2737

Abstract

Indonesia's Islamic capital market has grown rapidly, with PT Bank Syariah Indonesia Tbk (BSI) emerging as one of its actively traded Sharia-compliant issuers. However, the growth of Islamic equity investment is accompanied by short-term stock-price volatility that exposes investors to potential downside risk. This study examines the historical return behavior of PT Bank Syariah Indonesia Tbk (BRIS) in the context of the company's fundamental performance, measured by Earnings Per Share (EPS), and estimates its one-day downside investment risk using Value at Risk (VaR). A quantitative descriptive design was applied to secondary data comprising 474 daily BRIS closing prices from November 2023 to October 2025 and quarterly EPS data for 2021–2025. Daily returns, descriptive statistics, and stock-price volatility were analyzed, while VaR was estimated using a Monte Carlo simulation with normally distributed simulated returns at 99%, 95%, and 90% confidence levels. The results show that BRIS daily returns fluctuated between -11.11% and 12.32%, indicating substantial short-term price volatility, while Annualised EPS showed an overall upward trend from 2021 to 2025, reflecting improving company-level fundamental performance. The Monte Carlo VaR estimates indicate one-day potential loss thresholds of 6.32% at the 99% confidence level, 4.42% at 95%, and 3.40% at 90%, equivalent to approximately IDR 6.32 million, IDR 4.42 million, and IDR 3.40 million, respectively, for an investment of IDR 100 million. Theoretically, the study shows that fundamental strength and downside-risk exposure are distinct dimensions; practically, investors and policymakers should complement fundamental analysis and Sharia screening with quantitative risk measures such as VaR.
Algorithmic Maqashid: An Ethical Critique of Robo-Advisor Algorithmic Bias in Sharia Stock Screening Arlinta Prasetian Dewi; Bagus Laksono
Iqtishodia: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2026): September
Publisher : Universitas Al-Qolam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35897/iqtishodia.v11i2.2760

Abstract

The rapid integration of Artificial Intelligence (AI) and Robo-advisors in Islamic wealth management has streamlined the sharia stock screening process. However, this technological advancement poses a critical ethical dilemma. This qualitative study utilizes a library research approach to philosophically and technically critique the algorithmic bias inherent in current Robo-advisors. It argues that contemporary AI  systems perform sharia screening purely mechanically focusing exclusively on quantitative thresholds (e.g., debt-to asset ratios and non-halal income limits) while entirely failing to comprehend the substantive essence of Maqashid Sharia (the higher objectives of Islamic law). Consequently, a company causing severe  environmental degradation or social injustice may still pass the algorithmic screening simply by meeting the numerical criteria. By synthesizing Islamic Behavioral Finance and AI Ethics, this research introduces the concept of Algorithmic Maqashid, proposing a shift from negative mechanical screening to positive substantive screening using Natural Language Processing (NLP) to evaluate ESG (Environmental, Social, and Governance) variables. The findings provide a foundational blueprint for regulatory bodies, specifically OJK and DSN-MUI, to establish new regulatory frameworks and sharia compliance audit standards tailored  for Algorithmic Trading and AI technology in the Indonesian Islamic capital market.

Page 19 of 19 | Total Record : 185

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