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Al-Kharaj: Journal of Islamic Economic and Business
Published by Institut Agama Islam Negeri Palopo
ISSN : 2686262X     EISSN : 26859300     DOI : 10.24256/kharaj.v4i2
Core Subject : Economy,
Economics, Econometrics & Finance
Al-Kharaj, Journal of Islamic Economic and Business is peer-reviewed journal published by program studi ekonomi syariah , Institut Agama Islam Negeri (IAIN) Palopo. Al-Kharaj focus on the research of Islamic Economic and Business. The aims of this journal is to explore and develop economic related to Islamic and Business. This Journal welcomes contributions from researchers in related diciplines.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 1,474 Documents
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The Influence of Perceived Usefulness, Trust, and Ease of Access to Capital on MSME Business Sustainability: The Moderating Role of Business Owners' Education Level Rachel Amanda Vinka Artamefia; Jeni Susyanti; Harun Alrasyid
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12062

Abstract

The business sustainability of MSMEs is a strategic issue in the Indonesian economy, considering their substantial contribution to Gross Domestic Product (GDP) and employment in Indonesia. However, MSME owners still face various obstacles in accessing formal financing, influenced by perceived usefulness, trust in institutions, and ease of service access. This study aims to analyze the impact of these three variables on MSME business sustainability and to examine the moderating role of the business owner's education level in this relationship. A quantitative approach with an explanatory design was employed, involving 268 MSME owners—selected via purposive sampling—who have used or are currently using financing from formal financial institutions. Data were collected using a Google Forms-based questionnaire distributed via social media and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS software (version 4.1.1.6) to identify relationships between variables. Structural testing comprised two stages: the measurement model (outer loading, reliability, convergent validity, and discriminant validity) and the structural model (R-squared, Q² Predict, and effect size/f²), followed by hypothesis testing. The analysis results indicate that trust in financial institutions and ease of access to capital have a significant positive effect on MSME business sustainability, whereas perceived usefulness do not have a significant effect. Education level only strengthens the influence of perceived usefulness on business sustainability but does not moderate the influence of trust or ease of access to capital. These findings underscore the importance of strengthening trust in financial institutions, improving ease of access to capital, and developing the educational capacity of business owners to support MSME business sustainability.
Analysis of Digital Transformation and Economic Resilience of MSMEs in Ambon City Sherly Ferdinandus; Andre Sapthu; Ventje J Kuhuparuw; Amin; William G.M. Louhenapessy
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12106

Abstract

This study analyzes the influence of digital transformation on the economic resilience of Micro, Small, and Medium Enterprises (MSMEs) in Ambon City. Digital transformation is measured through four variables, namely Operational Digitalization, Digital Literacy, Digital Payments, and Digital Marketing. The study used an explanatory quantitative approach with a cross-sectional survey design. Data was obtained from 190 MSME owners or managers and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) through the SmartPLS application. The results of the evaluation of the measurement model showed that all indicators met the convergent validity and reliability of the construct. The validity of the discriminant based on the Fornell-Larcker criteria and cross loadings was also met. However, the HTMT value between Digital Payments and Digital Marketing of 0.911 indicates a potential empirical overlap between the two constructs. An R² value of 0.650 indicates that the four independent variables are able to explain 65 percent of the variation in MSME Economic Resilience. Operational Digitalization has a positive and significant effect on the Economic Resilience of MSMEs with a coefficient of 0.492, while Digital Literacy has a positive and significant effect with a coefficient of 0.287. In contrast, Digital Payments and Digital Marketing have a positive, but not significant, direction of influence. These findings confirm that digital application ownership alone is not enough without adequate integration, competencies, strategies, and sustainable business management. The research concludes that the economic resilience of MSMEs is more determined by the integration of technology in operational activities and the ability of business actors to utilize technology appropriately.
The Influence of Mental Well-Being and Financial Management on the Financial Literacy of MSMEs in Bajo District, Luwu Regency Ainul Magfirah; Asriany; Andika Rusli
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12130

Abstract

The purpose of this study is to analyze the influence of mental well-being and financial management on the financial literacy of MSMEs in Bajo District, Luwu Regency. Good mental well-being is expected to provide positive findings for MSMEs to manage their finances more effectively, while skilled financial management is expected to improve their understanding of financial concepts. This study used a quantitative approach with a survey methodology involving 60 MSMEs as respondents. Data were collected using a questionnaire measuring the level of mental well-being, financial management, and financial literacy. The findings show that both mental well-being and financial management have a positive influence on the financial literacy of MSMEs. These findings suggest that stable mental well-being and good financial management can improve the ability of MSMEs to manage and plan their business finances, which in turn can support the sustainability and growth of their businesses. This study has important implications for the development of education and training programs that combine aspects of mental well-being and financial management to improve the financial literacy of MSMEs in the region.
The Impact of Green Bond, Sukuk, and Zakat on Indonesia’s Economic Growth Ella Rahma Putri; Renny Oktafia
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12141

Abstract

Pertumbuhan ekonomi di Indonesia sebagian besar didorong oleh pengeluaran rumah tangga, sementara investasi, komponen terbesar kedua dari PDB, telah menurun selama beberapa tahun terakhir. Pada saat yang sama, degradasi lingkungan, perubahan iklim, dan keterbatasan keuangan Islam menyoroti kebutuhan akan sumber pembiayaan alternatif yang lebih berkelanjutan. Studi ini bertujuan untuk meneliti dampak obligasi hijau, sukuk, dan zakat terhadap pertumbuhan ekonomi Indonesia selama periode 2018–2025. Pendekatan kuantitatif digunakan dengan menggunakan data sekunder triwulanan dan dianalisis melalui ECM (Error Correction Model) dengan perangkat lunak EViews 13. Hasil menunjukkan bahwa hanya sukuk yang memiliki dampak positif dan signifikan terhadap pertumbuhan ekonomi dalam jangka pendek, sedangkan obligasi hijau dan zakat memiliki dampak yang tidak signifikan terhadap pertumbuhan ekonomi. Dalam jangka panjang,aEconomic growth in Indonesia is predominantly driven by household expenditure, while investment, the second largest component of GDP, has declined over the past several years. At the same time, environmental degradation, climate change, and limited Islamic finance highlight the need for more sustainable alternative financing sources. This study aims to examine the impacts of green bonds, sukuk, and zakat on Indonesia's economic growth during the 2018–2025 period. A quantitative approach was employed using quarterly secondary data and examined through the ECM (Error Correction Model) with EViews 13 software. The results indicate that only sukuk has a positive and significant impact on economic growth in the short run, while green bonds and zakat have an insignificant impact on economic growth. In the long run, green bonds, sukuk, and zakat have positive and significant impacts on economic growth. These results demonstrate that green finance and Islamic finance play important roles in economic growth, although the benefits of green bonds and zakat require time to materialize. Therefore, the government and relevant stakeholders should strengthen the green bonds and sukuk regulation while optimizing the collection and productive distribution of zakat to support Indonesia’s inclusive and sustainable economic growth. obligasi hijau, sukuk, dan zakat memiliki dampak positif dan signifikan terhadap pertumbuhan ekonomi. Hasil ini menunjukkan bahwa keuangan hijau dan keuangan Islam memainkan peran penting dalam pertumbuhan ekonomi, meskipun manfaat obligasi hijau dan zakat membutuhkan waktu untuk terwujud. Oleh karena itu, pemerintah dan pemangku kepentingan terkait harus memperkuat regulasi obligasi hijau dan sukuk sekaligus mengoptimalkan pengumpulan dan distribusi zakat yang produktif untuk mendukung pertumbuhan ekonomi Indonesia yang inklusif dan berkelanjutan.
The Effect of Ownership Structure on Intellectual Capital Efficiency in Manufacturing Companies Listed on the Indonesia Stock Exchange Ervina Kurniawati; Nurabiah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12142

Abstract

This study aims to examine the effect of ownership structure on intellectual capital efficiency in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The population consisted of all manufacturing companies listed on the IDX throughout the observation period. The sample was selected using a purposive sampling technique based on predetermined criteria, resulting in 161 companies with 483 firm-year observations. Secondary data were obtained from the companies’ annual reports and analyzed using panel data regression with the Fixed Effect Model (FEM). Intellectual capital efficiency was measured using the Modified Value Added Intellectual Coefficient (MVAIC), while ownership structure was proxied by managerial ownership, institutional ownership, foreign ownership, government ownership, and public ownership. The results indicate that managerial ownership, institutional ownership, foreign ownership, and public ownership have no significant effect on intellectual capital efficiency. In contrast, government ownership has a significant negative effect on intellectual capital efficiency. These findings suggest that ownership structure is not the primary determinant of intellectual capital efficiency. Instead, the efficient management and utilization of strategic resources play a more important role in enhancing intellectual capital efficiency. This study contributes empirical evidence on the relationship between ownership structure and intellectual capital efficiency in Indonesian manufacturing companies and provides practical implications for corporate management to focus on strengthening strategic resource management rather than relying solely on ownership structure to improve intellectual capital efficiency.
The Effect of Cat Food Product Quality and Quality of Delivery Service on Customer Loyalty, Mediated by Customer Satisfaction, Among Customers of Sakura Petshop Cimahi in the Greater Bandung Area Bimo Hendrianto; Hariyadi Triwahyu Putra
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12165

Abstract

This study was motivated by the decline in the average total sales of Sakura Petshop Cimahi, as indicated by the company’s internal data, which suggests a decline in customer loyalty toward Sakura Petshop Cimahi. The purpose of this study is to determine the effect of product quality and quality of delivery service on customer loyalty mediated by customer satisfaction among Sakura Petshop Cimahi customers in the Greater Bandung area. The method used in this study was a survey. The sample consisted of 145 respondents selected using convenience sampling. Data for this study were collected through the distribution of a questionnaire that had been validated and found to be reliable and had passed the classical assumption tests. To test the hypotheses in this study, multiple regression analysis and the Sobel test were used. The analysis was conducted using SPSS version 25. The results indicate that product quality and the quality of delivery service have a positive and significant effect on customer loyalty; customer satisfaction has a positive and significant effect on customer loyalty; and customer satisfaction mediates the effects of product quality and the quality of delivery service on customer loyalty. These findings suggest that Sakura Petshop Cimahi needs to improve the consistency of its cat food quality, enhance the quality of its delivery service through punctuality, product safety, and order accuracy, and optimize the customer experience through responsive service, product education, customer loyalty programs, and the use of digital media. These efforts are expected to increase customer satisfaction, thereby strengthening customer loyalty in a sustainable manner.
Analysis of the Digitalization of Supply Chain Management (SCM) for Micro, Small, and Medium Enterprises (MSMEs) at Coffee Shop XYZ in Cimahi City Ageng Sad Putra; Eka Ludiya
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12169

Abstract

This study aims to analyze the implementation of digitalized Supply Chain Management in Micro, Small, and Medium Enterprises (MSMEs), with Coffee Shop XYZ in Cimahi City as the research subject. The method used is a descriptive qualitative method through observation, interviews, and documentation. Data validity was tested using source triangulation, technique triangulation, and time triangulation. Data analysis was conducted through the stages of data reduction, data presentation, and drawing conclusions, and supply chain performance was measured using the Supply Chain Operation Reference (SCOR) model. The results of the study indicate that digitalization planning has been directed toward the use of digital media to support the flow of information, products, and finances; however, its implementation remains partial due to the lack of integration between sales, inventory, and raw material procurement data. The evaluation results reveal a discrepancy between planning and implementation in the activities related to the flow of information and the flow of products. Performance measurement using the Supply Chain Operation Reference (SCOR) model yielded a KPI score of 56% (classified as “fairly good”), with the highest priority for improvement identified in the “Source” and “Plan” activities. This study recommends the development of an integrated digital system linking sales, inventory, and raw material procurement data through a Business Process Reengineering (BPR) approach to enhance the effectiveness of supply chain management in MSMEs.
Analysis of Factors Affecting Consumer Loyalty to BULOG Products in the RPK of the Perum Bulog Bogor Work Area Ahmad Hadyan Fadhil; Alim Setiawan Slamet; Doni Yusri
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12170

Abstract

This study aims to examine the influence of product quality, service quality, accessibility, price, and consumer trust on consumer satisfaction and its implications on consumer loyalty to BULOG rice products at Rumah PanganKita (RPK) in the operational area of Perum BULOG Bogor Branch. A quantitative approach was used by applying the Structural Equation–Partial Least Squares (SEM-PLS) Model using data collected from 317 respondents selected through purposive sampling techniques. The results showed that the proposed model explained 53.9% variance in consumer satisfaction and 46.0% variance in consumer loyalty. Product quality, price, and consumer trust have a positive and significant influence on consumer satisfaction, while service quality and accessibility do not significantly affect consumer satisfaction. In addition, consumer satisfaction has a positive influence on consumer loyalty and acts as an intermediate variable in the relationship between product quality, price, and consumer confidence with consumer loyalty. This research highlights the importance of maintaining competitive prices, consistent product quality, and consumer trust as strategic priorities to strengthen long-term consumer loyalty to BULOG rice products.
Regional Debt, Fiscal Capacity, and Fiscal Space in the Maluku Islands Region Maryam Sangadji; Pandji Harsanto; Nugroho Prihantoro; Yusup Wana Sanjaya; Anggita Rahma Tika; Farida Ariyani Hehanusa; Padli
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12196

Abstract

This study analyzes the dynamics of regional debt and its implications for fiscal sustainability in the archipelago with a case study of Maluku Province. Although regional debt is increasingly playing a role as a development financing instrument, limited fiscal capacity and high dependence on central transfers pose a risk to medium-term fiscal sustainability. This study uses a descriptive-analytical quantitative approach based on APBD data and regional financial statements to examine the debt trajectory, fiscal structure, and fiscal space. The results show that regional debt develops through a dynamic trajectory, from the accumulation phase to the active amortization phase, where debt payment obligations become a fixed fiscal burden. Although outstanding debt has decreased, debt service expenses remain significant, ranging from Rp126-137 billion per year, thus limiting regional fiscal flexibility. The debt service to revenue ratio increased from 4.35–4.49 percent in 2023–2024 to 9.15 percent in 2025. In addition, low fiscal independence (PAD < 25%), high dependence on central transfers (>75%), and increasing spending rigidity reinforce fiscal pressures. Fiscal space analysis shows limited, even negative conditions in 2025. Debt additions simulations show that the debt service to income ratio can increase to about 35.8 percent, exceeding the high risk threshold (>20%). These findings confirm that a decline in debt stocks does not necessarily reflect reduced fiscal pressures, as the annual liability burden remains binding on the APBD. This research contributes by introducing a debt trajectory approach in the context of the archipelago, as well as emphasizing the importance of alignment between debt policy and fiscal capacity in supporting sustainable development financing.
The Effect of Firm Size, Good Corporate Governance, Dividend Policy, and Financial Performance on Firm Value with Corporate Social Responsibility Disclosure as a Moderating Variable Ella Bertania Simbolon; Fahmi Natigor; Ibnu Austrindanney Sina Azhar
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12215

Abstract

This study aims to analyze the effects of firm size, good corporate governance (GCG), dividend policy, and financial performance on firm value and to examine the role of corporate social responsibility (CSR) disclosure as a moderating variable. This study employs a quantitative research approach with a causal research design using secondary data obtained through documentation of annual reports and sustainability reports. The population consists of companies in the Consumer Cyclicals sector listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Using purposive sampling, 15 companies were selected, resulting in 60 firm-year observations. Data were collected from the official IDX website and the respective corporate websites. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that firm size and dividend policy have negative but insignificant effects on firm value, while GCG and financial performance have positive and significant effects. CSR disclosure moderates the effects of firm size and financial performance on firm value but does not moderate the effects of GCG and dividend policy. These findings imply that effective corporate governance and strong financial performance are important in enhancing firm value. Moreover, high-quality CSR disclosure can strengthen the contribution of firm size and financial performance to firm value. The study provides theoretical contributions to firm value literature and practical implications for management, investors, and regulators in developing sustainable corporate strategies and informed decision-making.

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