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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 1,547 Documents
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The Effect Of Leverage, Liquidity, And Company Size On Hedging Decisions In Manufacturing Companies From 2021-2024 Nurul Qomariah; Juanda Astarani; Nina Febriana Dosinta
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i4.12660

Abstract

This study aims to obtain empirical evidence regarding the effects of leverage, liquidity, and firm size on hedging decisions among manufacturing companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The research sample was selected using purposive sampling, resulting in 25 companies with a total of 100 observations. The research data were obtained from the companies’ annual financial reports and analyzed using logistic regression. The results indicate that leverage has a positive and significant effect on hedging decisions, whereas liquidity and firm size do not have a significant effect on hedging decisions. The study concludes that companies with high debt levels tend to engage in hedging activities to minimize the risk of exchange rate fluctuations.
How the Influence of Brand Equity, Perceived Quality on Loyalty, Mediated Trust and Customer Satisfaction: Foodservice Sector in Indonesia Lukman Iskandar; Muhammad Risal; Fenty Fauziah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

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Abstract

This research seeks to examine the impact of brand equity and perceived quality on customer loyalty, with customer trust and customer happiness serving as mediating factors among patrons of Cafe & Resto the Bahagia in Bontang City. The cafe and restaurant sector in Indonesia is undergoing notable post-pandemic changes, necessitating a marketing approach that may enhance client loyalty sustainably. The study used a quantitative methodology with a proportionate random sample strategy, including 375 participants. Data analysis was conducted via Structural Equation Modeling with Partial Least Squares (SEM-PLS). Based on SEM analysis, this research tested confirmatively, to provide a sequential explanation of customer trust that creates loyalty in the foodservice sector. The research found that brand equity and perceived quality positively affect customer loyalty. Perceived quality drives customer trust, contentment, and loyalty. Client trust greatly affects customer satisfaction but not loyalty. Customer happiness is the main factor in customer loyalty. Additional research shows that brand equity does not greatly affect consumer trust, although it does impact early customer opinions. All external factors significantly affect customer loyalty, directly and indirectly via mediating variables. This research establishes that consumer loyalty in the restaurant sector is mostly shaped by real experience and service quality rather than only by brand perception; hence, business stakeholders must emphasize enhancing service quality and customer satisfaction.
Organizational Restructuring and Operational Performance: The Mediating Role of Process Orientation Fitra Rezkiyansyah; Elis Dwiana Ratnamurni
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

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Abstract

This study examines the effect of organizational restructuring on operational performance through process orientation as a mediating variable in the Infrastructure and Engineering Division of PT Bio Farma (Persero), following the transition from a function-based structure to an area- or zone-based structure. A quantitative descriptive and explanatory-verificative design was applied to all 86 employees using saturated sampling. Data were collected through a 36-item five-point Likert questionnaire, supported by observation and internal documentation. Instrument validity was tested on 30 respondents, and the main data were analyzed using path analysis and the Sobel test in IBM SPSS after Method of Successive Interval transformation. Organizational restructuring positively affected process orientation (β = .810, p < .001) and operational performance (β = .588, p < .001). Process orientation also positively affected operational performance (β = .380, p < .001). The indirect effect was significant (β = .308; Sobel Z = 4.838, p < .001), indicating partial mediation. The model explained 85.2% of the variation in operational performance. Structural redesign should be supported by clearly mapped, standardized, integrated, and measurable work processes, including clearer task allocation, standard operating procedures, and process-performance monitoring.
The Profit-Sharing Mechanism in Muzara’ah from the Perspective of Wahbah al-Zuhayli: A Case Study of Potato Farming in Bener Meriah Salsabilla Hamdi; Ahmad Zuhri
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i4.12817

Abstract

Muzara’ah is a form of agricultural partnership between a landowner and a tenant farmer in which the harvest is divided according to an agreement between the parties. In potato farming in Bener Meriah Regency, the harvest-sharing practice involves first returning the seeds provided by the landowner, after which the remaining harvest is divided between the landowner and the tenant farmer. This study aims to describe the concept of muzara’ah, examine the practice of muzara’ah in potato farming in Bener Meriah Regency, and analyze the profit-sharing mechanism from the perspective of Wahbah al-Zuhayli. This study employs an empirical research method with qualitative, conceptual, and living case study approaches. Primary data were obtained through interviews with landowners and tenant farmers, while secondary data were obtained through a literature review, particularly Wahbah al-Zuhayli’s Al-Fiqh al-Islami wa Adillatuh. The results show that muzara’ah practices in Bener Meriah Regency are generally conducted orally. The landowner provides the land, seeds, and agricultural inputs, while the tenant farmer provides labor and manages the land until harvest. In practice, the harvest is first used to return the seeds provided by the landowner, after which the remaining harvest is divided equally between the two parties at a ratio of 1/2 each. This mechanism is not consistent with the provisions of muzara’ah according to Wahbah al-Zuhayli, as each party’s share must be determined as a proportion of the total harvest, rather than by returning a specified quantity of seeds beforehand. Therefore, the harvest-sharing mechanism practiced in potato farming under muzara’ah in Bener Meriah Regency does not comply with the provisions governing profit-sharing from the perspective of Wahbah al-Zuhayli.
Contingent Valuation Method (CVM) Analysis for Estimating the Economic Value of Pagutan Green Open Space I Putu Restu Yachesta Kamala Dharma; Mansur Afifi
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

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Abstract

Urban green open spaces provide ecological, social, and economic benefits, yet their preservation is often underfunded because many of these benefits are not reflected in market prices. This study estimates the total economic value (TEV) of Pagutan Green Open Space (Ruang Terbuka Hijau, RTH) in Mataram City, Indonesia, and examines the determinants of visitors' willingness to pay (WTP) for its preservation. Using the contingent valuation method (CVM) with a bidding game format and an annual voluntary donation scenario, data were collected from 100 visitors selected through accidental sampling and analyzed using ordinary least squares (OLS) regression. The direct use value was derived from parking and Aula Bencingah rental revenues, while the existence value was obtained by aggregating WTP over annual visits. The mean WTP was Rp17,750 per individual per year, yielding a direct use value of Rp196,536,000, an existence value of Rp2,157,264,000, and a TEV of Rp2,353,800,000 per year. Income had a significant positive effect on WTP, gender had a positive effect that was significant at the 10% level, and the number of dependents had a significant negative effect, whereas education, organizational participation, and visit frequency were not significant. These results suggest that the preservation value of the park does not depend primarily on direct use. The findings provide an empirical basis for equitable green space financing policies. The article includes three tables, eight figures, and 19 references.
Implementation of Workload Analysis in Planning the Needs of Government Employees: A Systematic Literature Review R. Dicky Virgansyah; Ridwan Rajab
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

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Abstract

Instansi pemerintah di Indonesia memanfaatkan analisis beban kerja (ABK) untuk menentukan jumlah pegawai yang dibutuhkan setiap unit, tetapi bukti tentang kinerja perangkat ini dalam praktik tersebar pada studi-studi kecil yang berfokus lokal. Artikel ini memetakan bukti tersebut dan menelaah apa yang diungkapkannya tentang implementasi, kesimpulan kebutuhan pegawai, serta hubungan antara beban kerja dan luaran pegawai. Tinjauan pustaka sistematis dilakukan terhadap 14 artikel jurnal telaah sejawat yang terbit pada 2016–2026 dengan lima dokumen regulasi sebagai kerangka. Karakteristik studi diringkas dengan statistik deskriptif, sedangkan temuan disintesis secara naratif karena ukuran efek yang dilaporkan tidak dapat diperbandingkan. Sebelas dari 14 studi (78,6%) terbit sejak 2023, delapan (57,1%) menggunakan desain kualitatif, dan sepuluh (71,4%) berlokasi di Pulau Jawa. Studi implementasi berulang kali menyebut keterbatasan kapasitas analis, ketidakpastian validitas data, dan dokumen jabatan yang usang sebagai hambatan. Dua studi full time equivalent (FTE) menghasilkan kesimpulan yang berlawanan, dan empat studi yang menghubungkan beban kerja dengan luaran pegawai melaporkan koefisien dari −0,714 hingga +0,599. Bukti ini menunjukkan bahwa ABK merupakan dasar perencanaan kebutuhan pegawai yang bermanfaat tetapi rapuh: hasilnya bergantung pada kemampuan analis, ambang beban berlebih yang dipakai, dan cara pegawai merasakan beban kerjanya. Direkomendasikan ambang baku, pelaporan sensitivitas secara rutin, dan desain metode campuran
The Relationship of Transparency and Accountability in Hajj Fund Management by BPKH on Prospective Pilgrims’ Trust in Surabaya Sandrina Agustin Nurman; Maryam Bte Badrul Munir
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i4.12852

Abstract

The management of hajj funds by the Hajj Financial Management Agency (BPKH) has recently received public attention related to the issue of transparency and misallocation, which directly impacts the trust of prospective pilgrims. This study aims to test the relationship between the transparency and accountability of the management of hajj funds by BPKH and the Pilgrims’ Trust in the city of Surabaya. This study uses a quantitative approach. The sample consisted of 150 prospective pilgrims in the city of Surabaya who are scheduled to depart next year, which was determined using the indicator multiplication theory. A pilot test was conducted on 30 initial respondents to ensure the validity and reliability of the instrument. Data analysis was carried out using Structural Equation Modeling - Partial Least Squares (SEM-PLS). The results of the study showed that transparency and accountability had a positive and significant effect on Pilgrims’ Trust. Accountability has a greater influence than transparency. These findings imply that the implementation of strict Good Corporate Governance in line with Stewardship Theory is crucial to restore and increase public trust in the management of BPKH funds.
Food Brigade Program in Realizing the Strengthening of the Farmer Household Economy: An Analysis of the Impact Pathway and Policy Implications in Pinrang Regency sulaiman sulaiman; Andi Mulia Saleh; Sulfianty; Sudirman; Jumarni
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i4.12858

Abstract

This study aims to analyze the economic development impact pathway and economic mechanism of the Food Brigade Program in strengthening the farmer household economy in Pinrang Regency and formulate policy implications to strengthen the program's contribution to the farmer household economy. The research uses a qualitative approach with Impact Pathway Analysis and Process Tracing. Data were obtained through in-depth interviews, observations, and documentation studies of 15 informants consisting of program recipient farmers, non-recipient farmers as qualitative comparators, program managers, and agricultural extension workers. The data was analyzed in a descriptive qualitative manner by tracing the stages of change from program interventions, changes in farming practices, adjustments in household economic decisions, to strengthening the farmer household economy. The results of the study show that the Food Brigade Program contributes to strengthening the household economy through agricultural mechanization, group organization, and technical assistance that encourages changes in farming practices. The most consistent impact can be seen on the efficiency of farming businesses, especially time savings and reduction of labor needs in certain activities. These changes further affect labor allocation, cost structure, income strategies, and household risk management. Economic strengthening can also be seen from the ability to meet daily needs and some households have the ability to save, while income stability is still relative because it is influenced by seasonality, productivity, pests, production costs, and grain prices. Policy implications show the need to strengthen the mechanization ecosystem, group institutions, technical and economic assistance, as well as market access and integrated risk management so that the benefits of the program can be more sustainable at the farmer household level.
Analysis of the Effect of Financial Performance on Stock Price Changes in Coal Mining Companies Listed on the Indonesia Stock Exchange, 2020–2024 Eca Elsya Meilieana; Alamsyah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i4.12896

Abstract

Abstract: This study aims to analyze the effect of financial performance on stock price changes in coal mining companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Specifically, it examines the effects of the current ratio (CR), return on assets (ROA), and debt-to-equity ratio (DER) on stock price changes. Methods: This study employs a quantitative causal-associative approach with purposive sampling. The sample comprises 15 coal mining companies selected from a population of 23 companies, yielding 60 observations. Secondary data were obtained from annual reports available through the Indonesia Stock Exchange, Yahoo Finance, and Investing.com. Panel data regression analysis was performed using the Common Effect Model (CEM) with White heteroskedasticity-consistent standard errors in EViews. Result: The overall model significance test (F-test) yielded an F-statistic of 11.2821 (p-value = 0.0000), indicating that the regression model is statistically significant and that the financial performance variables jointly have a significant effect on stock price changes. The coefficient of determination (R²) of 0.3767 indicates that the model explains 37.67% of the variation in stock price changes. Individual hypothesis tests (t-tests) showed that CR has no statistically significant effect on stock price changes, with a coefficient of −0.1503 (p-value = 0.8225). Similarly, DER has no statistically significant effect, with a coefficient of −0.2009 (p-value = 0.5478). In contrast, ROA has a positive and statistically significant effect on stock price changes, with a coefficient of 155.21 (p-value = 0.0163). Implication: The findings indicate that profitability serves as an important signal in investors’ assessments of a company’s prospects. Companies should improve the efficiency of asset utilization, while investors should consider profitability signals when making investment decisions.
Deontic-Temporal Policy-Verified Adaptive Ensembles with Safe Reinforcement Learning for AI-Driven Real-Time Tax Compliance Monitoring Fahmi Sahlan Fahmi Sahlan; Andi Runis Makkulau; Muhammad Faried Pratama; Muhammad Fery Hidayat
Al-Kharaj: Journal of Islamic Economic and Business Vol. 7 No. 4 (2025): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.12929

Abstract

Tax compliance monitoring increasingly depends on timely detection of anomalous transactions, yet a prediction alone is insufficient when an administrative decision must also be justified against applicable rules. This study develops a compliance-aware anomaly detection architecture for an Integrated Tax Management Information System (ITMIS). It combines a heterogeneous ensemble of isolation forest, LSTM autoencoder, and gradient-boosted tree models with conformal uncertainty estimates, deontic-temporal policy monitoring, a constrained reinforcement-learning threshold governor, and cryptographically traceable decision records. The source manuscript reports an AUPRC of 0.847 on a synthetic deontic tax transaction stream, compared with 0.712 and 0.668 for two adaptive baselines. It also reports a demographic parity difference of 0.021, a gate rejection rate of 6.8%, and mean end-to-end latency of 47 ms. These figures are presented as reported study outcomes rather than independently reproduced measurements. The proposed contribution is to connect policy verification to the decision to accept or reject an adaptive threshold update, rather than reserving compliance checks for post hoc review. The framework offers a design for combining anomaly sensitivity, interpretable decisions, fairness monitoring, and tamper-evident auditing. Its operational and legal guarantees remain conditional on the correctness of encoded rules, monitoring semantics, and the underlying implementation.

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