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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 771 Documents
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The Effect of Good Corporate Governance, Corporate Social Responsibility, and Gender Diversity of the Board of Commissioners on the Financial Performance of Companies in the LQ45 Index in 2022–2024 Fernandes, Veronica Patrisia; keristin, usnia wati
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8498

Abstract

This study examines the integrated effects of good corporate governance, corporate social responsibility, and board commissioner gender diversity on financial performance of LQ45 companies during 2022-2024. The research employed quantitative methodology with purposive sampling, resulting in 135 observations from 45 companies. Data were collected from annual financial reports and sustainability reports published by Indonesia Stock Exchange and company websites. Variables measured included managerial ownership for corporate governance, Global Reporting Initiative Standards 2021 for CSR disclosure, female commissioner percentage for gender diversity, and Return on Assets for financial performance. Multiple linear regression analysis was conducted using IBM SPSS 26 with classical assumption testing. Results demonstrated that good corporate governance, corporate social responsibility, and board commissioner gender diversity exercise statistically significant positive influences on financial performance, collectively explaining 72.9 percent of financial performance variation. Each independent variable significantly affected firm performance, with board commissioner gender diversity demonstrating the strongest individual effect. Findings validate integrated governance frameworks recognizing that financial performance results from synergistic interactions among multiple governance mechanisms operating collectively rather than isolated factors.
The Role of Digital Transformation in Strengthening Indonesia’s Sharia Capital Market Rinda Asytuti; Indah Naela Zulfa; Ina Rahmadani; Aisyah Fitriani; Ismi Nurhanifah
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8521

Abstract

This study aims to analyze the digital transformation of Sharia capital market services in Islamic banking institutions, focusing on their opportunities, challenges, and implications for customer perceptions. The research employs a systematic literature review (SLR) approach to synthesize national and international scholarly publications from 2015 to 2025 that discuss the digitalization of Islamic financial institutions. The findings indicate that digital transformation has improved operational efficiency, inclusiveness, and transparency in Sharia-based investment activities through the adoption of innovations such as mobile banking, Islamic mutual funds, sukuk, and Cash Waqf Linked Sukuk (CWLS). However, the transformation process still encounters several obstacles, including cybersecurity risks, limited human resource capacity, low levels of financial literacy, and a regulatory framework that has not fully adapted to technological progress. Furthermore, customer perceptions of digital Sharia services are shaped by perceived usefulness, ease of use, service quality, and the assurance of Sharia compliance, all of which influence customer trust and loyalty. The study concludes that the effectiveness of digital transformation in Islamic banking depends on the synergy between technological innovation, adaptive regulation, financial literacy enhancement, and adherence to maqasid al-shariah principles to reinforce the role of the Islamic capital market in achieving an inclusive and sustainable Islamic financial ecosystem.
The Role and Contribution of Islamic Economic Thought to the Development of Modern Economics Rizki Ananda; Retri Dwi Puspitasari; Siradjuddin
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8523

Abstract

This study aims to analyze the influence and contribution of Islamic economic thought on the development of modern economics from theoretical, practical, and philosophical aspects. The research method used is descriptive qualitative through library research, by reviewing classical and contemporary literature relevant to Islamic economic theory, its historical development, and its application in the global economic context. The results of the study indicate that Islamic economic thought plays a significant role in forming the foundation of modern economic theory through the concept of equitable wealth distribution, stable and inclusive Islamic financial principles, and the application of business ethics based on the values of honesty, justice, and social responsibility. In addition, Islamic economic instruments such as zakat, waqf, sukuk, and microfinance institutions have proven effective in addressing inequality, increasing financial inclusion, and promoting sustainable development. These findings emphasize that the integration of Islamic values in the global economic system is not merely a normative alternative, but a strategic necessity in creating a just, inclusive, sustainable, and welfare-oriented economic order.
The Impact of Digital Transformation through Visual Content on Business Activities in Palopo City Andi Faizah Makmur; Muhammad Alwi; Mahadin Shaleh; Andi Farhami Lahila M
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8526

Abstract

The accelerating digital transformation has driven significant changes in how businesses market their products and engage with consumers. In Palopo City, the use of visual content, such as product photos, short videos, promotional designs, and visual storytelling, has become an increasingly prominent strategy. However, there is limited research specifically addressing how visual content impacts the business activities of various business actors in the region during the digital transformation process. This study aims to analyze the role of visual content in increasing visibility, sales, and customer relationships as part of the dynamics of digital transformation among businesses in Palopo City. Using a qualitative approach with in-depth interviews and field observations, this study explores the experiences and perceptions of business actors from various sectors. The research findings indicate that visual content serves not only as a promotional tool but also as a means of building brand identity, increasing credibility, and expanding market reach through digital platforms. Furthermore, businesses that are able to adapt visual content consistently and creatively tend to experience a more significant increase in business activity. This study provides a theoretical contribution related to understanding the role of visual content in digital transformation, while also offering practical implications for businesses, supporting institutions, and local governments to optimize digital strategies to drive local economic growth.
The Influence of Return on Assets (ROA), Total Assets Turnover (TATO), Debt to Equity Ratio (DER), and Earnings per Share (EPS) on Stock Returns: A Case Study of the Oil and Gas Industry Listed on the Indonesia Stock Exchange for the 2019–2023 Period Abdullah, Muhammad Rasyid Ridho; Dwi Urip Wardoyo
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8537

Abstract

One of the main considerations for investors in the capital market is obtaining an optimal stock return, as stock returns reflect market perceptions of a company’s performance and future prospects. This study aims to examine how Return on Assets (ROA), Total Assets Turnover (TATO), Debt to Equity Ratio (DER), and Earnings per Share (EPS) influence stock returns in oil and gas companies listed on the Indonesia Stock Exchange during the 2019–2023 period. A quantitative method with a descriptive approach was applied. The research population consisted of oil and gas companies registered on the exchange within the specified period. Using a purposive sampling technique, 16 companies met the criteria, producing a total of 80 observational data points. Data analysis was conducted using panel data regression through EViews 12. The findings indicate that ROA, TATO, DER, and EPS jointly have a significant effect on stock returns. However, in the partial analysis, only ROA demonstrates a positive and significant influence on stock returns, while TATO, DER, and EPS do not show significant effects. These results highlight that profitability, as represented by ROA, plays a more dominant role in determining stock return movements in the oil and gas sector
The Role of Management Accounting in Determining Dui'menre'in Bugis Traditional Wedding Traditions Nur'Illiyyien; Neks Triani; Syarifuddin; Darwis Said
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8538

Abstract

This research examines the shift in meaning of dui' menre' in Bugis society from a traditional symbol to a socio-economic burden. This tradition has serious consequences, including delayed marriage and elopement (silariang; Bugis), due to its often irrational nominal value and the pressure to maintain prestige. Through a qualitative approach, this study finds tension between the traditional meaning of dui' menre' as a marker of self-esteem (siri') and the financial reality of the younger generation, exacerbated by the gap with the principle of simplicity in Islam. As a solution, this study offers an alternative perspective by rationalizing its determination through a management accounting framework. Dui' menre' is analyzed as a project cost (wedding party) that requires strategic planning. The proposed framework combines target costing to set minimum costs based on real budgets, value-based pricing to calculate honor premiums fairly, and cost control mechanisms to ensure accountability. Thus, this study not only contributes academically by expanding the application of management accounting to the cultural realm, but also provides a practical framework for communities and traditional leaders to balance the preservation of traditions with financial sustainability and the alignment of Islamic values.
Mental Value Added and Sharia Value Added: Phenomenological Reflection of the Meaning of Zakat as Altruistic Behavior Sultan; Sahrir; Darwis; Syarifuddin
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8546

Abstract

This study aims to deeply uncover the meaning of zakat for companies, particularly in the context of zakat as mental value added and as part of the Sharia Value Added (SVA) concept. Departing from an interpretive paradigm with a phenomenological approach, this study examines how business actors interpret zakat not only as a sharia obligation, but also as altruistic behavior that contributes to mental, spiritual, and social well-being. Data were obtained through in-depth interviews, observations, and documentation of company leaders and employees who consistently pay zakat. The results show that zakat is interpreted as a voluntary act of helping others, which brings a sense of joy, pride, and satisfaction to those who do it. Informants feel that zakat functions not only as a distribution of wealth, but also as a means of purifying the soul, strengthening humanitarian values, and forming inner peace. This sense of satisfaction arises from the awareness that some of the wealth owned is the right of others.
Community-Based Local Food System Development Strategy in Improving Food Security in Jayawijaya Regency Using the Analytic Hierarchy Process (AHP) Approach tukijan; Nurul Yaqin; Vestus Febrian Aristoteles Jawan; Ayu Anggraini Tambunan
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8575

Abstract

Food security is a condition for meeting household food needs, both in terms of quantity, quality, safety, equity, and affordability. Jayawijaya Regency, Papua, is classified as a very food vulnerable area with a ranking of 404th out of 416 districts/cities in the National Food Security Index (IKP) in 2024. This research aims to formulate an effective community-based food management strategy in improving food security in the area. The method used is the Analytical Hierarchy Process (AHP) involving 15 respondents from the community, government, and related sectors. The criteria used include economic, social, cultural, and environmental aspects. Meanwhile, alternative strategies analyzed are land optimization, food diversification, strengthening agricultural institutions, and developing community distribution. The results of the analysis showed that the land optimization strategy had the highest weight (0.494825) and was the main priority in developing food security in Jayawijaya Regency. This strategy is considered the most effective because it is able to utilize local potential optimally and sustainably.
Karl Marx's Socialist Economic Perspective Compared To Umar Bin Abdul Aziz's Islamic Economic Thoughts On Social Justice Pephitasya Juliana; Selfa Rosmita; Siradjuddin
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8581

Abstract

The concept of social justice in societal development. Karl Marx, through his socialist economic theory, highlighted the inequality born of the capitalist system, while Umar bin Abdul Aziz, in the Islamic economic tradition, emphasized the principle of equitable distribution of wealth based on sharia values. This study aims to compare the thoughts of Karl Marx and Umar bin Abdul Aziz from a social justice perspective, while identifying common ground and conceptual differences between the two. The study employed a qualitative approach through library research. The analysis was conducted using a comparative-descriptive method. The analysis shows that Karl Marx rejected capitalism because it resulted in class exploitation and proposed the abolition of private ownership of the means of production in order to create a classless society. In contrast, Umar bin Abdul Aziz maintained the recognition of individual ownership but emphasized distributive justice through zakat, taxes, and redistribution policies. The similarities between the two lie in the goal of creating social justice, but fundamentally different in their ideological foundations: Marx's origins stem from historical materialism, while Umar bin Abdul Aziz's is based on monotheism and Islamic law. This comparison of the thoughts of Karl Marx and Umar bin Abdul Aziz demonstrates that social justice can be understood from both secular and religious perspectives. Marx's thought offers a structural critique of capitalism, while Umar bin Abdul Aziz presents solutions rooted in moral and religious values. Both make important contributions to contemporary social justice discourse
Accounting Analysis of Sharia Based Financing in the Selin Karya Murni MSME (Descriptive Qualitative Study) Soemaryono; Pratono, Rudi
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 IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8583

Abstract

This research aims to understand the meaning of accounting for installment sales financing under the sharia system in micro, small, and medium enterprises (MSMEs) at Selin Karya Murni. Using a qualitative approach with an ethnomethodological framework, through analysis of indexicality, reflexivity, and shared understanding. This research collects data through interviews, observations, and company documents, then compares it with the Al-Qur'an and Hadith to assess its conformity with sharia principles. The research results show that the implementation of sharia financing at Selin Karya Murni emphasizes contract transparency, no interest, and fairness for both parties, thereby providing convenience for consumers without late fees and aligning with Islamic economic values. This research enriches the discourse on sharia accounting practices at the MSME level, provides practical guidance for business actors who wish to implement sharia-based financing, and theoretically develops Islamic accounting by connecting ethnomethodological findings with Islamic law. The limitation of the research lies in its focus on a single case study of MSMEs, which limits generalizability. It is recommended that further research involve more MSMEs to make the results more representative.

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