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INDONESIA
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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Carbon Trading in Indonesian Based on Financial Services Authority Regulation Number 14 of 2023 Reviewed from Maqāṣid as-Syarī'ah and Green Economy Aryanti, Elsa Febiola; Hidayat, Hidayat; Muchtar, Nurkhalis
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.8934

Abstract

Carbon trading is a strategic market instrument designed to reduce greenhouse gas (GHG) emissions in a measurable way. In Indonesia, this mechanism is regulated through Presidential Regulation No. 98 of 2021 and OJK Regulation (POJK) No. 14 of 2023. However, studies integrating ethical-religious aspects through Maqāṣid al-Sharī‘ah and the Green Economy paradigm remain limited. This research aims to analyze the integration of these two concepts within Indonesia's carbon trading system and evaluate the conformity of POJK No. 14 of 2023. The method employed is normative legal research with a qualitative content analysis approach. The findings indicate that: (1) carbon trading aligns with Maqāṣid al-Sharī‘ah in environmental protection (ḥifẓ al-bī’ah) through principles of justice and transparency; (2) carbon trading supports the Green Economy by internalizing environmental externalities into economic activities; and (3) POJK No. 14 of 2023 substantially accommodates Sharia values and sustainability. This integration serves as a vital foundation for a carbon trading system that is legally valid and provides spiritual and social benefits.
A Normative Juridical Analysis of Standard Clauses in E-commerce: Consumer Protection and the Nullity of Exoneration Clauses on the Shopee Marketplace under Indonesian Law No. 8/1999 Umiyati, Siti Widya
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.8935

Abstract

This study undertakes a normative juridical analysis of standard clauses (klausula baku) employed by business actors (pelaku usaha) in online sale and purchase transactions (jual beli) conducted via the Shopee marketplace in Indonesia. Driven by the observed prevalence of unilateral contractual terms that disproportionately shift risk and responsibility to the consumer, the research assesses their compliance with the fundamental prohibitions established in Article 18 of Law No. 8 of 1999 Concerning Consumer Protection (UUPK). Utilizing a descriptive analytical approach based exclusively on secondary legal materials, the study confirms that common seller clauses specifically those disclaiming liability for shipping damage or manufacturing variance, and those refusing product returns or refunds directly contravene UUPK Article 18. These clauses are primarily in violation of points (1)(a), which prohibits the transfer of responsibility of the business actor, and (1)(b), concerning the refusal of returns. The central legal finding is that, pursuant to UUPK Article 18(3), these non-compliant contractual terms are declared null and void by law (batal demi hukum). This statutory nullity legally reinforces the business actor's mandatory liability (Article 19) and underscores the necessity for proactive supervision and intervention by the Business Dispute Resolution Agency (BPSK). The paper concludes with recommendations for strengthening platform governance and consumer legal literacy to ensure contractual balance and legal certainty within the rapidly evolving digital commerce ecosystem.
Effects Of Information Digitalization And Social Media Adoption On Financial Performance In Indonesia State Owned Enterprises Paul Usmany; Hartina Husein; Trisye Natalia Kilay; Ribka Shintia Febriarti Bonara; Amelia Josefin Viotty Radianto
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.v7i4.8941

Abstract

In the era of digital transformation, State-Owned Enterprises (SOEs) face pressure to improve transparency, stakeholder engagement, and financial performance through information digitization and the use of social media. However, the effectiveness of these digital initiatives in increasing company value remains unclear. This study aims to empirically examine the effect of information digitization and social media use on the financial performance of SOEs in Indonesia. This study uses a quantitative approach with secondary data from annual financial reports and companies, and is analyzed using the MANOVA test. The analysis of 32 SOEs in Indonesia shows that information digitization has no significant effect on financial performance. Conversely, social media use has a positive and significant effect, indicating that active engagement through digital platforms can improve interaction with stakeholders and public perception, ultimately contributing to improved financial performance. These findings emphasize the importance of strategic social media adoption as a driver of company performance, while information digitization alone is not capable of delivering a tangible financial impact.
Inbound Logistics, Conversion Operations And Outbound Logistics Activities at Kaledo Instant, Palu City Muh Rezki; Suryadi Hadi; Asngadi; Kadek Agus Dwiwijaya
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.8963

Abstract

This study aims to describe and analyze the inbound logistics, conversion operations, and outbound logistics activities of the Kaledo Instan MSME in Palu City. This study uses a descriptive qualitative approach with data collection techniques through observation, in-depth interviews, and documentation to gain a comprehensive understanding of the logistics process and production operations. The results show that inbound logistics activities rely on local raw material supplies through online ordering, direct quality checks, and independent transportation using private vehicles. On the conversion operations side, the production process applies a make-to-order system with stages including preparation, cleaning, boiling, using a pressure cooker, steaming, drying, cooling, and packaging. And on the outbound logistics side, Kaledo Instan implements a direct distribution system without the involvement of third-party logistics actors. The main obstacle faced is limited human resources which impacts production capacity and operational efficiency. This study recommends optimizing production schedules, expanding the distribution network through strategic partnerships, and adding a workforce to increase capacity and operational sustainability.
Firm Size as a Moderator in Food and Beverage Companies on the IDX: Tax Planning and Earnings Persistence Khotimah, Khusnul; Larasati, Anissa Yuniar
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.8965

Abstract

The purpose of this study is to examine how tax planning affects earnings persistence in food and beverage manufacturing companies listed on the Indonesia Stock Exchange, using firm size as a moderating variable. Stock Exchange from 2021 to 2024. Using secondary data from annual financial reports, the study employs a quantitative methodology. Purposive sampling was used to determine the sample, which produced 164 observations from 41 manufacturing companies in the food and beverage subsector between 2021 and 2024. With the aid of SPSS vs. 27 software, moderated regression analysis was used to analyze the data. The test results demonstrate that tax planning has a positive and significant impact on earnings persistence to some extent, suggesting that better tax planning is typically followed by higher earnings persistence. However, the relationship between tax planning and earnings persistence is not significantly affected by firm size, nor does it function as a moderating variable. As a result, the impact of tax planning on earnings persistence is essentially the same for both small and large businesses.
Analysis of Regional Economic Stabilization Strategy of Southeast Sulawesi in the Era Nickel Industrialization Jalaluddin Rum; Dita Damayanti; Muhammad Rofik; Muhammad Zulhijjah
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.v7i4.8966

Abstract

This study examines the economic stabilization strategies implemented in Southeast Sulawesi during the nickel industrialization period, a crucial phase that significantly impacted the local and national economies of Indonesia. The main objective of the study is to analyze the various stabilization strategies used and evaluate their effectiveness in addressing the challenges arising from accelerated industrialization, particularly the fluctuations in nickel prices in the global market. The method used is library research, reviewing scientific literature, government reports, academic journals, and industry studies as relevant secondary data sources. The analysis shows that nickel industrialization has made positive contributions in the form of increased employment and infrastructure development, but also poses a number of serious challenges, such as environmental degradation, income inequality, and high economic volatility. This study recommends diversification of economic activities, increasing the capacity and skills of the local workforce, and implementing sustainable development policies as strategic steps to strengthen economic stabilization in the region. This study emphasizes the importance of a balanced approach to natural resource management so that economic growth does not sacrifice environmental sustainability and social justice. The research findings are expected to provide valuable insights for policymakers and stakeholders in designing and implementing adaptive and sustainable economic strategies in resource-rich regions such as Southeast Sulawesi. Overall, this research contributes to the understanding of how regions can manage the complexities of industrialization while maintaining economic stability and resilience.
Investment Theory and Corporate Investment Decisions: A Theoretical and Empirical Review Jalaluddin Rum; Muhamad Akbar; Miftahul Jannah; Muhammad Hisbullah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.8967

Abstract

This study examines the role of investment theory in shaping corporate investment decisions amidst increasingly complex and dynamic economic conditions. The research focuses on how various investment theory approaches influence corporate investment decision-making and their impact on firm value and market efficiency. This study is conducted through a systematic literature review of classical and contemporary investment theories, including Modern Portfolio Theory, the Capital Asset Pricing Model, and behavioral finance approaches. Furthermore, this study examines empirical evidence and the implementation of these theories in corporate practice, particularly in aspects of capital budgeting, dividend policy, and investment behavior. A cross-sector case study analysis demonstrates that the contextual application of investment theory contributes to improved corporate performance. The research findings emphasize the importance of integrating theoretical frameworks and practical strategies by managers, investors, and policymakers to encourage corporate value creation and improve market efficiency, while also opening up opportunities for further research development.
Prospects and Challenges of Zakat in the Modern Economy Jalaluddin Rum; Wa Ode Ramla; Muh. Suwardi; Farid Rahman Hamsa; Mardan
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.v7i4.8968

Abstract

This study aims to comprehensively analyze the prospects and challenges of implementing zakat as an instrument of Islamic philanthropy in the modern economic system. Using a literature review method, this article synthesizes findings from various scientific literature. The analysis shows that zakat's prospects lie in its great potential as an economic stabilizer, a tool for wealth distribution, and a driver of inclusive growth, supported by the digitalization of management (Zakat Fintech) and its application to contemporary assets (such as professional zakat and digital assets). However, the main challenges faced include harmonizing Islamic jurisprudence regulations regarding new financial instruments, increasing zakat payer compliance, issues of accountability and institutional governance, and the urgent need for measurable impact measurement. Optimizing the role of zakat requires institutional synergy, technological innovation, and policy reforms that support the transformation of zakat funds from consumptive to productive.
Economic Perceptions, Cultural Values, and Supporting Infrastructure as Determinants of Muslim-Friendly Tourism Acceptance: The Moderating Role of Community Resistance in North Toraja Haidir; Ahmad Syarief Iskandar; Ishak
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.v7i4.9006

Abstract

This study aims to examine the influence of economic perception, cultural values, and supporting infrastructure on the acceptance of Muslim-Friendly Tourism, with community resistance serving as a moderating variable in North Toraja Regency. Using a quantitative approach with Partial Least Squares–Structural Equation Modeling (PLS-SEM), the research analyzes questionnaire data from local respondents. The results show that economic perception (T = 2.105; p = 0.029), cultural values (T = 2.086; p = 0.037), and supporting infrastructure (T = 3.780; p = 0.000) significantly affect tourism acceptance. Community resistance moderates these relationships by weakening the effects of economic perception (T = 2.288; p = 0.004) and cultural values (T = 2.671; p = 0.015), while strengthening the positive influence of supporting infrastructure (T = 2.027; p = 0.005). Overall, the findings highlight that acceptance of Muslim-Friendly Tourism in non-Muslim regions is shaped not only by economic benefits, cultural norms, and facility availability, but also by the ability to manage community resistance so that tourism initiatives remain aligned with local identity and cultural values.
The Stock Price Determinants: The Effect of Inflation, Interest Rates, and EPS on the Basic Industry and Chemical Sector of the Indonesian Stock Exchange (IDX) 2021-2024 Marli
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.v7i4.9008

Abstract

This study aims to analyze the effect of Earnings Per Share (EPS), Inflation, and Interest Rates on Stock Prices using the Partial Least Square Structural Equation Modeling (PLS-SEM) approach. Data were analyzed through a significance test with bootstrapping techniques to determine the causal relationship between latent variables. The results showed that EPS has the most dominant positive effect on stock prices with a path coefficient of 0.878 (T-statistic = 15.597, p-value = 0.000), indicating that company financial performance is the main factor in determining stock prices. Interest Rates also showed a significant positive effect (coefficient = 0.124, T-statistic = 3.527, p-value = 0.000), although with a lower magnitude. Conversely, Inflation did not have a significant effect on stock prices (coefficient = -0.059, p-value = 0.135), so the hypothesis regarding the effect of inflation was rejected. The research model demonstrated excellent predictive power with an R-Square value of 0.758, meaning that approximately 75.8% of the stock price variation can be explained by the three independent variables. This finding provides important implications for investors in making investment decisions and for company management in strategies to increase company value through optimizing financial performance .

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