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bakhrul huda
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bakhrul.huda@uinsby.ac.id
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+6281331303883
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el-qist@uinsa.ac.id
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Kampus Fakultas Ekonomi dan Bisnis Islam UIN Sunan Ampel Surabaya Jl. Jend. A. Yani 117 Surabaya 60237
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El-Qist : Journal of Islamic Economics and Business (JIEB)
Published by Universitas Islam Negeri Sunan Ampel
ISSN : 22527907     EISSN : 27160335     DOI : https://doi.org/10.15642/elqist
Core Subject : Economy, Science, Social,
Economics, Econometrics & Finance Library & Information Science Social Sciences
el-Qist: Journal of Islamic Economics and Business (JIEB) Merupakan jurnal yang terbit dua kali dalam satu tahun, bulan April dan Oktober, berisi kajian-kajian Ekonomi dan Bisnis Islam, baik berupa artikel konsepsional ataupun hasil penelitian
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 6 Documents
 1 
Search results for , issue "Vol. 14 No. 1 (2024): April" : 6 Documents clear
Perilaku Konsumen: Utility Versus Maṣlaḥah sebagai Rasionalitas dalam Ekonomi Islam Fadllan, Fadllan; Lailatul Maufiroh
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 1 (2024): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.1.33-47

Abstract

This study explores the conceptual distinction between utility and Maṣlaḥah as competing foundations of consumer rationality within Islamic economics. Through an extensive library-based analysis of classical and contemporary literature, the research investigates whether consumption is driven by needs (ḥājah) or desires (raghbah), and how these motivations align with the objectives of conventional versus Islamic economic systems. Findings reveal that while utility emphasizes subjective satisfaction based on individual preferences, Maṣlaḥah offers a more objective, ethical, and purpose-driven approach grounded in the maqāṣid al-sharīʿah. The study highlights that Maṣlaḥah-oriented consumption incorporates both material benefit and spiritual blessing, thus promoting social welfare and moral responsibility beyond individualistic gain. This contrast underscores the epistemological divergence between Islamic and neoclassical economic paradigms in conceptualizing rational behavior. The specific contribution of this study to the international research field lies in its critical reevaluation of rationality in consumer behavior by integrating the normative framework of Maṣlaḥah as an alternative to utilitarianism. It contributes to global scholarship by advancing Islamic economics beyond jurisprudential foundations into behavioral and philosophical dimensions, enriching comparative discourse in economic theory, ethics, and public policy. The research encourages rethinking consumption beyond mere satisfaction, offering a holistic model that integrates ethics, social justice, and sustainable well-being.
Islamic Equity Financing as an Alternative of Capital Structure to Improve Business Performance: A Systematic Literature Review Wicaksono, Rianto Anugerah; Syihabuddin, Atok; Salleh, Ahmad Dahlan; Huda, Bakhrul
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 1 (2024): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.1.1-16

Abstract

This study presents a systematic literature review of capital structure choices with a particular focus on Islamic equity financing and its impact on business performance. By synthesizing 172 Scopus-indexed articles from 1999 to 2023, the research examines the comparative dynamics of internal financing, trade credit, debt financing, and equity financing—including the Islamic mode of mushārakah. Key theoretical frameworks, namely the Pecking Order Theory and Trade-Off Theory, are used to analyze how firms navigate capital structure decisions amid considerations such as cost, control, risk, and tax implications. The findings demonstrate a growing academic and practical interest in Islamic equity financing as a profit-and-loss sharing alternative that aligns with ethical finance principles. However, challenges remain in its adoption due to risk asymmetry and limited regulatory and institutional support. This review further highlights technological innovations—such as blockchain and big data analytics—as emerging solutions to mitigate risk and information asymmetry in Islamic equity models. The specific contribution of this study to the international research field lies in its comprehensive mapping of the development and application of mushārakah-based financing across various contexts and sectors, offering a unique cross-comparison with conventional equity models. It contributes to global discourse by positioning Islamic equity financing not merely as a faith-based solution, but as a viable, ethical, and technologically adaptive alternative to conventional financing models. The study opens new research directions for scholars and practitioners in Islamic finance, fintech, and capital structure optimization.
The Role of Exchange Rate in Moderating Effect of Sharia Shares, Sharia Mutual Funds, and Foreign Debt on National Economic Growth Rate in 2011-2023 Mukarromah, Indriya Zayinul; Bawono, Anton
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 1 (2024): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.1.48-63

Abstract

This study aims to investigate the moderating role of exchange rates in the relationship between Islamic stocks, Islamic mutual funds, and foreign debt on national economic growth in Indonesia from 2011 to 2023. Utilizing a quantitative approach with Moderated Regression Analysis (MRA), this research employs quarterly time-series data sourced from Indonesia’s Financial Services Authority, Bank Indonesia, and the Central Bureau of Statistics. The findings reveal that the exchange rate has a positive and significant impact on economic growth, while foreign debt exerts a positive yet insignificant effect. Furthermore, the exchange rate significantly moderates the impact of foreign debt on economic growth but fails to moderate the influence of Islamic stocks. Notably, Islamic mutual funds and Islamic stocks were excluded from the final model due to multicollinearity. This research contributes to the international discourse by providing empirical evidence from an emerging Muslim-majority economy, highlighting how currency stability plays a pivotal role in shaping the interaction between external financial instruments and economic growth. The study underscores the importance of exchange rate management in enhancing macroeconomic resilience, particularly within the context of Islamic financial markets in developing countries.
Poverty Alleviation and Socio-Economic Improvement in Indonesia's Economic Development Plan A'yunina , Qurotu; Himmati, Risdiana
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 1 (2024): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.1.17-32

Abstract

This study aims to examine the long- and short-term effects of five key socio-economic indicators—school enrolment rates, infant mortality rates, unemployment rates, the human development index (HDI), and the Gini ratio—on Indonesia’s per capita income from 1993 to 2022. Using the Error Correction Model (ECM) and data from Indonesia’s Central Statistics Agency (BPS), the research reveals that school enrolment, infant mortality, and unemployment rates significantly affect per capita income in the long term, while unemployment and HDI demonstrate significance in the short term. In contrast, the Gini ratio shows no statistically significant effect in either timeframe. These findings underscore the multidimensional nature of poverty alleviation and socio-economic progress, emphasizing the importance of targeted educational, health, and labor policies. The specific contribution of this study to the international research field lies in its comprehensive, multi-decade evaluation of economic development dynamics in a major developing economy. By integrating diverse social indicators into a longitudinal ECM framework, the study contributes novel empirical evidence on the complex causal pathways between inequality, human development, and income generation. It offers comparative insights for policymakers and researchers globally, particularly those working in contexts with similar demographic, institutional, and development challenges.
Pengaruh Tabungan Wadiah, Pembiayaan Bermasalah (NPF) dan Risiko Likuiditas (FDR) Pada Produk ‘Tepat Pembiayaan Syariah’ Terhadap Profitabilitas (ROA) PT. Bank BTPN Syariah Tbk (2015 – 2023) Dewi, Aulia Siska Puspita; Anwar, Moch Khoirul; Badrul Munir, Maryam Bte
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 1 (2024): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.1.64-81

Abstract

This study aims to investigate the influence of waḍī‘ah savings, Non-Performing Financing (NPF), and Financing to Deposit Ratio (FDR) on the profitability (Return on Assets/ROA) of PT. Bank BTPN Syariah Tbk, focusing on its flagship product, Tepat Sharia Financing, over the period 2015–2023. Employing an associative quantitative approach, the research utilizes secondary quarterly financial data analyzed through multiple linear regression using EViews 12. The results demonstrate that waḍī‘ah savings have a significant positive effect on profitability, while both NPF and FDR exert significant negative effects on ROA. The model explains 75.91% of the variation in profitability. These findings highlight the critical role of liquidity management and credit risk control in ensuring the sustainability of Islamic microfinance-focused banks. The key contribution of this study to the international Islamic banking literature lies in its empirical evidence from a microfinance-driven Islamic bank model, which remains underexplored globally. It underscores how tailored savings products combined with responsible risk management can enhance financial performance, offering valuable insights for Islamic banks operating in emerging economies with similar socio-economic contexts.
Opportunities for the Application of Zakat as a Deduction for Individual Taxable Income as an Alternative Fiscal Policy in Indonesia Fuhairah, Muhammad Tiar Fuhairah; Herianingrum, Sri
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 1 (2024): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.1.82-96

Abstract

This study aims to explore the feasibility of implementing zakat as a deductible component from individual taxable income, proposing it as an alternative fiscal policy for Indonesia. Employing a qualitative descriptive method with a library research approach, this research analyzes regulatory frameworks, fiscal policies, and zakat potential in Indonesia. The findings reveal that Indonesia's substantial Muslim population—87.02%—combined with the consistent 30.02% annual growth in zakat collection, presents a significant opportunity to institutionalize zakat as part of the national fiscal framework. Integrating zakat into the tax system could alleviate the dual financial burden on Muslim taxpayers while simultaneously enhancing fiscal equity and social welfare. The specific contribution of this research to the international discourse lies in offering a practical model for harmonizing religious financial obligations with modern taxation systems in Muslim-majority countries. It provides empirical insights and policy recommendations applicable to other nations seeking to leverage faith-based financial instruments within formal fiscal systems.

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