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bakhrul huda
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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 423 Documents
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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.
An Intervening Maṣlaḥah on Influencing Reward and Punishment for Employee’s Performance: A Study at Warung Spesial Sambal Yogyakarta bin Lahuri, Setiawan; Almas, Gafita; Zuhroh, Ainun Amalia
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 13 No. 2 (2023): October
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.2023.13.2.158-177

Abstract

This study aims to investigate the influence of reward and punishment on employee performance, with maṣlaḥah—an Islamic concept of public benefit—as a mediating variable, based on empirical evidence from Waroeng Spesial Sambal in Yogyakarta. Employing a quantitative research design with Partial Least Squares Structural Equation Modeling (PLS-SEM), the findings demonstrate that both reward and punishment significantly enhance employee performance, directly and indirectly through maṣlaḥah. The construct of maṣlaḥah acts as a critical intervening variable, reinforcing the ethical alignment of organizational behavior with Islamic principles. The results not only validate the efficacy of integrating Islamic ethical frameworks into performance management systems but also reveal maṣlaḥah’s robust mediating effect—suggesting a culturally grounded approach to human resource development. This study offers theoretical advancement by operationalizing maṣlaḥah within a modern organizational context, thereby enriching the literature on Islamic behavioral economics and management. Future research could extend this model across diverse sectors and cultural settings to evaluate the universality and adaptability of maṣlaḥah-oriented performance models in Muslim and non-Muslim work environments.
The Relevance of Mosque Financial Inclusion and Economic Sustainability Holle, Mohammad H; Asiyah, Binti Nur; Zumaroh, Zumaroh; Koerniawati, Dwi; Mohamad, Syed Ismail Syed; Pellu, Arifin
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 13 No. 2 (2023): October
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.2023.13.2.178-189

Abstract

This study aims to investigate the relevance of mosque-based financial inclusion in promoting sustainable economic development, using case studies from Jogokariyan Mosque in Yogyakarta and Sabilillah Mosque in Malang, Indonesia. Employing a qualitative, policy-oriented case study approach, the research explores how Islamic social finance instruments—particularly zakāh, infāq, and ṣadaqah (ZIS)—are leveraged through mosque-based institutions to deliver accessible, interest-free, and community-centered financial services outside the formal banking sector. The findings demonstrate that mosques can function as effective platforms for grassroots financial inclusion, offering consumptive and productive support via mechanisms such as qarḍ ḥasan, microgrants, and cooperative savings. These practices contribute not only to financial access but also to enhanced social capital and community trust. Theoretically, this research advances the discourse on Islamic economic empowerment by framing mosques as decentralized agents of inclusive financial ecosystems. It introduces a practical model for sustainable Islamic microfinance, grounded in Shariah principles and responsive to socio-economic inequality. This study invites future cross-regional and cross-faith research into mosque-led financial inclusion as an alternative strategy for inclusive growth, especially in underserved or unbanked populations globally.
Strategic Management of Utilisation of Zakāh Funds in Improving Mustaḥiq's Welfare in The Productive Bojonegoro Programme at BAZNAS of Bojonegoro Regency Rahayu, Fitri Amalia; Rahman, Taufiqur; Ariffin, Mohd Faizal Noor bin
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 13 No. 2 (2023): October
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.2023.13.2.209-227

Abstract

This study aims to explore the strategic management of zakāh fund utilization within the Productive Bojonegoro Programme at BAZNAS of Bojonegoro Regency, Indonesia, and its effectiveness in improving the economic welfare of mustaḥiq (zakāh recipients). Employing a qualitative-descriptive method through direct observation, interviews, and document analysis, the research reveals that zakāh funds channeled into productive sectors—such as small business tools, livestock assistance, and microenterprise training—can transform mustaḥiq into self-sufficient economic agents. The findings demonstrate that effective zakāh strategies involve comprehensive planning, rigorous standard operating procedures (SOPs), targeted recruitment, and ongoing monitoring to ensure sustainable impact. This study advances the discourse on Islamic social finance by presenting a replicable strategic management framework that links zakāh disbursement to long-term poverty alleviation. It also provides empirical evidence supporting the shift from consumptive to productive zakāh models in localized Muslim-majority settings. Future studies may expand upon this model by applying comparative approaches across other regions or by assessing the long-term transition of mustaḥiq into muzakkī (zakāh payers), thereby contributing to the theory and practice of Islamic economic empowerment.
Analysis of the Digital Marketing Mix on the Mikhayla_Shop Account Reviewed from the Perspective of Islamic Business Ethics Aini, Saqofa Nabilah; Romaisyah, Luqita; Agustin, Riska
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 13 No. 2 (2023): October
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.2023.13.2.144-157

Abstract

This study aims to examine the application of the digital marketing mix through the Instagram account of Mikhayla_Shop, a leading hijab retailer in Indonesia, from the perspective of Islamic Business Ethics. Using a qualitative descriptive approach, the study analyzes how each component of the marketing mix (7Ps: Product, Price, Promotion, Place, People, Process, and Physical Evidence) is implemented in alignment with key Islamic ethical principles: tawḥīd (divine unity), justice, free will, responsibility, and iḥsān (excellence). The findings reveal that Mikhayla_Shop's strategies demonstrate a unique integration of ethical values into modern digital marketing practices, maintaining transparency, fairness, and customer respect in all touchpoints. This research contributes to the growing discourse on ethical marketing in Muslim-majority digital economies by offering a context-based model of Sharia-compliant digital marketing strategy. It provides empirical grounding for the application of Islamic ethics in contemporary e-commerce environments. Future research may expand this framework across comparative cross-national studies, particularly in the emerging halal fashion industry, to explore the adaptability and scalability of Islamic ethical marketing practices in global digital marketplaces.
Green House and Ḥalāl Budget Allocation for Sustainable Household Finance Realization Masruroh, Nikmatul; Fadli, Ahmad; Shahrin, Attori Alfi; Fawaid, Yazidul
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 13 No. 2 (2023): October
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.2023.13.2.100-118

Abstract

This study explores the formulation of sustainable household financial management through the integration of Green House practices and ḥalāl budget allocation, grounded in Ibn Khaldūn’s social change theory. Employing a qualitative library research method supported by secondary data from national statistics and field observations in Indonesian villages, the study finds that conventional household consumption patterns—driven by overconsumption and digital spending habits—have contributed to both environmental degradation and financial instability. The proposed model promotes financial planning that balances consumption, saving, investment, and charitable giving (zakāh, infāq, ṣadaqah), while integrating eco-conscious practices such as waste banks, Sustainable Food House Areas (KRPL), and Climate Resilient Integrated Service Posts (Postaklim). This research contributes to global Islamic finance and sustainability literature by introducing a maqāṣid al-sharī‘ah-aligned household finance framework that operationalizes ethical budgeting and environmental stewardship. It offers a novel interdisciplinary perspective by combining green economy principles with Islamic economic ethics to promote long-term household financial resilience. The model may serve as a benchmark for international studies aiming to develop culturally contextualized frameworks for sustainable finance at the microeconomic level. Future research could apply this model across diverse socio-economic and cultural settings or test its impact quantitatively on household welfare and environmental outcomes.
Non-Civil Servant Muzakkī Intentions in Paying Zakāh in BAZNAS of Sidoarjo and Trenggalek Regency, East Java Asegaf, M. Maulana; Muchlisin, Muchammad Chafidz
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 13 No. 2 (2023): October
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.2023.13.2.190-208

Abstract

This study aims to explore the intentions of non-civil servant (non-ASN) Muzakkī in paying zakāh through BAZNAS in Sidoarjo and Trenggalek Regencies, East Java, using the Theory of Planned Behavior (TPB) as an analytical framework. Through a qualitative-descriptive approach, primary data were obtained via structured interviews with BAZNAS officials and selected non-ASN zakāh payers. The findings reveal that among the three core TPB components—attitude toward behavior, subjective norms, and perceived behavioral control—attitude emerges as the most influential determinant of zakāh intention. While social pressure (subjective norms) and access convenience (perceived control) played a secondary role, these factors became pivotal in shaping the decision to channel zakāh through formal institutions like BAZNAS. The study highlights that institutional strategies such as transparency, community engagement, and digital accessibility significantly impact zakāh compliance among private-sector contributors. This research offers a practical contribution to zakāh management literature by contextualizing behavioral intention theories in faith-based philanthropy. It also identifies institutional gaps and proposes actionable strategies for zakāh authorities globally, especially in countries with decentralized zakāh systems. Future studies should expand this behavioral framework to other Muslim-majority regions, enabling comparative insights into zakāh compliance and institutional trust across socio-religious contexts.
Manajemen Pengelolaan Aset Umat Mazhab Pesantren Surabaya Ghufron, Muhammad; Hatta, Moh
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 12 No. 2 (2022): October
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.2022.12.2.225-247

Abstract

Abstrak: Kajian tentang potensi aset umat dan tata kelolanya menjadi kajian yang patut diberi porsi lebih. Al-Jihad sebagai salah satu lembaga yang mengelola aset umat tampak memiliki model tata kelola yang menarik untuk dikaji secara mendalam. Oleh karena itu, fokus utama kajian ini berkisar dua hal: Bagaimana tata kelola aset umat di Yayasan al-Jihad Surabaya; dan bagai analisis hukum Islam terkait tata kelola tersebut. Kajian ini adalah kajian lapangan yang mempergunakan pendekatan filosofis. Data diperoleh dari wawancara langsung terhadap beberapa tokoh yang terkait langsung dengan objek kajian. Data terkumpul dianalisis kritis secara mendalam, dan analisis compare-contrast dilakukan guna memperoleh validitas data yang diperoleh. Penelitian ini mengkonfirmasi setidaknya dua kesimpulan besar: Pertama, prinsip skala prioritas (awlāwīyah) memainkan peran besar dalam tata kelola aset umat Islam. Lembaga pendidikan yang baik, sejatinya juga bisa menjelma sebagai lembaga sosial yang dapat mengangkat harkat, martabat dan kesejahteraan lembaga-lembaga yang mengelola aset umat Islam secara umum. Kedua, pemprioritasan atas aspek ḍarūrīyah (primer) dalam sistem tata kelola lembaga pendidikan secara tidak langsung berperan besar dalam mendukung perkembangan lembaga itu sendiri. Lembaga pendidikan yang ideal harus mampu menjadi pusan pendidikan dan pengajaran, namun di lain hal ia harus mampu menjelma sebagai lembaga sosial-kemasyarakatan. Lembaga pendidikan ini tidak hanya mampu menghadirkan proses pendidikan-pengajaran, namun dapat juga memenuhi kebutuhan masyarakat yang paling mendasar, kesejahteraan. Kata Kunci: al-Jihad, DASA, Aset Umat, Dana Sosial, Skala Prioritas. Abstract: The study of the potential of community assets and their governance is a study that deserves to be given more portion. Al-Jihad as one of the institutions that manage people's assets appears to have an interesting governance model to be studied in depth. Therefore, the main focus of this study revolves around two things: How is the governance of people's assets at al-Jihad Foundation Surabaya; and how is the analysis of Islamic law related to this governance. This study is a field research, which uses a philosophical approach. Data is obtained from direct interviews with several figures directly related to the object of study. The collected data were critically analysed in depth, and compare-contrast analysis was conducted to obtain the validity of the data obtained. This research confirmed at least two major conclusions: First, the principle of priority scale (awlāwīyah) plays a major role in the governance of Muslim assets. A good educational institution, in fact, can also be transformed into a social institution that can raise the dignity and welfare of institutions that manage Muslim assets in general. Secondly, the prioritisation of ḍarūrīyah (primary) aspects in the governance system of educational institutions indirectly plays a major role in supporting the development of the institution itself. An ideal educational institution must be able to be a centre for education and teaching, but on the other hand, it must be able to be transformed into a societal institution. This educational institution is not only able to present the education-teaching process, but can also fulfil the most basic needs of society, welfare. Keywords: al-Jihad, DASA, People's Assets, Social Fund, Priority Scale.
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.

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