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AL-ARBAH: Journal of Islamic Finance and Banking
Published by Universitas Islam Negeri Walisongo Semarang
ISSN : 27163946     EISSN : 27162575     DOI : 10.21580/al-arbah
Core Subject : Economy,
Economics, Econometrics & Finance
AL-ARBAH: Journal of Islamic Finance and Banking is a peer-reviewed journal, published biannually by Department of Sharia Banking, Faculty of Islamics Economics and Business, Universitas Islam Negeri (UIN) Walisongo Semarang Indonesia. This journal is peer-reviewed journal by English language published twice a year (October and April) and specializes in Islamic Finance, Islamic Banking, and Islamic Finance Institutions.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 125 Documents
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SKBDN Products: Implementation of Sharia Compliance in Bank Syariah Indonesia Mawadah, Sokhikhatul
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 6 No. 1 (2024)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2024.6.1.20988

Abstract

Purpose - The aim of this research is to find out how BSI's sharia compliance applies to SKBDN (Domestic Letter of Credit) products.Method - This research is qualitative research. The data used is primary data originating from interviews with BSI employees. Secondary data was obtained from books, journals and previous research.Result - The results of the research state that the implementation of BSI Semarang City Sharia Compliance in SKBDN, namely BSI has implemented sharia compliance based on maqashid sharia, including: 1). Ad-dien: BSI is guided by the Koran, Hadith and other Islamic laws in carrying out all its operational systems and products. 2). an-nafs: SKBDN services involve several parties, including customers, BSI and goods providers. This is where it is important for the parties to be trustworthy. 3). al-aql: BSI participates in educating customers (provides education on every bank product to customers through seminars and training). 4). an-nasl: caring for offspring, BSI guarantees that customer funds come from halal funds which have a good impact on the family and descendants and 5). al-mal: BSI takes profit from the services of implementing SKBDN services through fees charged.Implication - This research explores Islamic values, with sharia maqashid indicators in sharia banking, especially in SKBDN products. It is hoped that service in sharia banking will be better and more customers (applicants) will choose SKBDN products in sharia banking.Originality - This article examines sharia compliance of sharia banks using the maqashid sharia approach. SKBDN applicants are more aware and comfortable choosing SKBDN services in sharia banking.
The Important Role of Customer Satisfaction in Sharia Bank in relation to Service Quality and Relational Marketing towards Customer Loyalty Pranaditya, Ari; Ismail, Harries Arizonia; Shabihah, Khansa
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 6 No. 1 (2024)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2024.6.1.20991

Abstract

Purpose - This study aims to examine the effect of service quality on customer loyalty, customers' satisfaction on loyalty and examining how relational marketing affects customer loyalty within the scope of organizations that practice Islamic values in Indonesia.Method - This research is an explanatory research which explain the position of the variables studied and the influence between one variable and another. To process the data in this study using The Structural Equation Modelling (SEM) from the AMOS 20.0 software package.Result - The result of this research shows that service quality, relational marketing and customer satisfaction influences positively and significantly to customer loyalty.Implication - This study implies customers of Bank Syariah Indonesia in Semarang, Central Java Province, Indonesia who have been a customer for more than 1 year.Originality - The paper looks into the relations of service quality on customer loyalty, customers' satisfaction on loyalty and examining how relational marketing affects customer loyalty in Bank Syariah Indonesia in Semarang, Central Java Province, Indonesia in the third year after the merger to seek if the variables have already served well in the company. 
Islamic Economic Concepts To Form Community Welfare From The Perspective Of Ibnu Khaldun's Thinking Nurcahyo, Satria Avianda; Isnawati, Setya Indah; Widagdo, Teguh Harso; Rizal, Achmad
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 6 No. 1 (2024)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2024.6.1.21060

Abstract

Purpose - This research aims to review Ibn Khaldun's thoughts regarding social welfare, Ibn Khaldun revealed that Allah outlined economic activities as an inseparable part of the social responsibilities that exist in society, and their incompleteness could threaten the continuity of world life and human existence.Method - This research is using a type of normative research, applying a library approach and a conceptual approach.Result - The result of this research indicates Ibnu Khaldun stated that Allah established muamalah activities as an integral form of responsibility in community life. Non-fulfillment can threaten world life and human welfare. In formulating three basic reasons for engaging in economic activity, Ibnu Khaldun explains that this is not only about fulfilling personal life needs. Ibnu Khaldun believes that the price of a good or service is influenced by the dynamic interaction between demand and supply. This concept highlights the interrelated relationship between the forces of demand and supply in determining the value of a product or service.  Implication - This study It is hoped that there will be management and supervision of market prices by the state in the field, as suggested by Ibn Khaldun in his great work Muqadimmah.Originality - In the economic context, Ibnu Khaldun also highlighted the importance of government vigilance regarding the amount of money in circulation. 
Dividend Discount Model Theory Implementation Based On Maqashid Shariah In Indonesia Shariah Stock Market lulukiyyah, Masdaliyatul
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 6 No. 1 (2024)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2024.6.1.22796

Abstract

Purpose - The purpose of this article is to explore how the use of the Dividend Discount Model (DDM) can be enriched by taking into account the principles of Maqashid Syariah and the economic thinking of Imam Al-Ghazali.Method - This research uses a literature review method with a qualitative descriptive approach. Data was obtained through a study of relevant literature with a focus on the Dividend Discount Model (DDM), the concept of Maqashid Syariah, and the economic thought of Imam Al-Ghazali.Result - The results of the analysis show that the integration of the Dividend Discount Model (DDM) with the Maqashid Syariah concept and Imam Al-Ghazali's economic thinking can provide a more holistic approach and in accordance with Islamic values in evaluating share value in the Islamic capital market. This approach emphasizes the importance of taking into account aspects of social and spiritual benefit, as well as contributing to inclusive and sustainable economic development.Implication - The implication of this research is that the use of the Dividend Discount Model (DDM) which is enriched with the Maqashid Syariah concept and Imam Al-Ghazali's economic thinking can help improve the performance of the Islamic capital market and strengthen compliance with Islamic principles in economic activities. This can have a positive impact on community welfare and sustainable economic development in Indonesia.Originality- The integration of the Dividend Discount Model (DDM) with the Maqashid Syariah concept and Imam Al-Ghazali's economic thinking is an innovation that can increase our understanding of the relationship between religious values and economic practices.  
The Concept of Corporate Social Responsibility in Islamic Banking from the Perspective of Islamic Economics Najachah, Elysa
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 6 No. 1 (2024)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2024.6.1.22797

Abstract

Purpose - This paper aims to give an alternative to the CSR concept in Sharia banking is appropriate to rule in economy Islam.Method - This paper uses qualitative study through understanding in a way inductive. The approach used is through approach related to normative theology CSR concept in the economy of Islam.Result - CSR in Sharia banking is implemented following the rule economy Islam that is with aqad that complies with Sharia, is legal, and is also transparent in CSR disclosure. Besides that, the CRS concept in Sharia banking can also be used to guard faith, soul, offspring, protecting the mind, and wealth through connection with Allah (hablum min Allah) and also relationships with humans ( hablum Minannas ). As a consequence of the implementation draft, the threat boycott can avoided. This CSR concept is also a form of commitment to Islamic banking to contribute to the field economy, quality communication, and quality of life legally and ethically.Implication - Results study This shows that the concept of CSR in Sharia banking is appropriate with rule economy Islam can contribute to improvement investment, image positive, and loyalty of customers and employees in Syariah banking.Originality - throughout knowledge author, research This is the first study to discuss in a way detailed and systematic related CSR concept in Islamic banking perspective economy Islam.
Blockchain and Value Co-Creation: Strategies to Improve Human Resource Performance in the Islamic Banking Industry Nurcahyo, Satria Avianda; Isnawati, Setya Indah; Purwatiningsih, Aris Puji; Rahmana, MA Irfan
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 1 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.1.23162

Abstract

Purpose - This study aims to explore how the application of blockchain technology can contribute to improving human resource (HR) performance through a value co-creation strategy at PT Bank Syariah Indonesia, Central Java Province. This study uses a qualitative approach with an in-depth interview method with employees at the managerial level to collect relevant data. Blockchain, as a technology known for its security and transparency, is expected to improve operational efficiency and collaboration between departments, which in turn has an impact on improving HR performance. Method - The method used in this study is qualitative, which is a research approach used to understand social phenomena in depth, from a complex and contextual perspective. In qualitative research, data is collected in a way that allows researchers to explore the feelings, thoughts, and experiences of respondents, and to understand the context in which the phenomenon occurs. Result - This study identified that blockchain can improve trust and communication between management and employees, creating a more cooperative and dynamic work environment. This allows companies to respond to market changes more quickly and efficiently. The study also revealed that blockchain can reduce administrative and operational costs through the automation of processes that previously required human intervention, such as payroll and contract management. The study concluded that value co-creation strategies supported by blockchain technology can be an effective tool in improving HR performance in the Islamic Banking industry. Implication - Recommendations for further implementation include training and developing employee skills in using blockchain technology as well as improving the company's information technology infrastructure to support this digital transformation. Originality - Blockchain, as a technology known for its security and transparency, is expected to improve operational efficiency and collaboration between departments, which in turn has an impact on improving HR performance. The findings of this study indicate that the implementation of blockchain can strengthen the HR management system through the creation of shared value (value co-creation) between management and employees. Keywords:           Blockchain, Value Co-Creation, HR Performance, Islamic Banking Industry.
The Relationship Between Interest Rates And Per Capita Income To Third Party Deposits (TPF) In Islamic Commercial Banks And Islamic Business Units In The Period 2010 - 2023 Rahma Yuniarti P, Talitha
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 1 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.1.24145

Abstract

Purpose - This study was conducted to determine the effect of interest rates and per capita income on the amount of third party fund deposits in Islamic commercial banks and Islamic business units in the period 2010-2023. Method - There are 3 variables used to analyze the influence between variables in the short and long term using quantitative methods. Quantitative methods are used to conduct VECM analysis on variables obtained and processed from secondary statistical data found on the official website of the Financial Services Authority (OJK). Result - The results of the study indicate that the interest rate variable has a significant effect on the amount of Third Party Fund (DPK) deposits in the short term. Meanwhile, interest rates and per capita income simultaneously affect DPK deposits in BUS and UUS in the long term. Implication - This is in line with the statement of the Classical Theory regarding the interest rate level can affect the amount of deposits in banks. Originality - This paper examines the relationship between interest rates and per capita income on third party fund deposits in order to maintain liquidity and stability in BUS and UUS. Keywords:                     Interest Rate, Per Capita Income, DPK, Classical Theory, VECM.  
The Impact Of Islamic Banking On Financial Inclusion In Developing Countries: A Systematic Literature Review Fathihani; Wafi, Inngamul; Riska Rosdiana
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 1 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.1.25711

Abstract

Purpose - This literature review aims to systematically analyze and synthesize existing research on the impact of Islamic banking on financial inclusion in developing countries, with a specific focus on four Southeast Asian nations: Indonesia, Malaysia, Brunei Darussalam, and Singapore. The study seeks to identify key patterns, challenges, and opportunities in the relationship between Islamic banking development and financial inclusion outcomes. Method - The review employs a systematic literature review methodology, analyzing peer-reviewed articles, policy documents, and institutional reports published between 2013 and 2024. The analysis focuses on four key dimensions: regulatory frameworks, technological innovation, market penetration, and socio-economic impact. A structured content analysis approach was used to synthesize findings from 87 selected publications. Result - The review reveals a significant positive correlation between Islamic banking development and financial inclusion metrics across the studied countries. Malaysia demonstrates the most advanced integration of Islamic banking with financial inclusion initiatives, supported by comprehensive regulatory frameworks and technological innovation. Indonesia shows rapid growth potential but faces infrastructure challenges, while Brunei Darussalam exhibits high market penetration within a smaller market. Singapore's unique position as a regional Islamic finance hub contributes differently to financial inclusion through sophisticated product development and cross-border services. Implication - The findings suggest that successful integration of Islamic banking with financial inclusion objectives requires a holistic approach encompassing regulatory reform, technological advancement, and market development strategies. The review identifies best practices and lessons learned that can inform policy development in other developing nations seeking to leverage Islamic banking for financial inclusion. Originality - This review provides the first comprehensive cross-country analysis of Islamic banking's impact on financial inclusion in Southeast Asia, synthesizing recent empirical evidence and theoretical frameworks. It contributes to the literature by identifying patterns of successful implementation and challenges across different market contexts, offering valuable insights for policymakers and practitioners.
Analysis of the Influence of Ease and Usefulness on Interest in Using QRIS in Micro, Small and Medium Enterprises (MSMEs) in Jempong Baru Village Ismayadi
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 1 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.1.25791

Abstract

Purpose - This research aims tofor the Analysis of the Influence of Ease and Usefulness on Interest in Using QRIS in Micro, Small and Medium Enterprises (MSMEs) in Jempong Baru Village with the formulation of the problem to analyze the influence of ease on interest in using QRIS and analyze the influence of usefulness on interest in using QRIS which was carried out in Jempong Baru Village, Mataram City. Method - The types of research are:quantitative research type where quantitative research uses research based on postpositivism philosophy, used to research a particular population or sample. In this study, the sample taken used non-probability sampling technique. Non-probability sampling is a sampling technique that does not provide equal opportunities or chances for each member of the population to be selected as a sample. The sampling technique in this study used purposive sampling technique. Purposive sampling is a sampling technique with certain considerations. The number of samples was 30 MSMEs in Jempong Baru Village. The data obtained from the questionnaire was then processed using SPSS Version 16.0 software. Result - The results of this study indicate that the influence of the Ease Variable on the Interest Variable in using QRIS in Micro, Small and Medium Enterprises (MSMEs) in Jempong Baru Village, Mataram City is 83%. This means that the ease variable has a positive and significant influence on the Interest variable in using QRIS. This shows that the easier it is to use the QRIS service, the higher the interest in using the QRIS service. While the influence of the Benefit Variable on the Interest Variable in using QRIS in Micro, Small and Medium Enterprises (MSMEs) is 72% in Jempong Baru Village, Mataram City. This means that the benefit variable has a positive and significant influence on the Interest variable in using QRIS. This shows that the more benefits received and obtained by QRIS users, the higher the interest in using QRIS. Implication - This finding shows the important role of technology in supporting people's economic activities, especially in digital transaction activities. In addition, the role of technology increases efficiency, reduces costs, and creates new economic opportunities. This technology enables faster, safer, and more affordable transactions, as well as enabling wider access to markets and financial services. Originality - This analysis provides a more comprehensive explanation regardingEase and Benefits of Interest in Using QRISin Jempong Baru Village. This review contributes to the literature by identifying the convenience, benefits and weaknesses of QRIS in Jempong Baru Village.. Keywords:                     Convenience, Benefits, Interest, QRIS and MSMEs.
The Effect of Perceived Ease, Risk and Financial Literacy on the Use of QRIS as a Digital Payment in MSMEs Ida Riskawati; Mardhiyaturrositaningsih; Saekhu
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 1 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.1.26744

Abstract

Purpose - This study aims to examine the Influence of Perceived Ease, Perceived Risk and Financial Literacy on the Decision to Use the Quick Response Code Indonesian Standard (QRIS) as a Digital Payment in MSMEs. Method - This research is a quantitative research type with a sample of 100 MSMEs. This study uses multiple regression analysis to identify the Influence of Perceived Ease, Perception of Risk and Financial Literacy on the Decision to Use the Quick Response Code Indonesian Standard (QRIS) as Digital Payment in MSMEs. Result - The results of this study indicate that there is an influence between Perceived Ease, Perception of Risk and Financial Literacy on the Decision to Use QRIS. Implication - This study identifies the use of QRIS in MSMEs in Semarang. Originality - This paper identifies that there are factors of Perceived Ease, Perception of Risk and Financial Literacy as factors causing the decision of MSMEs in Semarang City to use QRIS digital payments. Keywords:           Financial Literacy, Perceived Ease, QRIS, Risk

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