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Dadang Husen Sobana
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Program Studi Manajemen Keuangan Syariah Fakultas Ekonomi dan Bisnis Islam UIN Sunan Gunung Djati Bandung Jl. AH. Nasution No 105 40614 Bandung
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Finansha: Journal of Sharia Financial Management
Published by UIN Sunan Gunung Djati Bandung
ISSN : 27750868     EISSN : 27742687     DOI : https://doi.org/10.15575/fsfm.v1i2
Core Subject : Economy,
Economics, Econometrics & Finance
This journal aims to broaden and create innovative concepts, theories, paradigms, perspectives, and methodologies within the scope mentioned above. The scope of this journal will include but is not limited to Islamic economics, sharia business, Islamic banking, Islamic capital market, Islamic wealth management, issues of implementation/practice of sharia banking, zakat, and waqf, takaful, corporate sharia finance, management. Sharia-compliant risks, Islamic derivatives, Sharia Supervisory Board issues, Islamic business ethics, Islamic accounting, and Islamic auditing.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 110 Documents
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DO INFLATION AND EXCHANGE RATES MATTER FOR ISLAMIC AND CONVENTIONAL STOCK INDICES? EVIDENCE FROM INDONESIA Ajuna, Luqmanul Hakiem
Finansha: Journal of Sharia Financial Management Vol. 6 No. 2 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i2.50349

Abstract

Stock Index (ISSI) and the Indonesia Composite Stock Price Index (IHSG). Employing a quantitative approach, the study utilizes monthly secondary data from 2014 to 2023 obtained from the Indonesia Stock Exchange, Bank Indonesia, and the Central Bureau of Statistics. Multiple linear regression analysis is applied to assess both partial and simultaneous effects of macroeconomic variables on Islamic and conventional stock market indices. The empirical results reveal that inflation does not have a significant effect on either ISSI or IHSG. In contrast, the rupiah exchange rate exerts a significant influence on both indices, indicating that exchange rate movements play a more dominant role in shaping stock market performance than inflation. These findings suggest that, within the Indonesian context, exchange rate dynamics constitute a key source of systematic risk affecting both Islamic and conventional equity markets. The results provide empirical support for the Arbitrage Pricing Theory by highlighting the unequal influence of macroeconomic factors on asset prices. This study contributes to the literature by offering comparative evidence on the sensitivity of Islamic and conventional stock markets to macroeconomic conditions in an emerging economy.
AN ANALYSIS OF MICRO BUSINESS COMMUNITY INITIATIVES IN REVITALIZING MSMES POST-COVID-19 IN PURWAKARTA REGENCY Thoriq, Arief Mulyawan; Ardiansyah, Hamdan; Ahmadiyah, Didih
Finansha: Journal of Sharia Financial Management Vol. 6 No. 2 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i2.50993

Abstract

This study examines the role of the Micro Business Community (MBC) as a community-based recovery mechanism for micro, small, and medium enterprises (MSMEs) in Purwakarta Regency in the post-pandemic period. The study aims to analyze how community collaboration, digital transformation, and social capital embedded within MBC contribute to MSME resilience and recovery after COVID-19. Using a qualitative interpretive approach, data were collected through observations, in-depth interviews, and document analysis involving 50 MSME actors across diverse business sectors. The findings indicate that MBC functions as an enabling platform that strengthens inter-firm collaboration, facilitates collective learning, enhances access to digital tools and resources, and supports coordinated problem-solving among MSMEs. These mechanisms collectively improve entrepreneurial resilience and adaptive capacity in a post-crisis environment. This study contributes conceptually by demonstrating how the Micro Business Community operationalizes community-based resilience through integrated collaboration, digitalization, and resource mobilization; contextually by providing empirical evidence from a post-pandemic MSME ecosystem in a developing regional setting; and methodologically by offering qualitative insights into community-driven recovery processes. The findings suggest that MBC represents a scalable model that can be adopted by local governments and integrated with Islamic microfinance institutions to support inclusive and sustainable MSME development in post-crisis contexts.
IHTIKAR IN HADITH: A FIQH AL-HADITH ANALYSIS OF HOARDING PRACTICES IN THE ISLAMIC ECONOMIC SYSTEM Handika, Caca; Fithriany Rahmah, Yulia; Nurjaman, Ilham; Fauzi Nazar, Reza; Nurdiansyah, Irdan; Priyanti, Gita
Finansha: Journal of Sharia Financial Management Vol. 6 No. 2 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i2.51110

Abstract

The practice of hoarding goods poses a serious challenge to the realization of distributive justice within the Islamic economic system. This study aims to examine the prohibition of hoarding through a comprehensive fiqh al-hadith approach by tracing the legal status of relevant hadiths and analyzing the implications of hoarding practices for market dynamics and socio-economic stability. Employing a qualitative method with a descriptive-analytical design, this study is based on an extensive literature review that integrates tahrij al-hadith, syarh al-hadith, and a normative analysis grounded in maqasid al-shariah. The findings reveal that the prohibition of hoarding articulated in the hadith literature is not merely rooted in religious injunctions but also embodies profound ethical and social considerations that remain highly relevant to contemporary issues of goods distribution. Hoarding practices generate artificial scarcity, induce price inflation, and disrupt market equilibrium, ultimately imposing welfare losses on consumers. Accordingly, this study underscores the urgency of strengthening sharia-based regulatory oversight and enhancing public education on muamalah ethics as preventive measures against manipulative economic behavior. Overall, this study contributes to the development of a more just, ethical, and sustainable Islamic distribution framework in addressing the challenges of modern and globalized economies.
DETERMINING FACTORS INFLUENCING THE INTENTION TO SWITCH FROM CONVENTIONAL BANKS TO ISLAMIC BANKS USING A MIXED-METHODS APPROACH Amalia Nuril Hidayati; Vida Maria Ulfa; Mohammad Robet Abdillah
Finansha: Journal of Sharia Financial Management Vol. 7 No. 1 (2026): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v7i1.54094

Abstract

This study examines the factors influencing students’ intentions to switch from conventional to Islamic banks among Islamic Banking students at UIN Sayyid Ali Rahmatullah Tulungagung. Despite the rapid growth of Islamic banking assets in Indonesia, its market share remains relatively low, highlighting the need to understand switching behavior among Generation Z. Using a sequential explanatory mixed-methods design, quantitative data were collected from 85 students through questionnaires and analyzed using multiple linear regression, while qualitative insights were obtained from interviews with 14 informants. The findings reveal that subjective norms, product knowledge, digital banking, and alternative attractiveness positively and significantly affect switching intention, with alternative attractiveness emerging as the strongest determinant. Together, these variables explain 69.7% of the variation in switching intention. Qualitative results show that switching intention develops through a sequential process in which subjective norms encourage awareness, product knowledge strengthens rational evaluation, digital banking facilitates access, and alternative attractiveness drives the final decision. The study contributes to the understanding of Islamic banking adoption among Generation Z and offers practical implications for increasing customer migration to Islamic banks.
SHARIA FINANCIAL MANAGEMENT IN PESANTREN-OWNED ENTERPRISES (BUMPES) IN EAST JAVA Cici Rosmala; Satria Berbudi; Ari Sarah Sofura; Devika Rosa Guspita
Finansha: Journal of Sharia Financial Management Vol. 7 No. 1 (2026): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v7i1.55150

Abstract

This study aims to examine sharia financial management practices in BUMPes and their implications for the institutional and economic sustainability of Islamic boarding schools. The research was conducted across five Islamic boarding schools in East Java, namely Al-Hasan (Ponorogo), Al-Muttaqien (Ponorogo), Al-Huda (Madiun), Al-Thohiriyah (Magetan), and Darul Ulum (Poncol). A qualitative multi-site research design was employed. Data were collected through in-depth interviews, observations, and document analysis, and were analyzed using data condensation, data display, and conclusion drawing through both within-site and cross-site analyses. The findings indicate that sharia financial management in BUMPes is grounded in the principles of trustworthiness, honesty, justice, and transparency. However, its implementation remains largely normative and has not yet been fully institutionalized within a professional governance framework. Cross-site analysis reveals that Islamic boarding schools characterized by more structured governance systems, stronger accountability mechanisms, and greater managerial capacity demonstrate higher levels of institutional and economic performance. Key supporting factors include a strong religious culture, leadership commitment, and an established internal customer base. Conversely, major constraints include limited human resource capacity, weak financial administration, the absence of standardized sharia operating procedures, and low levels of digitalization. Based on the synthesis of cross-site findings, this study proposes an Integrated Sharia Financial Management Model for Islamic Boarding School Institutions that incorporates Islamic values, governance mechanisms, human resource development, and business innovation. The model contributes to the literature on sharia financial governance within pesantren-based institutions and offers a practical framework for enhancing the professionalism, accountability, and long-term sustainability of BUMPes.
THE CAUSAL IMPACT OF ISLAMIC FINANCIAL INCLUSION ON HUMAN DEVELOPMENT: A REGRESSION DISCONTINUITY ANALYSIS OF INDONESIAN PROVINCES Annisa Maulidia Alfian; Ahmad Wira; Nora Zulvianti
Finansha: Journal of Sharia Financial Management Vol. 7 No. 1 (2026): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v7i1.55281

Abstract

This study examines whether Islamic financial inclusion contributes to improvements in the Human Develop­ment Index (HDI) in Indonesia during the period 2020–2024. While previous studies generally report positive associations between financial inclusion and development outcomes, evidence regarding whether Islamic financial inclusion improves human development remains limited, particularly from a causal perspective and in the context of regional disparities. To address this gap, this study measures Islamic financial inclusion using the Islamic Financial Inclusion Index (IFII) based on the dimensions of accessibility, availability, and usage following Sarma (2012), and employs a Regression Discontinuity Design (RDD) to provide stronger evidence on its causal impact. The results show that Islamic financial inclusion in Indonesia remains low and uneven across provinces. Most provinces are in the low category, except Aceh, which is classified as high (0.719), and DKI Jakarta as moderate (0.548). The RDD estimation indicates a negative relationship between IFII/IFII and HDI (−4.1893), but no statistically significant discontinuity is found around the cutoff. This finding suggests that improvements in Islamic financial inclusion have not yet translated into measurable gains in human development outcomes during the study period, possibly because the benefits of financial inclusion require longer adjustment periods and supportive structural conditions before being reflected in HDI indicators.These findings indicate that financial inclusion alone may be insufficient to improve human development outcomes. Its effectiveness appears to depend on complementary factors such as financial literacy, infrastructure quality, institutional capacity, and the productive utilization of financial services.
DETERMINANTS OF PURCHASE INTENTION IN NFT MARKETPLACES: THE CENTRAL ROLE OF TRUST IN MAGIC EDEN Ronansa Vaza Bramudya; Ratna Roostika; Nur Aima Syafie
Finansha: Journal of Sharia Financial Management Vol. 7 No. 1 (2026): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v7i1.55291

Abstract

The rapid growth of non-fungible tokens (NFTs) has increased competition among digital marketplaces and heightened the need to understand factors that drive consumer purchase intention. However, NFT platforms still face challenges related to technological complexity and trust, which may hinder user participation. This study examines the effects of social influence, effort expectancy, performance expectancy, and trust on purchase intention in the Magic Eden NFT marketplace using the Unified Theory of Acceptance and Use of Technology (UTAUT) framework. This research contributes by extending the UTAUT model to the NFT marketplace context and highlighting the pivotal role of trust in shaping user perceptions and behavioral intentions. A quantitative approach was employed by collecting data from 251 Magic Eden users through an online questionnaire distributed via social media and crypto communities. The data were analyzed using Structural Equation Modeling (SEM) with SmartPLS to test the proposed relationships. The results indicate that social influence, effort expectancy, and performance expectancy have significant positive effects on purchase intention. Trust also has a strong positive effect on effort expectancy and performance expectancy, as well as a direct positive effect on purchase intention. Among the examined relationships, trust shows the strongest influence on users’ perceived ease of use of the platform. Overall, the findings suggest that strengthening trust and improving platform usability are essential for increasing purchase intention in NFT marketplaces.
TRUST AS A MEDIATOR OF DONOR LOYALTY IN ISLAMIC DIGITAL PHILANTHROPY: THE ROLES OF EASE AND ENJOYMENT Cantika A'malina Annisa; Herni Justiana Astuti
Finansha: Journal of Sharia Financial Management Vol. 7 No. 1 (2026): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v7i1.55445

Abstract

The development of digital based Islamic philanthropy has transformed the way people participate in charitable activities, making it essential to understand the factors that encourage donors to remain loyal to a donation platform. Research that specifically examines donor loyalty by integrating perceived ease of use, perceived enjoyment, and trust within the Technology Acceptance Model (TAM) framework remains limited, particularly in the context of Islamic digital philanthropy. This study aims to analyze how perceived ease of use and perceived enjoyment influence donor loyalty, both directly and indirectly through trust, on the Sobat Berbagi Lazismu Banyumas platform. This research employed a quantitative approach by collecting data from 124 users of the platform through a purposive sampling technique. The data were processed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 3 software. The results indicate that both perceived ease of use and perceived enjoyment positively contribute to building donor trust and strengthening donor loyalty. Trust was also found to have a significant positive impact on donor loyalty. Furthermore, trust successfully mediates the relationship between perceived enjoyment and donor loyalty, whereas its mediating role between perceived ease of use and donor loyalty is not statistically supported. These findings suggest that creating an enjoyable donation experience plays a more important role in fostering long-term donor commitment than merely providing a user-friendly system.
DIGITAL FINANCIAL LITERACY AND GEN Z FINANCIAL WELL-BEING IN BANYUMAS: THE ROLE OF BEHAVIOR AND SKILLS Nina Fidiawati; Wida Purwidianti
Finansha: Journal of Sharia Financial Management Vol. 7 No. 1 (2026): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v7i1.55587

Abstract

This study analyzes the influence of digital financial literacy (DFL) on the financial well-being (FWB) of Generation Z e-wallet users in Banyumas Regency, mediated by financial behavior (FB) and financial skill (FS), with gender as a control variable. The research gap stems from the inconsistency of DFL's direct influence on FWB in the previous literature and the limitations of empirical locus, which are mostly centered in metropolitan areas. Its novelty lies in the exploration of non-metropolitan areas where rapid adoption of technology occurs amid limited structural income. Using a cross-sectional quantitative survey design, data from 153 Gen Z respondents aged 18–29 years were collected through purposive sampling and analyzed using PLS-SEM via SmartPLS 3. The results showed that DFL had no direct effect on FWB. Conceptually, this is crucial, confirming that digital knowledge fails to guarantee real well-being in the absence of operational execution capacity. Further, FS acted as a full mediator, while FB failed to mediate. FS emerged as a much stronger FWB predictor than FB. A R^2value of 0.688 indicates that the model is able to explain 68.8% of the FWB variance. Theoretically, this strengthens the Capability Approach and Human Capital Theory, proving that functional technical capacity is much more vital in converting knowledge capital into welfare outputs than just routine behavioral intentions. Practically, the study suggests a shift in regional education and banking policies from cognitive-theoretical literacy towards technical-practical skills training in e-wallet optimization to achieve substantive financial inclusion for regional Gen Z.
ANALYSIS OF FACTORS AFFECTING PAYLATER USAGE AMONG GENERATION Z STUDENTS: PERSPECTIVES ON SHARIA CONSUMPTION BEHAVIOR, SHARIA FINANCIAL BEHAVIOR, AND SALES PROMOTION B. Miftahulzannah Siregar; Muhammad Ikhsan Harahap; Faisal Umardani Hasibuan
Finansha: Journal of Sharia Financial Management Vol. 7 No. 1 (2026): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v7i1.55818

Abstract

This study examines the effect of Sharia Consumption Behavior, Sharia Financial Behavior, and Sales Promotion on PayLater Usage among Generation Z students at the Faculty of Islamic Economics and Business, Universitas Islam Negeri Sumatera Utara. Previous studies have discussed PayLater mainly through financial technology adoption, consumptive behavior, and promotional influence, while limited attention has been given to the paradox in which Muslim students who understand Sharia economic principles continue to use digital credit services. Addressing this gap, this study positions PayLater Usage as a negotiated financial behavior shaped by internal Sharia-oriented controls and external digital market stimuli. A quantitative causal research design was applied, involving 98 respondents selected through purposive sampling. Data were collected using structured questionnaires and analyzed using multiple linear regression with IBM SPSS Statistics. The results show that Sharia Consumption Behavior, Sharia Financial Behavior, and Sales Promotion each have positive and significant effects on PayLater Usage. Sharia Financial Behavior emerged as the strongest predictor, followed by Sharia Consumption Behavior and Sales Promotion. Simultaneously, the three variables significantly explained PayLater Usage, with an F-value of 32.973 and an Adjusted R² of 0.497. Theoretically, this study contributes to Islamic economics literature by explaining the coexistence between Sharia-based awareness and digital consumer culture through the principle of hifzh al-mal. Practically, the findings highlight the need to strengthen Sharia financial literacy through applied digital financial ethics.

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