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Ahmad Lutfi
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El-kahfi : Journal of Islamic economics
Published by Sekolah Tinggi Ekonomi Syariah Manna wa Salwa
ISSN : -     EISSN : 27226557     DOI : -
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Elkahfi : Jurnal Ekonomi Islam is a peer-reviewed and open-access platform that focuses on Islamic Economics and Business. The aim of Elkahfi is to be an authoritative source of information on it’s focused. The scope of Elkahfi are but strictly limited to: islamic economics; islamic banking and finance; islamic economic management; islamic economics law; management Zakat, Infaq, Shodaqoh, and Waqf; islamic entrepreneurship and business; islamic economics thought; islamic insurance; islamic accounting
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 133 Documents
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The Impact of Islamic Banking Growth and Development on Public Trust in Indonesia Zulkarnain, Zulkarnain; Arif, Zainal
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.391

Abstract

The development of Islamic banking in Indonesia has shown significant progress, yet public trust remains a critical determinant for its sustainable growth. This study investigates the influence of Islamic banking growth and development on public trust, focusing on three key dimensions: digital innovation, asset growth, and financing expansion. The objective is to determine which factors most strongly affect trust and how this trust impacts customer loyalty and preference toward Islamic financial institutions. Using a quantitative survey method, data were collected from 400 respondents across various regions in Indonesia who are users or observers of Islamic banking services. The research employed statistical analysis techniques including descriptive statistics, classical assumption tests, and multiple linear regression analysis to examine relationships among the variables. The findings reveal that digital innovation has the most significant positive impact on public trust, followed by asset growth and financing performance. Trust, in turn, mediates customer loyalty and preference for Islamic banking. The study also finds that consistency in applying Shariah-compliant practices enhances credibility and long-term engagement with customers. This study contributes to the literature on Islamic banking by integrating Islamic ethical perspectives, including references from the Qur'an and Hadith, into the discourse on financial trust. Practically, the results highlight the importance of technological innovation and value-based service delivery in strengthening trust in Islamic banking institutions. The study recommends continuous investment in digital platforms, ethical financing models, and transparent communication strategies to improve trust and institutional sustainability.
Khairi Waqf as an Instrument of Islamic Social Finance: Empowering Education and Healthcare in Rural Indonesia Sari, Atika; Isnaini, Desi; Pramadeka, Katra
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.415

Abstract

This study investigates the empowerment of khairi waqf in advancing educational and healthcare services within a rural Indonesian context, specifically in Sido Sari Village, Sukaraja District, Seluma Regency. Using a qualitative descriptive approach, data were collected through in-depth interviews, field observations, and document analysis involving nazirs, village officials, educators, healthcare workers, and beneficiaries. Findings reveal that khairi waqf played a pivotal role in establishing early childhood education (PAUD), madrasah, and community health services (posyandu), significantly improving access and equity for marginalized populations. The waqf initiatives were deeply embedded in local participation, reflecting the values of sadaqah jariyah, ta‘awun (mutual cooperation), and hifz al-nafs and hifz al-‘aql as core principles of maqashid shariah. However, the study also identifies challenges related to limited operational funding, untrained nazirs, policy fragmentation, and declining youth engagement in waqf literacy. These issues underscore the need for transitioning from static to productive waqf models, formalizing multi-level governance, and integrating waqf into local development and religious education frameworks. This research contributes to the discourse on Islamic social finance and rural development by offering a context-sensitive model of waqf empowerment that combines spiritual intent, professional governance, and grassroots synergy.
From Law to Practice: Assessing Productive Waqf Governance Under Indonesia’s Law No. 41/2004 Veronica, Cici; Arisandi, yosy; Afrianty, Nonie
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.422

Abstract

This study examines the implementation of Law No. 41 of 2004 on Waqf at the Muhammadiyah Mosque in Bengkulu City, focusing on governance gaps between local waqf management and the Indonesian Waqf Board (BWI). A qualitative case study was employed, with data collected through semi-structured interviews (8 nazirs and BWI officers), document analysis (financial reports, meeting minutes), and participant observation (3 plenary meetings). Thematic analysis followed Miles and Huberman’s (2020) interactive model. Key issues include: (1) Exclusive planning (100% of meetings excluded BWI, violating Article 43); (2) Nazir incompetence (78% lack management training); (3) Low asset productivity (15–40% utilization rates); and (4) Weak supervision (no BWI oversight). The study highlights systemic non-compliance with national laws and Islamic governance principles (e.g., shura). Comparatively, Malaysia’s corporate waqf models achieve 85% efficiency, suggesting adoptable reforms. Institutional reforms—collaborative planning, nazir capacity-building, and tiered supervision—are critical to align waqf management with Shariah and legal mandates, unlocking its socio-economic potential.
The Influence of Religiosity, Income, and Trust on Income Zakat Intention Annisa Fitri, Shafiah; Sri Wahyuni, Eka; Harpepen, Andi
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.433

Abstract

This study examines the impact of religiosity, income, and trust on individuals’ intention to pay income zakat in Talo District, Seluma Regency, Indonesia. A quantitative method was employed using a structured questionnaire distributed to 100 eligible Muslim respondents. The analysis was conducted through multiple linear regression. Results demonstrate that religiosity, income, and trust significantly affect zakat payment intention, with religiosity emerging as the strongest predictor. The model explains 50.7% of the variance in zakat intention. These findings suggest that enhancing religious commitment, economic capacity, and institutional trust is vital to fostering zakat compliance, especially in semi-rural communities. The study also underscores the need for targeted awareness campaigns and more transparent zakat management to strengthen public confidence in formal zakat institutions. By integrating behavioral and institutional dimensions, this research contributes to a more comprehensive understanding of Islamic philanthropic behavior in emerging economies.
Integration of the Da'wah of Tawhid in the Economic Activities of Muslim Communities: Challenges and Strategies Nuradi, Nuradi; Husnul Khatimah; Fathan Qoriba; Adi Wijaya
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.447

Abstract

The integration of monotheism in economic activities will undoubtedly significantly impact the socio-economic well-being of Muslim societies. While a large body of literature discusses the relationship between religion and economics, few studies specifically explore the effective integration of the concept of tawhid into the economic practices of Muslim societies. This research aims to bridge this gap by examining a comprehensive approach to incorporating the principles of tawhid into economic activities. The aim is to create a strong synergy between faith and economic practices in daily life. A systematic analysis of secondary data sources, including journal articles, books, conference reports, and dissertations, identified key themes and practical methods for implementing the values of tawhid in various aspects of business operations, such as financial management, investment decisions, and employee relations. The findings are clear: Integrating tawhid strengthens the spiritual foundation of Muslim societies and contributes to more ethical, transparent, and sustainable business practices. However, implementing the strategy has encountered some challenges that must be addressed with suitable strategies, which are also outlined in this study. This research offers practical recommendations for economic actors and religious leaders, contributing to the growing knowledge of the intersection of religion and economics. It provides innovative solutions to contemporary challenges in the field.
The Digitalization of ZIS Services from a Maqashid Shariah Perspective Surur, Miftahus; Hafidz Al Fajar, Adam; Gunawan, Gunawan; Rahmi Irfaniah, Nur; Purnawan, Puji
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.453

Abstract

This study aims to explore two main issues: (1) how the values of maqashid sharia can be integrated into the digitalization of Zakat, Infaq, and Sadaqah (ZIS) services, and (2) how the digitalization of ZIS services impacts social empowerment in the digital era. The advancement of information technology has encouraged zakat management institutions to adopt digital systems for collecting and distributing ZIS funds. However, it is essential to ensure that these innovations remain grounded in core sharia principles that emphasize justice, transparency, and social sustainability. This research employs a library research method with a descriptive-analytical and comparative approach. Data were collected from national and international scholarly journals accessed through databases such as Google Scholar, DOAJ, SINTA, and Scopus, using keywords such as “digital zakat,” “maqashid sharia,” “social empowerment,” and “technology-based zakat.” The relevant literature was analyzed to identify patterns of maqashid integration and to evaluate the social impact of ZIS digitalization. The findings reveal that the digitalization of ZIS has actualized maqashid sharia principles through various digital features, including online zakat education (hifz al-din), humanitarian aid via digital platforms (hifz al-nafs), transparent fund management (hifz al-mal), and Islamic financial digital literacy (hifz al-‘aql). Furthermore, digitalization has been proven to enhance social empowerment through improved efficiency in distribution, broader access, and sustainable economic strengthening of the beneficiaries (mustahik).
Human Resources Development for Competitive Innovation in Sharia Banks: A Case Study of BSI KCP Kopo Nurrachmi, Intan; Refanisa Zaeni, Mutiara; Ibadurrahman, Zayd; Nazwa Khoerunisa, Fadila; Aulia Resa, Alif
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.454

Abstract

Along with the rapid development of technology and the increasingly globalization of the world, the banking sector faces increasingly complex challenges. Fierce competition, changing consumer behavior, and advances in information technology are forcing banking institutions to adapt and innovate in their products and services. This analysis aims to provide an in-depth understanding of the role of human resources (HR) in encouraging innovation in the banking sector, especially in Islamic banking. This study uses a qualitative approach with a phenomenological study design to explore the experiences and perceptions of Islamic banking employees about the importance of human resource competencies in supporting more competitive service innovation. The main results of the study show that human resource competencies, especially in terms of creativity, technological expertise, and understanding of sharia principles, are key factors in driving service innovation. However, Islamic banking faces major obstacles in recruiting and retaining top talent due to stiff competition with more established conventional banks, offering more attractive compensation and benefits. This study reveals how employees' perception of limitations in human resource management has a direct impact on the dynamics of innovation in the context of value-based Islamic banking. The results of the research will enrich the literature on sharia value-based HR management with a focus on the relationship between individual competencies and service innovation in the ethics-based financial sector. The success of innovation in Islamic banking is highly dependent on the quality and strategy of human resource management, which must proactively address external challenges by prioritizing value-based competency development and innovation sustainability.
Revisiting the Role of Institutional Ownership in Sharia-Compliant Stock Performance: Evidence from the Jakarta Islamic Index (2020–2023) Taufik, M. Iman; Dwiastuti, Ninuk; Lala, Lala
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.455

Abstract

This study examines the effect of institutional ownership on the performance of Sharia-compliant stocks listed on the Jakarta Islamic Index (JII) during the period 2020–2023. Using a quantitative research approach with an ex post facto design, this study analyzes secondary data from 16 companies that consistently appeared in the JII for four consecutive years. The stock performance was measured using annual log-returns, while institutional ownership was calculated as the percentage of shares held by institutional investors. The data were analyzed using simple linear regression after fulfilling classical assumption tests, including normality, linearity, and heteroscedasticity tests. The results show that institutional ownership has a negative but statistically insignificant effect on Sharia stock returns, explaining only 3.4% of the variation. These findings imply that institutional ownership is not a dominant factor influencing the performance of Sharia stocks in Indonesia, particularly during periods of market volatility. Instead, factors such as Sharia governance quality, ethical compliance, and sector-specific risks may play a more important role. This study contributes to the literature on Islamic capital markets by offering empirical evidence that conventional ownership-performance models may have limited applicability in Sharia contexts and encourages future research to consider alternative explanatory variables grounded in Islamic principles
Integrating Maqashid al-Shariah into Islamic Economic Practices: A Contemporary Analytical Framework and Its Applications Marwah, Andi; bin Sapa, Nasrullah; Syatar, Abdul
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.456

Abstract

The growing demand for ethical and inclusive economic frameworks has renewed scholarly interest in maqasid al-shariah as a foundational paradigm in Islamic economics. As the higher objectives of Islamic law, maqasid seek to protect religion (din), life (nafs), intellect (aql), lineage (nasl), and wealth (mal). This study employs a qualitative-descriptive approach using structured library research to analyze fifteen academic sources published between 2019 and 2025, focusing on how maqasid principles are conceptualized and implemented in Islamic finance, social policy, and cooperative systems. The findings reveal that while there is growing theoretical engagement with maqasid, practical applications remain limited by formalistic interpretations and insufficient institutional adaptation. Notable progress exists in areas such as mudharabah, takaful, and zakat-waqf integration, but broader reform is needed to shift from legal compliance to maqasid-oriented innovation. This research contributes to the theoretical advancement of Islamic economic thought by offering a synthesized and critical review of contemporary maqasid applications, and recommends the systemic integration of maqasid into policy-making, institutional governance, and economic design.
The Islamic Perspective on Managing Youth Wealth in Sharia Finance Bte Badrul Munir, Maryam; Badrul Munir, Tahani
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.465

Abstract

This study examines the Islamic perspective on the financial management of youth via the lens of maqasid syariah, encompassing five principal objectives: orientasi ibadah (worship orientation), orientasi jiwa (spiritual orientation), orientasi akal (mindful orientation), orientasi keturunan (offspring orientation), dan orientasi harta (property orientation). The research seeks to provide a financial management framework for youth, grounded in Syariah principles and an ibadah-focused perspective that regards wealth stewardship as an aspect of devotion to Allah. A qualitative methodology was utilized, incorporating comprehensive interviews with Islamic finance scholars, young practitioners, and community leaders, alongside document analysis of both ancient and contemporary Islamic economic literature. The results indicate that proficient youth money management is not solely transactional but transformative—cultivating spiritual discipline (ibadah), psychological equilibrium (nafs), intellectual development (‘aql), familial duty (nasl), and sustainable financial practices (mal). The study reveals a deficiency in contemporary financial education for Muslim adolescents, frequently devoid of Syariah value integration. This research underscores the significance of early financial education that internalizes maqasid-oriented principles, resulting in more responsible, ethical, and influential financial actions. The proposed approach aids in the formulation of policies for Islamic financial literacy programs and bolsters youth empowerment initiatives by synchronizing financial behaviors with enduring spiritual and societal welfare

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