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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 Influence of Financial Literacy, Financial Technology, and Risk Perception on Investment Decisions Roshinta, Maudy; Ilham Wardhana Haeruddin, Muhammad; Nurman, Nurman; Ichwan Musa, Muh; Ruma, Zainal
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.315

Abstract

This study investigates the influence of financial literacy, financial technology, and risk perception on investment decision-making among users of the Pegadaian Digital application in Makassar, Indonesia. Employing an explanatory quantitative research design, data were collected through online questionnaires distributed to a sample of 60 respondents. The analysis involved instrument validity and reliability testing, classical assumption tests, and hypothesis testing, all conducted using IBM SPSS 25. The findings reveal that, partially, financial literacy and risk perception exert a positive and statistically significant effect on investment decisions, whereas financial technology demonstrates a negative and statistically insignificant effect. However, when considered simultaneously, financial literacy, financial technology, and risk perception collectively exert a significant influence on investment decisions. These results highlight the importance of financial literacy and risk awareness in shaping investors’ behavior and decision-making processes. The study further suggests that prospective and current investors should deepen their knowledge and understanding of available investment instruments to make informed decisions, reduce uncertainty, and minimize potential losses.
Patterns of Choosing the Right Sharia Investment for Beginners Amid Global Economic Uncertainty Husin, Amir; Putri Khairani, Zenni; Matondang, Riswandi; Rahmat, Paisal
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.457

Abstract

This research discusses various types of Islamic investment instruments, such as Islamic stocks, sukuk, Islamic mutual funds, and gold, as well as the criteria for choosing investments that are in accordance with sharia values. Islamic investments are increasingly in demand as an investment alternative that is not only financially beneficial, but also in accordance with Islamic principles. The purpose of this research is to find the right type of Islamic investment for beginners amidst global economic uncertainty. The research also emphasizes how important it is to ensure that every investment instrument has integrity and transparency. The method used for the literature study is a descriptive qualitative approach that analyzes various relevant academic sources through content analysis. The results show that investments with low risk, affordable capital, and in accordance with sharia principles, sharia mutual funds, gold and sharia deposits are the most suitable instruments for beginners amid global economic uncertainty. Factors such as risk profile, financial goals and investment time horizon are also explained as important considerations when making decisions for Islamic mutual funds, sukuk and gold. Investors can choose Islamic investment instruments that are profitable and foster confidence with a good understanding. The results of this study are expected to be an initial guide for novice investors in choosing Islamic investments amidst economic uncertainty.
Analysis of Factors Influencing Public Trust in the Adoption of Digital Zakat Payment Suselo, Dedi; Zaenal Abidin, Ahmad; Prasetian Dewi, Arlinta; Eko Sujianto, Agus; Akhyak, Akhyak
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.501

Abstract

Abstract: Public trust in amil zakat institutions is a key factor in optimizing national zakat collection. Although Indonesia has a vast zakat potential, actual collection remains low. One of the main causes is the lack of public trust in zakat management institutions, particularly concerning transparency, accountability, and fund management security. In the context of technological advancement, the digitalization of zakat payment systems emerges as a promising solution to enhance efficiency, accessibility, and public trust. This study aims to analyze the factors influencing public trust in digital zakat platforms, using the National Amil Zakat Institution Baitul Maal Hidayatullah (BMH) as a case study. The research adopts a quantitative approach with an associative research design. Data were collected through questionnaires distributed to 150 respondents who are active users of BMH’s digital platform. The analytical method used is exploratory factor analysis to identify the latent structure of variables forming the trust construct. The results indicate three main factors that significantly influence public trust in digital zakat platforms: digital security, transparency and reporting, and ease of use. These three factors show a strong relationship in shaping public perceptions of the credibility of technology-based zakat systems. The findings affirm that trust in digital zakat services is influenced not only by technological factors but also by institutional integrity and the overall quality of user experience.
Optimizing Infak Funds in Efforts to Empower Nutrition of Marginalized Communities Azizah, Luthfiah; Juvither Teguh Alfharizqi, Mochammad
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.562

Abstract

Malnutrition and stunting remain persistent challenges in Indonesia and other Muslim-majority countries, demanding innovative financing approaches that address both immediate and structural needs. This study examines the role of infaq as an Islamic social finance instrument in supporting nutritional empowerment for marginalized communities. Employing a systematic literature review of 32 studies published between 2015 and 2025 across Scopus, Web of Science, and national SINTA databases, the analysis followed PRISMA 2020 guidelines to ensure transparency in study selection and synthesis. The review identified five major themes: governance and accountability, digitalization of philanthropy, community-based empowerment, hybrid consumptive–productive models, and alignment with the Sustainable Development Goals. Evidence from randomized and quasi-experimental studies demonstrated that targeted interventions, such as supplemental feeding and maternal education, improve short-term nutritional outcomes, while integrated and well-governed models strengthen long-term resilience. Despite these promising insights, rigorous evaluations directly linking infaq allocation to nutritional indicators remain limited, underscoring the need for pre-registered trials, digital fund-tracking, and stronger institutional collaborations. By synthesizing empirical findings with Islamic economic principles and the maqasid al-shariah, this study proposes a conceptual framework positioning infaq not only as a charitable mechanism but also as a developmental instrument that bridges global health agendas with the ethical imperatives of Islamic economics
Outcome-Based English Learning for Islamic Economics Students in Indonesian Universities Rahman, Muthia; Syafitri, Widya; Laila, Yulia; Febrina, Reni; Widianita, Rika
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.569

Abstract

This study addresses the need for Islamic Economics graduates to acquire not only theoretical knowledge but also practical English communication skills, in order to meet the challenges of global economic integration and the Islamic finance industry. The research aims to redesign English for Economics courses by applying principles of Outcome-Based Education (OBE). Using a qualitative descriptive design, this study analyzes curriculum documents, previous research, and case examples from Islamic universities to examine the integration of communicative competence, critical thinking, and contextual understanding into course design. The findings indicate that OBE-based instruction enhances students’ linguistic proficiency, professional readiness, and international engagement by aligning learning outcomes with industry requirements. The study contributes to curriculum development by offering a framework for implementing OBE in English for Islamic Economics. Its novelty lies in positioning OBE as a strategic approach to bridge the gap between traditional reading-focused instruction and the real-world communicative demands of Islamic economics education.
Challenges, Adaptation, and Impacts: A Comprehensive Study of BSI Laku Pandai Agents in Providing Islamic Financial Services in Remote Areas Daus, faizal; Oktaviani, Yeni
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.570

Abstract

This study examines the implementation of the BSI Laku Pandai program as an instrument of Islamic financial inclusion in remote areas, focusing on Bang Haji, Pagar Jati, and Merigi Sakti sub-districts in Central Bengkulu Regency. The main objectives are to identify the challenges faced by agents, analyze their adaptive strategies, and assess the program’s impacts on the economic and social well-being of local communities. The research employs a qualitative approach through in-depth interviews, observations, and document analysis, guided by Amartya Sen’s Capability Approach. The findings reveal that agents face structural barriers, including poor infrastructure, low financial literacy, and limited operational capacity. Nevertheless, agents developed adaptive strategies such as collaborating with religious leaders, using religious narratives, employing alternative technological solutions, and providing door-to-door services. The program has delivered tangible benefits by reducing reliance on informal moneylenders, fostering trust in formal institutions, expanding access to sharia-compliant financing for microenterprises, and reinforcing the community’s religious identity. The study concludes that financial inclusion should not be measured solely by access to services but by the extent to which such services enhance people’s substantive capabilities. Accordingly, the program requires complementary measures, including financial literacy initiatives, digital infrastructure development, and continuous capacity-building for agents, to ensure broader and more sustainable impacts.
Determinants of Profitability in BCA Syariah: The Role of NPF, FDR, and DER from 2015-2023 Permatasari, Diah; Wisandani, Iwan; Andani, Listia; Mustika Sari, Feni
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.563

Abstract

Islamic banking in Indonesia has shown consistent growth, making profitability a crucial indicator of financial health and competitiveness. This study examines the effect of non-performing financing (NPF), financing-to-deposit ratio (FDR), and debt-to-equity ratio (DER) on return on equity (ROE) at BCA Syariah during 2015–2023. Using a quantitative associative design, we obtained 36 annual observations from financial statements and applied panel regression to evaluate both simultaneous and partial effects. The results indicate that NPF, FDR, and DER jointly influence ROE. Partially, NPF exerts no significant effect, FDR has a significant negative impact, while DER shows a positive but insignificant relationship with ROE. The dominance of FDR highlights the central role of liquidity management compared to credit risk and capital structure.The novelty of this study lies in its contrast with prior findings, where NPF is typically found to significantly reduce profitability. In BCA Syariah’s case, strong risk management and stable financing quality appear to mitigate the adverse effects of NPF, making liquidity pressure (FDR) the primary determinant of profitability. Theoretically, this extends the literature on Islamic banking profitability by showing that the impact of financing risk may be context-specific and shaped by internal bank governance. Practically, the findings suggest that BCA Syariah should continue improving financing quality while prioritizing stricter management of third-party funds, thereby strengthening profitability and enhancing its competitive position in the Islamic banking sector.
Integrating Product Quality Dimensions into Competitive Advantage Strategies: A Thematic Synthesis Toward Sustainable Value Creation Haris Prawiranegar, Abdul; Adi Wijaya, Yulian
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.575

Abstract

This study explores how product quality dimensions can be strategically integrated into competitive advantage frameworks to create sustainable value. Despite extensive discussions on product quality and business strategy, few studies have systematically examined how quality functions within cost leadership, differentiation, and focus strategies in the digital economy era—particularly among SMEs. Using a thematic synthesis approach, this study reviews and critically analyzes academic publications from 2020–2025 obtained from Scopus, DOAJ, and Google Scholar. The findings reveal that product quality acts as a multidimensional strategic lever that connects cost efficiency, innovation-driven differentiation, and adaptive focus strategies. The study further highlights that digitalization and data-driven management systems enhance the synergy between quality, price, and promotion, enabling firms to sustain competitive advantage in volatile markets. Theoretically, this review contributes an integrative conceptual framework linking product quality to strategy typologies, while practically offering guidance for SMEs and business managers to design efficient yet value-creating quality strategies.
Reconstruction of Islamic Economic Law within the Modern Economic System: Between Normativity and Practice Wahdini, Sri
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.v6i01.579

Abstract

This study aims to analyze and reconstruct Islamic economic law to ensure its relevance within the framework of modern economic systems shaped by globalization, digitalization, and the dynamics of free markets. The research addresses the gap between the normative values of Islamic law and the profit-oriented practices of contemporary economics. Employing a normative-empirical approach with a qualitative descriptive method, the study integrates textual analysis of the Qur’an, Hadith, and both classical and contemporary fiqh literature with empirical observations drawn from regulations, DSN-MUI fatwas, and practices of Islamic financial institutions and fintech in Indonesia. The findings reveal that the implementation of Islamic economic law still faces structural and epistemological challenges, particularly in maintaining the principles of justice and public welfare amid global market pressures. However, through a reconstructive framework grounded in maqāṣid al-sharī‘ah, Islamic economic law can be contextually actualized through product innovation, regulatory integration, and institutional strengthening. The study concludes that the reconstruction of Islamic economic law should not only adapt to technological and market developments but also play a transformative role in shaping an ethical, just, and sustainable economic system aligned with Islamic moral values
The Influence of the Seven Principles of Zakat Management on Service Effectiveness and Efficiency: An Empirical Study Using the PLS-SEM Approach Kolopita, Sukriyendi; Anwar, Saiful; Aini, Nur; Yana Aditya, Mochammad; Amelia, Amie
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 02 (2025): Islamics Economics
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i02.581

Abstract

This study aims to analyze the influence of seven fundamental principles of zakat management—Islamic law, trustworthiness, benefit, justice, legal certainty, integration, and accountability—on the effectiveness and efficiency of zakat institutions in Indonesia. A quantitative method was employed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach with data obtained from 100 respondents representing various zakat management institutions. The findings reveal that all seven principles have a significant effect on the effectiveness and efficiency of zakat services, with a coefficient of determination (R²) of 0.822, indicating a strong explanatory power of the model. The predictive relevance value (Q²) of 0.645 also demonstrates high predictive validity. Among these, accountability, integration, and trustworthiness emerge as the most dominant factors. These results confirm that zakat governance grounded in Islamic principles and supported by accountable and integrated institutional systems can significantly enhance the performance and optimization of zakat distribution and utilization

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