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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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Blockchain-Based Waqf and Maslahah Mursalah: A Sharia Analysis in Light of MUI Fatwas Widyarta Wijaya, Muhammad; Ramis, Irfan; Rohmaningtyas, Nurwinsyah; Ghozali, M. Lathoif
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.v6i02.573

Abstract

Despite Indonesia’s vast waqf potential, asset management remains inefficient due to persistent issues of transparency, accountability, and public trust. This study examines the integration of blockchain technology within waqf management and its legitimacy under Islamic law, analyzed through the lens of maslahah mursalah and Majelis Ulama Indonesia (MUI) fatwas. Previous studies on blockchain waqf have largely focused on technical feasibility and governance frameworks, yet have not sufficiently addressed its shariah legitimacy through usul fiqh reasoning. Employing a qualitative-descriptive method, the research integrates four analytical stages: (1) textual analysis of Qur’anic and Prophetic principles on transparency and trust (amanah), (2) review of MUI fatwas to identify legal boundaries for digital financial instruments, (3) comparative analysis of blockchain-based waqf models from Malaysia, Turkey, and the UAE, and (4) conceptual synthesis aligning technological transparency with the objectives of maslahah mursalah. Findings suggest that blockchain, when implemented within a shariah-governed framework, fulfills the criteria of public benefit and does not contravene existing fiqh principles, thus qualifying as a legitimate ijtihadi innovation (tathbiq al-maslahah). The study concludes that blockchain-based waqf has the potential to strengthen institutional credibility, enhance transparency, and optimize social welfare distribution. This research contributes to the development of sharia-compliant digital philanthropy frameworks in Indonesia and offers policy insights for the digital transformation of Islamic social finance institutions
Islamic Economic Ethics and Social Capital in Waste Bank Empowerment: A Study of BUMDes in Blitar Nur Isnaini, Ulya; Nurohman, Dede; Huda, Qomarul; Fuad, Ah Zaki
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.v6i02.571

Abstract

This study explores how Village-Owned Enterprises (BUMDes) operate in two locations: BUMDes Karya Bakti in Pojok Village and BUMDes Suraya in Banggle Village. The central issue lies in the fact that while many BUMDes experience declining performance, some remain resilient. One BUMDes, in particular, continues to perform stably, which is presumed to be due to the strength of its social capital. Therefore, this research is significant in examining how social capital is applied within these two BUMDes and understanding the reasons behind their differing performance levels. This study employs a qualitative research approach using case studies and the maqāṣid al-sharī‘ah framework. The findings reveal that trust, norms, and social networks play a central role in fostering participation, collaboration, and sustainability. In Banggle, collective leadership and participatory governance have enabled the integration of social capital into well-structured institutional system, reflecting ecological citizenship and ukhuwwah (social solidarity) as the foundation of empowerment. Meanwhile, in Pojok, social capital remains concentrated within a limited managerial core, resulting in lower inclusivity and greater dependence on hierarchical authority.
Marketing Strategy of Non-Bank Islamic Financial Institutions to Enhance Financial Inclusion in Indonesia Irwandi, Irwandi; Arifin, Asriadi
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.v6i02.583

Abstract

Financial inclusion remains a major challenge in the Indonesian economic system, particularly for low-income communities and micro-entrepreneurs who are not yet served by formal financial institutions. This gap creates unequal access to financial services that can promote economic welfare and social empowerment. This study aims to analyze the role of Non-Bank Islamic Financial Institutions (LKSNB) in expanding financial inclusion in Indonesia and identify effective strategies implemented to reach marginalized groups. The research method used is library research with a qualitative descriptive-analytical approach, through a systematic review of scientific literature, financial institution reports, and related empirical research results. The analysis is conducted using a theoretical framework of financial inclusion based on Islamic economic values, which emphasize distributive justice, the principle of mutual assistance (ta'awun), and Islamic financial ethics. The results show that LKSNB has a strategic role in expanding access to Islamic finance through microfinance products, productive zakat and waqf institutions, and Islamic cooperatives. The practical implications of these findings underscore the importance of government policy support in strengthening the non-bank Islamic financial ecosystem through digitalization, Islamic financial literacy, and collaboration between regulators, Islamic scholars, and industry players. This research is expected to serve as a reference for policymakers and practitioners in designing equitable and sustainable financial inclusion strategies.
Sharia Compliance Indicators and Implications for Fraud Risk in Sharia Commercial Banks in Indonesia nasfi, nasfi; Prawira, Adi; Lutfi, Ahmad; Suhatman, Suhatman; Sabri, Sabri
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.v6i02.584

Abstract

Every bank operating, including Islamic commercial banks, has the potential to experience the risk of fraud. Fraud cases that occurred in Islamic Commercial Banks from 2022 to 2024. This study aims to analyze the influence of Sharia compliance indicators, measured by the Islamic Income Ratio (IIR), Profit Sharing Ratio (PSR), Islamic Investment Ratio (IsIVR), and Zakat Performance Ratio (ZPR), on fraud. Secondary data sources were taken from the Financial Services Authority (OJK) website, where 14 Sharia Commercial Banks submitted complete financial reports to the OJK for a three-year period. This resulted in a sample of 40 selected using a purposive sampling method. The analysis was conducted using panel data regression with Eviews 12. The results showed that IsIVR had a positive effect on fraud, while IIR, PSR, and ZPR did not have a significant effect. Simultaneously, all independent variables had a positive and significant effect on fraud in Sharia Commercial Banks
Integration of Islamic Values in Digital Business Ethics: a Case Study of Social Media Use by Muslim Business Actors K, Masnama; Irwandi, Irwandi; Nengsih, Hijrana; Arifin, Asriadi
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.v6i02.586

Abstract

The development of digital technology has changed the paradigm of modern business, including among Muslim entrepreneurs who now utilize social media as a primary means of promotion and transactions. However, this dynamic raises ethical challenges that need to be examined from the perspective of Islamic values. This study aims to analyze how Islamic values such as amanah , sidq , 'adl , ta'awun , and maslahah are integrated into digital business ethics. The method used is a qualitative approach through literature study, with descriptive-thematic analysis of relevant academic literature. The results show that the application of Islamic values in digital activities plays a significant role in building consumer trust, creating spirituality-based business sustainability, and fostering social responsibility in the digital economy ecosystem. The implications of this study emphasize the need to develop Islamic digital business ethics guidelines and increase ethical literacy for Muslim entrepreneurs to be able to carry out fair, blessed, and sustainable business practices in the era of digital transformation.
Strategies for Preventing Prohibited Transactions in Islamic Digital Finance: A Reflection on Riba, Gharar, and Maysir Asia, Nurul; Semaun, Syahriyah
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.v6i02.591

Abstract

The rapid expansion of digital financing products presents both opportunities and challenges to maintaining compliance with Islamic financial principles, especially concerning prohibitions against riba and gharar. This study analyzes Islamic financial management strategies to prevent non-compliant transactions within the digital financing ecosystem. Using a qualitative literature approach combined with thematic analysis of academic works, fatwas, and regulatory documents, the study identifies five dominant factors influencing sharia compliance: contractual clarity, information transparency, internal supervision, technological integration, and user literacy regarding digital contracts and transaction risks. The thematic analysis further revealed that institutions applying integrated monitoring and user education frameworks demonstrate higher compliance levels than those relying solely on contractual formalities. The findings suggest the necessity of a measurable Islamic financial management model that aligns contract design, risk control, and technology-based supervision to ensure that digital financing products are not only sharia-compliant but also effective in achieving the objectives of maqāṣid al-syarī‘ah.
The Role Of Productive Waqf In Promoting Sustainable Economic Development In The Gontor Ecosystem Rizqi Aulia, Putri Ayu; Triyawan, Andi
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.v6i02.574

Abstract

This study examines the implementation and economic impact of productive waqf within the ecosystem of Pondok Modern Darussalam Gontor (PMDG), a waqf-based Islamic educational institution known for its financial independence and sustainability model. Using a qualitative descriptive approach with a case study design, data were collected through document analysis, institutional reports, field observations, and semi structured interviews with waqf administrators and business unit managers. The findings reveal that Gontor has developed an integrated productive waqf ecosystem that combines physical waqf assets, human resource waqf (waqf basyari), and diversified business units operating in agriculture, publishing, education, cooperatives, and retail sectors. This system generates stable revenue streams that support operational costs, educational subsidies, scholarships, and community empowerment programs. The study also shows that PMDG applies strong sharia-based governance principles transparency, accountability, and periodic internal audits which ensure the sustainability and efficiency of waqf management. Beyond institutional benefits, productive waqf at Gontor contributes to local economic development through job creation, micro-economic stimulation, and equitable welfare distribution. These findings demonstrate that productive waqf, when professionally managed, can function as a strategic instrument for sustainable economic development and serve as a replicable model for other Islamic educational institutions. The study recommends strengthening waqf literacy, enhancing nazhir capacity, and expanding digital-based waqf management to support broader national implementation
The Effect of Company Size, Net Profit Margin, and Debt to Equity Ratio on Income Smoothing in Indonesia’s Textile and Garment Sector Laila, Yulia; Febrina, Reni; Rahman, Muthia; Anggi Lubis, Putri
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.v6i02.577

Abstract

This study aims to examine the effects of company size, net profit margin (NPM), and debt-to-equity ratio (DER) on income smoothing practices in textile and garment companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. Income smoothing is a managerial action designed to reduce profit fluctuations, thereby presenting a more stable financial performance and increasing stakeholder confidence. This quantitative research employs multiple linear regression analysis, accompanied by classical assumption tests, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that partially, company size, NPM, and DER each have a significant effect on income smoothing. Simultaneously, these three variables also significantly influence income smoothing practices, with an explanatory power of 85.7%. These findings suggest that the combination of firm size, profitability, and capital structure significantly contributes to managerial decisions related to income smoothing. This research enriches empirical evidence on earnings management behaviour. It provides implications for investors, auditors, and regulators in evaluating the quality of financial reporting and corporate transparency within Indonesia’s textile and garment sector.
Exploring the Dynamics of Digitalization in Zakat and Waqf Management: A Case Study of UPZ Baznas YAKIN Arifin, Moh; Majid Toyyibi, Abdul; Oktavia, Rima
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.v6i02.596

Abstract

This study aims to describe the opportunities and challenges of digitalization in the management of zakat and waqf at the Zakat Collection Unit (UPZ) of BAZNAS Yayasan Al Khidmah Indonesia (YAKIN). Using a descriptive qualitative approach, data were collected through in-depth interviews with UPZ administrators and analyzed narratively. The results of the study indicate that digitalization has had a positive impact on the efficiency of collecting and distributing religious social funds, as well as enhancing institutional transparency and legitimacy. UPZ BAZNAS YAKIN has utilized various digital platforms such as websites, social media, QRIS, and bank accounts, although it still faces obstacles such as limited funding and a lack of digital training. This research shows that digitalization plays a strategic role in building public trust and expanding community participation, and serves as an adaptive step in response to the dynamics of modern Islamic social finance. The study emphasizes the importance of technological innovation in strengthening institutional capacity and optimizing the potential of zakat and waqf in the era of digital transformation.
Project-Based Sukuk (PBS) for Educational Infrastructure: Auction Mechanism and Procurement Governance at UIN Sayyid Ali Rahmatullah Nur Rofik, Eka; Isno, Isno
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.v6i02.601

Abstract

This study examines the governance of infrastructure development funded by State Sharia Securities (SBSN) at UIN Sayyid Ali Rahmatullah Tulungagung through Project-Based Sukuk (PBS). Using a qualitative case study approach, data were collected through interviews, field observations, and documentation analysis involving key stakeholders such as PPK, procurement officials, SPI, and project supervisors from the Ministry of Religious Affairs. The results indicate that SBSN financing strengthens transparency, accountability, and sharia compliance through digital procurement (LPSE), multilevel supervision, and asset-based financing using ijarah contracts. Infrastructure financed by PBS has significantly improved educational services, digital facilities, and institutional competitiveness, while also demonstrating social resilience during the COVID-19 pandemic. However, challenges persist in administrative complexity, centralized procurement, and capacity readiness, which may influence efficiency in project implementation. This research highlights that PBS is not only a financing instrument but also an accountability-driven governance model that aligns with Islamic public finance principles to support sustainable development in higher education.

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