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Al-Sharf: Jurnal Ekonomi Islam
Published by Rahmat Islamiyah Press
ISSN : -     EISSN : 27235440     DOI : http://dx.doi.org/10.30596%2Fal-sharf.v1i3.98
Core Subject : Economy,
Economics, Econometrics & Finance
Al-Sharf: Journal of Islamic Economics published by the Rahmat Islamiyah Foundation, Medan, Indonesia. In this journal the articles contain articles about the fields of Islamic scientific research and Islamic education. Al-Sharf: Journal of Islamic Economics received manuscripts in the field of research including scientific fields that are relevant to: Islamic economics, especially in the field of sharia management and sharia banking. Al-Sharf: Journal of Islamic Economics published three times published in February, June, and October. ISSN 2723-5440 (Online)
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 11 Documents
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Search results for , issue "vol 7, no 3 (2026)" : 11 Documents clear
Transformative Credit Assessment Model (TCAM): Reconstructing the Role of the Credit Analyst as a Catalyst for Financial Inclusion in Sharia Microfinance Ahmad Rajaul Masrur; Darwis Darwis; Fahrurrozi Fahrurrozi
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13862

Abstract

Financial inclusion in Islamic microfinance continues to face a structural tension between prudent risk management and access for micro-borrowers who have limited formal financial records, unstable income, thin credit files, and insufficient collateral. This article proposes a Transformative Credit Assessment Model (TCAM) that reconstructs the role of the credit analyst from a conventional risk gatekeeper into an inclusion catalyst. The study employs a qualitative conceptual approach using a structured narrative review of recent national and international literature on Islamic microfinance, asymmetric information, credit scoring, alternative data, digital finance, financial inclusion, and Shariah governance. The synthesis identifies that conventional assessment is frequently constrained by document dependence and the inability to capture informal economic, behavioral, social, and community information. The model transforms the analyst's workflow into four sequential functions: risk gatekeeping, risk interpretation, relationship-based assessment, and inclusion catalysis. The proposed model is expected to reduce information asymmetry, decrease avoidable credit rationing, improve borrower bankability, and expand sustainable Islamic financial inclusion. The article's main contribution is a conceptual framework that connects asymmetric information theory, relationship-based microfinance, digital credit assessment, and maqashid al-shariah into a single operational model for Islamic microfinance institutions.
Reducing Poverty and Income Inequality Through Zakat Redistribution During the COVID-19 Crisis Moch Alif Ramdhani; Mahdiah Mumtaza Husna; Nofrianto Nofrianto; Muhammad Hasbi Zaenal
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13671

Abstract

Poverty and income inequality remain persistent development challenges across many countries, including those with established zakat management systems. Although zakat is widely recognized as an Islamic social finance instrument capable of improving social welfare, empirical evidence regarding the effectiveness of zakat redistribution across different economic conditions, particularly before, during, and after the COVID-19 pandemic, remains limited. This study addresses this gap by examining whether zakat redistribution effectively reduces poverty and income inequality and whether its effectiveness is state-dependent across crisis and recovery regimes. This study employs the Pooled Mean Group Autoregressive Distributed Lag (PMG-ARDL) approach using quarterly panel data from eight countries covering the 2016-2025 period. Quarterly observations were generated through quadratic match-average interpolation. Two empirical models, poverty and income inequality, were estimated while controlling for GDP per capita, inflation, and the Human Development Index. The findings reveal that zakat redistribution exerts a significant negative effect on poverty in both the short and long run, with the strongest long-run impact occurring during the COVID-19 period. Regarding income inequality, zakat redistribution produces a significant long-run negative effect, whereas the short-run effect is significant only for the full-sample estimation. Robustness tests using Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) confirm the consistency of the PMG-ARDL estimates. These findings underscore the importance of strengthening zakat governance, collection, redistribution, and digitalization to enhance poverty alleviation and inequality reduction, particularly during future economic crises.
Analysis of the Impact of the Sukuk Market and Sharia Financing on Economic Growth in Indonesia Mhd. Iqbal
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13834

Abstract

The development of sukuk and Sharia banking financing in Indonesia continues to rise, yet economic growth results remain mixed. This situation highlights the need for an analysis that considers Sharia financing instruments, investment, and macroeconomic conditions. This study aims to analyze the relationship between outstanding sukuk and Sharia banking financing and Indonesia's economic growth, incorporating Gross Fixed Capital Formation (GFCF) and inflation as control variables. The study utilizes quarterly secondary data from 2010 to 2024 and employs the Autoregressive Distributed Lag (ARDL) approach to identify short- and long-term relationships. The results indicate a long-term relationship among economic growth, outstanding sukuk, Sharia banking financing, GFCF, and inflation. However, in the long run, none of these variables demonstrate a statistically significant impact on economic growth. In the short run, GFCF has a positive and significant effect on economic growth, whereas outstanding sukuk, Sharia banking financing, and inflation do not show a significant impact. Furthermore, the negative and significant error correction term coefficient indicates the existence of an adjustment mechanism toward long-term equilibrium. These findings suggest that the dynamics of Indonesia's economic growth in the short run are more closely linked to changes in capital formation than to changes in sukuk, Sharia banking financing, or inflation.
Digital Synergy in the Islamic Economy: An Analysis of Cash-Burning Strategies on Online Platforms from an Islamic Perspective Dety Pebriyanti
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13877

Abstract

This study aims to analyze cash-burning practices from an Islamic economics perspective by examining their alignment with the principles of maqashid al-shariah. This study employs a qualitative method with a descriptive-normative approach, based on library research of scientific journals, industry reports, and academic publications from 2019 to 2025. This approach was chosen because it is relevant for evaluating modern economic practices based on Islamic legal values and principles. Data analysis was conducted through content analysis and normative-theological evaluation using the maqashid al-shariah framework. Research findings indicate that cash-burning strategies are effective in boosting the adoption of digital services and significantly accelerating user growth. However, this practice also poses risks of price distortion, dependence on venture capital, and potential unfairness toward small businesses. From an Islamic economic perspective, cash-burning is not automatically prohibited, but it is only justified when directed toward creating public benefit, such as financial inclusion, the empowerment of MSMEs, and economic equity.
Effect of Sukuk Market Development on Foreign Direct Investment in Sukuk-Issuing Countries Mahdiah Mumtaza Husna
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13673

Abstract

The rapid expansion of the global sukuk market and the increasing need to attract foreign direct investment (FDI) have raised an important question regarding whether Islamic capital market development can strengthen a country's investment attractiveness. This study investigates the effect of sukuk market development on FDI inflows in sukuk-issuing countries while controlling for GDP per capita, inflation, and trade openness. The analysis employs the Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) estimator using quarterly panel data from nine sukuk-issuing countries covering the period 2015–2024. Prior to estimation, cross-sectional dependence, slope heterogeneity, second-generation unit root, and Westerlund–Edgerton cointegration tests were conducted, followed by a robustness analysis using the Augmented Mean Group (AMG) estimator. The results reveal that sukuk market development exerts a positive and statistically significant effect on FDI inflows in both the short and long run. The negative and significant Error Correction Term confirms the existence of a stable long-run equilibrium relationship. In addition, GDP per capita and trade openness positively influence FDI inflows, whereas inflation has a negative effect. The AMG estimates further confirm the robustness of the findings. These results demonstrate that strengthening the sukuk market enhances a country's attractiveness to foreign investors by improving the depth and credibility of the Islamic financial system. The study provides empirical evidence supporting the strategic role of sukuk market development in promoting sustainable investment and offers policy implications for regulators seeking to strengthen Islamic capital markets as a source of long-term development financing
Digital Gold Investment From A Sharia Perspective: Analyzing Riba And Gharar And Developing A Sharia-Compliant Transaction Framework Mila Dwi Rahmatya; Mohd Syahiran Abdul Latif; Mohd Hapiz Mahaiyadin; Mohd Sirajuddin Siswadi Putera Muhamed Shith
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13835

Abstract

The increasing development of digital gold investment in Indonesia has led Pegadaian and its affiliated companies, as the most popular providers of gold savings, to face Sharia compliance issues related to the potential of the riba (interest) and gharar (uncertainty). The objective of this qualitative research is to evaluate the adherence of Pegadaian and its affiliated firms to Sharia principles in ribawi commodity transactions, and to develop a digital gold investment guide that conforms to Sharia principles. The data was gathered through a literature review on digital gold investment and a content analysis of the platforms and applications utilized by Pegadaian and its affiliated companies. The data was subsequently subjected to thematic analysis to generate the concept of Sharia-compliant digital gold transactions. The results of the analysis indicate that Pegadaian's gold savings and the entities associated with it exhibit elements of gharar, as there is no physical gold present. The aforementioned cost savings exhibit traits of riba, as there is neither a physical nor a constructive transfer of gold ownership. Nevertheless, the provided services adhere to the principle of cash payment. The guidelines for digital gold investment compliance highlight the transaction mechanism, taking into account the object, the process of handover, payment, and storage of the investor's gold. The existence of this guide is important to assist investors in deciding on Sharia-compliant gold investments, as well as to provide a reference for the gold investment industry regarding the guidelines for digital gold investments that are free from riba and gharar. And encourage the policymakers to be more cautious in Regulation.
Differences in Legal Views on Bay al-Inah: A Comparative Study between the Fatwa of the Indonesian DSN-MUI and the Resolution of the Malaysian SAC-BNM. Imam Kamaluddin; Irfan Maulana Ishaq; Ahmad Yasin; Muhammad Lukman Hanif; Irawan Irawan; Ahmad Zaki Al Fanani
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13677

Abstract

The jurisprudential divergence between Indonesia and Malaysia over the validity of the Bay' al-'Inah contract has triggered market fragmentation. It poses a significant challenge to harmonization within the global Islamic finance industry. This study aims to evaluate the legal policies in both jurisdictions through the lens of Maqashid al-Shari'ah, assessing the trade-offs between economic pragmatism and legal idealism. The research employs a normative-qualitative comparative methodology, analyzing the DSN-MUI (Indonesia) fatwas and the SAC-BNM (Malaysia) resolutions utilizing a juridical-textual approach and teleological evaluation. The findings reveal a fundamental distinction between epistemological paradigms: SAC-BNM adopts a pragmatic formalism oriented toward Hifz al-Mal (the preservation of wealth) to enhance liquidity, albeit at the cost of reputational risks. Conversely, DSN-MUI implements a substantive-preventive approach (Sadd al-Dhari'ah) rooted in Hifz al-Din (the preservation of religion), which safeguards Sharia purity but inadvertently results in inefficiency in innovation. In conclusion, this regulatory divergence underscores that fatwas operate not merely within a binary halal-haram dichotomy but also as public policy instruments that require a dynamic equilibrium between market imperatives and Sharia integrity. To achieve adaptive harmonization, Malaysia's pragmatism necessitates circumscription via a transition toward Tawarruq contracts, whereas Indonesia's idealism must be incentivized to drive more cost-competitive product innovation.
Halal MSME Digitalization: Information Technology- Enabled Business Model Adaptation in the Riau Islands Aulia Rahman; Destia Dwi Putri; Fayza Ananda Pratiwi
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13838

Abstract

This study analyzes the innovation strategies of Smartphone Cellular, an MSME in Batam, in adapting its business model through information technology. Using a descriptive exploratory qualitative approach, the study identified five key innovations: COD delivery services, COD transaction documentation as marketing content, multi-currency payments (IDR, SGD, and MYR), cross-island and cross-border distribution partnerships, and live streaming. These innovations form the SIJORI Adaptive Smartphone MSME Business Model (Hybrid-Trust Model), which integrates Online-to-Offline (O2O), social commerce, and trust-based services. Information technology improves operational efficiency, expands market reach, and strengthens MSME competitiveness. However, the business faces challenges related to exchange-rate fluctuations, logistics complexity, limited digital competencies, and FTZ implementation, which may increase the cost and complexity of distributing goods to areas outside the FTZ. The findings indicate that integrating technology, trust, logistics flexibility, and geographical proximity provides an adaptive strategy for MSMEs in the SIJORI region.
Integrating Artificial Intelligence And Personality Traits Into The Theory Of Planned Behavior: Driving Shariah Compliant Investment Decisions Togi Haidat Mangara; Titania Mukti; Kayla Annisa Ayu; Risa Novianti Ramdani
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13797

Abstract

This study aims to examine a structural framework integrating Artificial Intelligence (AI) and Personality Traits into the Theory of Planned Behavior (TPB) model, with intention acting as a mediating variable on Shariah investment decisions among Generation Z in Indonesia. Data analysis was conducted using a quantitative approach with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that TPB has a positive and significant effect on investment intention. Intention also strongly mediates the relationship between TPB and investment decisions and has a significant direct impact on actual investment decisions. Conversely, AI and Personality Traits do not significantly influence investment intention, and intention fails to mediate the effect of these variables on investment decisions. The study concludes that for Generation Z investors, external stimuli, social trends, and platform accessibility reflected in the TPB model dominate the decision-making process far more than intrinsic personality factors or pure AI algorithmic features that lack human validation for Shariah compliance. Therefore, the Islamic capital market industry is advised to prioritize the development of social ecosystems and user-friendly application designs.
Digitalization is More Than Just a Trend: Modernizing Financial Reporting in the Halal MSME Ecosystem of the Riau Islands Raja Hesti Hafriza; Fauziah Hanum; Triliana Triliana; Syakdatili Vanie
Al-Sharf: Jurnal Ekonomi Islam Vol 7, No 3 (2026)
Publisher : Yayasan Rahmat Islamiyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56114/al-sharf.v7i3.13839

Abstract

This study examines the modernization of financial reporting among MSMEs in Riau Islands Province, focusing on Ayuraskitchen, a home-based business in Batam City that has grown into a multi-outlet cake business. Using a descriptive qualitative approach, the study analyzes the gradual transition in financial reporting from manual records and Microsoft Excel templates to the Lamikro application and, ultimately, the digital accounting application Mekari Jurnal. The findings indicate that modernization occurred gradually in accordance with the growth and needs of the business and was supported by consistent record-keeping, government training and assistance, and the availability of accessible technology. The implementation of digital financial reporting improved the organization, efficiency, and accessibility of financial information, while supporting cash flow monitoring and faster business decision-making. Systematic financial records also help MSMEs prepare financing documentation and improve their bankability by providing more structured business information, although access to financing is influenced by other factors. The study recommends strengthening accounting and digital literacy, providing continuous assistance, implementing SAK EMKM, and fostering collaboration among MSMEs, local governments, financial institutions, and financial technology providers to accelerate the modernization of MSME financial reporting.

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