Journal of Sharia Economics
Journal of Sharia Economics focuses on the studies pertaining to the field of Islamic Economics and Finance. Journal of Sharia Economics welcomes the contributions from related academicians and practitioners on the following topics: Islamic banking Islamic insurance/ takaful Islamic accounting Islamic business ethics and Islamic contemporary economics and business issues Islamic work ethics Islamic corporate social responsibility Islamic financial management Islamic financial technology Islamic business management Islamic business policies, strategies, and performance Islamic business and retail research Islamic economics policy and decision-making Islamic business security and privacy issues Islamic e-commerce Islamic consumer behavior Islamic business relationship management Islamic marketing Islamic management and retail marketing Public relations and retail communication Innovation and product development
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<![CDATA[THE IMPACT OF GOVERNMENT SPENDING, THE AMOUNT OF ZAKAT DISTRIBUTION, AND GENDER EQUALITY ON THE GINI INDEX IN ACEH ]]>
<![CDATA[Cut Amanda Syifa Zhafira]]>;
<![CDATA[Nilam Sari]]>;
<![CDATA[Winny Dian Safitri]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9243
<![CDATA[Regional development success is reflected not only in economic growth but also in the degree of income distribution equality. Aceh represents a unique institutional setting characterized by strong Islamic values, substantial fiscal transfers, and significant zakat potential. Nevertheless, income inequality in the province has continued to fluctuate, raising questions about the effectiveness of fiscal and Islamic redistributive instruments. This study examines the effects of government expenditure, zakat distribution, and gender equality on income inequality in Aceh, measured by the Gini index.This research employs an explanatory quantitative approach using panel data from districts and municipalities in Aceh Province during 2020–2024. Multiple linear regression with the Fixed Effect Model (FEM) is applied to account for regional heterogeneity. The results show that government expenditure and zakat distribution have negative but statistically insignificant effects on income inequality, indicating that their redistributive roles have not yet been fully effective. In contrast, the Gender Development Index (GDI) has a negative and statistically significant effect, suggesting that improvements in gender equality contribute to reducing income disparities. Simultaneously, the three variables significantly influence income inequality, although the model explains a moderate proportion of its variation (R² = 0.518567). These findings underscore the importance of strengthening fiscal effectiveness, optimizing zakat governance, and promoting gender-inclusive development to achieve more equitable economic outcomes in Aceh.]]>
<![CDATA[SHARIA BANKING FINANCING FOR MICRO BUSINESS DEVELOPMENT WITH MUSYARAKAH MUTANAQISAH CONTRACTS ]]>
<![CDATA[Shintya Putri Ayu Nurmalika]]>;
<![CDATA[Nafis Irkhami]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9477
<![CDATA[Islamic banking plays a strategic role in expanding access to financing for micro and small enterprises through partnership-based financial instruments. One scheme with strong potential for this purpose is the musyarakah mutanaqisah contract, a diminishing partnership arrangement in which ownership shares are gradually transferred from one party to another over time. This study examines the role of musyarakah mutanaqisah in small business financing, its implementation mechanisms within Islamic banking institutions, and the challenges encountered in its application.This research employs a qualitative approach using descriptive-analytical methods based on a literature review of Islamic finance studies, regulatory frameworks, DSN–MUI fatwas, and publications from Islamic financial institutions. The findings indicate that musyarakah mutanaqisah provides an alternative financing mechanism that strengthens access to capital for small enterprises through partnership-based financing, proportional risk sharing, and more equitable asset ownership structures. However, its implementation remains constrained by limited public literacy, the complexity of contractual structures, and practices that do not always fully reflect genuine profit-sharing principles. This study contributes to the literature by positioning musyarakah mutanaqisah as a productive asset financing instrument for small enterprises within the framework of maqashid al-shariah. Future research should explore its empirical application in Islamic microfinance institutions to assess its effectiveness in promoting inclusive economic development.]]>
<![CDATA[THE ROLE OF REVELATION AND REASON IN CONSTRUCTING ISLAMIC ECONOMIC RATIONALITY AMID OF THE MODERN ECONOMY ]]>
<![CDATA[Ricca Hendarti]]>;
<![CDATA[Muhammad Yafiz]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9575
<![CDATA[Economic rationality in modern economics is generally constructed upon instrumental rationality that emphasizes efficiency and the maximization of individual self-interest in economic decision-making. While this approach has proven effective in promoting economic growth, it tends to marginalize normative values, ethical considerations, and social responsibility. In this context, Islamic economics offers an alternative perspective through the integration of revelation (wahy) and reason (‘aql) as the foundation of economic rationality. This article aims to examine and construct the concept of Islamic economic rationality based on the integration of revelation and reason within the framework of modern economic challenges. This study employs a qualitative approach with a conceptual–philosophical research design based on a literature review of relevant books and scholarly journal articles. The findings indicate that Islamic economic rationality does not position reason as an autonomous authority, but rather situates it within the normative framework established by revelation. Revelation provides moral direction and normative boundaries for economic activity, while reason functions to operationalize these values rationally and contextually. The integration of revelation and reason produces a form of economic rationality that is not only technically efficient but also morally oriented and committed to justice and social well-being. This study affirms that Islamic economic rationality represents an effort to reconstruct economic rationality so that it remains aligned with ethical values and humanistic objectives, making it conceptually relevant in responding to the complexities of modern economic systems.]]>
<![CDATA[DETERMINING FACTORS OF CARDLESS CASH WITHDRAWALS USAGE AT ISLAMIC BANKS IN ACEH ]]>
<![CDATA[Zahara Muharama]]>;
<![CDATA[Soliha Sanusi]]>;
<![CDATA[Rika Mulia]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9576
<![CDATA[Digital transformation in Islamic banking has driven the development of cardless cash withdrawal services as an effort to enhance transaction convenience and flexibility for customers. However, the decision to use this service is influenced by various perceptual factors. This study aims to analyze the effects of efficiency, convenience, risk, and trust on customers’ decisions to use cardless cash withdrawal services at Bank Syariah Indonesia and Bank Aceh Syariah in Aceh. This research employs a quantitative approach using a survey method involving 100 respondents who are active mobile banking users. The data were analyzed using multiple linear regression with the assistance of SPSS software. The results indicate that, partially, convenience and trust have a positive and significant effect on the decision to use cardless cash withdrawal services, while efficiency and risk do not have a significant effect. Simultaneously, all variables have a significant effect on usage decisions. These findings suggest that customers’ decisions are primarily influenced by service convenience and the level of trust in the security and reliability of digital Islamic banking services.]]>
<![CDATA[PROGRAM EKONOMI PESANTREN DALAM MENINGKATKAN KESEJAHTERAAN SANTRI (STUDI KASUS PONDOK PESANTREN DAYAH MINI ACEH) ]]>
<![CDATA[Rayhan Juliansyah]]>;
<![CDATA[Hafas Furqani]]>;
<![CDATA[Winny Dian Safitri]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9623
<![CDATA[This study examines the economic programs implemented in Islamic boarding schools (pesantren) and their contribution to improving the welfare of santri at Dayah Mini Aceh. The research employs a qualitative field approach using a descriptive design, with data collected through in-depth interviews and direct observation. A total of nine informants participated in the study, consisting of the pesantren leader, teachers and program managers, and santri involved in the economic activities.The findings reveal that Dayah Mini Aceh operates four primary business units—drinking water production, goat farming, fish cultivation, and poultry farming—which are managed directly by santri. The compensation system is structured around the concept of pengabdian (devotional service), whereby santri who actively manage these business units receive exemptions from monthly educational fees as a form of non-monetary compensation.The economic programs generate multidimensional benefits for santri welfare. Economically, the fee exemption reduces their financial burden. In terms of food security, santri gain access to consumption from the outputs of pesantren production activities. In addition, the programs contribute to the development of entrepreneurial competencies through direct participation in business management and production processes. Nevertheless, the implementation of these initiatives also faces several challenges, including livestock disease outbreaks, dependence on key managerial actors, and limited financial capital.This study contributes to the literature by documenting a distinctive compensation model in pesantren-based economic empowerment that integrates spiritual values with economic incentives. The findings offer empirical insights into how Islamic boarding schools can promote santri welfare through participatory management of institutional business units.]]>
<![CDATA[THE MORAL PARADIGM OF ISLAMIC ECONOMICS: PHILOSOPHICAL REFLECTIONS ON TAWHID, JUSTICE, AND SOCIAL RESPONSIBILITY IN THE GLOBEL CONTEXT ]]>
<![CDATA[Mutiah Sihotang]]>;
<![CDATA[Muhammad Yafiz]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9653
<![CDATA[The development of the global economy, marked by market liberalization, digitalization, and the dominance of material rationality, has given rise to various structural problems, such as social inequality, moral crises, and the degradation of human values. This article aims to examine the fundamental principles of Islamic economics as a moral economic paradigm rooted in the philosophy of tawhid, justice, and social responsibility. This study employs a qualitative approach using a library research method, conducted through conceptual analysis of both classical and contemporary Islamic economics literature. The findings indicate that tawhid functions as the ontological and epistemological foundation of Islamic economics, integrating spiritual, ethical, and rational dimensions within economic activities. The principles of justice and balance ensure a proportional distribution of resources while preventing exploitation and structural inequality. Meanwhile, economic freedom in Islam is invariably linked to moral and social responsibility, reinforced through the values of brotherhood (ukhuwwah) and Islamic socio-economic instruments. This article affirms that Islamic economics is not merely an alternative system, but a moral paradigm that is highly relevant in addressing contemporary global economic challenges.]]>
<![CDATA[OPTIMIZING DIGITALIZATION AGRIBUSINESS MSMES: SOAR-QSPM, ISLAMIC ECONOMICS, HEXAHELIX AT RUMAH JAMUR SADAM ]]>
<![CDATA[Raihana Azzahra]]>;
<![CDATA[Muhammad Syahbudi]]>;
<![CDATA[Tri Inda Fadhila Rahma]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9758
<![CDATA[This study aims to formulate and determine the priority strategies for optimizing the digitalization of micro-scale agribusiness MSMEs based on Islamic economic values through the hexahelix approach. This study uses a qualitative approach with a case study design, which focuses on an in-depth understanding of the conditions, potential, and challenges of digitalization of the Saddam Medan Mushroom House MSME. Data collection was conducted through in-depth interviews, observations, and questionnaires with key actors in the hexahelix approach. Strategy analysis was performed using the SOAR approach, which was then systematically prioritized through the Quantitative Strategic Planning Matrix (QSPM) as a strategic decision-making tool based on expert assessment. The results of the study show the dominance of the Opportunity and Aspiration dimensions, so that the digitalization development strategy is directed at strengthening Opportunity-Aspiration (OA). The priority strategy focuses on increasing the competitiveness of MSMEs through expanding market reach and strengthening sustainable digital marketing networks in line with Islamic economic principles.]]>
<![CDATA[EVALUASI KINERJA INPUT-OUTPUT PADA SEKTOR AGRIBISNIS SYARIAH: STUDI EMPIRIS EMITEN PERKEBUNAN PERIODE 2021-2024 ]]>
<![CDATA[Meitry Firdha Tafarini]]>;
<![CDATA[Bertliussaza]]>;
<![CDATA[Khairul Fahmi Purba]]>;
<![CDATA[Azqia Wardani]]>;
<![CDATA[Maulidia Tri Yuliani]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9783
<![CDATA[This study aims to evaluate the technical efficiency level of financial performance in agribusiness and sharia plantation sub-sector companies in Indonesia and analyze the impact of sharia compliance on the operational competitiveness of companies. The non-parametric quantitative method of Data Envelopment Analysis (DEA) with the assumption of output-oriented Variable Return to Scale (VRS) was applied to analyze panel data from five major emitters (AALI, LSIP, SSMS, DSNG, and SIMP) that were consistently listed on the Indonesian Sharia Stock Index (ISSI) during the observation period of 2021–2024. The results showed that the average efficiency of the sharia agribusiness industry reached 95.3%, with LSIP and SSMS consistently operating on the efficient frontier curve. The majority of inefficiencies detected in large-scale emitters were caused by Decreasing Returns to Scale (DRS) due to excessive asset accumulation, as well as waste (tabdzir/slacks) in the cost allocation of revenue and operating expenses. The conclusion of this study confirmed that compliance with sharia debt ratio restrictions did not inhibit competitiveness in the global market, but rather functioned as prudent governance that protected companies from the risk of over-leverage and stimulated the achievement of pure technical efficiency. The strategic implications of these findings recommend that agribusiness companies shift to precision agriculture technology intensification and lean supply chain implementation in order to reduce input slack on a sustainable basis.]]>
<![CDATA[REVITALISASI FUNGSI BAITUL MAAL: STUDI KOMPARATIF PENGELOLAAN ZISWAF ERA RASULULLAH SAW., DAN MASJID JOGOKARIYAN ]]>
<![CDATA[Anugallakata Nea Sasgapata Kurniawan]]>;
<![CDATA[Sokhikhatul Mawadah]]>;
<![CDATA[Khoirul Anwar]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9796
<![CDATA[The phenomenon of modern mosque management, which tends to be oriented toward cash balance accumulation (saving oriented), contradicts the practice of baitulmal in early Islam, which emphasized high liquidity for the rapid resolution of social problems. This study aims to analyze the revitalization of the baitulmal function through the implementation of the “Zero Balance” strategy at the Jogokariyan Mosque in Yogyakarta. Using a qualitative approach with a descriptive-comparative case study method, this study compares field data from interviews and observations with classical Islamic historical literature, particularly the book Al-Amwal by Abu Ubaid. The results of the study show that: (1) The application of the “Zero Balance” philosophy is a contemporary manifestation of the principle of fauriyah (immediate distribution) which rejects the hoarding of entrusted assets in order to maintain the economic circulation of the community; (2) The “Spearhead and Spearpoint” leadership strategy is effective in building strong social trust through the exemplary sacrifice of personal wealth by administrators, as practiced by the Companions; and (3) The transformation of the distribution pattern from consumptive assistance to productive empowerment (fiqh al-tamkin) is realized through an interest-free business capital scheme and operational independence support from the Mosque-Owned Enterprise (BUMas). This study concludes that the integration of prophetic values and modern management is capable of restoring the strategic role of mosques as centers of civilization and instruments of economic independence for the community.]]>
<![CDATA[ANALYSIS OF THE PERCEPTIONS OF ACADEMICS AND PRACTITIONERS IN MEDAN REGARDING THE CONTRIBUTION OF GREEN SUKUK IN SUPPORTING SUSTAINABLE DEVELOPMENT GOALS (SDGS) IN INDONESIA ]]>
<![CDATA[Siti Rahmi]]>;
<![CDATA[Sugianto]]>;
<![CDATA[Nurul Jannah]]>
<![CDATA[ Journal of Sharia Economics Vol. 7 No. 1 (2026): Islamic Economics ]]>
Publisher : <![CDATA[Program Studi Magister Ekonomi Syariah UIN Ar-Raniry ]]>
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DOI: 10.22373/jose.v7i1.9801
<![CDATA[This study aims to analyze the perceptions of academics and practitioners in Medan regarding the contribution of Green Sukuk in supporting SDGs in Indonesia. This study uses a descriptive qualitative approach with in-depth interviews with eight key informants consisting of four academics and four capital market practitioners. The results show a consensus that Green Sukuk has made a tangible physical contribution through strategic projects, particularly in North Sumatra, such as the Kuala Namu Airport railway line and solar energy development. However, there is a difference in orientation between academics, who view SDGs as a systemic obligation in line with the principles of Maqashid Shariah, and practitioners, who tend to view them from the perspective of regulatory compliance and corporate reputation management. The main challenges identified include low investor literacy, issues of investor economic rationality, and the absence of quantitative environmental impact measurement standards. This study recommends the need for policy synchronization between institutions and the provision of fiscal incentives to expand the green finance market in Indonesia.]]>
