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Nur Sandi Marsuni
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ar-ribh@unismuh.ac.id
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Gedung Iqro lantai 8 Jl. Sultan Alauddin No.259, Gn. Sari, Kec. Rappocini, Kota Makassar, Sulawesi Selatan 90221
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INDONESIA
Jurnal Ar-Ribh
Published by Universitas Muhammadiyah Makassar
ISSN : 26847477     EISSN : 27146316     DOI : https://doi.org/10.26618/jei.v4i1
Core Subject : Economy,
Economics, Econometrics & Finance
Ar-Ribh : Jurnal Ekonomi Islam [p-ISSN 2684-7477 |e-ISSN 2714-6316] published by the Islamic Economics Study Program of the Faculty of Economics and Business, Muhammadiyah University of Makassar, this journal publishes research articles in the field of Islamic Economics. This journal publishes research studies that use a variety of qualitative and / or quantitative methods and approaches in the field of Islamic Economics. This journal aims to develop concepts, theories, perspectives, paradigms, and methodologies within the scope of Islamic Economics published twice a year, namely April and October. Ar-Ribh : Jurnal Ekonomi Islam examines and examines sharia.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 108 Documents
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Islamic Equity Investment Under Fiscal Pressure: Evaluating the Impact of Indonesia’s VAT Increase on Sharia-Compliant Markets Insirat, Mutahira Nur; Syahfir, Hasri Ainun; Darmawati, Darmawati; Rasyid, Syarifuddin
Jurnal Ar-Ribh Vol 8, No 2 (2025): October 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study investigates the implications of Indonesia’s Value Added Tax (VAT) increase from 11% to 12%, effective January 1, 2025, on Sharia-compliant equity markets. Introduced as part of broader fiscal reforms, the policy aims to strengthen state revenue while exempting essential goods to minimize public burden. Using a qualitative exploratory approach, the study analyzes the impact of this fiscal shift on investor sentiment, market behavior, and sectoral performance. Results reveal that the VAT hike may reduce consumer purchasing power and corporate profitability, especially in consumption-driven sectors, thus increasing market volatility. Conversely, sectors such as healthcare, technology, and halal fintech demonstrate resilience and alignment with Sharia principles. From an Islamic finance perspective, the VAT policy is acceptable if it fulfills the objectives of maqasid al-shariah, particularly justice and protection for vulnerable groups. The study concludes that incorporating ethical investment frameworks and promoting strategic sectoral diversification can help Islamic equity investors manage risks and harness long-term opportunities amid fiscal tightening.
Evaluating the Effectiveness of BAZNAS Zakat Distribution on Mustahik Welfare in Ajatappareng Using the CIBEST Model Yusriadi, Aditya; Damirah, Damirah; Fikri, Fikri; Darmawati, Darmawati; Zubair, Muhammad Kamal
Jurnal Ar-Ribh Vol. 8 No. 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v8i1.13965

Abstract

Zakat distribution in Indonesia has generally been limited to material measurements, which often results in an imbalanced impact on mustahik , especially in the context of productive zakat. To address this gap, the CIBEST (Center for Islamic Business and Economic Studies) model is recognized as an effective tool for measuring both material and spiritual dimensions of welfare. This study focuses on productive zakat recipients ( mustahik ) under the auspices of BAZNAS in the Ajatappareng region, specifically in Parepare City and Sidenreng Rappang Regency. The research adopts a mixed-methods approach, combining quantitative and descriptive qualitative analysis, while using the CIBEST model to evaluate the impact of zakat distribution. Findings reveal that BAZNAS distributes both productive and consumptive zakat—including cash assistance, business equipment, and staple food—alongside training, mentoring, and empowerment programs. Based on the CIBEST quadrant analysis, significant shifts occurred in the material and spiritual poverty classifications of mustahik . Before receiving zakat, households were distributed as follows: Quadrant I (10 households), Quadrant II (22), Quadrant III (0), and Quadrant IV (3). After receiving productive zakat, the distribution changed markedly to: Quadrant I (29 households), Quadrant II (6), Quadrant III (0), and Quadrant IV (0). A paired-sample statistical test showed a significant difference in household income before and after zakat assistance, with a p-value (Sig. 2-tailed) of 0.000 (< 0.05). These findings confirm that productive zakat distribution by BAZNAS has a positive and statistically significant impact on improving the economic welfare of mustahik in the Ajatappareng region.
Determinants of Trust in BAZNAS and Implications for Interest in Paying Zakat Kinanti, Mutiara; Putra, Wirmie Eka; Mansur, Fitrini
Jurnal Ar-Ribh Vol. 8 No. 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v8i1.16209

Abstract

This research aims tois to determine the impact of accountability and transparency on trust in amil zakat institutions and its implications for muzak interest in paying zakat in BAZNAS Jambi City. The respondents are 100 muzak who pay zakat in BAZNAS Jambi City.  The results show that the variable accountability has a significant effect on trust in Amil Zakat Agency with a p-value of 0.000 < 0.05.  Transparency variable has significant effect on trust in Amil Zakat Agency with p-value 0.002 < 0.05. Variable accountabilityhas no effect on the interest of Muzakki towards Zakat payment with p value 0.286 > 0.05.  The variable transparency has no effect on the interest of muzak towards paying zakat with p-statistic value 0.150 > 0.05. The variable accountability has a significant effect on muzak's interest in zakat payment mediated by trust in Amil zakat agencies with p-value 0.000 < 0.05. The transparency variable has a significant effect on muzak interest in zakat payment mediated by trust in amil zakat institutions, with a p-value of 0.0018 < 0.05.
Halal Certification Priorities for Indonesian MSEs: A Comparison Between Stakeholder Perspectives and AI-Based Insights Priantina, Anita; Sapian, Safeza Mohd; Shafii, Zurina; Ibrahim, Norhazlina
Jurnal Ar-Ribh Vol. 8 No. 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v8i1.17076

Abstract

The implementation of mandatory halal certification in Indonesia poses significant challenges for Micro and Small Enterprises (MSEs), primarily due to constrained financial, technical, and human resources, as well as complex regulatory frameworks. This study investigates strategic priorities to support MSEs in navigating the halal certification process by juxtaposing qualitative perspectives from key halal ecosystem stakeholders government officials, certification bodies, MSE practitioners, and halal influencers with insights generated through artificial intelligence (AI). Employing content and thematic analysis, the study addresses the core research question: “What should be prioritized to facilitate halal certification for Indonesian MSEs?” The findings highlight both areas of convergence and divergence between human and AI-generated perspectives, particularly concerning the practicality, scalability, and sustainability of proposed interventions. While stakeholders emphasize the need for institutional support, simplified procedures, and capacity building, AI contributes innovative, data-driven strategies such as automated compliance tools and targeted digital outreach. This integrative analysis offers a novel contribution by bridging human-centric knowledge with AI-enabled foresight, thereby informing evidence-based policymaking and operational strategies. Ultimately, the study provides a multidimensional roadmap for enhancing the accessibility, efficiency, and inclusivity of halal certification in Indonesia, particularly for MSEs that constitute a vital segment of the national economy and halal value chain.
Benefits and Challenges of Issuing Municipal Bonds for the Aceh Government Nadilla, Trie; Ulfah, Almira Keumala; Midesia, Shelly; Fitria, Ana; Sagala, Wahyu Putri
Jurnal Ar-Ribh Vol. 8 No. 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v8i1.17153

Abstract

The issuance of sukuk—Islamic bonds—by local governments has emerged as a viable alternative for financing infrastructure and public development, particularly in regions with special autonomy such as Aceh. This study explores the benefits and challenges of issuing municipal sukuk by the Aceh Government in light of the province’s unique legal framework under Islamic law and the scheduled termination of Special Autonomy Funds by 2027. Using a qualitative library research method, this paper reviews relevant literature, government regulations, and secondary data sources to assess the feasibility of sukuk issuance. The findings reveal several key benefits, including access to more affordable, sharia-compliant financing; reduced dependency on regional budgets and conventional loans; and the promotion of regional financial independence. However, challenges persist, such as limited regulatory clarity, insufficient infrastructure readiness, and low public literacy on sukuk instruments. To maximize the potential of sukuk, policy support, public education, and financial ecosystem strengthening are crucial. The study concludes that sukuk can serve as a strategic financial tool for sustainable development in Aceh, aligning with both economic objectives and Islamic financial principles.
Profit Accountability in Small and Medium Enterprises: An Islamic Accounting Perspective Husain, Saddan
Jurnal Ar-Ribh Vol. 8 No. 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

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Abstract

This study explores the concept of profit accountability in Small and Medium Enterprises (SMEs) from an Islamic accounting perspective, with a specific focus on SMEs in Bantaeng Regency, South Sulawesi, Indonesia. Recognizing SMEs as vital contributors to regional economic development, this research addresses the limited understanding of how profit is perceived and managed within such enterprises, especially under religious and cultural values. Employing a qualitative field research design, data were collected through interviews, observations, and documentation involving 29 SME actors and local cooperative agencies. Data validity was ensured through triangulation and assessed using the criteria of credibility, transferability, dependability, and confirmability. The findings reveal that SME actors tend to maintain informal and basic financial records. More importantly, the notion of accountability extends beyond human stakeholders to a spiritual accountability to Allah SWT, reflecting the integration of religious values in business practices. Profit, in this context, is not merely financial but also encompasses non-material dimensions such as health, social relationships, knowledge, and spiritual fulfillment. This study contributes to the literature on Islamic accounting by providing a contextual understanding of accountability and profit, offering insights for policymakers and practitioners seeking to support SME development in socio-religious settings.
Fractional Reserve Banking in Islamic Finance: A Comparative Analysis of Islamic and Western Economic Perspectives fathurrahman, Ayif
Jurnal Ar-Ribh Vol. 8 No. 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/jei.v8i1.17634

Abstract

This article examines the concept and implementation of fractional reserve banking (FRB) through the lens of both Western economic thought and Islamic finance. Utilizing a qualitative methodology with a library research approach, this study investigates theoretical and practical differences between the two paradigms. In conventional Western finance, FRB is widely accepted as a mechanism that enables credit expansion, supports investment, and enhances liquidity within financial systems. Economists such as Mises, Keynes, and Rothbard offer varying justifications and criticisms of this system—ranging from monetary creation efficiency to moral hazards such as artificial credit inflation. Conversely, Islamic economic thought fundamentally challenges the legitimacy of FRB due to its connection with interest (riba), risk of gharar (uncertainty), and issues of dual ownership in deposit structures. Islamic scholars argue that the practice contradicts the principles of ownership (milkiyah) and justice in financial dealings, thereby undermining the ethical framework of Sharia-compliant finance. The paper highlights how the replication of conventional banking practices in Islamic finance raises concerns about authenticity and systemic risks. Additionally, it addresses the resurgence of proposals for full-reserve banking following global financial crises, suggesting growing discontent with the status quo. Ultimately, this comparative analysis reveals a significant philosophical and operational divide between Western and Islamic views on banking and monetary policy. The study contributes to ongoing discussions about ethical financial reform and provides critical insights into the viability of implementing fractional reserve banking in Islamic financial institutions.
Community Empowerment Based on Muhammadiyah Mosque in Maros-Pangkep, South Sulawesi Suarni, Agusdiwana; Busri, Andi Zulfikar; Wahyuni, Sri; Nugroho, Dimas Adi
Jurnal Ar-Ribh Vol. 8 No. 1 (2025): April 2025
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/2ca8sw49

Abstract

This study explores the strategic role of Muhammadiyah mosques as centers for community empowerment in the districts of Maros and Pangkep, South Sulawesi, Indonesia. Utilizing a qualitative research design, data were gathered through in-depth interviews with 12 mosque administrators across selected Muhammadiyah mosques. The findings demonstrate that these mosques serve beyond their religious function, acting as hubs for socio-economic and educational development. Various empowerment initiatives ranging from entrepreneurship training, zakat and waqf-based programs, to informal education highlight the mosque’s expanded role in improving community welfare. Despite these positive impacts, the study identifies key challenges, including limited public engagement, inadequate institutional capacity, and a lack of understanding regarding the mosque’s potential as a driver for sustainable development. The research underscores the importance of structured management strategies and leadership training to enhance mosque-based empowerment programs. Furthermore, it emphasizes the integration of Islamic social finance instruments and participatory governance as critical enablers. The results contribute to the broader discourse on faith-based community development and provide a practical framework for policymakers, religious leaders, and NGOs aiming to optimize mosque roles in societal transformation, particularly within the Muhammadiyah movement. This study affirms that mosques, when professionally managed, can function as powerful agents for inclusive and sustainable development.

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