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Al-Muamalat : Jurnal Ekonomi Syariah
Published by Universitas Islam Negeri Sunan Gunung Djati Bandung
ISSN : 20863225     EISSN : 27160610     DOI : 10.15575/am
Core Subject : Economy, Humanities, Social,
Humanities Economics, Econometrics & Finance Social Sciences
Al-Muamalat: Jurnal Ekonomi Syariah is a journal that focuses on the development of Islamic Economics. The journal comprehensively examines various aspects of current and emerging laws and economics relevant to the field. The journal board welcomes articles from scholars, professionals, researchers, and students as a collective effort toward the advancement of Islamic economics, submitted manuscripts will be published and disseminated. The journal releases new issues twice annually, in January and July. Al-Muamalat: Jurnal Ekonomi Syariah focuses on the main issues in the development of Islamic Economics, covering conceptual ideas and research findings related to the following areas: 1. Islamic Economics Law 2. Islamic Banking and Finance 3. Islamic Business 4. Islamic Law 5. Islamic Marketing 6. Islamic Philanthropy 7. Islamic Human Capital 8. Halal Supply Chain Management 9. Halal Industry 10. Other Topics Related to Islamic Economics
Arjuna Subject : Ilmu Sosial - Ilmu Sosial (Lain-Lain)
Articles 8 Documents
 1 
Search results for , issue "Vol. 13 No. 1 (2026): January" : 8 Documents clear
Connecting ISF to ISEs for Decent Work (SDG 8): A Conceptual Framework Syamsuri; Nurafni, Fina; Ahmad Havid Jakiyudin; Mohammad Taqiuddin Mohamad
Al-Muamalat Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.49387

Abstract

Achieving inclusive economic growth and decent work remains a persistent challenge in many developing economies, particularly among marginalized and vulnerable groups. Therefore, this study aims to connect Islamic Social Finance (ISF) with Islamic Social Enterprises (ISEs) as a conceptual pathway for advancing Sustainable Development Goal (SDG) 8. Peer-reviewed academic and policy-oriented literature is analyzed to integrate the mechanisms of zakat, infaq, ṣadaqah, and waqf into social enterprise models using a qualitative content analysis. The results show that ISF functions as a strategic financing instrument that supports job creation, inclusive entrepreneurship, and sustainable economic participation based on the reviewed literature when used beyond consumptive charity and embedded within enterprise-based structures. Additionally, the conceptual connection between ISF and ISEs is conditioned by productive orientation, institutional integration, and governance quality. An integrative theoretical framework is proposed to connect ISF instruments, ISE operational mechanisms, and SDG 8 targets, offering insights for policymakers, ISF institutions, and social enterprises seeking to promote decent work and inclusive economic growth.
Al-Syaibānī Conception of Work in Kitāb al-Kasb and the Relevance to Gig Economy Aufa, Naufatti; Akbar, Wahyu; Monady, Hanief; Hafizi, Muhammad Riza; Muhaimin
Al-Muamalat Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.51601

Abstract

Gig economy, often promoted as a flexible labor solution, has led to structural issues including worker vulnerability, unequal relationships, and a diminished sense of work. This research analyzes the relevance of al-Imām al-Syaibānī concept of work through the Al-Kasb framework as a normative critique of gig economy practices and an ethical foundation for the digital economy. A normative-historical literature review method addresses the gap between gig economy's conceptual suitability with Islamic values and persistent empirical problems. Analysis includes critical reading of the Book of Al-Kasb, review of contemporary gig economy literature, and thematic analysis mapping conceptual correspondences. Results reveal three main points of convergence: the link between self-resilience and farḍu ‘ayn, consistency of workforce diversity with farḍu kifāyah, and conceptual alignment between platform symbiosis and mu'āwanah principle. However, the core issue lies in the failure to internalize Al-Kasb's spiritual-ethical dimensions within platform work practices. Theoretical contributions expand Al-Kasb as a framework for evaluating digital work. Practically, findings suggest strengthening gig workers' spirituality, enhancing platform social responsibility, and formulating justice-oriented protection policies. This research is limited by the absence of empirical testing on Muslim gig workers' subjective experiences.
A Normative Analysis of DSN-MUI Fatwa No. 154/DSN-MUI/V/2023 and Its Implications for Sharia ETF Governance in Indonesia Setiawan bin Lahuri; Alfi Khilmi Khusnia; Yulizar Djamaluddin Sanrego; Khoirul Umam; Muchammad Taufiq Affandi
Al-Muamalat Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.52282

Abstract

The rapid development of Islamic finance has increased demand for Sharia-compliant investment instruments, including Sharia Exchange-Traded Funds (ETF). In Indonesia, Sharia ETF governance faces regulatory fragmentation and legal uncertainty, particularly concerning the integration of Sharia principles into capital market regulations. Existing studies have predominantly examined performance aspects or formal compliance processes, while the role of fatwas as operational governance instruments remains understudied. This research examines the National Sharia Board-Indonesian Council of Ulama (DSN-MUI) Fatwa No. 154 of 2023 as a Sharia governance instrument. A normative juridical approach is employed to analyze the provisions within the fatwa, Financial Services Authority (OJK) regulations, and operational practices of Sharia ETF on the Indonesia Stock Exchange (IDX). Data analysis was conducted using thematic methods based on the dimensions of Sharia governance, transparency, and law enforcement. The findings indicate that although Fatwa No. 154 provides legal clarity and certainty, the fatwa remains at a normative level and lacks operational standards that can be implemented in disclosure, reporting, and supervision aspects. Consequently, Sharia compliance risks ceasing at a formalistic stage without effective integration with capital market regulations. This research contributes to Islamic financial governance literature by offering a conceptual framework that positions fatwa as a regulatory instrument within Sharia capital market governance. The implications emphasize the need for regulatory strengthening and enhanced inter-institutional coordination to realize more effective Sharia ETF governance.
Reconstruction of Maqāṣid al-Syarī‘ah fī Ḥifẓ al-Māl in Responding to Doom Spending Among Generation Z and the Implications for Family Economic Resilience Ubaidillah; Muhammad Yunus; Anita Mauliyanti; Asriadi; Bachrul Ulum; Mahmood Kooria
Al-Muamalat Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.53964

Abstract

Generation Z increasingly engage in doom spending driven by global economic uncertainty, diminished confidence in long-term financial security, and the pervasive influence of digital consumer culture. This behavior undermines individual financial stability and threatens family and societal economic resilience. The rising prevalence of doom spending among Generation Z has become a significant concern, particularly regarding family economic resilience. Consequently, this study reconstructs Maqāṣid al-Syarī‘ah fī Ḥifẓ al-Māl as a normative and ethical framework to address impulsive, emotion-based consumption among Generation Z couples in the digital economy. Integrating Islamic ethics, psychological coping theory, and contemporary consumption studies, this research employs a qualitative method with descriptive-analytical design. Findings indicate that doom spending negatively impacts family financial stability, exacerbates emotional stress, and conflicts with core Islamic principles including moderation (wasaṭiyyah), contentment (qanā‘ah), and prohibition of extravagance (tabżīr). The study underscores strengthening family economic resilience through digital financial literacy, open financial communication between couples, integration of Islamic consumption values, productive technology utilization, and community-based financial education. By implementing these strategies, Generation Z couples can achieve balanced financial management, enhance household resilience, and align consumption behavior with ethical and spiritual principles. This research contributes to the broader discourse on integrating Islamic value-based approaches into contemporary financial practices and offers a conceptual framework for sustainable, morally responsible household economic management.
Reforming Islamic Finance: A Framework for a Proposed Non-Banking Institution to Facilitate Participative Financing Rashid, Khalid
Al-Muamalat Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.53042

Abstract

This article addresses a key issue in Islamic banking, namely, the limited use of participative financing and the overwhelming reliance on debt-based instruments. Islamic banks avoid participative financing due to adverse selection and moral hazard risks. While the literature emphasizes greater use of PLS-based participative financing, it does not offer practical solutions for the challenges that Islamic banks encounter in its implementation. This study employs a conceptual and analytical methodology, drawing on theoretical reasoning and professional insights to examine Islamic banking practices. It reviews Islamic finance literature and industry practices to identify the challenges banks face in implementing participative financing. The study highlights that Islamic banks are not structured to manage issues of adverse selection and moral hazard. This study presents, as its main outcome, a framework for a new non-banking institution specifically designed for participative financing. The pre-investment and post-investment services offered by the proposed institution are designed to mitigate the risks of adverse selection and moral hazard. The article concludes with an emphasis on the need to initiate the development of such institutions, even on a small scale. It argues that with persistent improvements, these institutions can evolve into sustainable entities that will significantly contribute to the implementation of Islamic finance, both in its form and substance. Due to its conceptual nature, the study does not provide empirical validation of the proposed framework. Future research may assess the practical viability of the proposed institution and its effectiveness in mitigating the related risks.
Driving Maqāṣid al-Shari’ah Performance in Islamic Banks: The Roles of Islamic Social Reporting, Intellectual Capital, and Sharia Governance Nasim, Arim; Asbaruna, Elfina Qorina Binti; Juliana, Juliana; Purnomo, Budi Supriatono; Marlina, Ropi; Sholahudin, Muhamad Afif; Rusydiana, Aam Slamet; Qudratov, Inomjon
Al-Muamalat Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.54396

Abstract

This study aimed to examine the influence of Islamic Social Reporting (ISR) and Islamic Intellectual Capital (IIC) on the Maqasid Shariah Index (MSI) in Islamic banks, with Islamic Corporate Governance (ICG) acting as a moderating variable. A quantitative method was used to analyze secondary data from 19 Islamic commercial banks operating in Indonesia, Malaysia, and Saudi Arabia during the 2023–2024 period. ISR was measured through content analysis based on 39 disclosure indicators, while IIC was assessed using the iB-VAIC method. Furthermore, ICG was proxied by the frequency of meetings of the Board of Commissioners and Directors. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that ISR and IIC had a positive and significant effect on MSI, suggesting that ethical social disclosure and effective management of intellectual capital supported the achievement of maqasid shariah objectives in Islamic banking. ICG also showed strengthening roles by enhancing the relationships between ISR, IIC, and MSI. These results reflected the importance of integrating social responsibility, intellectual capital, and shariah-compliant governance to improve maqasid-based performance. In this study, important contributions were made to the body of knowledge by providing cross-country empirical evidence and offering a comprehensive framework for understanding maqasid-oriented performance in Islamic banking.
Cash Waqf Literacy in Islamic Higher Education: An Epistemic Perspective from Indonesia and Malaysia Mutho'am; Bashori, Akmal; Sujarwo, Herman; Adila binti Mohd Noor, Nor; Faezah Ghazi Ahmad, Nor
Al-Muamalat Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.54407

Abstract

Cash waqf is an important instrument for Islamic social finance, but the optimal realization in higher education is affected by fragmented student literacy. A persistent gap remains in bridging traditional Islamic jurisprudence with modern digital frameworks. Therefore, this study aimed to analyze and compare the levels and drivers of cash waqf literacy in Islamic higher education institutions in Indonesia and Malaysia. Data from students at Universitas Sains Al-Qur’an (UNSIQ), Indonesia, and Universiti Teknologi MARA Terengganu Branch (UiTMCT), Malaysia, were evaluated using PLS-SEM and Multi-Group Analysis, complemented by qualitative insights through the adoption of a sequential explanatory design. The results showed that UNSIQ students reported strong conceptual mastery grounded in fiqh turāṡ but lacked understanding of modern technical innovations. Conversely, UiTMCT students exhibited functional literacy driven by institutional authority and digital technology, with limited reflection on classical normative foundations. The results suggested a failure of epistemic integration between Islam’s normative spiritual values and modern instrumental rationality. This study proposed an “integrative cash waqf literacy” framework synergizing fiqh turāṡ, institutional governance, and digital innovation to strengthen students' roles in Islamic philanthropy. Future studies should expand samples across broader institutions and use longitudinal designs to explore digital interventions in improving sustainable cash waqf literacy.
The Influence of Green Financing and Return Dynamics on Environmental, Social, and Governance Performance: Evidence from Indonesia’s Islamic Banking Sector Iskandar; Jannah, Rauzatul; Burhan Uluyol; Hussein 'Azeemi Abdullah Thaidi; Siti Najma
Al-Muamalat Vol. 13 No. 1 (2026): January
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v13i1.54428

Abstract

This study aimed to examine the influence of green financing and return dynamics on ESG performance in Indonesia’s Islamic banking sector. The issue was important considering the growing role of Islamic banks in promoting sustainable finance and strengthening institutional resilience within dynamic financial markets. A quantitative method was adopted based on secondary weekly data from six Islamic banks in Indonesia during 2020–2025 (1,878 observations). ESG score was the dependent variable, while green financing and weekly return were independent variables. The analysis applied GARCH model to estimate the association between the variables and to capture volatility persistence over time. The results showed that green financing had a positive and statistically significant effect on ESG performance. Islamic banks that consistently allocated funds to green financing tended to achieve higher and more stable ESG scores. In contrast, short-term return fluctuations did not significantly affect ESG performance, suggesting that sustainability practices were driven more by long-term strategic commitments than by temporary market dynamics. GARCH estimation confirmed the persistence of ESG volatility over time. The results showed that green financing served as a key driver of sustainability performance in Islamic banking and supported long-term institutional stability. Important insights were provided for bank management and regulators to strengthen the integration of sustainable financing strategies in line with Islamic finance principles.

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