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Andi Arif Rifa'i
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Journal of Management and Islamic Finance
Published by Universitas Islam Negeri Raden Mas Said Surakarta
ISSN : 27979628     EISSN : 27979636     DOI : https://doi.org/10.22515/jmif
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
Journal of Management and Islamic Finance (JMIF) openly welcomes scholar, postgraduate students, and practitioners to submit their best research articles that correspond to the topics. This journal covers textual and empirical, as well as classical and contemporary researchers on Islam. Papers are prioritized to but not limited to- researchers about Management and Islamic Finance in Indonesia. The scopes of accepted papers are: Management Islamic finance management marketing management Islamic business management Islamic finance Islamic economic Islamic economic & business Law
Arjuna Subject : Ilmu Sosial - Ilmu Sosial (Lain-Lain)
Articles 110 Documents
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The Theory of Planned Behavior for Predicting Muslim in Choosing the Qurban-Rendangmu Program Wiwit Widhi Setiyawan; Indah Piliyanti
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.12988

Abstract

The purpose of this study was to examine the constructs of the Theory of Planned Behavior in the context of community behavior toward the qurban-rendangmu program.This study employs a quantitative research design. Data were collected through questionnaires distributed to 220 respondents, with measurement instruments using a five-point Likert scale. The data were analyzed using SmartPLS 3 software through Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) method. The findings of this study indicate that attitude does not have a significant effect on the intention to perform qurban, but subjective norms and perceived behavioral control have a significant effect on the intention to perform qurban. These findings imply that strengthening social campaigns, involving community and persyarikatan leaders, and facilitating easy participation are more effective strategies than merely promoting individual attitudes toward the program.
Implementation of Islamic Social Reporting (ISR) From the Perspective of Shariah Enterprise Theory: A Comparative Study on Bank BSI and Bank Muamalat Syafar Ahmad; Ricky Setiawan; Itsna Muflikhah; Yustika Jauhari
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.13149

Abstract

This study aimed to analyzes and compares the level of Islamic Social Reporting (ISR) disclosure between two major Islamic banks in Indonesia—Bank Syariah Indonesia (BSI) and Bank Muamalat Indonesia (BMI)—from 2021 to 2024. The comparison is framed within the Shariah Enterprise Theory (SET) to evaluate the implementation of sharia-based governance and maqāṣid al-syarī'ah values in their social reporting practices. Using a descriptive-comparative approach, ISR disclosure is measured across six dimensions comprising 23 items, based on content analysis of annual and sustainability reports. BSI consistently achieved 100% ISR disclosure throughout the period, while BMI improved from 91.3% in 2021 to 95.6% from 2022 to 2024. The main gaps for BMI were in environmental disclosure and structured sharia compliance reporting. The study reveals that: (1) ISR disclosure levels reflect the maturity of sharia governance structures, with BSI’s post-merger integration enabling full compliance; (2) Environmental and independent sharia audit aspects remain the weakest dimensions of ISR in Indonesian Islamic banking; (3) High ISR disclosure correlates with institutional credibility, yet completeness does not necessarily guarantee substantive accountability. Implication: High ISR disclosure reflects stronger sharia governance and transparency. However, beyond completeness, the quality and substance of disclosures—particularly in environmental accountability and independent sharia auditing—require emphasis. Regulators should refine ISR frameworks to distinguish genuine sharia accountability from mere administrative compliance, promoting substantive transparency in Islamic banking.
The Influence of Customer Relationship Management on Customer Interest in Depositing Money at Bank Syariah Indonesia Riau with the Moderating Variable of Public Trust Level Muhammad Syarofi
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.13187

Abstract

The decline in deposit growth within Islamic banks has raised concerns about customer loyalty and relationship management effectiveness. This study aims to examine the influence of Customer Relationship Management (CRM) on customer intention to deposit money at Bank Syariah Indonesia (BSI) Riau, with public trust as a moderating variable. A quantitative survey method was employed, involving 210 respondents who are active or potential deposit customers of BSI. Data were collected using a structured questionnaire and analyzed through Structural Equation Modeling (SEM) using SmartPLS 4. The results reveal that CRM has a significant positive effect on customers’ deposit intentions (β = 0.48, p < 0.001), while public trust also exerts a positive influence (β = 0.29, p < 0.01). Furthermore, public trust moderates the relationship between CRM and deposit intention (β = 0.21, p < 0.05), indicating that trust enhances the effectiveness of CRM strategies. The novelty of this research lies in integrating public trust as a moderating factor in the relationship between CRM and deposit intention within the Islamic banking context. The study recommends that BSI strengthen its CRM through transparent communication, ethical service delivery, and digital engagement to foster customer trust and sustain deposit growth.
Aligning Islamic Financing and the SDGs in Buy Now Pay Later: A Maqasid Based Shariah Governance and Audit Framework Moch Rusli
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.13188

Abstract

This study developed an operational shariah governance framework for Buy Now Pay Later (BNPL) products by integrating AAOIFI, IFSB, and DSN–MUI standards through a Design Science Research (DSR) approach. It produced three audit-ready artifacts: a Maqasid–SDGs compliance matrix, a murābaḥah bi al-taqsīṭ contract blueprint, and an audit checklist. Documentary data from shariah governance standards and publicly available information from three anonymized Islamic BNPL providers were analyzed using deductive content analysis, blueprint walkthroughs, matrix scoring, inter-coder reliability testing, and a mini-Delphi for content validation. The findings show moderate to high compliance, with ḥifẓ al-māl consistently strong, while al-ʿadl and ḥifẓ al-ʿaql remain weaker due to deficiencies in late-fee charity management, ownership and risk verification before resale, and explicit anti-compounding controls. In contrast, price transparency and margin disclosure were generally robust. This study operationalizes maqāṣid al-sharīʿah into measurable indicators aligned with SDGs 1, 8, and 12, providing a practical governance and audit framework for regulators, auditors, and Islamic fintech providers.
Productive Wakaf as A Vessel for Islamic Philanthropy From the Perspective of Imam Mazhab Fahmi Makraja; Khadijatul Musanna; Farhanah Mazalan
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.13376

Abstract

Previous research in the field of Islamic philanthropy primarily examined waqf through the lens of operational performance and management strategies; however, this study addressed a significant gap by comprehensively analyzing the legal status and perspectives of various Islamic schools of thought (madhhabs) regarding productive waqf. The study aimed to determine the perspectives of Contemporary Fiqh scholars regarding the legal status of productive waqf transactions. Productive waqf was identified as a vessel for Islamic philanthropy that sought to realize community welfare by channeling liquid assets to rebuild assets or provide venture capital. A qualitative research method was employed, utilizing a library research approach that gathered data from classical and contemporary texts containing the opinions of the Shafi'i, Hanafi, and Imam al-Zuhri scholars. The results indicated that the scholars of the Shafi'i and Hanafi schools, along with Imam al-Zuhri, viewed productive waqf transactions as permissible, as historical precedents for waqf in the form of dinars and dirhams existed since their eras. In the Indonesian context, this permissibility was further strengthened by the approval of the DSN-MUI and the enactment of Law No. 41 of 2004 concerning waqf.
Does Banking Digitalization Enhance Profitability and Efficiency? Evidence from Islamic Banks in Indonesia Delavilanda Baby Efa
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.14774

Abstract

This study investigates the impact of banking digitalization on the financial performance of Islamic banks in Indonesia, with a particular focus on profitability and operational efficiency. Using panel data from 2020 to 2024 and applying a Fixed Effect Model (FEM), digitalization is proxied by the logarithm of total mobile banking transactions, while performance is measured by Return on Assets (ROA) and the Operating Expenses to Operating Income ratio (BOPO). The results demonstrate that banking digitalization exerts a significant dual effect on performance by increasing profitability and simultaneously reducing operational inefficiency. These findings indicate that digital transformation enhances both revenue generation and cost efficiency through process automation and reduced dependence on physical banking infrastructure. Among the control variables, bank size positively affects profitability, whereas the financing to deposit ratio (FDR) increases inefficiency, while capital adequacy ratio (CAR) shows no significant effect. The findings support the Resource-Based View (RBV), highlighting digital capability as a key strategic resource in improving bank performance. This study contributes to the literature by providing robust empirical evidence on the dual role of digitalization in enhancing both profitability and efficiency in Islamic banking, particularly in emerging markets, and offers important implications for strengthening digital transformation strategies. Keywords: Banking Digitalization; Profitability; Operational Efficiency; Islamic Banking
Evaluating Sharia Compliance in Virtual Office Business Models: A Case Study of BMS Office Hero Gefthi Firnando; Cucu Setiawati
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.14784

Abstract

The rapid growth of virtual office services has transformed contemporary business practices by providing flexible and cost-efficient alternatives to conventional office spaces. However, previous studies have predominantly examined virtual office models from managerial, operational, and economic perspectives, while limited attention has been given to their compliance with Islamic Business Management principles. This study addresses this gap by evaluating the virtual office business model implemented at BMS Office through the lens of Islamic Business Management and Sharia compliance. The novelty of this research lies in integrating the analysis of virtual office business practices with an Islamic ethical evaluation framework based on the principles of amanah (trustworthiness), adl (justice), sidq (honesty), gharar (avoidance of uncertainty), and mas’uliyyah (responsibility). A qualitative case study approach was employed, with data collected through in-depth interviews, direct observations, and document analysis. The findings reveal that the virtual office business model at BMS Office demonstrates a moderate-to-high level of Sharia compliance. Strong compliance is evident in the principles of sidq and responsibility through transparent contractual arrangements, clear service information, regulatory adherence, and client verification procedures. Meanwhile, the principles of amanah, adl, and gharar show moderate-to-high compliance, although improvements are still needed in service monitoring, communication consistency, documentation clarity, and supervision of address utilization. The study concludes that virtual office services can align with Islamic Business Management principles when supported by transparent contracts, ethical governance, and effective monitoring systems. Practically, the findings provide guidance for virtual office providers in developing more transparent, accountable, and Sharia-compliant business practices.
The Implementation of Good Corporate Governance at Sharia Rural Banks (BPRS): A Study of BPRS Sukowati Sragen Shoffan Mujahid; Sabiq Muhammad Al Ghozi
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.14822

Abstract

This study aimed to analyse the implementation of GCG at BPRS Sukowati Sragen in order to determine the effectiveness of GCG in improving operational and Sharia compliance. The research method used is qualitative, involving a documentary analysis of BPRS Sukowati Sragen. Data collection was conducted through the analysis and study of documentation from annual reports obtained from the official BPRS website. The results of the study indicate that BPRS Sukowati Sragen implements GCG in accordance with its principles: Transparency, Accountability, Responsibility, Independence, and Fairness. These results answer the research question that BPRS, as an Islamic financial institution, should apply governance professionally. The significance of this study is to present quality governance at BPRS to prevent fraud and agency conflicts within the institution. Additionally, through this analysis, it can be determined which principles still need improvement to achieve governance quality that enhances the trust of customers and stakeholders involved. In addition, this analysis identifies the governance principles that still require improvement to achieve better governance quality. Therefore, the consistent implementation of GCG is essential not only for ensuring regulatory and Sharia compliance, but also for maintaining financial institution stability, protecting stakeholder interests, improving operational performance, and increasing the trust of customers and other stakeholders. Strong governance ultimately supports the sustainability, integrity, and competitiveness of BPRS in the Islamic banking industry.
Blockchain-Based Green Waqf and Wakif Trust: A Perception-Based Study of Wakif in Indonesia Tegar Arif Saputra; Lisa Mursilawati; Agus Dwiyanto; Diah Ayu Setianingrum
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.14877

Abstract

This research was motivated by the suboptimal implementation of green waqf in Indonesia, despite the enormous potential of national cash waqf and the ability of blockchain technology to offer transparency, traceability, and accountability in fund management. The main issue lies not only in the availability of technology, but also in how technology can strengthen wakif trust. This study aimed to analyse the influence of transparency, transaction traceability, data security, reporting accountability, ease of use, and sharia compliance on wakif trust in blockchain-based green waqf management. This study employed a mixed-methods approach with an explanatory sequential design. Quantitative data were collected through questionnaires from 132 respondents recruited through social media, communities, and digital donation users, and were analysed using descriptive statistics, Pearson correlation, and multiple linear regression. Qualitative data were obtained through interviews with 15 informants and analysed thematically. The results show that reporting accountability, sharia compliance, and transparency have a significant effect on wakif trust, while transaction traceability has a marginal effect. Data security and ease of use have no significant effect. Qualitative findings confirm that wakif prioritize the legality of nazhir, clarity of contracts, reporting on fund utilization, and evidence of ecological impact. This study contributes to the literature on digital waqf and Islamic social finance by shifting the discussion from technology adoption to trust-based, sharia-compliant, and impact-oriented governance in blockchain-enabled waqf management. This study concludes that wakif trust is normative-institutional, not merely technological. Consequently, the development of blockchain-based green waqf needs to be directed toward transparent, accountable, sharia-compliant, and impact-oriented governance.
The Impact of Corporate Social Responsibility Disclosure on Financial Performance with Financial Statement Comparability as A Mediating Riris Widyaningrum; Adhelia Desi Prawestri
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.15173

Abstract

This study aims to analyze the effect of Corporate Social Responsibility on financial performance, mediated by financial statement comparability. This is a quantitative study. The subjects of this study are infrastructure sector companies listed on the Indonesia Stock Exchange from 2021 to 2024. The sampling technique used was purposive sampling with a sample size of 192 observations. This study employed multiple linear regression analysis and path analysis to examine the effects of the hypotheses, utilizing EViews software. The study’s findings suggest that CSR does not significantly impact financial performance or financial statement comparability. Additionally, financial statement comparability does not significantly influence financial performance, nor does it mediate the relationship between CSR and financial performance. A mediating relationship cannot be established as the three variables do not exhibit a significant relationship. However, when combined with the control variables, they can influence financial performance.

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