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Fitria Rahmah
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Al-Tijary : Jurnal Ekonomi dan Bisnis Islam
Published by Universitas Islam Negeri Sultan Aji Muhammad Idris Samarinda
ISSN : 24609404     EISSN : 24609412     DOI : https://doi.org/10.21093/at.v7i2.3662
Core Subject : Economy,
Economics, Econometrics & Finance
Al-Tijary : Jurnal Ekonomi dan Bisnis Islam encompasses research articles, original research report, reviews, and scientific commentaries in the field of economics and islamic business, including:Islamic Economics, Islamic Business, Islamic banking, Islamic capital markets, Islamic wealth management, Issues on shariah implementation/practices of Islamic banking, Zakat and awqaf, Takaful, Islamic Corporate Finance, Shariah-compliant risk management, Islamic derivatives, Issues of Shari`ah Supervisory Boards, Islamic business ethics, Islamic Accounting, Islamic Auditing.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 138 Documents
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Between Promise and Practice: A Critical Analysis of Nigeria's Sovereign Sukuk Program for Infrastructure Development Oluwaseun Sulaiman Saidu
Al-Tijary Vol. 10 No. 2 (2025): AL-TIJARY VOL. 10, NO. 2, JUNI 2025
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/y2d8ev66

Abstract

Nigeria's turn to sovereign Sukuk since 2017 responds to a severe infrastructure deficit, chronic fiscal volatility linked to hydrocarbon dependence, and the need to diversify the government's investor base beyond conventional debt. This study critically examines whether the resulting instrument's transactional structure genuinely embodies the foundational tenets of Islamic finance or merely replicates conventional debt under an Islamic label. This scholarly inquiry undertakes a critical doctrinal dissection of the programme, widely touted as a panacea for the nation's infrastructure deficit. The research posits that while the programme's market success evidenced by prodigious oversubscription rates is incontrovertible, its underlying structural fidelity to the foundational tenets of Islamic finance remains profoundly contentious. Employing a rigorous doctrinal methodology, this paper deconstructs the transactional architecture of the Sukuk issuances from 2017 to 2023, with particular scrutiny on the pervasive and doctrinally problematic Purchase Undertaking. The analysis is framed within the dual theoretical prism of Agency Theory and the higher objectives of Islamic law (Maqasid al-Shari'ah). The findings reveal a fundamental dissonance: the Nigerian model, in its current iteration, effectively functions as a sovereign-guaranteed, fixed-return instrument, thereby negating the core Islamic principle of risk-sharing and reducing the underlying asset to mere legal collateral. The paper concludes with an unequivocal assertion: for Nigeria's Sukuk market to achieve not just commercial viability but also religious legitimacy, a paradigm shift towards authentic asset-backed, risk-sharing structures is imperative, demanding immediate regulatory fortification and a reorientation of market practice to align with the ethical imperatives of Maqasid al-Shari'ah.
Islamic Financial Inclusion as a Transmission Channel: Evidence from Digital Payments and Inflation in Indonesia Pribawa E Pantas; Norfaizah Othman; Noor Aimi Mohamad Puad
Al-Tijary Vol. 11 No. 2 (2026): AL-TIJARY VOL. 11, NO. 2, JUNI 2026
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/gyz3zs22

Abstract

This study investigates the role of Islamic financial inclusion as a transmission channel linking digital payments and inflation in Indonesia's dual banking system. While digital payment systems have expanded rapidly and are known to influence monetary policy transmission, the mechanism through which these effects occur—particularly within an Islamic finance context—remains underexplored. Using monthly data from January 2016 to June 2025, this study employs an Autoregressive Distributed Lag (ARDL) model combined with a mediation framework to examine both direct and indirect effects. The findings reveal that digital payments significantly enhance Islamic financial inclusion, thereby influencing inflation dynamics through an indirect transmission mechanism. Mediation analysis confirms that Islamic financial inclusion partially transmits the impact of digital payments to inflation, with the indirect effect accounting for approximately 15.5% of the total effect. These results contribute to the literature by integrating Islamic finance into macroeconomic transmission analysis and provide policy implications for strengthening inclusive, sharia-compliant financial ecosystems in emerging economies.
Productive Zakat as a Socio-Economic Instrument: A Bibliometric and Systematic Literature Review Rina Desiana; Umi Julaihah; Siswanto; Jadzil Baihaqi
Al-Tijary Vol. 11 No. 2 (2026): AL-TIJARY VOL. 11, NO. 2, JUNI 2026
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/5zmtqj93

Abstract

Although productive zakat is recognised as a crucial instrument for poverty alleviation, systematic synthesis regarding the mapping of literature and its conceptual evolution is still limited, where field practices remain fragmented and dominated by consumptive aid. This study aims to evaluate the academic landscape of productive zakat, identify research trends, and investigate its conceptual transformation as an Islamic public financial instrument for sustainable poverty alleviation. A hybrid approach combining Systematic Literature Review (SLR) and bibliometric analysis was used in this study. Following the PRISMA framework, the final sample of 33 Scopus-indexed articles published up to mid-2026 was filtered and visualised using VOSviewer software. The research results show that productive zakat research has consistently evolved from simple linear evaluations to complex socio-economic systems rooted in the ijtihad of Maqāṣid al-Sharīʿah. The theoretical synthesis reveals that direct financial intervention does not automatically guarantee an improvement in welfare; rather, it requires critical mediating variables such as the growth of micro-enterprises and the success of Sharia-compliant businesses. Additionally, the keyword analysis highlights a shift in emphasis towards institutional digitalisation, synergy with global SDGs (SDGs 1 and 8), and the integration of technical assistance. This research provides an evidence-based framework for regulators and zakat institutions to integrate financial distribution with a non-financial supporting ecosystem
Agent and Customer Experiences of Digital Service Innovation in Sharia Insurance: A Qualitative Study of Digital Service Platforms at a Sharia Insurance Branch in Medan Fidya Purnama; Nuri Aslami; Nur Ahmadi Bi Rahmani
Al-Tijary Vol. 11 No. 1 (2025): AL-TIJARY VOL. 11, NO. 1, DESEMBER 2025
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/marmsg11

Abstract

The rapid digitalisation of Indonesia’s sharia insurance industry has not been matched by an equally rich understanding of how agents and customers experience it daily, particularly whether efficiency gains are matched by faithful communication of sharia values. This study examines the role of information technology and innovation in digital sharia insurance services at PT Prudential Syariah, Medan Branch. A descriptive-analytic qualitative approach was used, with four informants two active agents and two customers of at least one year selected through purposive sampling for their sustained engagement with the PRUServices application and the E-Withdrawal feature. Data were collected through in-depth interviews and analysed using the interactive model of Miles, Huberman, and Saldana trustworthiness was maintained through triangulation, member checking, peer debriefing, and audit trail. The findings show that PRUServices and E-Withdrawal improved operational efficiency, transparency, and accessibility in ways informants associated with sharia openness and fairness (‘adl). However, digital-literacy gaps, uneven infrastructure, and limited understanding of concepts such as akad and tabarru’ continued to constrain adoption among older customers, and agents occupied a dual role as technical mediators and communicators of sharia values. The study concludes that successful digitalisation depends on balancing technological ease with sustained value education and personal companionship, offering practical implications for agent-training design and theoretical implications for applying diffusion-of-innovation and disruptive-innovation frameworks to value-laden financial services.
Do Retail and Non-Retail State Sharia Securities Promote Economic Growth in Indonesia? Evidence from an ARDL Approach Annisa Dinda Rahmasari; Rr Tini Anggraeni
Al-Tijary Vol. 11 No. 2 (2026): AL-TIJARY VOL. 11, NO. 2, JUNI 2026
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/jkrnmr34

Abstract

State Sharia Securities or Surat Berharga Syariah Negara (SBSN) have become an increasingly important instrument for financing Indonesia’s fiscal needs, yet the economic effects of retail- and non-retail-oriented issuances may differ because they target different investor segments and financing channels. This study examines the short- and long-run roles of Non-Retail SBSN and Retail SBSN in Indonesia’s economic growth. Using a quantitative time-series approach, the study analyzes 60 quarterly observations from 2009Q1 to 2023Q4 and applies the Autoregressive Distributed Lag (ARDL) method in EViews 13. Trade openness, the Consumer Price Index (CPI), and the BI Rate are included as macroeconomic control variables, while GDP represents economic growth. The findings show that Retail SBSN and CPI are significantly associated with GDP in the short run, whereas Non-Retail SBSN, trade openness, and CPI are significant in the long run. The results indicate that the contribution of SBSN to economic growth differs across investor segments and time horizons. Policy efforts should therefore strengthen the productive allocation of SBSN proceeds while expanding retail participation and Islamic financial literacy so that sovereign sukuk can contribute more effectively to sustainable economic activity.
Instagram Insight Analysis of Special Hajj Organizers (PIHK) In West Java Izzudin Ahmad Al Firdausy; Achmad Firdaus
Al-Tijary Vol. 11 No. 1 (2025): AL-TIJARY VOL. 11, NO. 1, DESEMBER 2025
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/dn5g0h44

Abstract

The use of social media, particularly Instagram, has become a powerful tool for communication, networking, and business promotion. This study aims to analyze user engagement on the Instagram accounts of special Hajj pilgrimage organizers in West Java. Of the 29 PIHKs registered in West Java, 26 Instagram accounts were found and collected as data sources, 6 accounts were inactive within the period leaving 20 accounts as the final research sample, including metrics such as posts, likes, comments, and followers. The findings revealed positive correlations between comments likes, comments-followers, likes-followers, and likes-posts. However, no statistically significant correlation was found between comments-posts and followers-posts. Interestingly, none of these variables showed a significant correlation with overall engagement rates. Among the 20 accounts examined, only two demonstrated high engagement rates, with values of 10.42 and 8.91 respectively; the remaining 18 had low engagement. The study concludes that comments are positively correlated with likes and followers, and likes are positively correlated with followers and posts. The research suggests that organizers should develop daily content strategies with optimal posting times and compelling copywriting to increase interaction. This study contributes to the growing body of knowledge on how social media impacts the organization and promotion of Hajj pilgrimage services.
Inflation Uncertainty in Indonesia: ARIMA–ARCH Evidence from an Islamic Economics Perspective Nurfitri Martaliah; Nova Erliyana; Muhammad Taufik Ridho
Al-Tijary Vol. 11 No. 2 (2026): AL-TIJARY VOL. 11, NO. 2, JUNI 2026
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/3pngm416

Abstract

This study examines the persistence and conditional uncertainty of Indonesian monthly inflation using an ARIMA(2,0,0)-ARCH(1) model and frames the evidence within Islamic economics, maqashid al-sharia, and sharia-compliant risk management. Monthly inflation data from January 2006 to December 2025 are used, with 2006-2024 as the estimation sample and 2025 as the out-of-sample evaluation period. The Augmented Dickey-Fuller test confirms level stationarity. Among six non-seasonal specifications, ARIMA(2,0,0) is selected because both autoregressive coefficients are significant, the inverse roots are stable, and the AIC is the lowest. ARCH-LM confirms conditional heteroskedasticity, while ARCH(1) removes the remaining first-order ARCH effect. A Student-t distribution improves information criteria and captures fat-tailed price shocks. The 2025 evaluation reports RMSE=0,663449, MAE=0,489019, and Theil U2=0,600060, indicating that the model outperforms a naive benchmark. The Islamic economic contribution lies in interpreting inflation volatility as a risk to hifz al-mal, the real value of contracts, basic consumption, halal business continuity, Islamic banking risk, and zakat-waqf planning. Thus, the model is not merely a forecasting device, but an early-warning instrument for maslahah-oriented price stabilization.
Halal Tourism Development: A Systematic Review of Policy, Certification, and Sustainable Practices Darihan Mubarak; Muhammad Hakimi Mohd. Shafiai
Al-Tijary Vol. 11 No. 2 (2026): AL-TIJARY VOL. 11, NO. 2, JUNI 2026
Publisher : Faculty of Islamic Economics and Business Sultan Aji Muhammad Idris State Islamic University Samarinda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21093/4j04x731

Abstract

This study aims to systematically analyse and synthesise empirical articles on halal industry development, focusing on three key dimensions: policy, certification, and sustainability practices. This study employed the Systematic Literature Review (SLR) method, based on the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) guidelines, to review articles from two major databases: Scopus and Web of Science (WoS). A total of 73 eligible empirical articles were identified and then analysed in depth. It identified 13 critical aspects of the policy dimension to be considered in developing the halal industry, including the regulatory framework, promotion and marketing, collaboration, infrastructure, and human resource development. Within the halal certification dimension, ten types of certification were identified across various sectors, including food, hotels, and restaurants. The dimensions of sustainability practices include sixteen aspects related to environmental protection, socio-cultural preservation, technology use, and economic empowerment. The urgency of this research lies in the integration of sustainability policies, certification, and practices within a single analytical framework. This framework emphasizes that halal tourism development depends on the synergy of these three dimensions. Ultimately, this study recommends further research on the halal industry in Muslim-majority countries, the challenges of implementing halal standards, and the development of empirical models that integrate these three dimensions using quantitative and mixed-methods approaches.

Page 14 of 14 | Total Record : 138

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