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CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE
Published by Transpublika Publisher
ISSN : 2809848X     EISSN : 28098226     DOI : https://doi.org/10.55047/cashflow
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE main objectives is to establish an effective channel of communication between stakeholders including academic and research institution, businesses, governments and communities. It also aims to promote and disseminate the research finding in the development of management, accounting, and economic theories and practices. This CASHFLOW Journal provides wider range of scope on the area of management, accounting, and economic which is not limited on general practices but also on the issues of Sharia Economics, History of Islamic Economic Thought, Islamic Law, Local Wisdom in Sharia Economic Perspective, and others related to sharia economics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 172 Documents
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The Socio-Economic Impact of the Dui’ Pappenre’ Tradition (Gift Money) on the Household Economic Resilience of the Bugis Community Riswan Riswan; Asriadi Arifin; Irwandi Irwandi
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 4 No. 4 (2025): JULY
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v4i4.2255

Abstract

Dui’ Pappenre’ in Bugis marriage holds a negative stigma among the community, but from an Islamic economic perspective, Dui’ Pappenre’ becomes an instrument that can stimulate a man’s economic and mental circulation. This study aims to analyze the socio-economic impact of the Dui’ Pappenre’ tradition while examining its influence on the economic resilience of Bugis Muslim households. This study applies a qualitative descriptive design through an ethnographic approach and an interpretive paradigm to dissect the reality of the research object naturally. Through an ethnographic approach, this study seeks to explore a comprehensive explanation of the socio-cultural phenomenon of Bugis marriage based on the perspectives and direct experiences of the research subjects. Data were collected through observation techniques and in-depth interviews, which were strengthened by the results of previous studies as secondary data. Furthermore, the data were analyzed using the Miles and Huberman model which includes the stages of data condensation, data presentation, and drawing conclusions. The results show that the high levels of dowry and Dui’ Pappenre’ are sometimes seen as obstacles to marriage. However, substantively, it is a cultural symbolization that reflects the sacredness of marriage for the Bugis community. In Islamic economics, this phenomenon is viewed as an effort to fulfill the common good (maslahah) and distribute economic prosperity collectively. This research projects that if managed with principles of justice and appropriate financial protection, Dui’ Pappenre’ can transform into a pillar of resilience for the economic stability of Muslim households in the future.
From Traditional Contract to Digital Practice: Examining Istishna Contracts Applications in MSMEs Furniture Online Transactions Dwi Safitri; Wartoyo Wartoyo; Diana Djuwita
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 1 (2025): OCTOBER
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i1.2256

Abstract

This study examines the implementation of the Istishna contract within a pre-order (PO) business model and evaluates its compliance with Sharia accounting standards, specifically PSAK 403 and PSAK 404, at UMKM Duta Rotan. Employing a qualitative descriptive approach, the research captures the actual business practices through semi-structured interviews, direct observation, and analysis of transactional and supporting documents. The findings reveal that the enterprise’s pre-order system substantively reflects the core characteristics of the Istishna contract, particularly in the customization of goods prior to production based on agreed specifications. However, significant gaps persist in the financial reporting framework. Accounting practices remain rudimentary, limited to basic order recording without the preparation of comprehensive financial statements. Revenue recognition is conducted on a cash basis, which diverges from the accrual-based approach prescribed under Sharia accounting standards. Additionally, the absence of systematic recording for production costs and inventory results in incomplete and potentially misleading financial information. This study highlights a critical disconnect between operational adherence to Islamic contractual principles and the formal accounting practices required for Sharia compliance. It underscores the urgent need for capacity building in Sharia-based financial reporting, particularly among micro, small, and medium enterprises (MSMEs). Strengthening accounting practices is essential not only to ensure regulatory compliance but also to enhance transparency, accountability, and long-term sustainability in line with Islamic economic principles.
Islamic Finance Integration in the Halal Wagyu Global Value Chain: Sharia-Compliant Instruments, Governance, and Policy Implications Prima Gandhi; Triyanto Triyanto
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 1 (2025): OCTOBER
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i1.2271

Abstract

The global halal food market has evolved from a niche religious segment into a mainstream component of international agrifood trade, driven by demographic growth, rising middle-class incomes, and greater awareness of halal standards. Within this context, Japan occupies a distinctive position as a non-Muslim, high-income country with an advanced agrifood sector and strong branding around safety, quality, and traceability. Wagyu beef has become a flagship export, and the emergence of halal-certified wagyu has opened a high-value but still niche channel linking Japanese producers to Muslim markets in Southeast Asia and the Middle East, while facing governance and financing challenges such as fragmented certification, midstream bottlenecks, and limited Islamic finance integration. This article examines how halal-certified Japanese wagyu participates in global halal agrifood trade and how Islamic finance can support its development. Using qualitative document analysis of academic, policy, industry, and media sources, it maps the halal wagyu global value chain from upstream breeding and fattening in Japan to midstream slaughtering and processing, and downstream logistics, export, and retail in Muslim-majority markets. The findings show that halal governance relies on layered assurance across slaughter, processing, packaging, logistics, and food service, anchored in Japan’s beef traceability system and private halal certification and logistics standards. The study demonstrates that halal wagyu occupies a high-margin niche driven by affluent Muslim consumers but constrained by limited certified processing capacity, high compliance and logistics costs, and fragmented recognition of certifiers and regulations.
Islamic Economic Law and Asset Redistribution: A Study of Distributive Justice in Parepare City Anggeryani Syam; Zainal Said; Hannani Yunus
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 2 (2026): JANUARY
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i2.2276

Abstract

Economic inequality remains a persistent structural challenge in developing societies, particularly in the unequal ownership and control of productive assets, a condition that continues to shape the socio-economic landscape of Parepare City. This study aims to analyze the contribution of the concept of distributive justice in Islamic Economic Law to mitigating asset distribution inequality in the community of Parepare City. The research employed a descriptive qualitative method with a phenomenological approach. Primary data were collected through in-depth interviews with Islamic economics scholars, administrators of zakat and waqf institutions, and micro- and small-scale business owners in Parepare City. Secondary data were obtained from reports on poverty statistics, income distribution, and national zakat management. The findings reveal that asset distribution inequality in Parepare City is largely driven by structural barriers within market mechanisms that lead to the concentration of capital among certain economic groups. As a result, low-income communities experience limited access to productive economic resources. The concept of distributive justice in Islamic Economic Law has strong relevance as an instrument for mitigating asset inequality. Its implementation can be realized through the transformation of zakat and waqf management from a charitable-oriented approach into a productive economic empowerment model. Furthermore, the synchronization of more inclusive local regulations is necessary to ensure equitable access to economic resources and to strengthen the economic empowerment of lower-income communities.
Internalization of Islamic Economic Law in Facing the Challenges of Shopee’s Digitalization Nur Aefih; Zainal Said; Hannani Yunus
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 2 (2026): JANUARY
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i2.2278

Abstract

The development of digital technology has driven significant changes in the economic transaction system of society, particularly through the use of digital platforms such as Shopee. These changes have brought various conveniences to trading activities, but also raise new challenges in terms of legal regulation, consumer protection, and the application of Islamic economic law principles. This study aims to analyze the concept of Islamic economic law in digital transactions, examine regulatory challenges in the digital era, and formulate a reconstruction model of Islamic economic law oriented towards the paradigm of justice in transactions on digital platforms. This study uses a normative legal research method with a conceptual and legislative approach, supported by a literature review of various legal sources and relevant literature. The results show that the principles of Islamic economic law, such as justice (al-’adl), transparency, and benefit (maslahah), remain relevant in regulating digital transactions, but require regulatory reconstruction that is adaptive to technological developments. This reconstruction of Islamic economic law is necessary through strengthening digital contracts, platform responsibility, consumer protection, and the integration of the maqasid al-shariah principle in regulatory development. Thus, the reconstruction of Islamic economic law is expected to be able to create a digital transaction system that is fair, transparent, and oriented towards the welfare of society in the modern digital economic era.
Towards a Typology of Innovation Regimes: Horizontal, Vertical, Schumpeterian, and Al-Shāfiʿī’s Epistemic: Beyond the Dominant Paradigm of Islamic Finance Abderrazak Belabes
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 2 (2026): JANUARY
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i2.2281

Abstract

This article offers a critical reinterpretation of contemporary innovation theories, breaking with unidimensional approaches centered on Schumpeterian creative destruction. It develops an original analytical typology based on four innovation regimes: horizontal, vertical, Schumpeterian, and epistemic, drawing on the epistemology of al-Shāfiʿī. Horizontal innovation relies on a logic of diffusion of uses and stabilization of digital ecosystems, characterized by structured incrementalism and strong integration of user interfaces. Vertical innovation refers to a logic of sovereignty and power, where technology becomes a geostrategic decision-making infrastructure closely linked to state apparatuses and security concerns. Schumpeterian innovation corresponds to a disruptive dynamic based on creative destruction, but its contemporary limitations stem from the production of systemic instabilities. Finally, epistemic innovation is mobilized through al-Shāfiʿī’s contribution as a normative architecture for validating knowledge, based on methodological coherence and the regulation of conditions for truth production. This dimension introduces an analytical opposition between the ontology of conflict associated with Peter Thiel and Alex Karp, where innovation is conceived as asymmetric competition and the production of technological monopolies, and an ontology of epistemic stability centered on the validation, coherence, and pacification of knowledge. The article thus shows that innovation is not a homogeneous process, but a field structured by competing regimes of rationality. This typology allows for a reconfiguration of the measurement and governance of innovation, particularly in Muslim-majority economies, by integrating institutional, geostrategic, and epistemic criteria, beyond the dominant paradigm of Islamic finance, where innovation is conflated with market validation in global finance.
Financial Ratio Analysis and Stock Price Performance of Islamic Banks Listed on the Indonesia Stock Exchange Wartoyo Wartoyo; Reisya Zahra Munichlakhofa; Makmuri Ahdi
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 4 No. 3 (2025): APRIL
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v4i3.2214

Abstract

The rapid growth of Islamic banking in Indonesia has intensified interest in understanding the financial factors that drive market valuation and investor decision-making. This study aims to analyze the influence of Return on Assets (ROA), Financing to Deposit Ratio (FDR), and Operational Costs to Operational Income (BOPO) on stock prices in Sharia Commercial Banks (BUS) listed on the Indonesia Stock Exchange (IDX) for the 2021-2024 period. Using a quantitative approach and panel data regression analysis through the Eviews 13 software, this study samples 4 Sharia banks (BTPN Syariah, Bank Aladin Syariah, Bank Panin Dubai Syariah, and Bank Mega Syariah). The results show that partially, Return on Assets (X1) has a positive and significant effect on stock prices with a probability of 0.0007, confirming that profitability is the main attraction for investors. Meanwhile, partially Financing to Deposit Ratio (X2) does not affect stock prices with a probability of 0.3176, indicating that the market tends to be neutral towards the volume of fund distribution and prioritizes liquidity safety aspects. Furthermore, Operational Costs to Operating Income (X3) has a positive and significant effect on stock prices with a probability of 0.0037. This finding shows a unique phenomenon in which the market actually appreciates the increase in operational costs as a form of strategic investment by banks in digital technology transformation to strengthen long-term competitiveness.
The Implementation of Good Corporate Governance at Indonesian Sharia Banks: A Review of Regulations and Legal Basis Munir Munir; Rimi Gusliana Mais
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 1 (2025): OCTOBER
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i1.2299

Abstract

The practice of Good Corporate Governance (GCG) in Islamic banking serves as a foundational element that goes beyond mere regulatory compliance, extending to the embedding of Sharia principles throughout all governance processes. This study seeks to evaluate how GCG is implemented at Bank Syariah Indonesia (BSI), assessing the extent to which its practices align with Indonesia’s national legal framework, including Law No. 21 of 2008, PBI No. 11/33/PBI/2009, as well as international standards such as the OECD guidelines and the ASEAN Corporate Governance Scorecard (ACGS). The research employs a literature review methodology with a descriptive-analytical approach, drawing from academic publications, relevant legislation, and BSI’s official reports for the 2023-2024 period. The results indicate that BSI has largely demonstrated strong adherence to core governance principles transparency, accountability, responsibility, independence, and fairness as evidenced by its “Highly Trusted” recognition under the CGPI and compliance with ISO 37301:2021 and ISO 37001:2016 standards. Nevertheless, challenges remain, including low public literacy on the Islamic economy, competition with conventional banks, a shortage of qualified human resources, and the need to harmonize Islamic law with national positive law. These findings contribute to the literature on Sharia GCG and offer practical recommendations for regulators and Islamic bank management.
The Transformation of the Meaning of Halal Certification from the Perspective of MSME Owners Following the Implementation of the Mandatory Halal Policy in 2026 Rahmawati Rahmawati
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 2 (2026): JANUARY
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i2.2339

Abstract

The implementation of the mandatory halal policy in 2026 has brought significant changes to the management practices of Micro, Small, and Medium Enterprises (MSMEs). However, studies examining how MSME owners interpret the meaning of halal certification following the implementation of this policy remain relatively limited. This study aims to explore the transformation of the meaning of halal certification from the perspective of MSME owners after the implementation of the 2026 mandatory halal policy. The research employed a qualitative approach using a transcendental phenomenological design. Data were collected through in depth interviews, field observations, and documentation involving MSME owners who had obtained halal certification. The data were analyzed using phenomenological reduction and thematic analysis. The findings reveal that halal certification is no longer perceived merely as a means of complying with regulatory requirements; rather, it has evolved into a business identity, a mechanism for building consumer trust, a business development strategy, and a factor supporting business sustainability. These findings highlight that halal certification serves a broader function as a strategic asset for enhancing the competitiveness of MSMEs. The novelty of this study lies in its exploration of the lived experiences of MSME owners in constructing the meaning of halal certification through a transcendental phenomenological approach, thereby providing a conceptual contribution to the development of halal certification studies in Indonesia, by explaining how the meaning of halal certification is socially constructed beyond regulatory compliance through the lived experiences of MSME owners.
Green Sukuk and the Political Economy of Sustainability: Rethinking Islamic Finance beyond Market Logics Abdulrhman Mohmmad Alamoudi
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 2 (2026): JANUARY
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i2.2345

Abstract

This study critically examines whether green sukuk represent a genuine transformation in Islamic finance or primarily reproduce the market-oriented logics of contemporary sustainable finance. It develops an integrated analytical framework combining political economy, financialization, assetization, and Maqasid al-Shariah to evaluate green sukuk beyond their legal structure and financial performance. Employing a qualitative conceptual methodology, the study draws on a critical literature review, documentary analysis of international sustainability and Islamic finance standards, and theory-driven interpretive analysis. The findings indicate that while green sukuk have expanded the participation of Islamic finance in climate-related investment and sustainable development, their institutional evolution remains largely embedded within global market-based sustainability governance. Consequently, environmental legitimacy is often assessed through financial and regulatory frameworks rather than broader ethical objectives. From a Maqasid al-Shariah perspective, the study argues that the distinctiveness of Islamic sustainable finance should be evaluated according to its contribution to justice, public welfare, environmental stewardship, and intergenerational responsibility, rather than contractual compliance alone. The paper contributes to the literature by proposing a Maqasid-oriented paradigm for evaluating green sukuk beyond market-oriented performance criteria. This perspective provides a broader conceptual foundation for future research, policy development, and governance reforms aimed at strengthening the ethical contribution of Islamic finance to sustainable development.

Page 17 of 18 | Total Record : 172

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