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Al-Muhtarifin: Islamic Banking and Islamic Economic Journal
Published by Universitas Muhammadiyah Sumatera Utara
ISSN : -     EISSN : 28099699     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal is published by Islamic Banking Department, Faculty of Islamic Religion, University of Muhammadiyah Sumatera Utara . Published twice a year (January and July). Jurnal Al-Muhtarifin is a scientific journal that contains the results of research and theoretical studies on Islamic Banking and Islamic Economic issues. Paper presented in Jurnal Al-Muhtarifin are solely author responsibility. The editorial board may edit without changing the substance of the paper.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 54 Documents
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Comparison of Musharakah Mutanaqisah (MMQ) Regulatory Framework in Indonesia, Malaysia, and Brunei: Challenges and Solutions Umar Firmansyah, Ahmad
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 3, No 2 (2024): Jun 2024
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v3i2.20309

Abstract

This study aims to examine the regulatory framework of Musyarakah Mutanaqisah (MMQ) in Indonesia, Malaysia, and Brunei, and compare the implementation and challenges faced in the three countries. MMQ is one of the important Islamic financing products in Islamic banking, where the portion of asset ownership is gradually purchased by customers from banks until full ownership changes hands. This study uses a doctrinal legal approach with legislative, conceptual, and comparative methods to analyze the regulations, fatwas, and policies that govern MMQ. In Indonesia, MMQ regulations are based on the fatwa of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) and the regulations of the Financial Services Authority (OJK). DSN-MUI Fatwa No. 73/DSN-MUI/XI/2008 and No. 101/DSN-MUI/X/2016 provide detailed guidance on the implementation of MMQ, but challenges such as legal certainty of asset ownership and risk management still need to be overcome. In Malaysia, Bank Negara Malaysia (BNM) through the Sharia Advisory Council (SAC) issues policy documents such as BNM/RH/STD028-7 which govern the MMQ. The integration of MMQ with other contracts such as ijarah and istisna adds complexity to its implementation. Meanwhile, in Brunei, the Brunei Islamic Religious Council (MUIB) issued fatwas and regulations tailored to the local context. The main challenge in Brunei is the lack of public understanding of MMQ and legal documentation issues. The study concludes that although all three countries share the same sharia principles, there are variations in MMQ regulation and implementation. Practical challenges can be overcome by developing more detailed regulations, strengthening risk management systems, and increasing education and socialization to the public. Recommendations for improved regulation and MMQ practices include clearer regulation, increased training for bank staff, and product innovation. Further research is suggested to explore the social and economic impact of MMQ and the potential use of financial technology (fintech) in improving the efficiency and accessibility of MMQ. This research makes an important contribution to understanding and improving MMQ regulations and practices in Indonesia, Malaysia, and Brunei, as well as providing valuable recommendations for regulators and Islamic banking practitioners in the future
IMPLEMENTASI PERATURAN OTORITAS JASA KEUANGAN NOMOR: 3/POJK.03/2016 TENTANG PENERAPAN KEPATUHAN SYARIAH PADA PT. BPRS PUDUARTA INSANI Gaspari, Andrian
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 3, No 1 (2024): Jan 2024
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v3i1.16374

Abstract

The purpose of this study is to describe murabahah financing for business capital, the constraints and problems encountered, whether or not they comply with the implementation of financial services authority regulations: 3/POJK.03/2016 concerning the implementation of sharia compliance and supervision and DPS duties in BPRS puduarta Insani. Method the research used by the author is a qualitative approach. Qualitative research is a research method used to research on natural object conditions where the researcher is a key instrument, data collection techniques are carried out in a triangulation (combined) manner, data analysis is inductive in nature, and the results of qualitative research emphasize more meaning of generalization. This qualitative research is a research procedure that produces descriptive data in the form of written words from the results of interviews, observations, literature studies, and documentation.The results of the study show that the BPRS Puduarta Insani in general is in accordance with sharia principles and the provisions of the DSN-MUI Fatwa and the OJK. Which has been directly supervised by the DPS. From the submission mechanism to the signing of the contract, it is in accordance with sharia principles and it is also explained in detail how the mechanism for carrying out the business and installments until the completion of the financing so that there is no longer any attachment to the bank. In selecting customers, the bank also applies the precautionary principle by applying the 5C principle. Therefore BPRS Puarta Insani should comply with sharia principles and the principle of prudence in its activities. DPS also works according to its authority in supervising BPRS and providing advice and advice to BPRS, but the public still thinks that Islamic banks are the same as conventional banks, even though the problems they encounter often occur due to bad customer characteristics.Keywords: Implementation of Sharia Compliance and Murabahah
Islam and Economy: Towards a Just Islamization of Economics Sirait, Frida Yanti
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 4, No 1 (2025): JAN 2025
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v1i1.23171

Abstract

This study aims to explore the concept of the Islamization of economics, focusing on the integration of Islamic principles into the conventional economic system. It highlights the need for an ethical and value-based economic framework rooted in Islamic teachings. The research adopts a qualitative approach, using library research to review relevant literature on Islamic economics, the Islamization of knowledge, and the intersection between Islamic teachings and economic principlesThe study finds that Islamic economics offers an ethical and moral framework that emphasizes fairness, justice, and social welfare. It highlights the significance of integrating Islamic values such as the prohibition of interest (riba) and the promotion of zakat (charity) and profit-sharing mechanisms into the economic system. The research concludes that the Islamization of economics can lead to the development of a more inclusive and sustainable economic system that aligns with both Islamic and universal principles.
Analisis Pengaruh Pembiayaan Mudharabah dan Musyarakah terhadap Profitabilitas Bank Syariah Indonesia Periode 2021-2024 Chairina, Chairina
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 4, No 1 (2025): JAN 2025
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v1i1.23202

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh pembiayaan mudharabah dan musyarakah terhadap profitabilitas Bank Syariah Indonesia pada periode 2021-2024 dengan menggunakan regresi linear berganda. Data yang digunakan dalam penelitian ini adalah data sekunder dan merupakan data time series (data yang terdiri dari beberapa interval waktu) dari periode Februari 2021 - November 2024. Sehingga terdapat 46 data bulanan dari pembiayaan mudharabah, pembiayaan musyarakah, dan profitabilitas (ROA) pada Bank Syariah Indonesia. Hasil analisis menunjukkan bahwa pembiayaan mudharabah dan musyarakah secara simultan (bersama-sama) berpengaruh terhadap profitabilitas (ROA). Secara parsial pembiayaan mudharabah tidak berpengaruh terhadap profitabilitas (ROA), sedangkan pembiayaan musyarakah secara parsial berpengaruh terhadap profitabilitas (ROA).
ANALISIS KUALITAS LABA PADA PERUSAHAAN KONTRUKSI DAN BANGUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) Rokan, Mustafa Kamal; Nurwani, Nurwani; Gunawan, Asrul
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 4, No 1 (2025): JAN 2025
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v1i1.17605

Abstract

This study aims to determine the effect of profitability, leverage, and liquidity on earnings quality in construction companies and buildings listed on the Indonesia Stock Exchange (IDX). In this research using quantitative methods with an associative approach. Population that used is the company's annual financial statements buildings and buildings listed on the Indonesia Stock Exchange (IDX) period 2016-2020 as many as 18 companies. Sampling technique using purposive sampling technique based on certain criteria. Results research shows that profitability significant effect on earnings quality. Leverage has no significant effect on earnings quality. Liquidity no significant effect on earnings quality. Simultaneously, all the independent variables are profitability, leverage, and liquidity simultaneously significantly influence earnings qualityKeyword: Profitability, leverage, Liquidity on earnings quality
Digital Transformation in Islamic Banking: Its Impact on Islamic Economics in Indonesia badawi, afif
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 4, No 1 (2025): JAN 2025
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v1i1.23181

Abstract

The digital transformation of the banking sector has significantly reshaped financial services globally, with Islamic banking in Indonesia also embracing these changes. This paper examines the impact of digital transformation on Islamic banking and its broader effects on Islamic economics in Indonesia. With the integration of technologies such as mobile banking, blockchain, and digital platforms, Islamic banks in Indonesia are enhancing financial inclusion, improving customer experience, and offering innovative Shariah-compliant financial products. This study highlights the role of digital transformation in increasing accessibility to financial services for underserved populations while adhering to Islamic economic principles. However, challenges such as infrastructure limitations, cybersecurity concerns, and ensuring Shariah compliance remain key considerations. The findings suggest that digital transformation has the potential to drive growth in Islamic banking and contribute to the development of a more inclusive and ethical economy. The paper concludes by emphasizing the need for continuous innovation and careful alignment with Shariah principles to ensure that digital technologies positively impact the Islamic financial sector and economy in Indonesia.
Analysis Of Bank Muamalat's Service Products: Innovation And Impact On Local Economy Bank Muamalat Kcp Serdang, Medan Syafitri, Nikita Adelia; Amelia, Nova; Abdullah, Abdul; Nasution, Muhammad Nabil
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 4, No 1 (2025): JAN 2025
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v1i1.23173

Abstract

This study aims to analyze the service products offered by Bank Muamalat Indonesia, the first Islamic bank in Indonesia. The research method used is a literature study and secondary data analysis from reliable sources. The results indicate that digital service innovations and Islamic financial products provided by Bank Muamalat have a positive impact on local economic growth and increase public trust in the Islamic banking system. However, the bank faces challenges, including fierce competition with conventional banks and the necessity to continuously enhance digital services. Furthermore, this study highlights the role of Bank Muamalat in promoting financial inclusion by offering various Sharia-compliant products such as savings accounts, financing services, and digital banking solutions. The findings suggest that the bank’s adoption of technology, particularly through mobile banking, significantly enhances customer accessibility and satisfaction. Additionally, Bank Muamalat’s financing schemes contribute to the development of Micro, Small, and Medium Enterprises (MSMEs), strengthening their role in the broader economic landscape. Despite its achievements, the bank must address several challenges, such as increasing awareness of Islamic financial principles, adapting to technological advancements, and sustaining customer trust in a highly competitive market. This study provides insights into how Islamic banking institutions can leverage innovation to sustain growth and remain relevant in the evolving financial sector.Keywords: Islamic banking, Bank Muamalat, service products, digital innovation, local economy, financial inclusion, MSMEs.
Tracing The Development And Governance Of Zakat In Jordan: A Detailed Historical And Institutional Analysis Nur, Melanie Azzahra
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 4, No 1 (2025): JAN 2025
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v1i1.23172

Abstract

Poverty is a case that has become an unforgettable story throughout the history of human life, one that humanity continues to grapple with. The efforts to eradicate poverty have been a central theme of human development.. Methode is explore the implementation of zakat in Jordan and its impact on poverty alleviation, a comprehensive research methodology was employed. The study began with a historical analysis of zakat practices, tracing its evolution from the classical Islamic period to the present day.  The findings of this study reveal a multifaceted approach to zakat implementation in Jordan. Historically, zakat has been an essential component of Jordan’s social welfare system, with its roots tracing back to early Islamic governance. Over time, the system evolved, and modern legislation was introduced to formalize zakat collection and distribution. In contemporary Jordan, zakat is governed by both state-sanctioned institutions and religious organizations, working in tandem to ensure that the funds are channeled effectively to those in need. The Jordanian government has enacted laws that facilitate the collection and distribution of zakat, with the Ministry of Awqaf and Islamic Affairs playing a central role in overseeing zakat activities. This institutionalized approach has ensured that zakat reaches marginalized communities, including refugees and low-income households, helping to reduce poverty levels in these groups
Development Of Smart Islamic Finance: Synergy Of Artificial Intelligence And Sharia Economic Principles badawi, afif
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 4, No 2 (2025): Jun 2025
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v4i2.25491

Abstract

This research explores the integration of Artificial Intelligence (AI) in the Islamic financial system to create an innovative and sharia principle-compliant Smart Islamic Finance. Using qualitative research methods through literature studies and systems analysis, the findings show that AI can revolutionize four main aspects: (1) automated sharia screening, (2) risk management based on sharia maqashid, (3) optimization of zakat distribution, and (4) big data-based product development. The main challenges include the need to develop algorithms based on fiqh muamalah and handling data bias. This paper presents a conceptual framework for AI-sharia integration as well as policy recommendations for regulators.
Beyond Digital: Bringing Technology and Value Together in Sharia Fintech Sirait, Frida Yanti
Al-Muhtarifin: Islamic Banking and Islamic Economic Journal Vol 4, No 2 (2025): Jun 2025
Publisher : Universitas Muhammadiyah Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/almuhtarifin.v4i2.25486

Abstract

The digital transformation that has taken place in the last decade has changed the face of the global financial system as a whole. Financial technology or fintech has opened up new spaces for financial inclusion, especially for people who were previously unreached by formal financial services. In the context of Muslim society, the presence of sharia fintech is very important because it offers financial services that are not only innovative, but also in line with Islamic values. This research aims to examine in depth how sharia fintech plays a role in answering the challenges of financial inclusion based on Islamic values in the digital economy era. The qualitative approach was used by the method of literature study and in-depth interviews with industry players, academics, and users of sharia fintech. The results of the study show that sharia fintech is not only a technological solution, but also a value movement that brings the spirit of justice, transparency, and blessings in modern financial practices. This study concludes that the success of sharia fintech in expanding financial inclusion depends on the community's sharia financial literacy and regulations that support the principles of sharia maqashid as a whole.

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