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Moh Agus Nugroho
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Jeksyah
Published by Institut Agama Islam Negeri Sultan Amai Gorontalo
ISSN : -     EISSN : 28079272     DOI : 10.54045/jeksyah
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
JEKSYAH: Islamic Economics Journal is a peer-reviewed journal published by the Department of Islamic Economics, Faculty of Islamic Economics and Business (FEBI) State Islamic Institute (IAIN) Sulta Amai Gorontalo. Published twice a year in May and September. This journal publishes current original research on Islamic economics and business issues. This journal has become a CrossRef Member, therefore, all articles published by Islamic economics and business journals will have a unique DOI number. The open Islamic economics and business journal welcome scholars, graduate students, and practitioners to submit their best research articles relevant to the topic. Reviewers will review each submitted paper. The review process uses a double-blind review, meaning that the identity of the reviewer and the author is similar to that of the reviewer, and vice versa.
Arjuna Subject : -
Articles 51 Documents
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The Role of Islamic Economics in Indonesia's Growth: Toward Inclusive Development Maharajabdinul; Misbah, Ibah
Jeksyah: Islamic Economics Journal Vol. 5 No. 01 (2025): May 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i01.2650

Abstract

Islamic economics has emerged as a crucial driver of macroeconomic growth in Indonesia, a country with the world’s largest Muslim population. Over recent years, this sector has demonstrated notable progress, with Islamic banking assets reaching approximately IDR 1,000 trillion in 2024, maintaining a steady annual growth rate of 10-15%. Islamic economics plays a key role in financing small and medium enterprises (SMEs), developing innovative Islamic financial products, and contributing to poverty alleviation efforts. However, challenges persist, including limited public understanding of Islamic financial products, regulatory inconsistencies, and competition with conventional financial institutions. These obstacles hinder the full potential of Islamic economics, but there are significant opportunities, particularly in Islamic investment products and financial technology (fintech), which could serve as catalysts for future growth. Strengthened collaboration between the government, financial institutions, and society is critical to overcoming these challenges and maximizing opportunities for sustainable and inclusive development. This study explores the role, challenges, and prospects of Islamic economics in Indonesia’s macroeconomic growth and provides strategic recommendations to advance the sector towards greater inclusivity and sustainability.
EVA as a Financial Performance Indicator: A Case Study of Two Islamic Rural Banks in Bengkulu Zahra, Naurah; Isnaini, Desi; Liza, Citra
Jeksyah: Islamic Economics Journal Vol. 5 No. 01 (2025): May 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i01.2654

Abstract

This study analyzes the financial performance of BPRS Fadhilah and BPRS Maslahat Dana Syariah Nusantara in Bengkulu City using the Economic Value Added (EVA) method. EVA is selected as a performance indicator because it measures the economic value generated by a company after deducting the cost of capital, providing a clearer picture of value creation for investors and shareholders. This study employs a descriptive quantitative approach, using secondary data obtained from the official financial reports of each bank for the 2023 period. In Indonesia, Islamic banks are classified into three categories: Islamic commercial banks, Islamic business units, and Sharia Rural Credit Banks (BPRS). BPRS primarily focus on providing financing to micro and small enterprises, rather than offering standard payment services. The results show that BPRS Fadhilah recorded a negative EVA, indicating a failure to generate economic value for its investors. Conversely, BPRS Maslahat Dana Syariah Nusantara reported a positive EVA, demonstrating its ability to deliver added value and manage capital effectively. These findings highlight the importance of sound capital management and profitability in enhancing the financial performance of Islamic rural banks.
The Role of Intellectual Capital on Financial Performance with Competitive Advantage as a Mediator Firmansah, Rendy; Hana, Kharis Fadlullah
Jeksyah: Islamic Economics Journal Vol. 5 No. 02 (2025): September 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i02.2834

Abstract

This study aims to analyze the effect of intellectual capital on the return on assets (ROA) of Islamic Commercial Banks (BUS) in Indonesia, with competitive advantage as a mediating variable. The research is motivated by the growing importance of managing intellectual resources to enhance competitiveness and performance in an increasingly dynamic economic environment. A quantitative approach was employed using secondary data from the annual reports of 10 BUSs selected through purposive sampling for the 2016–2023 period. Data were analyzed using SmartPLS 3 software. The results show that intellectual capital does not have a significant effect on ROA and does not significantly influence competitive advantage. Furthermore, competitive advantage does not mediate the relationship between intellectual capital and ROA. However, competitive advantage has a significant positive impact on ROA. These findings indicate that while intellectual capital practices in BUSs do not directly or indirectly enhance profitability, strengthening competitive advantage remains a key driver of financial performance. The contribution of this study lies in providing empirical evidence on the mediating role of competitive advantage in the Islamic banking context in Indonesia over an extended period, offering insights for managers to strategically integrate intellectual capital development with competitiveness enhancement.
Electronic Security and Sharia Compliance: Addressing Legal Challenges In Digital Banking In Indonesia Adzmi, Rifazul; Gustanto, Edo Segara; Rizki Lubis, Rusdi; Gunardi, Setiyawan
Jeksyah: Islamic Economics Journal Vol. 5 No. 02 (2025): September 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i02.2836

Abstract

This study employs a literature-based approach by analyzing academic sources, legal texts, and regulatory documents. The purpose is to examine the legal challenges faced by Islamic banking in Indonesia amid the digital transformation of financial services. Rapid digital developments have reshaped banking services, including Islamic banking. While offering significant opportunities, this transformation also presents complex legal challenges. The study identifies key issues, such as the security of electronic transactions, compliance with digital security standards, personal data protection, and the consistent application of Sharia principles in digital financial innovations. These challenges are further complicated by the need to align them with Indonesia’s legal framework, particularly Law No. 21 of 2008 on Islamic Banking and regulations issued by the Financial Services Authority (OJK). The findings highlight the importance of adaptive legal frameworks and cross-institutional collaboration. Strong coordination among regulators, industry actors, and Sharia scholars is required to establish a digital Islamic banking ecosystem that is both legally sound and compliant with Islamic values.
Integrating Maqaṣid al-Shariah into the Sustainable Development Goals: A Comparative Analysis from an Islamic Economic Perspective Wulandari, Nurul; Aziz, Abdul; Wartoyo
Jeksyah: Islamic Economics Journal Vol. 5 No. 02 (2025): September 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i02.2837

Abstract

This study explores how Maqasid al-Shariah provides a robust foundation for developing a sustainable and inclusive economic system aimed at achieving human welfare and happiness through fair and balanced wealth distribution at both individual and societal levels. It discusses how the principles of Maqasid al-Shariah can guide the formulation of economic policies that prioritize collective well-being and environmental sustainability. The research adopts a qualitative approach using a literature-based study, examining relevant theories and scholarly works within the framework of Maqasid al-Shariah and Islamic economics. The findings reveal that Islamic economics has evolved as a viable alternative to the conventional global economic system because it is rooted in divine values, justice, equitable wealth distribution, the prohibition of usury (riba) and uncertainty (gharar), as well as a strong sense of social responsibility. These principles closely align with the objectives of the Sustainable Development Goals (SDGs), promoting prosperity in both this world and the hereafter while ensuring environmental and social sustainability. Anchored in Maqāṣid al-Sharī‘ah, Islamic economics emphasizes fulfilling essential needs and generating collective benefit (maslahah), rather than pursuing mere material gain. This ethical orientation positions Islamic economics as a more just, equitable, and sustainable alternative to conventional systems. Furthermore, ijtihad-based approaches grounded in public benefit are crucial to keeping Islamic economics relevant to contemporary challenges while preserving the spirit of Sharia in all economic activities.
Survival Strategies in the Digital Age: A Case Study of Vivigkt Store A Contemporary Fashion Store in Tegal Risqiyanti, Mufatikhatun
Jeksyah: Islamic Economics Journal Vol. 5 No. 02 (2025): September 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i02.2959

Abstract

Digital transformation has significantly impacted the micro, small, and medium enterprise (MSME) sector, particularly in the fashion industry where rapid trend shifts and consumer demands require adaptive and innovative strategies. This study explores the survival strategies of Vivigkt Store, a local fashion retailer in Tegal Regency, in responding to digitalization challenges. Using a descriptive qualitative approach with in-depth interviews, the research examines how the store manages digital marketing, builds customer relationships, and maintains brand consistency across online and offline platforms. The findings indicate that Vivigkt Store adopts content marketing optimization, ensures seamless customer experiences, and delivers consistent service quality, reflecting the principles of the Dynamic Capabilities Theory. The study’s practical contribution is offering insights for local MSMEs on adopting scalable, cost-effective digital strategies focused on customer experience. Its novelty lies in presenting a case study of a rural MSME that successfully integrates digital tools and omnichannel approaches, an area rarely addressed in current literature.
The Influence of Zakat, Infak, and Sedekah on Poverty through Per Capita Income Ekawaty, Marlina
Jeksyah: Islamic Economics Journal Vol. 5 No. 02 (2025): September 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i02.2991

Abstract

This study explores the relationship between zakat distribution and per capita income across Indonesian provinces in 2023. Drawing on secondary data from BAZNAS and official national statistics, the findings reveal an unexpected negative association between zakat distribution and income levels, suggesting that regions receiving higher zakat allocations tend to have lower per capita income. This outcome contrasts with the theoretical expectation that zakat, whether distributed for consumptive or productive purposes, should contribute to income growth through increased household spending or business capital. Further analysis indicates that zakat’s role as an economic empowerment instrument remains limited, as a considerable portion of its distribution is directed toward non-economic sectors. These findings highlight the need for a more strategic approach to zakat allocation, particularly by strengthening its focus on productive economic programs, skill development, business mentoring, and systematic impact evaluations. Such measures are expected to enhance zakat’s contribution to poverty alleviation and support a more inclusive income growth.
Corporate Waqf in Indonesia: Development, Governance Challenges, and Sustainable Prospects Sulistiani, Siska Lis; Gumilar, Agi Sukma
Jeksyah: Islamic Economics Journal Vol. 5 No. 02 (2025): September 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i02.2994

Abstract

This study aims to examine the development, governance, and challenges of corporate waqf in Indonesia, with a particular focus on regulatory frameworks, digital innovation, and its contribution to sustainable development. Employing a qualitative descriptive approach, this research is based on a systematic literature review and secondary data analysis from academic journals, government reports, and institutional publications. The findings reveal that corporate waqf in Indonesia has demonstrated significant growth, particularly through CWLS, which recorded an increase from Rp 5 billion in 2020 to Rp 88 billion in 2023. Corporate waqf has also shown measurable social returns, with evidence suggesting that every Rp 1 billion invested can generate Rp 2.3 billion in social value annually. However, the expansion of corporate waqf remains constrained by regulatory gaps, fragmented digital platforms, and limited managerial capacity among waqf administrators. The study concludes that corporate waqf has strong potential to become a strategic instrument for inclusive and sustainable development in Indonesia. To realize this potential, stakeholders must strengthen derivative regulations, standardize governance frameworks, and integrate waqf into corporate Environmental, Social, and Governance (ESG) strategies. These steps will not only enhance transparency and accountability but also ensure that corporate waqf evolves from sporadic philanthropic initiatives into a sustainable mechanism of Islamic social finance capable of contributing to national and global development goals.
Pesantren Based Entrepreneurship: Laundry Business and Socio-Economic Impact at Imam Syafi’i Islamic Boarding School Brebes Anaty
Jeksyah: Islamic Economics Journal Vol. 5 No. 02 (2025): September 2025 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v5i02.3009

Abstract

This research examines the management practices and socio-economic contributions of the laundry business unit at Pondok Pesantren Imam Syafi’i Brebes, Central Java, Indonesia. Serving as one of the pesantren’s entrepreneurial ventures, the laundry unit not only meets students’ daily needs but also enhances the institution’s financial resilience. Adopting a descriptive qualitative method, data were gathered through in-depth interviews with pesantren leaders, laundry operators, and students, complemented by participant observation and institutional records. The study highlights that the laundry service alleviates students’ domestic responsibilities, enabling them to concentrate on essential activities such as learning and Qur’an memorization. In addition, the unit generates revenue that supports pesantren operations, assists disadvantaged students, and extends services to the local community, thereby fostering stronger socio-economic ties. Guided by Islamic business ethics honesty, trust, and transparency the laundry demonstrates that, despite challenges in facilities and staffing, it holds promise as a pesantren based entrepreneurial model integrating economic empowerment with spiritual and social values.
Bakau Serip Old Village: Integrating Nature, Culture and Culinary Delights in Sustainable Tourism Annisa, Annisa Putri; Kafriatye, Anzala; Mokal, Mahvish Nawaz
Jeksyah: Islamic Economics Journal Vol. 4 No. 01 (2024): May 2024 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v4i01.1102

Abstract

The purpose of this study is to evaluate the potential and formulate a strategy for developing a tourist village in Kampung Tua Bakau Serip in order to increase tourist visits. The methods used were field surveys, in-depth interviews, and SWOT analysis. Data were collected from 30 tourists, 10 local residents, and 5 tourism experts. The survey results were analyzed qualitatively. The results show that Kampung Tua Bakau Serip has tourist attractions in the form of mangrove expanses, Malay culture, and typical culinary. However, poor accessibility and lack of promotion hinder tourist visits. Strategies that can be applied are infrastructure improvements, training of local tour guides, and promotion through social media. The development of Kampung Tua Bakau Serip tourism village needs to pay attention to improving accessibility, involving local communities, and effective promotion so that tourist visits increase. The implementation of sustainable development strategies is important to realize an attractive and competitive tourist village.

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