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INDONESIA
EKSPEKTASy
Published by Institut Agama Islam Persis Bandung
ISSN : 29622204     EISSN : 28307216     DOI : https://doi.org/10.54801/ekspektasy
Core Subject : Economy, Science, Education, Social,
Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Library & Information Science Social Sciences
JOURNAL EKSPEKTASy contains research results and thoughts about the economy, especially Islamic economics. The main focuses of include Economic Concepts and Thoughts, Sharia Economic Concepts, Islamic Financial Institutions, Accounting, Finance, Islamic Banking and Management, Public Sector Management, Zakat, Infaq, Sadaqah, Waqf, Inheritance, Corporate Governance, Sustainability Reporting, Ethics and Professionalism, Business, Business Management, Sharia Business Management, e-Commerce, Capital Markets and Investment, Taxation, Financial Management, Sharia Financial Management, Economic Law and Sharia Economic Law.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 40 Documents
 1   2   3   4 
Compliance Analysis of   zakat tijarah Practice among PC. Persis Lembang Members with the Dewan Hisbah PP Persis Decisions Fadhil, Ishma
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 3 No. 2 (2024): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/a9gbk164

Abstract

Zakat tijarah (commercial zakat) is a critical instrument in the Islamic socio-economic system, yet its implementation often diverges from formal religious rulings. This study examines the degree of compliance between   zakat tijarah practices among members of the Persatuan Islam (Persis) Lembang Branch and the official decisions issued by the Dewan Hisbah of the Central Board of Persis. Specifically, the research investigates three interrelated dimensions: members' knowledge of the Dewan Hisbah rulings, the operational practice of   zakat tijarah within four autonomous bodies (Persis, Persistri, Pemuda Persis, and Pemudi Persis), and the gap between normative rulings and lived practice. A mixed-methods approach was employed, combining a cross-sectional survey of 30 purposively selected members with semi-structured interviews of six key informants, including branch chairs and a representative of Dewan Hisbah. Quantitative data were analyzed using descriptive statistics and reliability testing, while qualitative data underwent thematic analysis through a constant-comparison technique. The findings reveal an aggregate conformity score of 80%, indicating moderately high alignment, but expose significant divergence on two specific provisions: the absence of nisab (V4.1) and the obligation to pay zakat on unsold inventory (V4.2), which scored 64.7% and 48.7% respectively. Three structural barriers explain this divergence: limited dissemination of Dewan Hisbah rulings, the perceived economic burden of the 2.5% rate on low-margin traders, and the absence of a formal zakat institution at the branch level. The study contributes to the literature on fatwa institutionalization in Indonesian Islamic mass organisations and offers practical recommendations for closing the doctrine-practice gap
The Effect of Micro, Small, and Medium Enterprises (MSMEs) on Gross Regional Domestic Product (GRDP): Evidence from Bandung Regency, Indonesia (2019–2023) Anwar, Miftah Khaerul
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 3 No. 2 (2024): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/x54dc535

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are widely recognized as the backbone of regional economic development in Indonesia, yet empirical evidence at the regency (kabupaten) level remains relatively scarce, particularly for high-population peri-urban areas. This study examines the effect of MSMEs on Gross Regional Domestic Product (GRDP) in Bandung Regency, West Java, over the five-year period 2019–2023 a window that spans the COVID-19 economic shock and the post-pandemic recovery. Adopting a quantitative explanatory design, the study analyses annual time-series data on the number of registered MSMEs and current-price GRDP, drawn from Statistics Indonesia (BPS) and the Bandung Regency Office of Cooperatives and MSMEs. Three statistical procedures were applied: Pearson Product-Moment correlation, simple linear regression, and the t-test for coefficient significance. Results show a very strong positive correlation between MSMEs and GRDP (r = 0.961, p = 0.009) and a coefficient of determination (R²) of 0.924, indicating that approximately 92.4% of the variation in GRDP is explained by changes in the number of MSMEs. The regression coefficient (b = 1,069.998, t = 6.052 > t-t-table 2.353, p < 0.05) confirms that MSMEs have a statistically significant positive effect on GRDP. The findings reinforce the strategic role of MSMEs as a driver of regional output but also reveal a structural anomaly: the disproportionate jump in MSME registrations in 2022 (a 106.9% increase) reflects a registration-policy effect rather than organic growth, raising questions about the validity of MSME counts as proxies for productive activity. The study recommends that local governments couple MSME formalization programmers with productivity, financing, and digital-marketing support, and that future research employ quarterly or sectoral panel data to address the small-sample limitation
Mudharabah Compliance Analysis of Potato-Farming Capital Schemes: A Qualitative Case Study of Smallholder–Patron Relations in Cikembang Village, Bandung Regency, West Java Ashidiq, Yusron Hasbi
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 5 No. 1 (2026): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/09s74b26

Abstract

Smallholder farmers in rural Indonesia frequently rely on informal capital arrangements with wealthier patron-traders, yet whether these arrangements conform to Islamic profit-sharing principles particularly mudharabah has received limited empirical scrutiny. This study examines the existing capital scheme that mediates the relationship between large and small potato farmers in Cikembang Village, Kertasari District, Bandung Regency, West Java, and evaluates its compliance with the substantive provisions of  mudharabah in Islamic economics. A qualitative case-study design was employed, with primary data drawn from semi-structured interviews with five purposively selected informants comprising one patron-financier and four smallholder borrowers, supplemented by participant observation and document analysis of village administrative records. Data were analysed using thematic analysis with a deductive framework derived from the rukn (pillars) and shurut (conditions) of mudharabah. The findings reveal that the prevailing capital scheme operates through a four-stage informal cycle oral agreement, capital disbursement without collateral, post-harvest repayment via crop delivery, and below-market price deduction which has functioned for over a decade as a community norm. While the scheme provides accessible financing without bank-style procedural barriers, three substantive divergences from  mudharabah are identified: (1) the absence of a written contract specifying profit-sharing ratio (nisbah) introduces gharar; (2) the obligation to sell harvest output exclusively to the financier at below-market prices constitutes an exploitative element inconsistent with the freedom-of-trade principle; and (3) the asymmetric loss-bearing arrangement, in which crop failure is borne entirely by the smallholder, contradicts the  mudharabah principle that financial loss falls on the capital provider (shahibul maal). The study contributes to the literature on the operationalisation of Islamic finance principles in rural informal economies and recommends a reformed scheme based on written mudharabah contracts, transparent market-based pricing, and shared loss-bearing to align Cikembang's capital practices with Sharia provisions.
Halal Tourism Compliance Analysis at Culinary Agritourism Destinations: A Qualitative Case Study of Sari Kedele Farm, Sumedang Regency, West Java, Indonesia Attaluni, Haidar Barok
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 3 No. 2 (2024): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/zpbss240

Abstract

Indonesia achieved the top-ranked position in the 2023 Global Muslim Travel Index (GMTI), yet empirical research examining how individual culinary agritourism destinations comply with halal tourism standards remains limited. This study analyses the halal tourism compliance of Sari Kedele Farm (SKF), a culinary agritourism destination in Sumedang Regency, West Java, against the normative framework established by the GMTI, the DSN-MUI Fatwa No. 108/2016 on Halal Tourism, and the Tim Percepatan Pengembangan Pariwisata Halal (TP3H) criteria. A qualitative single-case study design was employed, with primary data drawn from semi-structured interviews with the founder-owner and the operational manager, supplemented by non-participant observation across seven site visits and document analysis of company records, menus, and promotional materials. Data were analysed using thematic analysis with a deductive framework derived from three compliance dimensions: destination facilities and environment, food and beverage halal assurance, and management and human-resource governance. The findings reveal that SKF demonstrates substantial compliance across most halal tourism criteria: the destination offers a family-friendly environment with adequate prayer facilities, serves exclusively halal-certified food with transparent supply-chain sourcing, employs hijab-wearing female staff, prohibits alcohol and non-halal entertainment, operates a riba-free cash-and-digital payment system, and attracts a predominantly Muslim visitor base. However, three compliance gaps are identified: the absence of formal halal certification from BPJPH/MUI for the on-site restaurant, the lack of gender-segregated recreational facilities, and the use of a conventional rather than Sharia-explicit management framework. The study contributes to the halal tourism literature by providing destination-level compliance evidence from a non-traditional tourism setting—culinary agritourism—and proposes a nine-element operational reform pathway for transitioning from de facto to certified halal tourism compliance. Practical implications for destination managers, local government tourism offices, and the national halal tourism acceleration programme are discussed
The Effect of Product Quality and Price on Purchase Decisions: A Quantitative Study of University Students Using the Shopee E-Commerce Platform Neng Riny Rahmawati; Deni Rohmat
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 4 No. 1 (2025): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/5zbx7808

Abstract

: The rapid growth of e-commerce in Indonesia has positioned Shopee as the most visited platform among university students, yet empirical research specifically examining how product quality and price jointly influence purchase decisions within this digital-native consumer segment remains limited. This study aims to analyse the partial and simultaneous effects of product quality and price on purchase decisions among students of STIE STAN Indonesia Mandiri who use Shopee. A quantitative explanatory design was employed, with data collected through a structured questionnaire administered to 86 respondents drawn from a population of 610 students using purposive sampling. The instrument measured three constructs product quality (8 items), price (5 items), and purchase decision (11 items) on a five-point Likert scale. Data was analysed using descriptive statistics, classical assumption tests, Pearson correlation, multiple linear regression, the F-test, and the t-test in SPSS version 25. Descriptive results indicate that respondents' assessments of all three constructs fall within the high category. Inferential analysis confirms that product quality (β = 0.293, t = 2.824, p = 0.006) and price (β = 0.517, t = 4.979, p < 0.001) each exert a positive and significant partial effect on purchase decisions, with price emerging as the stronger predictor. Simultaneously, both variables explain 57.3% of purchase-decision variance (R² = 0.573, F = 55.709, p < 0.001). The findings extend the marketing-mix literature for the Indonesian e-commerce context and offer practical guidance for Shopee sellers targeting price-sensitive student consumers
Asset Management in Islamic Banking and Its Nexus with Financing Risk: A Qualitative Synthesis from the Indonesian Sharia Banking Sector Nurlina NURLINA; Revalina Stefani; Sri Wulandari; Ayu Ariska
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 4 No. 1 (2025): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/rq7qez87

Abstract

The accelerating growth of Indonesia's Islamic banking sector, with sectoral assets reaching IDR 980 trillion by 2024, has rendered asset management a central determinant of both institutional sustainability and systemic stability. This study examines the asset management architecture of Indonesian Islamic banks and its analytical nexus with financing risk, with particular attention to the persistent Non-Performing Financing (NPF) ratio that hovers around two percent. Employing a qualitative descriptive approach grounded in systematic library research, the study synthesises evidence drawn from regulatory documents issued by the Otoritas Jasa Keuangan, peer-reviewed scholarship in Islamic finance, and statistical reports on Indonesian Sharia banking performance. Findings demonstrate that asset management performs the dual function of generating revenue through productive assets while maintaining the liquidity buffers required for institutional resilience. Three categories of risk emerge as analytically distinctive in the Islamic banking context: default risk, rate-of-return risk, and equity-investment risk, each grounded in the asset-backed nature of fiqh muamalah. The structural distinction between productive and consumptive financing carries differential risk implications, with productive financing through mudharabah and musyarakah exposing banks to deeper performance-sensitivity than consumptive financing through murabahah and ijarah. The integration of asset management with comprehensive risk governance, particularly through the Asset-Liability Management framework and the prudential 5C analysis adapted to Sharia-compliant evaluation, emerges as the principal pathway to sustained sectoral health. This synthesis contributes to the literature by establishing the analytical interdependence between asset structure and financing-risk quality, a relationship inadequately treated in prior Indonesian scholarship that has tended to examine these dimensions in isolation
Comparative Liquidity Management Analysis Between Islamic Commercial Banks (BUS) and Islamic Business Units (UUS) Using the NPF and FDR Framework Ririn Aulia Nikman; Sri Nuraulia; Ayu Ariska
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 4 No. 1 (2025): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/ws452485

Abstract

This study aims to analyze and compare liquidity management practices between Islamic Commercial Banks (BUS) and Islamic Business Units (UUS) in Indonesia, using Non-Performing Financing (NPF) and Financing to Deposit Ratio (FDR) as primary indicators. A descriptive-qualitative approach is employed, utilizing secondary data from OJK reports, Bank Indonesia publications, and peer-reviewed journals from 2020-2025. The findings reveal a significant dichotomy in liquidity strategy and risk profile. BUS maintains an optimal FDR of 84.77%, indicating balanced intermediation with strong profitability (ROA 2.04%) and controlled financing risk (NPF 2.12%). Conversely, UUS exhibits an excessively high FDR of 112.37%, signaling aggressive financing expansion beyond mobilized third-party funds, accompanied by a critical NPF of 7.75% and low efficiency (BOPO 90.61%), demonstrating structural dependency on parent conventional bank funding. The study confirms that FDR alone is insufficient to assess liquidity health without integrating NPF as a moderate variable. High FDR without commensurate asset quality generates funding liquidity risk and undermines long-term stability. This research contributes a novel comparative typology of liquidity behavior in dual-banking systems, showing that UUS operate under a distinct risk paradigm requiring differentiated regulatory treatment
The Effect of Murabahah Financing on Return on Assets: Evidence from a Sharia Rural Bank in West Java, Indonesia (2017–2023) Indah Tresna Ginarti; Endang Hendra; Dudi Sudirman
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 4 No. 1 (2025): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/d4ddes94

Abstract

Islamic rural banks (Bank Pembiayaan Rakyat Syariah, BPRS) play a critical role in channelling Sharia-compliant financing to micro and small enterprises in Indonesia, with murabahah (cost-plus-margin sale) constituting approximately 60% of total financing. Despite this dominance, empirical evidence on the effect of murabahah financing on profitability at the individual BPRS level remains limited, particularly for smaller rural banks outside major metropolitan areas. This study examines the effect of murabahah financing on Return on Assets (ROA) at BPRS Amanah Rabaniah, a Sharia rural bank in West Java, over the quarterly period Q1 2017–Q4 2023 (n = 28). A quantitative explanatory design was employed, using secondary data from published financial statements. Three analytical procedures were applied: classical assumption tests (normality, autocorrelation, heteroscedasticity), simple linear regression, and the t-test for coefficient significance. Results show a moderate positive correlation (R = 0.508) between murabahah financing and ROA, with the regression coefficient statistically significant (β = 4.121 × 10⁻⁵, t = 3.007 > t-table 1.701, p = 0.006). The coefficient of determination (R² = 0.258) indicates that 25.8% of ROA variation is explained by murabahah financing, with 74.2% attributable to other factors including musyarakah financing, operational efficiency, and non-performing financing ratios. The findings confirm that murabahah financing exerts a positive and significant effect on BPRS profitability but is not the sole determinant, highlighting the importance of portfolio diversification and cost management for sustainable financial performance  
Mudharabah Compliance Analysis in Construction Service Companies: A Qualitative Case Study of CV Wafifudin Jaya, West Bandung Regency Hadi Rahman; Sudana sudana
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 4 No. 1 (2025): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/8yftj781

Abstract

Mudharabah (profit-sharing partnership) is a foundational contract in Islamic commercial jurisprudence, yet empirical research examining its operationalisation in conventional Indonesian construction companies remains scarce. This study analyses the compliance of the profit-sharing arrangements practised by CV Wafifudin Jaya a construction and building-material service company in West Bandung Regency, West Java against the normative provisions of mudharabah in Islamic economics, with particular reference to DSN-MUI Fatwa No. 07/DSN-MUI/IV/2000. A qualitative single-case study design was employed, with primary data drawn from semi-structured interviews with the President Director, supplemented by document analysis and non-participant observation. Data were analysed using thematic analysis with a deductive framework derived from the rukn (pillars) and shurut (conditions) of mudharabah. The findings reveal that CV Wafifudin Jaya operates a flexible dual role mudharabah model: the company functions as shahibul maal (capital provider) in agricultural partnerships and as mudharib (fund manager) in construction sub-contracting arrangements. The scheme demonstrates substantive compliance with core mudharabah pillars contracting parties, capital provision, and profit-sharing but three compliance gaps are identified: the absence of written contracts, the lack of explicit loss-bearing clauses, and insufficient specification of business scope. The study contributes to the literature on mudharabah operationalisation in non-banking commercial enterprises and proposes a five-element reform pathway for achieving documented Sharia compliance.
The Impact of the COVID-19 Pandemic on Surgical Mask Prices at Klinik Pratama An-Nur Bandung Neng Riny Rahmawati; Marissa Putri A
JOURNAL EKONOMI, KEUANGAN, PERBANKAN DAN AKUNTANSI SYARIAH Vol. 4 No. 1 (2025): JOURNAL EKSPEKTASy
Publisher : Institut Agama Islam Persis Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54801/rmnhbk59

Abstract

The COVID-19 pandemic generated an unprecedented demand shock for personal protective equipment worldwide, with surgical masks at its epicentre. This study examines the magnitude and dynamics of surgical mask price volatility at Klinik Pratama An-Nur Bandung during the period December 2019 to May 2020, employing a quantitative descriptive approach supported by simple linear regression analysis. Primary data were drawn from procurement records (Bahan Medis Habis Pakai) of the clinic across six consecutive months. The findings reveal a 2,150% price escalation from IDR 20,000 to IDR 450,000 per box within five months of the first confirmed COVID-19 case in Indonesia (March 2020). Regression analysis confirms a statistically significant positive relationship between pandemic intensity and surgical mask prices (β = 0.667, t = 3.801, p = .001). The study situates this price surge within the broader literature on supply-demand asymmetry during health crises, arguing that pre-pandemic procurement infrastructure and supplier diversification are the primary structural vulnerabilities. These findings carry direct implications for healthcare facility procurement resilience in low- and middle-income countries.  

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