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Musyarakah: Journal of Sharia Economics (MJSE)
Published by Universitas Muhammadiyah Ponorogo
ISSN : 28278887     EISSN : 28099389     DOI : https://doi.org/10.24269/mjse
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
FOCUS OF JOURNAL Musyarakah: Journal of Sharia Economics (MJSE) focused on Sharia economics and finance studies and present developments through the publication of articles. Specifically, the journal will deal with topics, including but not limited to Sharia economics; Sharia banking; Sharia finance; Sharia accounting; Sharia microfinance; Zakah, Waqf, and Philanthropy. SCOPE OF JOURNAL Musyarakah: Journal of Sharia Economics (MJSE) specializes on sharia economics and finance studies. The journal is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 85 Documents
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Religious Experience in Muslim Philanthropy: An Epistemological and Ethical Discourse Munifatussaidah, Asma; Kuswanjono, Arqom
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 1 (2025): April
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i1.11811

Abstract

Muslim philanthropy is a practical form of the religious experience of Muslim communities that mediates between individual belief in amaliyah activities and collective ownership to build an Islamic environment. This research explains the representation of religious experience in the context of Muslim philanthropy from the perspective of Islamization, a perspective of returning to Islamic values in behavior. Using the literature method, this research describes Islamic epistemology and theology shape the understanding and depiction of religious experience in the discourse and practice of philanthropy among Muslims. The research also explains the epistemic of Muslim philanthropy and its implications for religious and ethical contexts. By views from Muslim scholars, religious texts, and contemporary discourses on philanthropy, explain the worldview of Islam through religious experience in philanthropy or giving behavior.
Manajemen Pengelolaan Sumber Daya Insani (SDI) di Lembaga Zakat Infaq dan Shadaqah Muhammadiyah (LAZISMU) Ponorogo Rois, Adib Khusnul; Zahara, Jihan Nabila; Irsyaadullah, Ahnaf Nabil
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 1 (2025): April
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i1.11827

Abstract

This study discusses Human Resources in LAZISMU Ponorogo with professional system management. The background of this study is that Human Resources are the most important part of an institution and organization, Human Resources are a crucial aspect in the success of managing zakat, infak, shodaqoh and waqf (ZISWAF) by the LAZISMU Ponorogo zakat institution. The research method in this study is qualitative descriptive analysis. By explaining the phenomena that occur in the zakat institution (LAZ). Data were collected through interviews, observations, and documentation from directors and employees at LAZISMU Ponorogo. The results of the study indicate that Human Resources in LAZISMU Ponorogo can have good abilities, professional in work that has Knowledge and Skills, Communication and Interpersonal Skills, Character Excellence, Human Resource Development, Management and Leadership. The programs implemented in LAZISMU Ponorogo to improve SDI are as follows: 1. Providing Education on SDI, 2. Economic Empowerment in LAZISMU Ponorogo, 3. Social Empowerment in LAZISMU Ponorogo, 4. Community Empowerment in LAZISMU Ponorogo, 5. Improving Digital Skills in LAZISMU Ponorogo.
Strategi Komunikasi Pemasaran Bank Syariah Indonesia KCP Bandung Citarum dalam Meningkatkan Loyalitas Nasabah Maulana, Rifki; Adha, Mufti Alam
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 1 (2025): April
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i1.11311

Abstract

This study examines the implementation of an Integrated Marketing Communication (IMC) strategy by Bank Syariah Indonesia (BSI) KCP Citarum to enhance customer loyalty. Using a qualitative descriptive approach, data were collected through observation, interviews, and documentation. The findings reveal that the IMC strategy incorporates advertising, direct marketing, online marketing, sales promotion, publicity, and public relations. However, challenges include low Sharia financial literacy, phishing threats, and a lack of professional marketing staff. Solutions proposed involve outreach to educational institutions, distributing cautionary brochures, and optimizing online marketing. The study concludes that an effective IMC strategy can improve customer loyalty in Islamic banking, provided that its unique challenges are addressed systematically.
Komparasi Ketimpangan Distribusi Pendapatan Dalam Perspektif Ekonomi Konvensional Dan Ekonomi Islam Chalid, Fitria Idham; Zubaidah, Siti
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 1 (2025): April
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i1.11829

Abstract

Income distribution plays an important role in the economy in both conventional and Islamic economics. In conventional economics, income distribution often focuses on market efficiency, but this can lead to inequality and social disparities. In contrast, Islamic economics emphasizes the principles of justice, respect for the Shari'a, and equitable distribution of wealth, using instruments such as zakat, infaq, and waqf to reduce inequality and achieve social welfare. This study uses a literature review method, this study identifies the challenges faced in implementing both income distribution systems. The main challenges in conventional economics include economic inequality caused by unequal access to education and resources, while in Islamic economics, the challenges lie in the implementation of distribution mechanisms that are not yet optimal. This study concludes that although both face challenges, the Shari'a-based distribution system is more inclusive and oriented towards social welfare, making it a fairer alternative in the long run.
Praktik Jual Beli Sayuran Sistem Untingan dalam Perspektif Ekonomi Syariah (Studi Kasus Di Pasar Gambar Wonodadi Blitar) Rifai, Mohammad Saiful; Nurwahyuni, Nurwahyuni; Amarodin, Mochamat
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 1 (2025): April
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i1.11675

Abstract

ABSTRACTThe practice of buying and selling vegetables using the "untingan" system refers to a type of transaction where goods are bundled into small groups. The aim of this research is to analyze the Islamic economic perspective regarding the practice conducted at the Gambar Wonodadi Blitar market, where each bundle (per bundle) is not weighed, but only estimated. The approach used is a phenomenological approach with field research employing a descriptive qualitative method. Primary data sources were obtained through direct observation, interviews, and documentation. This primary data was supported by secondary data sourced from books, scientific journals, and other relevant information. The results of the study indicate that the buying and selling practice fulfills the necessary conditions, namely: 1. There are sellers and buyers involved in the transaction; 2. There is an object being traded, in this case, vegetables; 3. The transaction has a good intention and purpose; 4. There is an agreement (Ijab Kabul) between both parties without coercion and without causing harm to either party. The practice is also free from prohibited aspects, including haram li dzatihi (prohibition due to the nature of the object being sold), since vegetables are not haram objects. It is also free from haram li ghoirihi (prohibitions related to other factors besides the object being traded), such as: 1. Tadlis (misrepresentation); 2. Ihtikar (monopoly); 3. Ba’i najasy (manipulation of prices); 4. Riba (usury); 5. Maysir (gambling); and 6. Gharar (excessive uncertainty). In this transaction, the untingan system used falls under the category of gharar qalil (slight uncertainty), which, according to scholars, is permissible as long as the conditions and terms of the transaction are fulfilled. According to the urf (customary practice) principle, this practice is also allowed because it does not violate any rules. In this transaction, the urf principle is met, as: 1. It brings logical benefits; 2. It is common in society or at least among most people; and 3. It does not contradict any established religious texts (nash). In Islamic economics, selling without weighing or estimating (ba’i jizaf) is permitted as long as it meets the following requirements: 1. The object being sold must exist and be visible to both parties; 2. Both parties (the seller and buyer) do not know the exact measurement or weight; 3. The estimation process must be carried out by someone who is skilled or experienced in it; and most importantly, 4. It does not harm either party. Therefore, it can be concluded that the practice of buying and selling using the untingan system at the Gambar Wonodadi Blitar market is a valid transaction according to the Islamic economic perspective. ABSTRAKPraktik jual beli sayuran sistem untingan merupakan jual beli yang memiliki arti diikat kecil-kecil. Tujuan dari penelitian ini adalah untuk mengetahui tinjauan ekonomi islam terkait praktik yang dilakukan di pasar Gambar Wonodadi Blitar dikarenakan dalam setiap untingan (ikatan) yang dibuat tidak dilakukan penimbangan melainkan hanya dikira-kira. Pendekatan yang digunakan adalah pendekatan fenomenologis dengan jenis penelitian lapangan menggunakan metode kualitatif deskriptif. Sumber data primer diperoleh dari terjun langsung ke lapangan untuk melakukan observasi, wawancara, dan dokumentasi. Kemudian data primer didukung oleh data sekunder yang bersumber dari buku, jurnal ilmiah, dan berbagai informasi lain yang memiliki korelasi. Hasil penelitian menunjukkan bahwa praktik jual beli sudah memenuhi rukun yakni: 1. terdapat penjual dan pembeli yang melakukan transaksi; 2. Terdapat obyek yang ditransaksikan berupa sayuran; 3. Memiliki maksud dan tujuan yang baik; 4. Terdapat kesepakatan ijab Kabul antara kedua belah pihak tanpa paksaan dan tidak merugikan salah satu pihak. Praktik jual beli juga terbebas dari hal-hal yang dilarang yaitu haram li dzatihi atau keharaman dari zat obyek yang dijual, dalam hal ini sayuran bukanlah obyek yang haram. Kemudian juga terbebas dari aspek haram li ghoirihi atau hal-hal yang dilarang diluar dari zat obyek yang ditransaksikan antara lain yaitu: 1. Tadlis; 2. Ihtikar; 3. Ba’I najasy; 4. Riba; 5. Maysir; dan 6. Gharar. Dalam traksaksi ini sistem untingan yang digunakan tergolong ke dalam gharar qalil (kecil) dimana menurut para ulama hal ini diperbolehkan asalkan rukun dan syaratnya terpenuhi. Menurut kaidah urf (adat/ kebiasaan) hal ini juga diperbolehkan dikarenakan tidak melanggar. Pada transaksi ini sudah memenuhi kaidah urf yakni: 1. mengandung kemaslahatan yang logis; 2. berlaku umum pada masyarakat atau minimal di kalangan sebagian besar; dan 3. tidak bertentangan dengan nash. Dalam ekonomi islam sendiri, jual beli tanpa timbang atau taksiran (ba’i jizaf) diperbolehkan asalkan memenuhi syarat yakni obyek yang dijual harus ada wujudnya dan dapat dilihat oleh kedua belah pihak, Kedua belah pihak (penjual dan pembeli) tidak mengetahui secara pasti kadar takarannya, Proses taksiran harus dilakukan oleh orang yang sudah ahli (terbiasa), dan yang paling utama adalah tidak merugikan salah satu pihak. Jadi dapat disimpulkan bahwa praktik jual beli sistem untingan di pasar Gambar Wonodadi Blitar adalah transaksi yang sah menurut perspektif ekonomi islam.Kata Kunci : Jual Beli, Ba’i, Untingan, Ba’i Jizaf, Urf, Ekonomi Islam.
Islamic Civilization and the Digital Economy: Building a Sharia Economy in Modern Era Mardiyyah, Ema; Harahap, Nikma Sari; Febriza, Milla
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 1 (2025): April
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i1.10923

Abstract

Islamic civilization has made great contributions in various fields, including economics, with principles that emphasize justice, balance and sustainability. principles that emphasize justice, balance, and sustainability. Along with digital transformation brings new challenges and opportunities for Islamic economics, which can integrate Islamic values with for Islamic economics, which can integrate Islamic values with modern technology. modern technology. This research aims to examine how Islamic civilization can build Islamic economics in the digital era through the utilization of technology such as fintech, blockchain, and e-commerce. technology such as fintech, blockchain, and e-commerce. This research uses a literature review approach. Digital economy can expand sharia financial inclusion, facilitate access to sharia-based financial services, and create innovations that meet the needs of sharia financial services, and create innovations that suit the needs of modern society. needs of modern society. Nonetheless, the main challenge faced is ensuring that digital economic practices remain in line with sharia principles, such as the prohibition of riba, gharar and maysar. principles, such as the prohibition of riba, gharar, and maysir. In this context, this research explores how digital technology can be applied in the Islamic economy without violating Islamic principles, as well as how regulation and supervision can ensure its integrity. Research results show that despite the challenges, the integration of the digital economy with Shariah principles can create a more inclusive, equitable and sustainable economic system, which can contribute to the development of a fairer global economy. This research contributes to the literature on Islamic economic development in the digital age and offers insights into ways to ethically utilize technology in accordance with Islamic values
Transformasi Ekonomi Lokal melalui Pengolahan Singkong dalam Tinjauan Ekonomi Syariah Sebagai Upaya Peningkatan Kesejahteraan Masyarakat Ansori, Teguh
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 2 (2025): October
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i2.12363

Abstract

This study aims to analyze the empowerment of cassava farmers in Dayakan Village, Badegan District, Ponorogo Regency through the Asset Based Community Development (ABCD) approach in the perspective of Islamic economics. Before the program, farmers faced low cassava prices, limited market access, and weak bargaining power against middlemen. These conditions resulted in unstable farmer incomes and stagnant welfare. Through the initiative of processing cassava into value-added products, such as steamed cassavacake and various other local food products, farmers incomes increased significantly and their bargaining position in the market became stronger. Analysis using the maqasid al-syariah framework shows that this empowerment supports the preservation of wealth (hifz al-mal), life (hifz al-nafs), intellect (hifz al-aql), progeny (hifz al-nasl), and religion (hifz al-din). In addition, community participation through the principles of musyarakah and syura demonstrates the practice of economic justice, social cohesion, and the value of taawun (mutual assistance). This empowerment also emphasizes sustainability in the economic, social, and environmental dimensions, which is in line with the principle of istimar al-ard (prosperity of the earth) and the prohibition of israf (wastefulness). The results of the study confirm that empowerment based on local potential is not only capable of improving the welfare and income of rural communities, but also serves as a tangible implementation of Islamic economics oriented towards justice, benefit, and long-term sustainability. These findings provide practical contributions to the development of rural economies as well as strengthening the theory of locally-based Islamic economics.
Analisis Peran Green Sukuk dalam Pembiayaan Sektor Renewable Energy di Indonesia untuk Mendukung Pencapaian Net Zero Emission Aminin, Rista Izza; Khayati , Ismatul
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 2 (2025): October
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i2.12422

Abstract

Indonesia faces significant challenges in reducing carbon emissions from the energy sector while accelerating renewable energy development. To achieve the Net Zero Emission (NZE) target, innovative financing instruments are essential to mobilize large-scale sustainable investment. One such instrument is the Green Sukuk, which reflects the integration of Islamic finance and environmental objectives. This study aims to analyze the role of Green Sukuk in financing Indonesia’s renewable energy sector. Using a qualitative descriptive-analytical method, the research examines official documents and publications related to Green Sukuk during 2018–2023. The analysis focuses on issuance trends, mobilized funds, and their contribution to carbon emission reduction. The findings reveal that Green Sukuk mobilized USD 9.527 million and contributed to a reduction of 5,487,041 tons emissions in 2018–2022, equivalent to 0.46% of the 2030 NDC energy sector target. The findings affirm the strategic role of Green Sukuk as an effective Islamic finance instrument in advancing Indonesia’s clean energy transition. Nevertheless, its potential remains underutilized and requires further optimization through enhanced market literacy, strengthened institutional capacity, and broader outreach to investors and the wider public. Keywords: Green Sukuk, Renewable Energy, Net Zero Emission, Sharia Financing
Factors Influencing Society’s Decision to Donate Waqf in the Bogor Waqf Forest: A Qualitative Study Faza, Firdan Thoriq
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 2 (2025): October
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i2.12427

Abstract

Introduction/Main Objectives: Muslims have varying tendencies when it comes to donating their wealth. Generally, Indonesians donate to mosques, schools, and cemeteries. However, over the past ten years, there has been an increasing trend of donating to nature conservation. This phenomenon raises several questions because it falls outside the "common" use of waqf. This study aims to investigate the motives for funding and how waqifs are involved in supporting Bogor Waqf Forests. Research Methods: A qualitative research design was applied as the data analysis method with the aim of gaining in-depth insight into the rationale behind the motives for waqf behavior. Respondents were selected using purposive sampling techniques. Specific criteria were established based on the research objectives: Muslim men and women who had donated a waqf of at least Rp 200,000 to the Bogor Waqf Forest. After selecting respondents who met the criteria, open-ended interviews were conducted. The quality of the information provided was the primary objective, ensuring that it could address the research questions. Triangulation techniques were applied to validate the data. Finding/Results: Basically, the decision of all respondents to donate their assets to the forestry sector is a form of implementation of a certain motivation. The results explain that the motives to donate waqf in Bogor Waqf Forest are driven by spiritual values, ecological wisdom, empowerment space, and nazhir credibility. Conclusion: Waqif motives serve as a basis for fundraising for waqf in the forestry sector. Nazhir can use the motive data to maximize the role of waqif to make a more significant contribution to the development of the Bogor Waqf Forest
Islamic Civilization and the Digital Economy: Building a Sharia Economy in Modern Era Mardiyyah, Ema; Harahap, Nikma Sari; Febriza, Milla
Musyarakah: Journal of Sharia Economic (MJSE) Vol 5, No 1 (2025): April
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/mjse.v5i1.10923

Abstract

Islamic civilization has made great contributions in various fields, including economics, with principles that emphasize justice, balance and sustainability. principles that emphasize justice, balance, and sustainability. Along with digital transformation brings new challenges and opportunities for Islamic economics, which can integrate Islamic values with for Islamic economics, which can integrate Islamic values with modern technology. modern technology. This research aims to examine how Islamic civilization can build Islamic economics in the digital era through the utilization of technology such as fintech, blockchain, and e-commerce. technology such as fintech, blockchain, and e-commerce. This research uses a literature review approach. Digital economy can expand sharia financial inclusion, facilitate access to sharia-based financial services, and create innovations that meet the needs of sharia financial services, and create innovations that suit the needs of modern society. needs of modern society. Nonetheless, the main challenge faced is ensuring that digital economic practices remain in line with sharia principles, such as the prohibition of riba, gharar and maysar. principles, such as the prohibition of riba, gharar, and maysir. In this context, this research explores how digital technology can be applied in the Islamic economy without violating Islamic principles, as well as how regulation and supervision can ensure its integrity. Research results show that despite the challenges, the integration of the digital economy with Shariah principles can create a more inclusive, equitable and sustainable economic system, which can contribute to the development of a fairer global economy. This research contributes to the literature on Islamic economic development in the digital age and offers insights into ways to ethically utilize technology in accordance with Islamic values

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