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Bukhori: Kajian Ekonomi dan Keuangan Islam
Published by Goodwood Publishing
ISSN : -     EISSN : 27986691     DOI : https://doi.org/10.35912/bukhori
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Bukhori: Kajian Ekonomi dan Keuangan Islam aims to be a useful platform for spreading scientific studies on various issues and a strategic tool for developing theories and practices in the fields of Islamic Economy and Finance.The scopes of the journal include, but are not limited to, the following fields: 1. Islamic Economics and Contemporary Issues 2. Contemporary issues in Islamic Financial Institutions 3. Sharia Management 4. Sharia Accounting 5. Sharia Banking 6. Legal Aspects in Islamic Economics 7. Philosophy of Islamic Economics 8. Islamic Economic Thought
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 66 Documents
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Exploring the Digital Discourse: Representations and Perceptions of Islam Nusantara in Online Resources Huda, Sokhi; Bustami, Mohammad Reevany; Ansori , Moh.; Bustomi, Abu Amar; Maksum, Imam; Jamil, Amidatus Sholihat; Armiah, Armiah; Fatihia, Wifda Muna
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol. 5 No. 1 (2025): Juli
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v5i1.5159

Abstract

Purpose: This study investigates how Islam Nusantara is represented, contested, and legitimized across digital platforms, focusing on its role as both a cultural-religious discourse and a site of ideological negotiation. Methodology/approach: A mixed-method triangulation was employed, combining quantitative content analysis, qualitative framing analysis, and philological examination of digitized manuscripts. Validity and reliability were maintained through systematic coding, intercoder agreement, peer debriefing, re-coding cycles, and cross-referencing of manuscript variants. Results/findings: The quantitative findings reveal that Islam Nusantara discourse appeared in 2,354 posts across three major platforms, with 62% inclusivist frames, 28% nationalist frames, and 10% critical frames. Frequently recurring terms such as religious moderation, Islam rahmatan lil-‘alamin, and local culture confirm its online resonance. Framing analysis uncovers inclusivist, nationalist, and critical lenses shaping the discourse, while philological analysis demonstrates continuity with historical traditions of Islam–local culture synthesis. Conclusions: Islam Nusantara’s digital representation is multi-dimensional, shaped by both contemporary ideological contestation and deep-rooted textual legitimacy. The integration of quantitative, qualitative, and philological evidence provides a comprehensive framework for understanding religious discourse in the digital age. Limitations: The data are time-bound (up to June 2023) and limited to selected digital platforms, which may not fully capture the broader scope of Islam Nusantara debates. Contribution: The study theoretically introduces a triangulated methodological model (content, framing, philological) in digital religion research. Practically, it highlights Islam Nusantara’s potential to strengthen moderate Islamic discourse and support digital religious policies that foster inclusivity and cultural integration.
Assessing Crypto-Zakat’s Legal and Sharia Validity in Indonesia’s Digital Economy Riyan Al Fajri
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 5 No 2 (2026): January
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v5i2.5179

Abstract

Purpose: This study investigates the legal and Sharia perspectives on the use of cryptocurrency in Indonesia’s digital economy, with a focus on its potential application for zakat payments. Methodology/Approach: Using a legal-normative and doctrinal approach, this study analyzes Indonesia's statutory regulations (e.g., Law No. 23 of 2011) and fatwas from major Islamic organizations. Secondary sources include academic articles and classical jurisprudence. Results/Findings: The findings reveal that while Indonesian law acknowledges cryptocurrency as a digital asset, it is not recognized as legal tender. In terms of Sharia law, there are differing opinions, with some Islamic scholars viewing cryptocurrency as haram due to the uncertainty (gharar) involved, while others accept it as a permissible asset if backed by tangible goods. However, the use of cryptocurrency for zakat payments is not authorized, though crypto-assets themselves could be subject to zakat if they meet specific conditions. Conclusion: Despite legal and religious constraints, cryptocurrency could be used for zakat if robust regulations are developed. This requires coordinated institutional, legal, and religious efforts. Limitations: This study is limited to normative and doctrinal analysis. It lacks empirical data from zakat institutions or users, which restricts its practical scope. Contribution: This research contributes to Islamic digital finance by offering a dual legal-religious analysis. It also provides policy insights for aligning Indonesia's financial regulations with Sharia principles.
Effect of Government Spending, GRDP and Investment on Income Inequality in Islamic Economics Selvyta Ramadhini; Muhammad Yusuf Bahtiar; Adib Fachri
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 5 No 2 (2026): January
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v5i2.5221

Abstract

Purpose: This study aims to analyze the effect of government spending, GRDP and investment on income inequality in Indonesia: The Islamic Economic Perspective Study on the area of Sumatra island in 2014-2023. Methodology/approach: The objective of this descriptive-verification quantitative study is to analyze cause-and-effect relationships and test the hypothesis of the effect of government spending, GRDP, and investment on income inequality (Gini ratio) in all provinces of Sumatra Island from 2014 to 2023. Result: That government spending and GRDP partially negatively influence income inequality in Indonesia, but investment does not affect income inequality in Indonesia. Conclusion: From an Islamic economic perspective, this inequality can be analyzed through the principles of distributive justice, social welfare, and Islamic economic instruments such as zakat, infaq, sadaqah, and waqf. Islamic economics emphasizes the principle of justice in income distribution and social welfare. Islam prohibits inequality and consistently emphasizes justice, as stated in the word of Allah in Surah Al-Hasyr verse 7, which states that Islam strictly forbids the concentration of wealth in the hands of only a few. Limitation: This research is only focused on the Sumatra Island region, which includes provinces such as Aceh, North Sumatra, West Sumatra, Riau, Riau Islands, Jambi, Bengkulu, South Sumatra, Bangka Belitung, and Lampung. Contribution: This research enriches the scientific literature in the field of development economics and Islamic economics by examining the relationship between government expenditure, Gross Regional Domestic Product (GRDP), and investment on income inequality, particularly in the Sumatra Island region during the period 2014–2023.
Indonesia–Malaysia Export-Import and Islamic Economic Growth Devy Septi Heryani; Nurheti Nurheti
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 5 No 2 (2026): January
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v5i2.5333

Abstract

Purpose: This study analyzes the contribution of exports and imports to Gross Domestic Product (GDP) from an Islamic economics perspective, using a comparative study between Indonesia and Malaysia (2019–2024). Methodology/approach: A quantitative approach using panel data regression analyzes annual secondary data from BPS, DOSM, and the World Bank through OLS, FEM, and REM, with the best model determined by the Hausman test. Results/findings: The study finds that exports and imports together significantly affect national income in both countries. The Random Effects Model (REM) is the most suitable, with an R² of 0.997. From an Islamic economic perspective, halal and productive exports are commendable as they reflect maslahah and ikhtiar, while productive imports are permissible but consumption-driven imports should be regulated to maintain istiqlal (economic independence). Conclusions: Simultaneous export and import activities significantly affect both countries’ national income, though individually insignificant. In Islamic economics, productive exports are encouraged, and productive imports are allowed as long as they do not undermine the ummah’s economic independence. Limitations: The study spans six years and two countries, limiting analytical significance, and excludes key variables such as investment, fiscal policy, and political stability. Contribution: This study enriches the literature by integrating empirical trade analysis with Islamic principles, providing insights for policymakers to develop value-based trade strategies that foster ethical growth and economic sovereignty.
ARIMA-Based Analysis of Financial Risks in Islamic and Conventional Rural Banks Ahmad Syathiri; Fera Widyanata; Farida Kumalasari; Heru Wahyudi
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 5 No 2 (2026): January
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v5i2.5336

Abstract

Purpose: This study aims to analyze and compare the financial risks of Islamic Rural Banks (BPRS) and Conventional Rural Banks (BPR) in Indonesia, focusing on liquidity and credit risks. The objective is to provide a comprehensive understanding of risk management patterns and performance differences between these two types of banks. Methodology/approach: This study aims to analyze and compare the financial risks of Islamic Rural Banks (BPRS) and Conventional Rural Banks (BPR) in Indonesia, focusing on liquidity and credit risks. The data analysis used is time series analysis with the ARIMA method. Results/findings: The findings reveal that BPRS generally maintains higher liquidity ratios with lower liquidity risk compared to BPR, although both bank types exhibit credit risk above the recommended threshold. The forecasting results indicate that BPRS is likely to maintain its liquidity and reduce non-performing financing in the coming period, while BPR faces declining liquidity and persistent non-performing loan issues. Conclusion: Islamic and conventional rural banks show different financial risk profiles, with conventional banks facing higher liquidity and loan risks, while Islamic banks generally maintain stronger liquidity but remain exposed to financing risks. Limitations: This study is limited by its focus on quantitative indicators and historical data, without incorporating qualitative or macroeconomic factors. The use of ARIMA may not fully capture sudden structural changes or regulatory impacts. Contribution: The study offers insights for improving risk management and compares Islamic and conventional rural banks in a developing country.
Effect of Reviews, Content, and Price on Purchasing Decisions in Islamic Business Danisa Rahmi Ramadina; Suhendar Suhendar; Heni Verawati
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 5 No 2 (2026): January
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v5i2.5589

Abstract

Purpose: The purpose of this study was to examine the effect of Product Reviews, marketing content, and TikTok Shop price perceptions on purchasing decisions for Facetology Sunscreen by Gen Z in Bandar Lampung, viewed from Islamic businesses. Methodology/approach: This research employs a quantitative methodology. 2,228 members of Generation Z in Bandar Lampung made up the study's population. Sampling strategy: This study employs non-probability sampling strategies and the Slovin formula to obtain up to 96 consumer samples of Facetology Triple Care Sunscreen in Bandar Lampung. Results/findings: Based on research on Gen Z in Bandar Lampung, product reviews, marketing content and price perception significantly and positively influence the purchase decision of Facetology Triple Care Sunscreen.  In the perspective of Islamic business, the purchase decision must also consider the halal aspects of the product, the way it is obtained, and the good intentions for the welfare of the Ummah. Conclusion: The main conclusion is that Product Reviews, Marketing content, and price perception positively and significantly drive the purchase decision of Facetology Triple Care Sunscreen in Generation Z in Bandar Lampung. Limitations: A limitation of the study is that it focused only on Generation Z in Bandar Lampung and did not examine the direct influence of Islamic business considerations on their purchasing decisions. Contribution: The contribution of this study is to provide empirical evidence on the influence of Product Reviews, marketing content, and price perceptions on Gen Z sunscreen purchase decisions in Bandar Lampung, complemented by the perspective of Islamic Business Ethics.
Literature Review: Implementation of Musharakah Mutanaqisah Partnership Over the World Wiwin Juliyanti; Yohanes K. Wibowo
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 1 No 1 (2021): Juli
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v1i1.196

Abstract

Purpose: This study aimed to determine the implementation of the musharakah mutanaqisah. Research Methodology: This research method was literature study with data obtained from previous research and theories relevant to the research topic. Results: The research results show that musharakah mutanaqisah in the two countries still needs to be encouraged for its development, because it is still dominated by Murabahah, Ba'i, ijarah and others financing, the results of the study also conclude that the implementation of musharakah mutanaqisah is equally an alternative in property financing in Malaysia, and home ownership loans in Indonesia. Conclusions: This study concludes that musharakah mutanaqisah is a viable Sharia-compliant contract for property financing, although its implementation remains limited and requires stronger regulatory and practical development. Limitations: This research only examined the application of Musharakah Mutanaqisah Partnership (MMP) in Southeast Asia. Contributions: Findings contribute that internationally, the accounting for musharakah mutanaqisah refers to International Financial Reporting Standards (IFRS) and Financial Accounting Standards (FAS). In Malaysia, the regulations governing the accounting for musharakah mutanaqisah are regulated in Malaysian Financial Reporting Standards (MFRS).
Performance Comparison of Mutual Funds and Sharia Mutual Funds Kharisma Novita Sari; Moch Sulchan; Mimah Mutamimah
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 1 No 1 (2021): Juli
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v1i1.600

Abstract

Purpose: This study aimed to examine the differences in the performance of Islamic mutual funds with mutual funds based on the Sharpe and Jensen method for the 2010-2020 periods in the Indonesian capital market. Research Methodology: The study uses a quantitative approach to the type of comparative research. The data used is secondary data from Otoritas Jasa Keuangan (OJK). The population used in this study is the capitalization of sharia mutual fund performance data with mutual funds, the periods 2010-2020 (monthly data) in the Indonesian capital market. Data analysis was carried out using the Sharpe and Jensen method and the Manova test with the help of the SPSS statistical program. Results: The results of this study indicate that there is no significant difference between the performance of Islamic mutual funds and mutual funds with the Sharpe and Jensen method. This shows that the return on the performance of Islamic mutual funds and mutual funds based on the Sharpe and Jensen method received will be relatively the same. Investment performance in mutual fund portfolio management is reflected in the Net Asset Value (NAV). Conclusions: The results show no significant difference in the performance of Islamic and conventional mutual funds, as measured by the Sharpe and Jensen methods. This indicates that returns from both types of funds are relatively similar, and investment performance, reflected in Net Asset Value (NAV), is influenced by the manager’s policies and strategies. Limitations: This research has been attempted and carried out in accordance with scientific procedures. However, it still has limitations; this research is limited to 2010 – 2020 with monthly data. Contributions: This research implies that this research can better contribute to the general public, academics, and investors to understand the performance of capital market investment instruments before they invest.
Sukuk Negara as an Alternative for APBN Financing in Indonesia Riswan Riswan; Andi Rustam; Linda Arisanty Razak; Muchriana Muchran
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 2 No 2 (2023): Januari
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v2i2.2014

Abstract

Purpose: In supporting Anggaran Pendapatan dan Belanja Negara (APBN) financing, the government always prioritizes non-debt financing. However, the government also uses debt financing to meet the financing needs of the state budget. One of the alternative efforts that must be made by the Government is to develop Sharia-based on Surat Berharga Negara (SBN) or what can be called Sukuk Negara. Research Methodology: This research uses a qualitative methodology. Results: Based on the results of research that has been conducted, it is known that State Sukuk have a major role in driving the growth of Islamic finance in Indonesia and can reduce the financing of the state budget deficit. Conclusions: State Sukuk play an important role as an alternative sharia-based financing instrument to support APBN financing and reduce dependence on conventional debt financing. Limitations: This study is limited by its qualitative approach and relies mainly on secondary data, so it does not provide empirical measurement of the direct impact of State Sukuk on APBN deficit financing. Contributions: This study contributes to the literature on Islamic public finance by highlighting the strategic role of State Sukuk in strengthening Islamic finance and supporting sustainable state budget financing.
Muslim Investors' Behavior in Deciding to Invest in Sharia Shares in the Period 2018-2023: A Systematic Literature Review Ghofar Taufik; Oman Rusmana
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 3 No 1 (2023): Juli
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v3i1.2234

Abstract

Purpose: This study is to investigate the factors that influence Muslim investors' decisions to invest in Sharia-compliant shares. This study aims to provide a detailed description of insider investor decision-making behavior. Methodology: Using the Scopus database and Google Scholar, the author analyzed 10 articles published between 2018 and 2023 to map the pattern of behavior of Muslim investors in deciding whether to invest in Sharia shares. Data was collected and reviewed before doing an analysis review, followed by a systematic literature review to support the next study. Results: Findings show that Muslim investors’ decisions in Islamic stock investment are influenced by ethics, motivation, investment patterns, religiosity, expected return, and risk. This study helps investors understand decision-making factors, improve risk perception, and supports Islamic financial institutions and government efforts to develop the Islamic capital market. Conclusions: Based on ten selected studies, Muslim investors in the Islamic capital market are influenced by ethical values, religiosity, motivation, risk, and expected returns. Their decisions reflect a balance between Sharia compliance and rational investment considerations. Limitations: This study has several limitations. First, the systematic review included only ten articles published between 2018 and 2023, which may limit the comprehensiveness of the findings. Second, the selected studies varied in methodology, sample size, and context, which may affect the generalizability of the conclusions. Contributions: This study contributes to understanding Muslim investors’ behavior in Islamic stock investment by highlighting the role of ethics, religiosity, return, and risk in investment decision-making.

Page 6 of 7 | Total Record : 66

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