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Al-Muzdahir: Jurnal Ekonomi Syariah
Published by Institut Pesantren Sunan Drajat Lamongan
ISSN : 26555492     EISSN : 28286278     DOI : 10.55352
Core Subject : Economy,
Economics, Econometrics & Finance
berisi naskah ilmiah yang diterbitkan oleh Program Studi Ekonomi Syariah Fakultas Ekonomi dan Bisnis Islam Institut Pesantren Sunan Drajat Lamongan Jawa Timur
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 105 Documents
 7   8   9   10   11 
Qiyas sebagai Metode Ijtihad dan Implementasinya dalam Transaksi Keuangan Ekonomi Islam Kontemporer Ummah, Ina Nasihatul; Aziz, Jamal Abdul
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 7 No. 1 (2025): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v7i1.1428

Abstract

Along with the dynamic development of the times, many new products and cases have emerged in the modern economy. Islamic law has established and set boundaries on these issues concerning halal and haram aspects. The Qiyas method is necessary in legal studies to produce fiqh formulations in Islamic economic and financial law. Qiyas is the fourth source of law in Islam; this method of deriving law provides a broad pathway for finding legal foundations for all encountered issues. Viewed from the various types of 'illah, the deepening of law through the method of qiyas must be done carefully and cautiously. The dynamics of development and innovation of Sharia financial contracts in the Sharia economy will certainly become more modern in accordance with the times. Therefore, this poses a challenge for Muslim scholars to address so that it does not become a concern for the community when the application of Sharia finance contracts is packaged in a modern way, which on one hand requires the use of the qiyas method to determine their legal status. This paper aims to explain the concept of qiyas as a method of ijtihad in Islamic law and then examine the implementation of qiyas in contemporary Islamic economic transactions. The type of writing in this article is a library research study using a qualitative method aimed at discussing several themes about the definition of qiyas, the authority of qiyas, the pillars and conditions of qiyas, the types of qiyas, the dynamics of qiyas development, and the implementation of qiyas in contemporary Islamic economic transactions. In this article, it can be concluded that the implementation of Qiyas to determine its legal status can be formulated in the encyclopedia of contemporary sharia financial contracts that use the Qiyas method in determining the ashl and furu’ from the perspective of Islamic law. With transactions and financial products continuously evolving, many aspects of economic transaction activities that did not exist in the past have only emerged in the contemporary context, or it can be said that these transactions have developed from classical to contemporary.
Pola Fatwa Dewan Syariah Nasional terhadap Produk Lembaga Keuangan Syariah Maghfur, Arif
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 7 No. 1 (2025): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v7i1.1494

Abstract

The National Sharia Council or commonly abbreviated as DSN is an institution under the auspices of the Majlis Ulama Indonesia. The existence of the DSN-MUI institution is to provide legal fatwas related to Islamic Financial Institutions in Indonesia. The increasing number of problems that exist in Islamic Financial Institutions in Indonesia has made DSN-MUI work hard to be able to provide legal fatwas in accordance with the new products submitted by Sharia Banks. This will continue and develop in accordance with the development of the banking world in Indonesia in particular. Therefore, DSN-MUI as an institution in charge of screening and issuing legal fatwas must be able to provide legal fatwas that are truly in accordance with the understanding of the law in Indonesia. DSN-MUI as an institution that has the right to provide law on Islamic financial products still receives a lot of criticism from various circles, both academics and several fiqh law experts. Among these criticisms is the inconsistency of the DSN-MUI fatwa with the literature of the salaf book, which is currently still a reference for most Indonesia scholars. There are also those who criticize the problem of using fiqh rules. DSN-MUI only uses one rule as a legal basis and does not use other rules, even though other rules are related to these rules. Not to mention the use of verses of the Qur'an, which actually have no connection with the law of the product being fatwad. The existence of these criticisms is not to weaken DSN-MUI, but it is hoped that it can be a reinforcement for DSN-MUI, because what they have fatwa will be a reference for many people in muamalah.
Kontribusi Politik Ekonomi Pertanian dalam Penyediaan Bahan Baku Halal di Indonesia Cahyani, Putri Tri; Shaleh, Chaerul; Rasyid, Fauzan Ali
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 7 No. 1 (2025): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v7i1.1497

Abstract

The agricultural sector is a vital component of a nation's economy as it provides food supplies and serves as a source of livelihood for millions of people. In the context of Indonesia, with its predominantly Muslim population, the significance of the agricultural sector has grown alongside the increasing demand for halal raw materials. However, the implementation of agricultural political economy policies to support the provision of halal raw materials faces several challenges, including farmers' lack of understanding of halal standards, dependence on imported raw materials, and limited infrastructure and technology. This study employs a qualitative approach using library research methods to analyze the contribution of agricultural political economy policies in supporting the provision of halal raw materials, including identifying relevant challenges and solutions. The findings reveal that policies such as agricultural land protection, fertilizer subsidies, and the development of halal industrial zones have provided a robust foundation for establishing a halal agricultural ecosystem. Nonetheless, strategic measures, such as educating farmers, enhancing local production, and investing in modern technology, remain necessary to overcome the existing obstacles. This study concludes that adaptive and inclusive agricultural political economy policies can strengthen the role of the agricultural sector in sustainably supporting the availability of halal raw materials while simultaneously enhancing the competitiveness of Indonesia's halal products in global markets.
Kesenjangan Upah dan Keadilan Sosial terhadap Sistem Pengupahan di Indonesia Indrayani, Sufi; Muzan, Amrul
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 7 No. 1 (2025): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v7i1.1505

Abstract

Wage disparity in Indonesia reflects a significant challenge in social justice, particularly within the wage system. This study aims to identify and analyze the factors contributing to wage inequity, including policies, corporate practices, and gender and sectoral inequalities. Using a qualitative approach, the study explores perspectives from various stakeholders, such as workers, employers, and regulators, while utilizing policy data and relevant documents for analysis. The findings reveal that structural injustices in wage distribution have widened the gap between high- and low-income workers. Factors such as differences in education, experience, and geographic location significantly contribute to this disparity. Gender-based inequality is also a major concern, with women often receiving lower wages than men despite having equivalent qualifications. In terms of policy, the study found that minimum wage regulations are often insufficient to address these inequalities. A lack of transparency in wage determination and weak regulatory enforcement exacerbate the issue. Theoretical frameworks, such as John Rawls' theory of justice, emphasize the importance of redistributing wages to benefit the most disadvantaged groups, while the efficiency wage theory suggests that higher wages can enhance worker productivity. This study recommends reforms in wage policies focused on distributive justice, increased transparency, and strengthened government regulations. These approaches are expected to create a more inclusive wage system that considers not only economic aspects but also social welfare, fostering sustainable social and economic stability in Indonesia.
Pengaruh Inflasi, Kurs, dan Investasi Infrastruktur terhadap Pertumbuhan Ekonomi di Indonesia: Analisis Menggunakan Model VECM (1993-2023) Putra, Trischa; Rahayuningsih, Eni Sri
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 7 No. 1 (2025): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v7i1.1522

Abstract

This study examines the relationship between inflation, exchange rates, and infrastructure investment on economic growth in Indonesia using the Vector Error Correction Model (VECM) approach for the period 1993–2023. Secondary data were obtained from official institutions such as Bank Indonesia, the Central Bureau of Statistics, and the Ministry of Public Works. The analysis reveals that inflation has a significant negative impact on economic growth in the long term, while exchange rates and infrastructure investment show no significant influence. The VECM model also identifies a significant error correction mechanism, with a negative error correction coefficient of 41.49% for the economic growth variable. Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD) analyses indicate minimal contributions of exchange rates and infrastructure investment to the variability of economic growth. This study recommends controlling inflation through monetary policy, stabilizing exchange rates, and enhancing infrastructure investment as strategies to foster sustainable economic growth in Indonesia.
LARANGAN RIBA DALAM AL-QUR'AN DAN IMPLIKASINYA (QS. AL-IMRAN: 130, QS. AL-BAQARAH: 275-279) Afifah, Dhiya Dwi; Mawardi
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 8 No. 1 (2026): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v8i1.1445

Abstract

Larangan riba dalam Al-Qur'an memiliki peran sentral dalam membangun sistem ekonomi yang adil dan berkelanjutan. Riba, yang berarti tambahan nilai tanpa dasar yang sah, dianggap sebagai praktik yang tidak hanya melanggengkan ketidakadilan sosial-ekonomi tetapi juga memperbesar kesenjangan serta merusak stabilitas masyarakat. Al-Qur'an dengan tegas melarang riba dalam beberapa ayat, seperti QS. Ali Imran: 130 dan QS. Al-Baqarah: 275-279, yang menjadi dasar norma-norma ekonomi dalam Islam. Kajian ini bertujuan untuk menganalisis konsep larangan riba berdasarkan kedua ayat tersebut menggunakan pendekatan kualitatif berbasis studi literatur, untuk menyoroti relevansi larangan riba dalam konteks ekonomi modern. Ayat-ayat Al-Qur’an yang mengatur larangan riba tidak hanya bersifat normatif, tetapi juga berfungsi sebagai panduan praktis dalam menciptakan sistem ekonomi yang berkeadilan. QS. Al-Baqarah: 275-279, misalnya, memberikan penekanan pada pentingnya menghindari praktik riba, yang kerap merugikan pihak yang lebih lemah dalam masyarakat. Dalam konteks historis, larangan ini bertujuan untuk mencegah akumulasi kekayaan di tangan segelintir individu yang menyebabkan ketimpangan ekonomi yang mendalam. Sebaliknya, ajaran ini mendorong sistem ekonomi yang memprioritaskan distribusi kekayaan yang adil, melindungi hak-hak individu, serta menjaga keseimbangan sosial.Dalam konteks ekonomi modern, larangan riba diterapkan melalui sistem perbankan syariah, yang menggantikan bunga dengan skema seperti mudharabah, musyarakah, dan murabahah. Skema ini dirancang untuk mendorong kerja sama dan partisipasi yang saling menguntungkan, memastikan distribusi manfaat yang lebih adil, serta meminimalkan kesenjangan sosial. Hasil penelitian ini menunjukkan bahwa larangan riba tidak hanya berdimensi spiritual, tetapi juga memiliki implikasi praktis yang kuat dalam menghadapi tantangan ekonomi kontemporer. Larangan riba membantu membentuk tatanan ekonomi yang lebih inklusif dan berkelanjutan, di mana umat Islam dapat berkontribusi dalam menciptakan keseimbangan ekonomi tanpa merusak nilai-nilai etika dan moral yang diajarkan oleh Islam.
OPTIMALISASI AKAD DALAM PRODUK PASAR MODAL SYARIAH UNTUK MENDORONG LITERASI INVESTOR DI INDONESIA Yunilhamri, Muhammad Syauqi; Andrini, Rozi
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 8 No. 1 (2026): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v8i1.2025

Abstract

Pasar modal syariah merupakan bagian penting dalam sistem keuangan syariah yang menawarkan alternatif investasi sesuai prinsip Islam. Namun, peningkatan jumlah investor syariah di Indonesia belum diiringi dengan peningkatan literasi terhadap akad yang melandasi produk pasar modal seperti saham syariah, reksadana syariah, dan sukuk. Penelitian ini bertujuan untuk menganalisis mekanisme transaksi serta akad yang digunakan dalam ketiga instrumen tersebut serta urgensi optimalisasinya guna meningkatkan pemahaman dan kepatuhan investor terhadap prinsip syariah. Pendekatan kualitatif digunakan dengan studi literatur, regulasi, dan data sekunder dari Bursa Efek Indonesia dan Otoritas Jasa Keuangan. Hasil penelitian menunjukkan bahwa akad-akad yang digunakan dalam ketiga instrumen tersebut adalah akad Musyarakah, dan Bay’I (Jual beli) di saham syariah, Wakalah Bil Ujrah, Mudharabah, dan Bay’I di Reksadana Syariah, serta Ijarah, Mudharabah, Musyarakah, Murabahah, dan Istishna’ di Obligasi/sukuk syariah. Oleh karena itu, optimalisasi akad melalui pendekatan edukatif, penyederhanaan struktur, dan transparansi mekanisme transaksi menjadi sangat relevan. Langkah ini diyakini dapat memperkuat fondasi etis dan spiritual investasi syariah serta mendorong literasi dan kepatuhan yang berkelanjutan.
PENGARUH MIKRO EKONOMI TERHADAP HARGA SAHAM PADA PT. INDUSTRI JAMU DAN FARMASI SIDO MUNCUL TBK. PERIODE 2014-2023 Astuti, Eni Puji; Aziz, Muhamad Sailan Abdul
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 8 No. 1 (2026): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v8i1.2163

Abstract

The purpose of this research is to determine the effect of microeconomics on stock prices at PT. Industri Jamu dan Farmasi Sido Muncul Tbk. during the period 2014 to 2023. The method used in this study is a descriptive quantitative approach using secondary data in the form of company financial reports. The samples analyzed is the financial report of PT. Industri Jamu dan Farmasi Sido Muncul Tbk. 2014 - 2023. Data analysis was performed using SPSS software version 30. The analysis techniques used include descriptive analysis tests, classical assumption tests, multiple linear regression, and hypothesis tests. The results of this study indicate that the Earnings Per Share variable has a significant partial effect on stock prices (T value 7.383 > T table 2.365 and a significance value of 0.001 <0.05), and the Price to Book Value variable also has a significant effect on stock prices (T value 23.748 > T table 2.365 and a significance value of 0.001 <0.05). Simultaneously, the variables Earnings Per Share and Price to Book Value have a significant effect on stock prices with a calculated F value of 331.779 > F table 4.737 and a significance value of 0.001 < 0.05.
ANALISIS RASIO LIKUIDITAS DAN RASIO PROFITABILITAS UNTUK MENILAI KINERJA KEUANGAN PT GAJAH TUNGGAL TBK PERIODE 2014-2023 Hasanah, Uswatun; Octovian, Reza
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 8 No. 1 (2026): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v8i1.2171

Abstract

This research aims to determine the financial performance of PT Gajah Tunggal Tbk for the 2014-2023 period by measuring financial ratio analysis. The method used in this research is a quantitative. Technical analysis uses liquidity ratios and profitability ratios by comparing financial reports from previous years compared to industry standards according to Kasmir and the average standards of similar companies listed on the Indonesian Stock Exchange. Research data collection was obtained from company financial reports and library studies related to this research. The population used is the financial report of PT Gajah Tunggal Tbk for the 2014-2023 period and the sample used is the balance sheet and profit and loss report from 2014-2023. The results of this research indicate that the financial performance of PT Gajah Tunggal Tbk for the 2014-2023 period in terms of liquidity ratios is compared using industry standards according to Kasmere in an Unhealthy condition, because the average value of the Current Ratio and Quick Ratio is still below the Cashmere industry standard, while the financial performance of PT Gajah Tunggal Tbk for the 2014-2023 period is compared with the average standard of similar companies, companies in an unhealthy condition because they are below the average of similar companies. Then looking at the profitability ratio compared to using industry standards according to Kasmir, it is in an unhealthy condition, because the average value of Return On Assets and Return On Equity is still below the Kasmir industry standard, while the financial performance of PT Gajah Tunggal Tbk for the 2014-2023 period is compared with the average standard of similar companies. The company is in an unhealthy condition because it is below the average of similar companies.
PENGARUH STORE ATMOSPHERE DAN BRAND IMAGE TERHADAP KEPUASAN PELANGGAN PADA LILS BEAUTY STUDIO LEBAK BULUS KOTA JAKARTA SELATAN SETIANA, ANA
Al-Muzdahir : Jurnal Ekonomi Syariah Vol. 8 No. 1 (2026): Januari : Al-Muzdahir : Jurnal Ekonomi Syariah
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/ekis.v8i1.2194

Abstract

The purpose of this study was to determine the effect of Store Atmosphere and Brand Image on Customer Satisfaction at Lils Beauty Studio Lebak Bulus, South Jakarta City. The method used is quantitative. The sampling technique uses the Slovin formula and obtained a sample of 89 respondents. In collecting data, researchers used a questionnaire. Data processing used the SPSS version 27 application. Data analysis used validity tests, reliability tests, classical assumption tests, regression analysis, correlation coefficient analysis, determination coefficient analysis and hypothesis testing. The results of the study showed that Store Atmosphere has a significant effect on Customer Satisfaction with a determination coefficient value of 70.9% and the hypothesis test obtained the results of t count > t table or (14.551 > 1.988). Brand Image has a significant effect on Customer Satisfaction with a determination coefficient value of 84.7% and the hypothesis test obtained the results of t count > t table or (21.933 > 1.988). Store Atmosphere and Brand Image have a significant effect simultaneously on customer satisfaction with the regression equation Y = 0.902 + 0.191X1 + 0.796X2. The coefficient of determination value is 85.4% and the hypothesis test obtained the results of F value > F table value, or (252.027 > 2.710). Keywords: Store Atmosphere; Brand Image; Customer Satisfaction

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