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Elif Pardiansyah
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Equilibrium: Jurnal Ekonomi Syariah
Published by Institut Agama Islam Negeri Kudus
ISSN : 23550228     EISSN : 25028316     DOI : http://dx.doi.org/10.21043/equilibrium.v10i2.16539
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
This journal encompasses original research articles, review articles, and short communications, including: Islamic Accounting, Islamic Bussines Management, Islamic Human Resource Management, Islamic Economics, Islamic Banking and Finance.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 235 Documents
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A Performance Measurement Model for Shariah Banks Based on Falah Mursyid, Mursyid; Yanti, Dharma; Lamtana, Lamtana; Shufiah, Wardatush
EQUILIBRIUM Vol 12, No 2 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i2.29280

Abstract

It is the financial ratio, risk, or capital ownership approach that dominates the performance of conventional and sharia banking. In order to evaluate the performance of sharia banking, a measurement model that is consistent with the principles of sharia economics is necessary, as the operational basis of sharia banks and conventional banks is significantly different. This model must not only evaluate the financial performance but also the normative side. All Muslim activities and behaviors on Earth are ultimately directed toward falah, as is widely recognized. As a result, the objective of this investigation is to develop a falah-based sharia bank performance measurement model and to evaluate the performance of ten sharia commercial banks in Indonesia. The Simple Additive Weighting Method is employed to accomplish weighting and aggregation in the falah approach to performance compilation, while the two-phase multiattribute decision-making approach is employed to determine ranking. The development of the performance measurement model of the Maqashid Syariah Index is designated as Falah in this study. According to the Falah approach, the performance evaluation of sharia institutions reveals that Bank TB Bukopin Syariah and BTPN Syariah exhibit flawless performance. At the same time, Bank Aladin Syariah, Bank Panin Dubai Syariah, Bank Aceh Syariah, Bank Muamalat, and BJB Syariah demonstrated exceptional performance. In addition, Bank Mega Syariah demonstrated satisfactory performance.
An Empirical Study on the Drivers of Sustainable Consumption Among Muslim Generation Z: The Role of Islamic Values Ningsih, Ekawati Rahayu; Noor, Sufiana
EQUILIBRIUM Vol 13, No 2 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i2.34164

Abstract

This study investigates the influence of Green Marketing Practices (GMP), Environmental Issues (EI), and Green Consumer Identification (CI) on Consumer Sustainable Behavior (CSB) among Muslim Generation Z, proposing Islamic Values (ISV) as a mediating factor. While previous research on this demographic suggests that traditional green marketing and environmental concern may not effectively translate into sustainable action, a gap remains in understanding the role of religious ethics as a bridge to behavior. Using a quantitative design, Partial Least Squares Structural Equation Modeling (PLS-SEM) was applied to survey data collected from 268 Muslim Gen Z respondents in Central Java Province, Indonesia, to test the direct and indirect structural relationships. The results established that GMP directly promotes CSB and significantly strengthens ISV. Crucially, ISV emerged as a strong positive predictor of CSB confirming its significant mediating role and highlighting the importance of religion-based values in translating stimuli into action. Conversely, EI and CI did not directly influence CSB, nor did CI significantly affect ISV. This underscores the central role of Islamic values as a primary driver of sustainable consumption in this cultural context. The findings extend sustainability marketing theory by centering religious values in consumer decision-making and practically suggest that campaigns should align with Islamic ethical teachings to effectively translate marketing and awareness into concrete sustainable consumer behavior.
Analysis of the Influence of the Degree of Fiscal Decentralization, Balancing Funds, and Economic Growth on the Islamic Human Development Index (I-HDI) in 8 Provinces in Indonesia Pramono, Sigit -; Kanafi, Imam; Adinugraha, Hendri Hermawan; Andrean, Rizky
EQUILIBRIUM Vol 13, No 1 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i1.31164

Abstract

This study aims to analyse the influence of the degree of fiscal decentralization, balancing funds, and economic growth on the Islamic Human Development Index (I-HDI) in eight provinces in Indonesia with the lowest I-HDI scores. To fill the research gap, these provinces were categorised based on I-HDI intervals. This study contributes in addressing empirical gaps by focusing on the regions that have received limited attention in the context of Islam-based human development, as well as substantive gaps by integrating variables of fiscal decentralization and balancing funds that have rarely been directly examined in relation to the I-HDI. Methodologically, the System Generalised Method of Moments (System-GMM) approach is applied to address potential endogeneity and the dynamic nature of panel data. A region’s capacity to finance public expenditure is reflected in the degree of fiscal decentralization, while balancing funds serves as the main source for financing public welfare. Although economic growth is generally expected in enhancing welfare, it may exacerbate social inequality if not accompanied by inclusive policies and equitable distribution. The results of this study indicate that the degree of fiscal decentralization has no significant effect on I-HDI in either the short or long term. Conversely, balancing funds has a significantly negative impact, reflecting allocative inefficiency. Economic growth also negatively affects the I-HDI across both time horizons, indicating that its benefits are not evenly distributed. These findings emphasise the need for comprehensive policy evaluation to improve resource allocation efficiency and promote equitable and sustainable human development in line with the principles of Maqasid al-Shariah (Sharia principles).
Mediating Role of Trust in Celebrity Endorsements and Millennial Purchases of Halal Tourism Packages Nugraha, Aa Willy; Abdullah, Yusuf; Abdillah, Fitriyadi; Maulana, Lutfi
EQUILIBRIUM Vol 12, No 2 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i2.28712

Abstract

The millennial generation is an active user of social media and is often exposed to promotional content from celebrities or influencers. While celebrity endorsements can increase exposure, not all endorsements are effective in driving purchase decisions. Thus, trust is the main factor that connects celebrity endorsements with purchase decisions. This research aimed to determine celebrity endorsement in improving the purchase of halal tourism packages and analyzing the mediation of trust in purchase decisions. This study used a quantitative survey method. The data analysis technique employed the Structural Equation Modeling method using purposive sampling. Respondents were selected based on age and social media users who made purchases of halal tour packages. The exclusion criteria included individuals who were only interested in or considering buying but had never traveled halal before, as they were not included as research respondents. The number of research samples was 130 participants. The study indicated that celebrity endorsers significantly influence millennial purchase decisions by mediating the trust variable on halal tourism packages. This study focuses on West Java millennials, limiting generalizability. Future research must expand to other regions and analyze the long-term trust effects that could enhance the understanding of halal tourism purchasing behavior. This finding contributed to halal tourism providers implementing effective marketing through social media optimization to encourage increasing sales.
Ethical Leadership in the Sharia Perspective: The Role of Foreign CEOs and Female CEOs in the Profitability of Mining Companies Harjito, Yunus; Nurhaliza, Fadilla; Hariyanti, Widi; Suhardjanto, Djoko
EQUILIBRIUM Vol 13, No 2 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i2.33882

Abstract

This study examines whether the presence of foreign CEOs and female CEOs influences the profitability of mining companies listed on the Indonesia Stock Exchange (IDX). Prior research on CEO characteristics has demonstrated mixed results, particularly in emerging markets. However, limited studies integrate the analysis of CEO characteristics with Islamic business ethics, creating a research gap this study seeks to address. Using panel data from 68 mining companies over the period 2020–2024 (340 observations), this study employs a common effect model to analyze the effect of foreign CEOs, female CEOs, and leverage on profitability. The results indicate that foreign CEOs positively and significantly affect company profitability, while female CEOs do not exhibit a significant impact. This study contributes to the Islamic economics literature by discussing how leadership characteristics align with principles of amanah, professionalism, fairness, and organizational accountability in the mining sector. The implications suggest that leadership selection aligned with Islamic ethical principles may enhance organizational value and sustainability.
Artificial Intelligence (AI) in Islamic Finance: A PRISMA-Guided Systematic Review on Sharia Compliance Manneh, Kekoto; Susilowati, Endah; Sundari, Siti
EQUILIBRIUM Vol 13, No 2 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i2.33951

Abstract

This paper seeks to explore the role of AI in the Islamic finance context, in terms of its opportunities, challenges, and its compliance with Sharia principles. The adaptation of AI has transformed traditional finance. However, its integration into Islamic finance is still fragmented, which raises doubts about its alignment with the core principles of Sharia ethics and governance. In order to address this existing gap, the study adopts a PRISMA-guided systematic review, synthesizing and analyzing 26 peer-reviewed publications published between 2020 and 2025. Findings of this study reveal that AI adaptation has several opportunities which enhance efficiency, transparency, financial inclusion, and Sharia auditing; all aligning with the core of Maqasid al-Sharia (higher objectives of Shari’ah rules). Despite these opportunities, several challenges such as high implementation cost, skills gap, cybersecurity risks, and algorithmic bias, affect the implementation of AI in Islamic finance. The major issue about these difficulties is the conformity of Sharia with regulatory gaps and the expanding responsibilities of Sharia boards, necessitating immediate attention. The study has limitations as it relies on secondary data obtained from Scopus-Indexed and Google Scholar databases. It has been recommended to future researchers to adopt empirical studies and cross-disciplinary collaboration regarding AI’s integration into Islamic finance to ensure that it maintains both innovative and compliant.
S Sharia-Compliant Entrepreneurship: An Innovative Model for Islamic University Business Incubators Hasanuddin, Muhammad; Kusuma, Suteja Wira Dana
EQUILIBRIUM Vol 12, No 2 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i2.28610

Abstract

This study examines the unique challenges faced by Muslim entrepreneurs in aligning their businesses with sharia principles, introducing the concept of “Muslimpreneurship,” where profit-seeking is intertwined with sharia compliance and a broader sense of purpose. It emphasizes the role of Islamic universities in fostering entrepreneurship while maintaining adherence to Islamic values, highlighting distinctions between conventional and Islamic University Business Incubators (UBIs) in principle and practice. The proposed model advocates for sustained relationships with incubatees beyond the incubation phase, supporting them through continuous monitoring, mentorship, and consultancy. The research methodology consists of a literature review focusing on university business incubators, Muslim entrepreneurship, and Islamic business ethics; qualitative interviews with incubator managers from the IPB Business Incubator, Malang University, and Unpad Business Incubator to explore how these institutions support Muslim entrepreneurs and integrate sharia principles; and site visits to observe the practical application of Islamic values within these incubators. This approach aims to develop a conceptual framework for an Islamic University Incubator, offering both theoretical insights and practical recommendations for creating incubators that align with Islamic ethical standards.s.
Analysis of Geographically Weighted Regression (GWR) on Factors Affecting Zakat Funds in South Sulawesi Province Nur, Awal; Sofyan, A. Syathir; Sirajuddin, Sirajuddin; Parakkasi, Idris; Wulandari, Gesia Afifah Ayu
EQUILIBRIUM Vol 14, No 1 (2026): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v14i1.36157

Abstract

This study examines the factors influencing zakat funds in South Sulawesi Province using the Geographically Weighted Regression (GWR) method. The zakat funds in this study focus on zakat collections in 2022 across 24 regencies and cities in South Sulawesi Province. A gap in the existing literature was identified in previous studies, which generally relied on global regression and did not account for spatial variation across regions. This study utilized secondary data obtained from the Central Statistics Agency (BPS) and the National Zakat Agency (BAZNAS), with three independent variables: Gross Regional Domestic Product (GRDP), the Human Development Index (HDI), and the Muslim population. The GWR method was applied to capture local parameter variations that may differ across regions. The results indicate that the GWR model performs better than the multiple linear regression model, as evidenced by lower AIC values and smaller residuals. The Muslim population variable has a positive and significant effect on zakat funds, whereas the GRDP and HDI variables do not show significant effects. These results indicate that demographic factors, particularly the Muslim population, are the dominant factors influencing zakat funds in South Sulawesi Province. Therefore, region-based zakat management must take into account local social, economic, and demographic characteristics to ensure that zakat collection strategies are implemented more effectively. These findings contribute to the development of data-driven zakat policies that account for regional considerations in Indonesia.
The Stability of Islamic Banking in Response to Macroeconomic Shocks: An Empirical Study of the Indonesian Islamic Financial Market Achmad, Achmad; Hayet, Hayet
EQUILIBRIUM Vol 14, No 1 (2026): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v14i1.34409

Abstract

This study aims to examine the influence of macroeconomic variables on the stability of Islamic banking in Indonesia, with Non-Performing Financing (NPF) serving as the primary indicator of banking resilience. A Vector Autoregression (VAR) approach is employed to capture the dynamic interrelationships among variables, including inflation, the exchange rate, the BI Rate, economic growth, and the money supply. Monthly time series data from 2010–2024 were obtained from Bank Indonesia, the Financial Services Authority (OJK), and Statistics Indonesia (BPS). The findings reveal that money supply, exchange rate, and economic growth are the primary macroeconomic determinants of Islamic banking stability in Indonesia. Rapid liquidity expansion and economic growth that are not accompanied by prudent oversight of financing tend to elevate financing risk, while a stable exchange rate plays a critical role in protecting the real sector's repayment capacity. Notably, inflation and the BI Rate do not exert a meaningful short-term influence on NPF, suggesting that Islamic banking operates through a transmission mechanism distinct from its conventional counterpart—one that is less sensitive to interest rate policy. The novelty of this study lies in its use of a comprehensive, long-horizon dataset covering multiple economic cycles, including the 2008 global crisis and the COVID-19 pandemic, which enables a more robust assessment of Islamic banking resilience across varying macroeconomic conditions. The study is limited to macroeconomic variables at the aggregate level and does not account for bank-specific microeconomic factors or regional variations within Indonesia's Islamic banking sector, which may be addressed in future research.
Effectiveness of Zakat, Infaq and Sadaqah Distribution at BAZNAS North Lombok Regency Azra', Kurniawan; Azizah, Lina; Nirwana, Baiq Elok
EQUILIBRIUM Vol 14, No 1 (2026): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v14i1.36988

Abstract

This study aims to analyze in depth the effectiveness of zakat, infak, sadaqah (ZIS) funds distribution at the Zakat Management Agency in North Lombok Regency. The method used in this research is a quantitative method, with secondary data sources, where the data collection technique uses a time series of data a period of 2021-2025. The data for which was obtained from BAZNAS North Lombok Regency financial report. The population of this study consists of all financial reports of BAZNAS North Lombok Regency. Meanwhile, the sample used to measure effectiveness is based on specific criteria, namely financial reports that have been published on the official website and audited. In this study, the sample comprises the financial reports of BAZNAS North Lombok Regency from 2021 to 2025. The data collection technique employed is documentation. The data analysis technique utilizes effectiveness measurement through the Allocation to Collection Ratio (ACR). The results obtained from this study are the distribution of zakat funds in BAZNAS, North Lombok Regency, which is distributed to 8 ashnaf such as the indigent, the poor, amil zakat, converts, slaves, debtors, fisabilillah, and ibn sabil. Meanwhile, infaq and alms funds can be distributed to everyone outside the ashnaf of zakat funds. The effectiveness of the distribution of ZIS funds to BAZNAS in North Lombok Regency in 2021 was 104%, in 2022 it was 104%, in 2023 it was 100%, in 2024 it was 94%, and in 2025 it was 105%, so with the percentage above, the distribution of BAZNAS is included in the highly effective ACR category. This means that the distribution of ZIS funds at BAZNAS North Lombok Regency is very effective.

Page 23 of 24 | Total Record : 235

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