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Ana Billah
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JSE: Jurnal Sharia Economica
Published by Sekolah Tinggi Agama Islam Muhammadiyah Probolinggo
ISSN : 28285514     EISSN : 28284585     DOI : https://doi.org/10.46773/jse
Core Subject : Economy,
Economics, Econometrics & Finance
JSE: Jurnal Sharia Economica(E-ISSN : 2828-4585)|(P-ISSN: 2828-5514) is a journal publishes a scientific papers on the results of the study or research and review of the literature in the scope and focus of Islamic Economics. Editor accepts the article has not been published in other media with the writing format as listed on page manuscript writing guidelines. This journal was established in 2022 and published two times a year, on January and July. The purpose of this journal is for the publication of scientific articles covering studies within the scope of Islamic Economics, such as: 1. Philosophy of Islamic Economics; 2. Islamic Economic Thought; 3. Islamic Economics and Contemporary Issues; 4. Contemporary issues in Islamic Financial Institutions; 5. Islamic Management; 6. Islamic Accounting; 7. Legal Aspects in Islamic Economics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 140 Documents
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ANALISIS MANAJEMEN RISIKO USAHA BERDASARKAN TEORI TAWAKAL Agustin, Hamdi; Zulkifli, Muhammad Ilham; Wan Jumiati; Setiawan, Rahmat
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.2996

Abstract

This study aims to analyze operational risk management based on the theory of tawakal. The risk management analysis based on the theory of tawakal consists of human resource (HR) risks, technological risks, process risks, and environmental risks. This study uses a qualitative approach and was conducted at UD. Cucu Datuok Gemilang Fish Farm in Kampar, Riau. Data collection was carried out through direct observation and interviews. The results of the study indicate that based on the assessment of the foundation aspects of the business owner, UD. Cucu Datuok Gemilang Fish Farm is at low risk, although some of the business capital sources come from usurious loans. The results of the business risk analysis indicate that UD. Cucu Datuok Gemilang Fish Farm faces various risks in the aspects of human resources (HR), technological risks, process risks, and environmental risks. The highest risks that need to be addressed immediately are business capital sources (F3), employee competence and knowledge (A1), employee discipline and work ethic (A2), and the consistency of fish feed availability (C4). In the risk evaluation, strategies are carried out according to the risks that will occur. Such as evaluating risks on employee competence and knowledge, employee discipline and work ethic by conducting employee performance assessments.
EVALUASI SYARIAH DAN PENGEMBANGAN MODEL CRYPTOCURRENCY STABLECOIN: PENDEKATAN BERBASIS FIAT VS. BERBASIS EMAS Widjiantoro, Surya Tegar; Segati, Ahda; Marpaung, Muslim
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.3006

Abstract

This study discusses the comparison between fiat-based stablecoins and gold-based stablecoins from the perspective of Islamic economics, particularly in the context of the high price volatility of cryptocurrencies. The background of this research is the need for stable digital financial instruments that comply with sharia principles, considering that stablecoins have emerged as a solution to cryptocurrency value fluctuations but raise questions regarding their compatibility with Islamic law. The research method used is a literature review by analyzing various stablecoin models and examining literature related to sharia principles in finance, such as the prohibition of riba (usury), gharar (uncertainty), maysir (gambling), and the importance of underlying assets. The results show that gold-based stablecoins are more aligned with the concept of money in Islamic economics because they are backed by clear physical assets, whereas fiat-based stablecoins contain elements of riba due to seigniorage and the lack of clarity in intrinsic value. The conclusion of this study asserts that, from an Islamic economic perspective, gold-based stablecoins are more appropriate to be developed as sharia-compliant digital transaction instruments, while fiat-based stablecoins still have several aspects that need further review regarding sharia compliance.
INTEGRASI EKONOMI ISLAM DAN CIRCULAR ECONOMY UNTUK PEMBANGUNAN BERKELANJUTAN ROIFAH, TRI NADHIROTUR ROIFAH
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.3011

Abstract

This study examines the integration of the Circular Economy (CE) and Islamic Economics (IE) to formulate a more coherent model of sustainable development. The analysis focuses on the conceptual relationship between CE and IE, the potential adaptation of zakat, waqf, and Sharia-compliant financing as mechanisms for implementing circular practices, and the key challenges that emerge in aligning the two paradigms. The findings indicate strong alignment between CE’s regenerative and resource-efficient principles and the ethical foundations of IE, particularly trustworthiness (amānah), distributive justice, and the objectives of maqāṣid al-sharīʿah. This convergence provides a robust normative and operational basis for developing a regenerative development framework. The study further reveals that zakat supports community-based circular initiatives, productive waqf facilitates long-term sustainable investments, and Sharia financing promotes innovation in circular business models. Nevertheless, CE–IE integration faces several obstacles, including philosophical divergences, variations in maqāṣid interpretation, limited normative literature on modern material-loop mechanisms, and regulatory as well as institutional capacity gaps. Overall, the study highlights the strategic potential of CE–IE integration in advancing a holistic sustainable development paradigm that unites material efficiency with social justice and long-term well-being.
PENGARUH KUALITAS PELAYANAN DAN KEPERCAYAAN TERHADAP KEPUASAN JEMAAH UMRAH DI PT. QIBLATAIN SAFARINA BAKTI Nur Putriani, Erin
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.3012

Abstract

This study aims to analyze the influence of service quality and trust on the satisfaction of Umrah pilgrims at PT. Qiblatain Safarina Bakti. The study used a quantitative approach with a survey technique. The study population was Umrah pilgrims who used the services of PT. Qiblatain Safarina Bakti, with a sample of 85 respondents taken using a saturated sampling technique. Data were collected through a questionnaire with a Likert Scale and analyzed using IBM SPSS multiple linear regression analysis. The results showed that service quality had a positive and significant effect on pilgrim satisfaction (t value = 6.148; sig. = 0.000), trust had a positive and significant effect (t value = 5.560; sig. = 0.000), and both variables simultaneously had a significant effect (F value = 38.658; sig. = 0.000). The coefficient of determination (R²) showed that service quality and trust were able to explain variations in pilgrim satisfaction substantially. This finding strengthens the importance of the SERVQUAL and trust dimensions in the context of religious tourism services.
PASAR SUKUK: SISTEM DAN OPERASIONALNYA DI INDONESIA Rachma Febriyanti; Tacong, Hamzah; Lutfi, Mukhtar; Kadir, Amiruddin
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.3019

Abstract

Sukuk has become a strategic instrument in global Islamic finance and an important pillar of development financing in Indonesia, especially after the enactment of the Sovereign Sukuk Law (SBSN) in 2008. However, the rapid expansion of sovereign sukuk has not been matched by adequate public understanding or corporate participation, reflecting the need for a clearer examination of sukuk concepts, systems, and operations. This study employs a qualitative approach through a literature review of regulations, DSN-MUI fatwas, and reports from OJK, BI, and KNEKS, supported by academic publications. Using a descriptive–analytical method, the study explores the structure, mechanisms, challenges, and prospects of the sukuk market in Indonesia. The findings indicate that sukuk is based on real ownership, the prohibition of riba, and Sharia-compliant contracts, distinguishing it from conventional bonds. Indonesia’s sukuk market operates within a strong regulatory framework, with issuance involving contract structuring, underlying asset determination, and primary and secondary market processes. Despite significant growth, challenges remain, including low literacy, limited Sharia infrastructure, and modest corporate sukuk issuance. Nonetheless, regulatory support, digitalization through e-SBN, and rising interest in sustainable instruments highlight sukuk’s potential to strengthen development financing and deepen the Islamic financial market.
ANALISIS FIQH MUAMALAH TERHADAP PRAKTIK PENUKARAN UANG DAN TRANSFER MAHASISWA Siraj, Sirajul; Siraj, Yani
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.3026

Abstract

In the rapidly evolving era of digital finance, the boundaries between social assistance and commercial transactions often become blurred, particularly within academic environments. This research investigates the phenomenon of informal cash-to-transfer money exchanges among students at STAI Ali bin Abi Thalib Surabaya. Facilitated through social media and peer interactions, this practice raises critical questions regarding its compliance with ṣarf (currency exchange) principles in Islamic jurisprudence, specifically concerning fairness, value equality, and the prohibition of riba (usury). The study aims to comprehensively describe the mechanisms of these exchanges, assess the students' literacy regarding fiqh al-mu‘āmalah, and analyze the validity of such practices against Islamic legal standards. Employing a qualitative descriptive method with a case study approach, data were collected via in-depth interviews with 12 students, a fiqh lecturer, and the student body president, supported by observational documentation. The findings reveal a significant gap between theoretical knowledge and practical application; many students engage in these transactions viewing them merely as ta’awun (mutual help), unaware of the strict sharf requirements. While some transactions adhere to yadan bi yadin (spot exchange) and mitslan bi mitslin (equal value), others fall into riba nasī’ah due to transfer delays and riba faḍl due to "service fees" deducted from the principal amount. The study concludes that while digital transfers are valid as taqābuḍ ḥukmī (legal possession), the lack of immediate settlement renders many transactions void. This highlights an urgent need for integrating contemporary digital fiqh literacy into the student curriculum.
PARTISIPASI MASYARAKAT DALAM PENGELOLAAN DANA DESA (Studi di Desa Marga Sakti Kecamatan Padang Jaya Kabupaten Bengkulu Utara) fikri, muhammad
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jse.v5i1.3069

Abstract

This study aims to identify the forms of community participation in the management of village funds in Marga Sakti Village and to assess whether the management process has been carried out transparently, accountably, and in accordance with community needs. The research uses a descriptive qualitative method with a descriptive approach and applies a purposive sampling technique, in which respondents are deliberately selected based on their understanding of village fund management. A total of 10 participants were involved, consisting of village officials, community leaders, youth, and local residents. The results show that the level of community participation in Marga Sakti Village varies at each stage of fund management. Participation is relatively good during the planning and implementation stages, while at the supervision and evaluation stages, it still needs improvement. Overall, the management of village funds in Marga Sakti Village has been carried out quite transparently and accountably; however, greater community involvement in all stages is needed to make fund management more effective and aligned with community needs.
DEKONSTRUKSI DAN REFORMULASI TEORI PERMINTAAN DAN PENAWARAN BERBASIS NILAI SYARIAH Rachma Febriyanti; Wahab, Abdul; Lutfi, Mukhtar; Ghalib, Muhammad
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/s93btw57

Abstract

This article aims to reformulate the theory of demand and supply from an Islamic economic perspective through a comparative analysis with conventional economics. Conventional theory relies on assumptions of consumer rationality, utility maximization, and a free market mechanism, which tend to overlook moral, spiritual, and social dimensions in economic behaviour. Islamic economics provides an alternative and more holistic approach by emphasizing halal–haram principles, maslahah, justice, and trustworthiness as the core of market behaviour. This research employs a literature review method by analyzing scholarly articles, books, and classical Islamic economic texts, including the works of Ibn Khaldun and Ibn Taymiyyah. Findings indicate that Islamic demand and supply theory not only explains the interaction of price and quantity but also embeds moral values and ethical guidelines in market operations. Market equilibrium in Islam is defined as a just and transparent equilibrium, free from riba, gharar, and monopoly, and strengthened by the institution of hisbah. The study concludes that an Islamic market framework promotes a more stable, just, and socially beneficial economic system.
ETIKA PEMBENTUKAN HARGA DAN PRAKTIK EKSPLOITATIF DALAM PEMIKIRAN AL-GHAZALI Novika, Aulia; Waluyo, Agus
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/65cty487

Abstract

Price is a central element of the market mechanism that functions not only as a determinant of exchange value but also carries broad social implications. In practice, prices are often distorted by various exploitative practices, causing markets to lose their function of fairness. This article is situated within the discipline of Islamic economics and aims to analyse the ethics of price formation and practices of market exploitation in Al-Ghazali’s thought. The study employs a qualitative approach using a library research design. Data are collected through an examination of primary sources in the form of Al-Ghazali’s works, particularly Iḥyā’ ‘Ulūm al-Dīn, as well as secondary sources consisting of relevant contemporary academic journals and books. The analysis is conducted using a normative–critical approach, with principles of justice and public welfare (maslahah) serving as the main analytical framework. The findings indicate that Al-Ghazali conceives the market as a moral institution and views price as a reflection of the ethical quality of the relationship between sellers and buyers. Practices such as riba, ihtikar, tadlis, and ghaban are understood as forms of distortion of just pricing. The theoretical contribution of this article lies in its affirmation of market exploitation as a problem of price ethics rather than merely a technical economic violation. These findings provide an important normative foundation for understanding market justice from the perspective of Islamic economics. Keywords: Al-Ghazali; Ethics; Market Justice; Market Exploitation
PASAR DAN HARGA DALAM EKONOMI ISLAM Virgiawan, A. m. luthfi; Lutfi, Mukhtar; Wahab, Abdul; virgiawan, luthfi
JSE: Jurnal Sharia Economica Vol. 5 No. 1 (2026): Januari
Publisher : LPPM STAI Muhammadiyah Probolinggo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46773/jgpf8333

Abstract

Market and price are essential components in the Islamic economic system, as they play a vital role in the distribution and exchange of goods and services. This study aims to analyze the concept of market and price determination mechanisms from the perspective of Islamic economics. The research employs a library research method by reviewing classical and contemporary Islamic economic literature. The findings indicate that Islam allows market mechanisms to operate naturally based on supply and demand, provided they adhere to principles of justice, honesty, and transparency. Practices that distort the market, such as usury, hoarding (ihtikar), and monopoly, are strictly prohibited. Government intervention is permissible when market distortions cause harm to the public. Therefore, market and price in Islamic economics are not solely profit-oriented but also emphasize social welfare and public benefit.

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