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Contact Name
Dedi Junaedi
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dedijunaedi@gmail.com
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+628118114379
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Lembaga Publikasi Ilmiah (LPI) Institut Agama Islam (IAI) Nasional Laa Roiba Bogor Jl Raya Pemda Pajeleran Sukahati No 41 Cibinong, Bogor 16913 Telp 021-8757150 HP 08118114379 Email: alkharaj@journal-laaroiba.com Web http://journal-laaroiba.com/ojs/index.php/alkharaj
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INDONESIA
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
ISSN : 26562871     EISSN : 26564351     DOI : https://doi.org/10.47467/alkharaj
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah is a scientific journal published by Pusat Riset dan Kebijakan Strategis PRKS) of  Institut Agama Islam Nasional (IAI-N) Laa Roiba Bogor in collaboration with Masyarakat Ekonomi Syariah (MES) and Intelectual Association for Islamic Studies (IAFORIS) . This journal contains scientific papers from academics, researchers and practitioners in the fields of Islamic economics, finance and business research. E-ISSN 2656-4351 ISSN Print 2656-2871   DOI: 10.47467/alkharaj  Starting from Volume 1 Number 1 2019 to Volume 6 Number 3 of 2024 published on the website with the URL https://journal.laaroiba.ac.id/index.php/alkharaj. Starting from Volume 6 Number 4 2024 onwards it will be published with the URL https://journal-laaroiba.com/ojs/index.php/alkharaj.
Articles 2,175 Documents
Analisis Faktor-Faktor yang Mempengaruhi Pertumbuhan Ekonomi di Indonesia Tahun 2020–2024 Dian Sari Br Sitepu; Irsad Lubis
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.10686

Abstract

This study analyzes the determinants of Indonesia’s economic growth during the period 2020–2024, focusing on Foreign Direct Investment (FDI) and Domestic Investment (DI). Using annual macroeconomic data from BPS and BKPM, the study adopts a quantitative approach with multiple regression to examine how investment inflows contribute to national economic performance. The findings show that both FDI and DI have significant roles in encouraging economic growth, although the magnitude of their effects varies across years due to global shocks, including the COVID-19 pandemic and post-pandemic recovery. The study highlights the need for consistent investment policies to accelerate sustainable economic growth.
Pengaruh Pertumbuhan Ekonomi Terhadap Ketimpangan Pendapatan di Kota Medan Tahun 2016–2024 Rizki Afifah Hasibuan; Irsad Lubis
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.10718

Abstract

This study examines the influence of economic growth on income inequality in Medan City during the period 2016–2024. Using annual data obtained from the Central Bureau of Statistics (BPS), the research employs a quantitative approach through regression analysis using EViews to identify whether economic growth contributes to reducing or increasing inequality. The results indicate that economic growth significantly affects the Gini Index, although the direction of influence fluctuates across years due to structural changes in the urban economy, labor market disparities, and uneven distribution of development benefits. This study emphasizes the importance of inclusive economic policies to ensure that growth outcomes are evenly shared across all socioeconomic groups.
Pengaruh Utang Jangka Pendek, Utang Jangka Panjang, dan Asset Turnover terhadap Profitabilitas Rhaisha Greshiana; M Hendri Yan Nyale
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.10757

Abstract

This study aims to analyze the effect of short-term debt, long-term debt, and asset turnover on profitability, using control variables such as liquidity, firm age, firm size, and tangible assets. The objects of this research are companies in the Restaurant, Hotel & Tourism sub-sector and the Retail Trade sub-sector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The data used is secondary data in the form of audited financial statements. This study employs purposive sampling as the sample selection method, resulting in a total of 45 sample data, and applies a quantitative method with panel data regression analysis. The results of this study show that short-term debt and long-term debt have an insignificant effect on profitability, whereas asset turnover has a significant and positive effect on profitability.
Evaluasi Infrastruktur Terhadap Pertumbuhan Ekonomi Provinsi Gorontalo Tahun 2010-2024 Anisah Masri Ibrahim; Muhammad Amir Arham; Sri Indriyani S. Dai
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.10892

Abstract

This study aims to determine the effect of road infrastructure, electricity infrastructure, and drinking water infrastructure on the economic growth of Gorontalo Province. The type of data used in this research is secondary time series data obtained from the Central Statistics Agency (BPS) of Gorontalo Province and other related literature. The data consist of annual observations from 2010 to 2024.The analytical methods used include descriptive analysis and quantitative analysis with a multiple regression model. The results show that road infrastructure has a positive but insignificant effect on the economic growth of Gorontalo Province. This means that road development can encourage economic growth, but its impact is not yet clearly visible or remains relatively weak. Electricity infrastructure has a negative but insignificant effect on economic growth, indicating that the availability of electricity has not yet provided a real impact on economic growth and appears less supportive, although its influence is not clearly reflected in increasing or decreasing the growth rate. Drinking water infrastructure has a negative and significant effect on economic growth in Gorontalo Province. This means that the greater the expenditure on drinking water infrastructure, the lower the economic growth, and this effect is statistically proven and not coincidental.
Pengaruh Anggaran Pendapatan dan Belanja Negara Terhadap Pertumbuhan Ekonomi di Indonesia Tahun 2015-2024 Lastaria Br Sinaga; Irsad Lubis
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.10908

Abstract

This study aims to analyze the effect of the State Budget (Anggaran Pendapatan dan Belanja Negara/APBN) on Indonesia’s economic growth during the period 2015–2024. Economic growth is measured by real Gross Domestic Product (GDP) growth, while fiscal variables are represented by government expenditure and government revenue.        This research employs a quantitative approach using time series data sourced from Statistics Indonesia (BPS) and the Ministry of Finance of the Republic of Indonesia. The analytical method used is multiple linear regression.  The results show that government expenditure has a positive and significant effect on economic growth, while government revenue contributes to economic growth through its role in maintaining fiscal sustainability. The findings confirm the important role of fiscal policy through APBN as a countercyclical instrument in supporting economic stability and growth, particularly during periods of economic shock such as the COVID-19 pandemic.
Pengaruh Investasi dan Indeks Pembangunan Manusia Terhadap Produk Domestik Bruto di Indonesia 2015-2024 Sri Ayu Ningsi; Irsad Lubis
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.10909

Abstract

This study aims to analyze the effect of investment and the Human Development Index (HDI) on Indonesia’s Gross Domestic Product (GDP) during the period 2015–2024. Investment reflects capital accumulation, while HDI represents the quality of human resources, both of which are key drivers of economic growth.  This research employs a quantitative approach using time series data obtained from Statistics Indonesia (BPS) and the Ministry of Investment.  The analytical method used is multiple linear regression. The results indicate that investment has a positive and significant effect on GDP, while HDI also shows a positive and significant influence, highlighting the importance of improving human capital quality alongside capital formation to achieve sustainable economic growth in Indonesia.
Penerapan al-Qawā‘id al-Fiqhiyyah al-Iqtishādiyyah dalam Transaksi Saham Syariah: Analisis Kaidah al-Ghunm bi al-Ghurm di Pasar Modal Indonesia Budi Purnomo; Hasan Bisri; Ayi Yunus
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.11020

Abstract

The principles of al-Qawā‘id al-Fiqhiyyah al-Iqtishādiyyah serve as a fundamental normative framework for assessing the Sharia compliance of contemporary financial transactions, including Islamic stock trading in the capital market. Among these principles, the rule of al-ghunm bi al-ghurm—which asserts that profit is only legitimate when accompanied by risk—plays a central role in distinguishing Sharia-compliant investment from prohibited speculative practices. This article aims to analyze the challenges and solutions in implementing the al-ghunm bi al-ghurm principle in Islamic stock transactions within the Indonesian Sharia capital market. Employing a qualitative research method based on a literature review, this study examines classical and contemporary fiqh doctrines, DSN-MUI fatwas, and relevant capital market regulations. The findings reveal several key challenges, including low risk literacy among Sharia investors, the emergence of expectations for risk-free returns, speculative trading behavior, and the development of digital investment products that potentially undermine genuine risk-sharing mechanisms. To address these issues, the article proposes strengthening Sharia-based risk education, enhancing risk disclosure and transparency, reaffirming the prohibition of profit guarantees, and improving Sharia screening mechanisms for listed companies. This study underscores the importance of al-ghunm bi al-ghurm as both a normative and practical foundation for fostering a fair, resilient, and sustainable Sharia capital market in Indonesia.
Adoption Barriers and Drivers of Accounting Information Systems in Developed and Developing Nations: A Systematic Review Anggi Ayuni Dewi; Agus Munandar
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.11069

Abstract

This study examines the drivers and barriers influencing the adoption of Accounting Information Systems (AIS) in developed and developing countries using a Systematic Literature Review (SLR). Fifteen articles published from 2021 to 2025 were reviewed, sourced from Scopus, Emerald Insight, ScienceDirect, Google Scholar and SINTA. The review followed PRISMA procedures and applied inclusion and exclusion criteria to ensure relevance and methodological rigor. The findings reveal four major determinants of AIS adoption, technological, organizational, individual and environmental factors. Developing countries face structural barriers such as limited digital literacy, financial constraints, inadequate infrastructure and weak regulatory support. In contrast, developed countries encounter more advanced challenges, including system complexity, high integration costs and heightened concerns regarding data security and privacy. These distinctions demonstrate a persistent digital divide across nations. This study contributes by mapping AIS adoption factors through TAM, TOE and UTAUT frameworks and providing practical insights for context-specific AIS implementation strategies.
Does Green Finance and ESG Enhance Firm Performance? Empirical Evidence from Indonesia in Emerging Markets Naila Afifah Sharfina; Busra Busra
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.11088

Abstract

This study aims to analyze the impact of Environmental, Social, and Governance (ESG) practices and green financing on firm performance dynamics and volatility in the Indonesian capital market. Using a quantitative time-series approach with secondary data, the sample consists of six major companies listed on the Indonesia Stock Exchange—BBRI, BBNI, UNVR, PGEO, TLKM, and ADRO—over the period 2019–2024. The analysis employs an ARIMA–GARCH model to capture the dynamic relationship between ESG, green financing, and weekly stock returns. The findings indicate that ESG scores and green financing significantly affect changes in ESG performance, with a negative short-term relationship. Moreover, volatility persistence is observed, suggesting that ESG stability is highly sensitive to past shocks and market dynamics. These results imply that the benefits of ESG implementation and green financing are primarily long-term in nature and are not fully reflected in short-term market stability in emerging markets such as Indonesia. This study provides important insights for firms, investors, and regulators in strengthening sustainable finance strategies.
Pengaruh Gaya Kepemimpinan, Disiplin dan Motivasi Kerja Terhadap Kinerja Pegawai Milenial di PT PLN (PERSERO) UP3 PALEMBANG Reysia Chelsy Santoso; Juhaini Alie
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.11148

Abstract

This study aims to analyze the influence of leadership style, work discipline, and work motivation on the performance of millennial employees at PT PLN (Persero) UP3 Palembang. The research is motivated by the predominance of the millennial generation in the workplace, which has unique characteristics and high expectations for a flexible, supportive, and participatory work environment. A quantitative approach was used, employing descriptive methods and multiple linear regression analysis. The sample consisted of 123 millennial employees selected through a saturated sampling technique. The results show that leadership style, work discipline, and motivation simultaneously have a significant effect on employee performance, with an F-value of 76.702 and a significance level of 0.000. Partially, all three variables also have a significant effect with t-values of: leadership style (46.59), work discipline (21.60), and work motivation (34.08). The coefficient of determination (R2) is 0.951, indicating that 95.1% of the variation in millennial employee performance is explained by these three variables. Work motivation is the most dominant factor influencing performance. This study provides managerial implications in improving motivation systems, implementing participative leadership styles, and enforcing discipline through educational approaches to optimize millennial employee performance at PT PLN (Persero) UP3 Palembang.

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