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Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Published by Institut Agama Islam Nasional Laa Roiba Bogor
ISSN : 26562871     EISSN : 26564351     DOI : https://doi.org/10.47467/alkharaj
Core Subject : Economy, Science, Agriculture, Social, Engineering,
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences
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.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 2,309 Documents
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Pengaruh Literasi Keuangan, Inklusi Keuangan, dan Fintech Syariah Terhadap Perilaku Keuangan pada Gen Z Anitia Avetri; Herlina Yustati; Debby Arisandi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (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.v8i4.11765

Abstract

This study aims to examine the influence of financial literacy, financial inclusion, and sharia financial technology on the financial behavior of generation Z in Bengkulu City. In this study, used quantitative associative research methodology, 397 respondents were selected from a sample size of 40,401 people using purposive sampling techniques calculated using the slovin formula and a margin of error of 5%. The data source uses primary data collected through questionnaires and analyzed using SPSS software version 22. Partially, the results of the study indicate that the financial behavior of Generation Z is significantly influenced by the variables of financial literacy and sharia financial technology, while the variable of financial inclusion does not influence the financial behavior of Generation Z. Together, the three independent variables have a significant effect on the dependent variable, with a coefficient of determination (R2) of 25,9%, which explains that in addition to variables of financial literacy, financial inclusion, and sharia financial technology, there are many other factors that influence variables of financial behavior.
Pembiayaan Bermasalah dan Pertumbuhan Bank Muamalat Indonesia: Peran Kecukupan Modal Sebagai Pemoderasi Ani Rahmawati; Supriyanto Supriyanto
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (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.v8i4.11804

Abstract

This study examines the relationship between financing quality and the financial performance of Bank Muamalat Indonesia by analyzing non-performing financing (NPF), capital adequacy (CAR), and inflation. Using 43 quarterly financial reports from 2015 to 2025, data were analyzed via PLS-SEM with SmartPLS 3, employing 10,000-subsample bootstrapping and a Two-Stage Approach. Results indicate that rising NPF is associated with declining asset growth (β = −0.509; p = 0.012), while its relationship with revenue growth is not significant (p = 0.230). Capital adequacy reinforces the negative association with asset growth (β = −0.418; p = 0.032), but shows no significant link to revenue growth (p = 0.943). Inflation demonstrates a positive and significant relationship with both asset and revenue growth. The model explains 40.6% of the variance in asset growth and 20.0% in revenue growth. Strong capital positions appear to make banks more cautious in financing disbursement when NPF rises. Strengthening financing selection and optimizing capital utilization can support more stable bank performance growth.
Promosi Penjualan dan Potongan Harga terhadap Impulsive Buying pada Social Commerce Widya Putri Fridayanti; Suratno Suratno
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (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.v8i4.11813

Abstract

The development of social commerce has driven an increase in impulsive buying behavior among consumers, particularly in interactive, content-based digital shopping environments supported by instant transaction features. The characteristics of social commerce, which combine social interaction, recommendations, and limited-time promotions, make consumers more susceptible to unplanned purchasing decisions. Numerous empirical studies have shown that sales promotions and discounts are two marketing stimuli that significantly trigger impulsive buying. However, studies that comprehensively synthesize and compare the consistency of findings related to these two variables in the context of social commerce are still relatively limited. This study aims to systematically compare the impact of sales promotions and discounts on impulsive buying behavior in social commerce through a Systematic Literature Review (SLR) approach following the PRISMA 2020 protocol. Articles for review were selected based on specific inclusion and exclusion criteria. A total of 28 articles that met the inclusion criteria were analyzed using a descriptive-comparative synthesis approach. The articles used were national or international scientific articles written in English or Indonesian, and published between 2020 and 2025 in Google Scholar or Scopus. The synthesis results show that both variables generally have a positive and significant impact on impulsive buying, but price discounts exhibit a higher level of consistency in their influence compared to sales promotions. These findings provide insight into consumer behavior in social commerce, offering valuable references for digital marketing strategies.
MSCI Downgrade to Frontier Market: Lessons for Indonesia from Three Countries Muhammad Ananda Fakhri; Farianita Lestari; Berry Dhiyashavana
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (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.v8i4.11882

Abstract

This study investigates the impact of MSCI reclassification from Emerging Market (EM) to Frontier Market (FM) on stock market return and capital flow dynamics, using a comparative approach across three historical cases: Jordan (November 2008), Argentina (May 2009), and Morocco (November 2013). The research employs two complementary methods: (1) an event study using daily stock index data from Investing.com, measuring cumulative abnormal returns (CAR) via the Market Model with MSCI World Index as benchmark, tested using the Brown-Warner BMP test; and (2) a before-after analysis using annual Balance of Payments data from the World Bank (indicator BN.KLT.PTXL.CD), tested using the Wilcoxon Signed-Rank Test. All statistical analyses were performed using RStudio 2024.09.2+398. Results show that Jordan experienced the most severe impact with CAR reaching -54.43% (p<0.01) at ED [-20,+60] and -71.35% (p<0.01) at ED [-60,+120], confirming the Price Pressure Hypothesis. Morocco exhibited limited short-term price impact due to an FM premium effect, but recorded a net foreign flow decline of USD -1.554 billion post-downgrade. Argentina showed anomalous positive CAR attributed to Global Financial Crisis recovery effects coinciding with the downgrade period. These findings serve as empirical benchmarks for Indonesia, which faces a MSCI rebalancing freeze since January 2026 and potential downgrade risk ahead of the May 2026 review.
Pengaruh Keterlibatan Kerja dan Gaya Kepemimpinan Transformasional Terhadap Kinerja Pegawai Dimediasi Kepuasan Kerja pada Kementerian Agrarian dan Tata Ruang/Pertahanan Nasional Apriliana Ramadhani; Ida Aryani; Neuneung Ratna Hayati
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (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.v8i4.11891

Abstract

This study aims to analyze the influence of work engagement and transformational leadership style on employee performance through job satisfaction at the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency (ATR/BPN). The research problem is motivated by the importance of improving employee performance in supporting bureaucratic reform and improving the quality of public services, amidst the challenges of complex vertical organizations and increasing demands for public services. This study uses a quantitative approach with a causality design. Primary data were collected by distributing questionnaires to 220 State Civil Apparatus (ASN) selected using a cluster random sampling technique based on the rule of thumb (Hair et al., 2017). The research instrument used a 5-point Likert scale to measure the variables of work engagement (Schaufeli & Bakker), transformational leadership style (Bass & Avolio), job satisfaction (Herzberg), and employee performance (Bernardin & Russell). The data analysis technique used Partial Least Squares–Structural Equation Modeling (PLS-SEM) with the help of SmartPLS. The results of the study indicate that job engagement has a positive effect on job satisfaction, leadership style has a positive effect on job satisfaction, and job satisfaction has a positive effect on employee performance. Mediation testing through bootstrapping procedures shows that job satisfaction mediates the influence of job engagement and leadership style on employee performance. This finding confirms that improving employee performance in the ATR/BPN environment is not only directly influenced by organizational behavioral factors, but also through increasing job satisfaction as an intervening variable. The conclusion of this study states that strengthening job engagement and implementing an effective transformational leadership style are important strategies for improving job satisfaction and employee performance sustainably in the public sector.to improve job satisfaction and sustainable employee performance in the public sector.
Peran Manajemen Waktu dan Kepemimpinan Guru Pesantren dalam Pelaksanaan Tugas Pendidikan Perspektif Manajemen Syariah Nabiila Irawan; Tri Aryani Arumaniar
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (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.v8i4.11900

Abstract

Indonesia hosts over 42,000 pesantren, yet fewer than one-third operate under systematic time management. Meanwhile, studies conducted in the 2021–2025 period have largely targeted formal schools and rarely examined female tahfidz boarding schools. Addressing this gap, the present study investigates how time management and teacher leadership at Pesantren Tahfidhul Qur'an Imam Syafii Putri Brebes influence educational task execution from a sharia management perspective. A descriptive qualitative approach was employed, drawing data from 15 informants—comprising the pesantren leader, ustadzah, administrators, and students—through in-depth interviews, participatory observation, and document review. Data analysis followed the Miles, Huberman, and Saldaña interactive model. Three key findings emerged: first, a structured 24-hour time management system—spanning from the tahajud schedule to nightly evaluations—demonstrably supports student focus and discipline. Second, teacher leadership anchored in exemplary conduct (uswah hasanah), deliberation (syura), and spiritual motivation fosters intrinsic tahfidz enthusiasm among students. Third, these practices collectively reflect the sharia principles of shiddiq, amanah, fathanah, and tabligh, constituting an integrative sharia-based pesantren management model. This model holds potential for adoption by other pesantren facing similar challenges.
Pengaruh Leverage, Struktur Modal, Profitabilitas, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Rizky Amelia; Nursiam Nursiam
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (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.v8i4.11954

Abstract

This study aims to examine the effect of leverage, capital structure, profitability, dividend policy, and firm size on firm value in manufacturing companies in the industrial sub-sector listed on the Indonesia Stock Exchange (IDX) for the 2020–2023 period. The population used was all manufacturing companies in the industrial sub-sector listed on the Indonesia Stock Exchange (IDX) for the 2020–2023 period. Sampling was conducted using a purposive sampling technique, resulting in 41 companies or 164 data units over four years. After removing 15 outliers, the final sample consisted of 149 data. The data were secondary data from financial reports and company annual reports on the official Indonesia Stock Exchange website (www.idx.co.id) and analyzed using multiple linear regression with SPSS version 26. The results show that: (1) Leverage (DAR) has no effect on firm value; (2) Capital structure (DER) has a positive and significant effect on firm value; (3) Profitability (ROA) has a positive and significant effect on firm value; (4) Dividend policy (DPR) has no effect on firm value; and (5) Firm size has no effect on firm value. Simultaneously, the independent variables significantly influence firm value, with an Adjusted R² value of 20.6%, while the remaining 79.4% is influenced by factors outside the research model.
Pengaruh Likuiditas, Ukuran Perusahaan, dan Solvabilitas Terhadap Profitabilitas Perusahaan Aan Noviana; Nursiam Nursiam
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 4 (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.v8i4.11955

Abstract

This study aims to examine and analyze the effect of liquidity, firm size, and solvability on corporate profitability in manufacturing companies in the retail sub-sector listed on the Indonesia Stock Exchange (IDX) for the period 2020–2023. This study employs a quantitative approach using secondary data in the form of annual financial statements obtained from the official IDX website (www.idx.co.id) and the respective companies' websites, analyzed using multiple linear regression with SPSS version 26. The population used in this study consists of all manufacturing companies in the retail sub-sector listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The sampling technique used was purposive sampling based on specific criteria, resulting in 46 companies or 135 data units over four years. After removing 5 outlier data points, the final sample consisted of 130 observations. The findings indicate that: (1) Liquidity (CR) has no significant effect on corporate profitability; (2) Firm size (SIZE) has no significant effect on corporate profitability; (3) Solvability (DAR) has a significant effect on corporate profitability. The Adjusted R² value of 0.043, or 4.3%, indicates that the profitability variable can be explained by the independent variables by 4.3%, while the remaining 95.7% is explained by other variables outside the research model.
Analysis Of Business Model Canvas And Integration Of Islamic Values In The 10k Breakfast Business Rozalina Rozalina; Dhelvita Sari; Udin Saripudin; Tasya Aspiranti
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 5 (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.v8i5.10557

Abstract

The low rate of breakfast consumption in Indonesia, especially among students and workers, due to factors such as time and budget constraints, creates business opportunities for practical and affordable breakfast solutions. Sarapan 10K responds to this need, but its operations are not yet based on a systematic business model framework. This study aims to analyze the application of the Business Model Canvas (BMC) and examine the integration of Islamic values in the business practices of Sarapan 10K to understand the strengths, weaknesses, and opportunities for business development. This study uses a qualitative approach with a case study design. Data was collected through in-depth interviews with business managers, observations, and document analysis, then analyzed thematically based on the nine BMC blocks. The results show that Sarapan 10K has built a strong value proposition based on affordability, completeness, and halal certification, as well as serving a diverse customer segment. However, weaknesses were found in revenue stream diversification, digital channel and ordering platform optimization, and dependence on a cost structure that is vulnerable to fluctuations. On the other hand, this business has integrated Islamic business principles such as justice, tauhid, khilafah, ma'ad, nubuwwah, which are manifested through amanah, shidiq, fathanah, and tabligh, as well as social responsibility. The study recommends diversifying revenue, utilizing social media, and strengthening Sharia-based 10K Breakfast MSME Partners through zakat, coaching programs, and profit-sharing systems to improve competitiveness and sustainability.
Pengaruh Religiusitas terhadap Boycott Intention: Peran Mediasi Brand Attitude dan Moderasi Brand Loyalty. Devia Putri; Kussudyarsana, Kussudyarsana,; Moechammad Nasir
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 5 (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.v8i5.11322

Abstract

This study aims to analyze the effect of religiosity on consumers’ boycott intention by considering the mediating role of brand attitude and the moderating role of brand loyalty. In the context of increasing awareness of moral and religious values, religiosity is viewed as an important factor shaping consumers’ attitudes and consumption behaviors toward brands perceived to be affiliated with certain ethical and political issues, particularly the genocide committed by Israel against the Palestinian population. This research adopts a quantitative approach using a survey method and is analyzed through Structural Equation Modeling (SEM). The results indicate that religiosity has a positive and significant effect on brand attitude, brand attitude has a positive and significant effect on boycott intention, and brand attitude plays a significant mediating role in the relationship between religiosity and boycott intention. However, brand loyalty does not moderate the relationship between religiosity and boycott intention. These findings provide theoretical implications by contributing to the body of scholarly work in the field of brand marketing management, particularly in understanding how religious, ethical, and social values influence consumer behavior. Practically, this study offers important insights for consumers to support and empower non-affiliated local products, as well as for Indonesian business practitioners to enhance industrial competitiveness, especially in sectors that are still largely dominated by foreign brands affiliated with Israel.

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