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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 2,449 Documents
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Pengaruh Profitabilitas dan Leverage terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Moderasi pada Perusahaan Nonbank yang Terdaftar dalam Indeks LQ45 Periode 2020–2024 Dewi Puspassari; Andry Arifian Rachman
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13159

Abstract

This study aims to examine the effect of profitability and leverage on firm value with corporate social responsibility disclosure as a moderating variable. The population comprises non-bank companies listed in the LQ45 Index for the 2020–2024 period, and 26 companies with 130 observations were selected through purposive sampling. Profitability is proxied by return on assets, leverage by the debt to assets ratio, firm value by Tobin's Q, and corporate social responsibility by the corporate social responsibility disclosure index based on the Global Reporting Initiative standards. The data are secondary data obtained from annual reports and sustainability reports, and they were analysed using panel data regression with a moderated regression analysis approach through EViews 10. Model selection using the Chow test, the Hausman test, and the Lagrange Multiplier test resulted in the common effect model. The results show that, simultaneously, the model is statistically fit, but partially profitability does not significantly affect firm value, leverage does not significantly affect firm value, and corporate social responsibility disclosure has no significant direct effect on firm value. Corporate social responsibility disclosure is also not proven to moderate the effect of either profitability or leverage on firm value. The adjusted coefficient of determination of 23.47 percent indicates that most of the variation in firm value is explained by factors outside the model.
Konsistensi Model Zmijewski dalam Memprediksi Financial Distress: Peran Leverage, Likuiditas dan Profitabilitas Vicki Herdiawan; Dian Okchatamsi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13164

Abstract

Financial distress refers to a weakening financial condition that should be identified as early as possible to support better decisions by management, investors, and creditors. This study examines the consistency of the Zmijewski model in detecting financial distress in manufacturing companies listed on the Indonesia Stock Exchange from 2022 to 2025. The study also evaluates the roles of leverage, liquidity, and profitability in explaining distress risk. Leverage is represented by Debt to Equity Ratio (DER), liquidity by Current Ratio (CR), and profitability by Return on Assets (ROA). ROA is further treated as a moderating variable to assess whether profitability changes the relationship between DER and CR and financial distress. This research uses a descriptive quantitative approach with purposive sampling involving 25 manufacturing firms. The data were obtained from financial statements available through the Indonesia Stock Exchange. The findings show that DER has a positive and significant effect on financial distress, while CR and ROA have negative and significant effects. The moderation analysis indicates that ROA moderates the effect of DER on financial distress but does not moderate the effect of CR. These results imply that profitability is essential in reducing the distress risk created by leverage in manufacturing companies.
Pengaruh Peer Support dan Kepuasan Kerja Terhadap Kinerja Karyawan dengan Komitmen Organisasional Sebagai Mediator pada Karyawan Gen Z PT Shuton Majalengka Derih Derih; Edy Hartono; Dedi M Siddiq
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13205

Abstract

This research examines the influence of peer support and job satisfaction on employee performance, with organizational commitment as a mediating variable, focusing on Generation Z employees at PT Shuton Majalengka. The study addresses the growing need for organizations to optimize the potential of Generation Z, who have distinct work characteristics shaped by technological literacy and evolving workplace values. Using a quantitative approach, data were collected through questionnaires distributed to selected respondents. The sampling technique employed was purposive sampling, targeting employees who met the predetermined criteria. Data analysis was conducted using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) method to test the direct and indirect relationships between variables. The findings of this research are expected to contribute both theoritically, by expanding the literature on human resource management in the context of Generation Z, and practically, by providing recommendations for enhancing employee performance through improved peer support, job satisfaction, and organizational commitment..
Pengaruh Kualitas Layanan, Fasilitas dan Penetapan Harga Terhadap Kepuasan Jamaah Umroh pada PT Impressa Media Wisata Purwokerto Suci Murniati; Mulyo Budi Setiawan
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13224

Abstract

This study aims to test and analyze the influence of service quality, facilities, and pricing on pilgrim satisfaction partially and simultaneously at PT Impressa Media Wisata Purwokerto. The research method used is a quantitative method. The population in this study was the umrah pilgrims of PT Impressa Media Wisata in the 2025 season, with a sampling technique that focused on the 2025 milad package pilgrims so that a sample of 95 respondents was obtained. Data were collected through questionnaires and analyzed using multiple linear regression analysis methods through validity tests, reliability tests, coefficient of determination tests, F tests, and t tests. The results of the instrument testing showed that all statement items in the questionnaire were declared valid and reliable. The results of the partial regression test (t test) proved that: (1) service quality had a positive and significant effect on pilgrim satisfaction; (2) facilities had a positive and significant effect on pilgrim satisfaction; and (3) pricing had a positive and significant effect on pilgrim satisfaction. Furthermore, the results of the F test showed that service quality, facilities, and pricing together (simultaneously) had a significant effect on pilgrim satisfaction. The practical implications of this research emphasize the importance of synergy between aspects of service reliability, fulfillment of physical/non-physical facility eligibility, and transparency of adaptive pricing in order to optimize pilgrim satisfaction.
Pengaruh Kepemimpinan Transformasional Terhadap Budaya Sekolah di Lingkungan Korwil Karawaci Kota Tangerang dengan Motivasi Kerja Guru Sebagai Variabel Mediasi Bernadeth Septina Nugraheni; Kasmari Kasmari
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13227

Abstract

A strong school culture is a key factor in improving the quality of education and teacher performance within the school environment. This study aims to analyze the influence of the principal's transformational leadership on school culture, with teacher work motivation as a moderating variable, in elementary schools in the Karawaci Regional Coordination area, Tangerang City. Transformational leadership is measured through three main dimensions: inspirational motivation, individual consideration, and intellectual stimulation. The study used a quantitative approach with a survey method, distributing questionnaires to teachers as respondents. Data were analyzed using Partial Least Square Structural Equation Modeling (PLS SEM). The results show that all dimensions of transformational leadership have a positive and significant effect on teacher work motivation and school culture. Teacher work motivation has been shown to strengthen the influence of transformational leadership on school culture. The effectiveness of principal leadership in shaping a collaborative, disciplined, and innovative school culture will be further strengthened when supported by high levels of teacher work motivation.
Analisis Maqashid Syari'ah Terhadap Kategorisasi Program Beasiswa Cendekia BAZNAS sebagai Instrumen Zakat Produktif: Studi Kasus pada BAZNAS Kota Tangerang Selatan Salsabila Khairunnisa; Anggi Irawan; Rizki Dwi Anggraini
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13230

Abstract

BAZNAS's Cendekia Scholarship Program is a form of productive zakat utilization that does not generate direct economic benefit, raising the conceptual question of whether an education-based program of this kind can still be categorized as productive zakat. This study analyzes the categorization of the Cendekia Scholarship Program at BAZNAS South Tangerang City as an instrument of productive zakat through the perspective of maqashid syariah. It employs an empirical juridical qualitative approach, with data collected through observation, interviews with one program staff member and two scholarship recipients, and documentation of fund distribution reports, analyzed using triangulation. The findings show that the program fulfills four indicators of productive zakat, namely sustainable empowerment, human capital, asset building, and the transformation of mustahik into muzaki, even though its economic benefits only materialize after recipients complete their education and begin working. From the maqashid syariah perspective, the program is also aligned with two central dimensions: hifzh al-aql, through the development of recipients' academic capacity and competence, and hifzh al-mal, through the economic stability of alumni who have started paying zakat or infaq after being employed. The study concludes that the success of productive zakat should not be measured solely by short-term financial benefits, but also by long-term investment in human quality that contributes to overall welfare and the fulfillment of syariah objectives.
Analisis Keabsahan Akad Murabahah Bil Wakalah Dalam Pembiayaan di Koperasi Sejahtera Al-Ikhlas Muslim Indonesia (KOSAMI) Perspektif Hukum Ekonomi Syariah Sultan Nur Hidayat; Anggi Irawan; Rizki Dwi Anggraini
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13231

Abstract

Sharia cooperatives are growing rapidly as microfinance institutions, with the Murabahah contract being the most widely used financing product. In practice, this contract is often combined with Wakalah to form the Murabahah Bil Wakalah scheme, where members are authorized to purchase their own needed goods. This study analyzes the implementation and validity of the Murabahah Bil Wakalah contract at the Koperasi Sejahtera Al-Ikhlas Muslim Indonesia (KOSAMI), reviewed in light of DSN-MUI Fatwa No. 04/DSN-MUI/IV/2000, PBI No. 7/46/PBI/2005, and sharia economic law. The method used is a qualitative method with an empirical juridical approach, through interviews with the chairman, administrators, and members of the cooperative, accompanied by observation and review of contract documents. Of the five suitability indicators analyzed, only two are met, namely the determination of a fixed margin and transparency of the cost price. Three other aspects have not been met: the financed goods never transferred ownership to the cooperative because they were purchased and registered in the member's name, the Wakalah and Murabahah contracts were signed simultaneously, and there was no recording of the transfer of ownership of the goods. These findings indicate that the implementation of the contracts at KOSAMI has not fully complied with the provisions of the fatwa and applicable regulations, so their validity according to Islamic economic law remains questionable. The study recommends that the cooperative ensure the transfer of ownership of the goods before the Murabahah contract is executed, separate the execution times of the two contracts, and complete the documentation of the handover of the goods.
Menelaah Fiqh dan Praktik Akad Muzara‘ah Pertanian Mikro Modern: Ideal Normatif dan Realitas Empirik Siti Aminah Anwar; M. Syaibani Anwar
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13232

Abstract

 This study aims to examine the compatibility of the principles of Islamic jurisprudence (fiqh) in the muzara'ah contract with modern micro-agricultural practices developing in rural Indonesia. In fiqh literature, muzara'ah is understood as a partnership between landowners (shahib al-ardh) and cultivators (Amil) with agreed-upon distribution of produce. However, in practice, this practice often undergoes modifications to reflect economic, technological, and social dynamics. This study uses a descriptive qualitative approach with normative-empirical analysis, combining studies of classical and contemporary fiqh literature and field observations in Clumprit village, Malang Regency, East Java involving five informants (landowners, cultivators, and community members). The results indicate that modern muzara'ah practices tend to deviate from normative ideals, particularly in terms of farmers' limited literacy regarding the Muzara'ah contract, technical assistance, profit sharing, capital, and technology use. Nevertheless, the principles of justice, mutual assistance, and mutual assistance along with the principles of (1) mutual consent (taradi): agreement reached without coercion; (2) justice (‘adl): profit-sharing commensurate with contribution; (3) transparency: clarity regarding the land, planting period, crop type, and profit sharing ratio; and (4) the absence of gharar (uncertainty) or riba; remain the dominant values ​​that maintain the relevance of this contract in the context of modern micro-agriculture and the enhancement of well-being.
Maqāṣid al-Syarīʻah dan Dimensi Sosial ESG: Evaluasi Kritis Margin Murābaḥah Multiguna pada Era Keuangan Digital Berkelanjutan Trisandy Pamungkas; Fajrunas Alqodri; Siti Handayaningsih; Amrizal Amrizal
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13234

Abstract

The acceleration of multipurpose murābaḥah financing via Islamic fintech highlights an emerging ethical-normative issue surrounding margin equity. This structural asymmetry is compounded by a paradigm bias in Islamic ESG implementation, which predominantly privileges environmental and governance parameters while marginalizing core social dimensions, particularly fair pricing for retail customers and Micro Small Medium Enterprise (MSMEs). This study critically evaluates multipurpose murābaḥah margin-setting practices on Indonesian Sharia fintech platforms through the lens of maqāṣid al-syarīʻah, focusing on Ibn Taimiyah's doctrine of al-thamān al-ʻadl (the just price), and connects it to the social dimension of ESG as an indicator of digital financial sustainability. A qualitative descriptive-analytical approach was employed using content analysis of margin policy documents, DSN-MUI fatwas, and OJK regulations, supported by estimative Effective Margin Rate (EMR) data drawn from the literature and industry reports. Findings reveal a structural gap between the al-thamān al-ʻadl principle and actual margin practices, marked by indications of ghabn fāḥisy (excessive price exploitation) in several multipurpose schemes due to the absence of EMR disclosure standards comparable to interest-rate transparency in conventional products. This study proposes the Islamic Trust and Fair Margin (ITFM) framework as an integrative mechanism combining a Sharia margin ceiling, EMR disclosure standards, and collaborative OJK-DSN-MUI supervision, positioning price justice as a social ESG indicator of equal weight to environmental and governance indicators within the taxonomy of sustainable Islamic finance.  
Pengaruh PPh Badan, CR, Tato Terhadap ROA Sektor F&B yang Terdaftar di BEI Periode 2022-2025 Christian Sheva Widyawan; Dian Festiana Hadi Saputra; Lilis Setyowati; Purwantoro Purwantoro
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 9 (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.v8i9.13235

Abstract

This study aims to examine the effect of Corporate Income Tax, Current Ratio, and Company Performance on Return On Assets in Food and Beverage sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2025 period. This research employs an associative quantitative approach using secondary data from annual financial statements. The sample was selected using a purposive sampling method, resulting in 29 companies with a total of 116 panel data observations over four years. The independent variables used are Corporate Income Tax proxied by the tax to book ratio (TBR), Current Ratio (CR), and Company Performance proxied by Total Asset Turnover (TATO), while the dependent variable is Return On Assets (ROA). Data analysis was conducted using multiple linear regression with IBM SPSS 25 software. The results show that partially, Corporate Income Tax, Current Ratio, and Company Performance have no significant effect on Return On Assets. Simultaneously, the three variables also have no significant effect on Return On Assets, with a coefficient of determination (R²) of 0.024, indicating that the variation in ROA is largely explained by factors outside this research model.

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