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Ach Baiquni
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iqtishadia@iainmadura.ac.id
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+6287886353811
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iqtishadia@iainmadura.ac.id
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Economics and Islamic Business Faculty, Institut Agama Islam Negeri Madura Jl. Raya Panglegur Km. 04, Pamekasan, East Java
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Kab. pamekasan,
Jawa timur
INDONESIA
Iqtishadia: Jurnal Ekonomi dan Perbankan Syariah
Published by Universitas Islam Negeri Madura
ISSN : 23547057     EISSN : 24423076     DOI : https://doi.org/10.19105/iqtishadia.v11i1
Core Subject : Economy,
Economics, Econometrics & Finance
Publishes mainly focuses on the major problems in the development of Islamic Business and economic areas, such as Islamic economic thoughts, Islamic economic and business, Islamic philanthropy (zakat, infaq, shadaqah, and waqf), halal industry (food tourism, product), Islamic microfinance, Islamic banking and financial institution, Islamic banking management, and Islamic monetary economics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 199 Documents
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Construction of Waqf Ahli: Cash Waqf Management based on Family Economic Sustainability based at Roumah Wakaf Surabaya Dikuraisyin, Basar; Hakim, Abdul
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 12 No. 2 (2025): Vol. 12 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Madura

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Abstract

This study analyzes the role of waqf experts in managing cash waqf for family economic security and developing a model for utilizing cash waqf based on economic independence. Cash waqf is used for public benefit, but its benefits are not felt by families and waqf experts. Cash waqf does not provide economic independence for mauquf alaih. This study uses a qualitative-analytical approach with a case study method through interviews with the chief executive and head of distribution at BAZNAS Gresik. The findings show that BAZNAS Gresik implements a hybrid management model that integrates productive waqf with the principles of social entrepreneurship, where cash waqf funds are channeled as revolving capital for family micro-enterprises. This approach increases income stability and reduces the economic vulnerability of mustahik families. This study resulted in the reconstruction of family-based waqf management by emphasizing the synergy between waqf sustainability and household economic resilience. In practical terms, this study confirms the role of zakat institutions in building an inclusive financial ecosystem through productive waqf. The study concludes that waqf construction experts serve as a transformative mechanism for achieving economic and social goals in modern Islamic philanthropy.
The Influence of Islamic Capital Market Education and Literacy on Students’ Investment Activity in Digital Sharia Investment Platforms Maulida Rahma; Nur Ahmadi Bi Rahmani; Yenni Samri Juliati Nasution
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 13 No. 1 (2026)
Publisher : Universitas Islam Negeri Madura

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Abstract

Despite the growing number of students with sharia investment accounts, active participation in digital Islamic investment platforms remains limited indicating a gap between financial education and actual investment behavior. This study examines the influence of Islamic capital market education and literacy on students’ investment activity on digital sharia platforms. Using a quantitative explanatory approach, data were collected from 95 students in the fifth and seventh semesters of the Faculty of Islamic Economics and Business (FEBI) at UIN North Sumatra, selected through purposive sampling. Data were analyzed using multiple linear regression with SPSS version 27. The results show that Islamic capital market education has a positive but statistically non-significant effect on investment activity (β = 0.415; t = 1.726; Sig = 0.088). In contrast, Islamic capital market literacy has a positive and significant effect (β = 0.717; t = 3.274; Sig = 0.001), making it the most dominant predictor (standardized β = 0.463). Simultaneously, both variables significantly explain 46.5% of the variation in investment activity (F = 39.997; Sig= 0.000). These findings suggest that improving applied literacy not merely theoretical education is essential to stimulate active investment behavior, with practical implications for curriculum design, investment gallery programs, and Islamic fintech platform development targeting university students..
A Critical Appraisal of Product Innovation in Islamic Banking: Navigating Market Pressures, Ensuring Shariah Compliance, and Advancing the Objectives of Maqasid al-Shariah Ismaulina; Azharsyah Ibrahim
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 12 No. 2 (2025): Vol. 12 No. 2 (2025)
Publisher : Universitas Islam Negeri Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/iqtishadia.v12i2.19941

Abstract

This article presents a critical evaluation of product innovation in Islamic banking, focusing on the imbalance between market demands, sharia compliance, and the realization of maqashid al-shariah. The study aims to assess the extent to which Islamic banking innovations can maintain a balanced integration of commercial objectives, legal-formal compliance, and the substantive values of maqashid. Employing a descriptive qualitative approach through case studies of several Islamic banks in Indonesia, the research gathers data from annual reports and strategic publications. Analysis is conducted using the Maqashid-Based Innovation Evaluation Model (MBIEM), which encompasses three core dimensions: market orientation, sharia compliance, and alignment with maqashid. Findings reveal a significant gap between formalistic compliance and the actual implementation of maqashid. Value-based innovations such as qardhul hasan financing and digital zakat platforms are found to better embody maqashid values than products driven solely by legal-formal considerations. The study recommends reinforcing maqashid-oriented regulations, involving the Sharia Supervisory Board (SSB) early in product development, enhancing the multidisciplinary competencies of human resources, and developing a substance-based sharia audit framework. With these strategies, Islamic banking innovations are expected to become more ethical, inclusive, and sustainable, while fulfilling their socio-economic role in accordance with Islamic principles
Islamic Philonthropy at Islamic Boarding School-Based Microfinance Institutions in Madura During the Covid-19 Pandemic Fadllan Fadllan; Rudy Haryanto; Harisah Harisah; Zulzila Mohd Kusrin
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 12 No. 2 (2025): Vol. 12 No. 2 (2025)
Publisher : Universitas Islam Negeri Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/iqtishadia.v12i2.21341

Abstract

The Covid-19 pandemic has caused a significant economic downturn, including in Madura, which necessitates alternative solutions to support community economic resilience, even if the impact is not substantial. This study aims to examine the role of Islamic economic instruments implemented by Islamic boarding school–based microfinance institutions in addressing economic challenges during the Covid-19 period. The research employs a mixed-method approach, combining quantitative analysis with qualitative data obtained through interviews and observations. This approach allows statistical findings to be complemented by empirical insights into the practical implementation of Islamic microfinance practices, enabling their potential replication by other institutions or communities. he findings indicate that the economic empowerment model applied is based on philanthropy from ummah to ummah, utilizing Islamic instruments such as zakat, infaq, alms, and waqf. The hypothesis testing results show that zakat has a positive and significant effect on economic improvement, with a t-value of 3.287. In contrast, infaq does not have a significant effect, while waqf and alms demonstrate negative but significant partial effects on economic conditions during the Covid-19 period. The standard error of all independent variables is below 5 percent, indicating their overall influence on the Madurese economy during the pandemic. Furthermore, the coefficient of determination (R²) is 0.718, suggesting that zakat, infaq, alms, and waqf collectively explain 71.8 percent of the variation in economic improvement, while the remaining 28.2 percent is influenced by other factors not examined in this study.
A Integrating Maqashid Sharia Index (MSI) into ESG Performance in the Post-Crisis Era: Comparative Evidence from Islamic and Conventional Banks in Indonesia and Malaysia Mahmud Syukri
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 12 No. 2 (2025): Vol. 12 No. 2 (2025)
Publisher : Universitas Islam Negeri Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/iqtishadia.v12i2.21955

Abstract

Bank performance measurement has long been dominated by financial indicators such as ROA, ROE, and CAR, which tend to be partial and fail to adequately reflect sustainability and Sharia compliance. This limitation highlights the need for a more holistic evaluation framework. This study aims to integrate the Maqashid Sharia Index (MSI), which represents Sharia objectives, with Environmental, Social, and Governance (ESG) as a global standard, to produce a more comprehensive performance measure. The research employs a cross-country quantitative comparative approach using panel data from Islamic and conventional banks in Indonesia and Malaysia over the period 2019–2024. Data were collected from annual and sustainability reports and analyzed using the Simple Additive Weighting (SAW) method for index assessment, along with comparative statistical tests and multivariate regression to examine the hypotheses. The findings reveal that the MSI–ESG integration provides a fairer and more holistic picture of bank performance compared to conventional financial ratios and identifies significant differences in the performance profiles of Islamic and conventional banks in both countries. This study concludes that performance measurement based on MSI–ESG integration offers a more globally relevant and Sharia-compliant alternative evaluation model.
CEISE Model: Integrating Islamic Values and Community Engagement for Service Excellence in Baitul Mal Wa Tamwil Muktirrahman Muktirrahman; Maksum Maksum; Irtifatus Sholehah; Nurul Huda; Ishfaq Ahmed
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 12 No. 2 (2025): Vol. 12 No. 2 (2025)
Publisher : Universitas Islam Negeri Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/iqtishadia.v12i2.22215

Abstract

Baitul Mal wa Tamwil (BMT) as Islamic microfinance institutions face challenges in creating sustainable service differentiation amid increasingly intense financial sector competition. This research develops the Community-Embedded Islamic Service Excellence (CEISE) Model as a theoretical framework to understand how the integration of Islamic values and community engagement creates competitive advantages in BMT operations. Using a qualitative case study approach at BMT NU East Java Pasongsongan Branch, the study involved in-depth interviews with 10 staff members and 15 customers, observation, and document analysis. Data were analyzed using the Miles and Huberman thematic analysis framework. Findings demonstrate that CEISE Model implementation through four main dimensions: Spiritual Service Dimension (SSD), Community Integration Mechanism (CIM), Adaptive Accessibility Framework (AAF), and Sustainable Intimacy Balance (SIB) successfully creates distinctive value propositions. Service innovations such as "door-to-door service" systems (73% utilization), temporal flexibility (67% staff), and Islamic values-based approaches resulted in 89% customer retention, +73 Net Promoter Score, and 56% community participation. Integration of Islamic values (justice, trustworthiness, excellence, public interest) at every service touchpoint creates emotional bonds transcending transactional relationships. This research provides theoretical contribution through CEISE Model development filling literature gaps on service excellence in religious-cultural contexts and practically provides strategic framework for BMT service optimization.
Decision to Cash Waqf by the Muslim Community Mediated by Awareness and Interest Ali Akbar Hidayat; Moh. Huzaini; Ihsan Ro'is; Muhammad Dzul Fadlli; Vici Handalusia Husni; Zalina Zainal
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 13 No. 1 (2026)
Publisher : Universitas Islam Negeri Madura

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Abstract

This research aims to analyze the factors influencing the decision to engage in a cash waqf in West Nusa Tenggara. This research method employed a quantitative approach with an associative framework. This study did not specify the population size. Accordingly, sampling was performed using a non-probability sampling method, which ultimately resulted in a convenience sample of 230 respondents, as determined by the Lemeshow formula. Religiosity, attitude, and subjective norm are the independent variables, while the decision to cash a waqf is the dependent variable. Awareness and interest serve as a moderating variable. This study utilizes Structural Equation Modeling – Partial Least Squares (SEM-PLS) to analyze data. The research results indicate that religiosity, attitudes, and subjective norms have a positive but insignificant effect on the decision to cash a waqf. The same result occurs when religiosity, attitudes, and subjective norms are mediated by awareness. However, these three variables positively impact the decision to cash a waqf, with interest as a mediator, and this impact is statistically significant. An adjusted R-Squared value of 0.520 or 52 percent indicated that the variables of religiosity, attitudes, subjective norms, awareness, and interest can explain the variation in the decision to cash waqf, which indicates a moderate model. This result is strong in the context of complex behavioral models, given that many similar studies show Adjusted R-Squared values between 30 and 70 percent.
An Analysis of Smallholder Farmers’ Economic Efficiency and The Role of Zakat Management Organizations in Achieving SDG 1 in Kediri Vina Septiana Permatasari; Siti Latifatun Ni’mah; Ulil Mawaddatur Rohmah
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 13 No. 1 (2026)
Publisher : Universitas Islam Negeri Madura

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Abstract

This study aims to analyze the level of economic efficiency among smallholder farmers and the role of Zakat Management Organizations (ZMOs) in supporting the achievement of SDG 1: No Poverty, in Kediri Regency. The research employs a mixed-method approach combining quantitative and qualitative analyses. The quantitative analysis uses the Data Envelopment Analysis (DEA) method with the Banxia Frontier Analysis (BFA) to measure the farmers’ economic efficiency based on farm input-output data. Meanwhile, the qualitative analysis conducted through in-depth interviews with several ZMOs to explore their roles and contributions in poverty alleviation. The findings reveal that there are noticeable disparities in resource utilization among them. The main sources of inefficiency founded in the harvesting stage and the management of production cost. The programs of ZMOs aligns with the principles of Islamic economics in wealth redistribution and empowerment of vulnerable groups, directly supporting the realization of SDG 1: No Poverty. However, ZMOs have not yet targeted many smallholder farmers. ZMOs can play a vital role in improving farmers’ welfare through both consumptive and productive programs, training, and community-based empowerment. ZMOs are expected to design productive farmer empowerment programs based on technical assistance, equipment, and financial support to enhance smallholder farmers' efficiency.
Local Business Resilience in the Era of Globalization; A Study of Madura Grocery Stores in Serang City Fitri Raya; Siti Marfu’ah; Trisna Taufik Darmawansyah; Muhammad Sujudillah
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 13 No. 1 (2026)
Publisher : Universitas Islam Negeri Madura

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Abstract

Abstract Madura grocery stores have become an interesting economic phenomenon, especially among migrants, because they are able to attract public attention and compete with larger modern retailers. This study aims to examine the resilience of local businesses in the face of globalization pressures and to identify factors that influence the ability of Madurese grocery stores to survive and thrive amidst increasingly competitive market competition. This study uses a qualitative approach with a descriptive case study. The qualitative approach was chosen because it aims to understand the meaning, experiences, and strategies employed by Madura grocery store business owners in Serang City in facing the challenges of globalization. The research found that the resilience strategies implemented included product innovation by increasing product variety to meet customer needs, providing fast, friendly, and intimate personal service, and strengthening networks among Madura traders through solidarity and community collaboration. External support, such as the role of the Madura community, good relationships with local distributors, and customer loyalty, provided crucial social capital for maintaining business sustainability. Solidarity among Madura traders fostered a sense of mutual assistance, providing capital, information, and moral support, which strengthened their economic resilience.

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