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Contact Name
M Fatchurrohman
Contact Email
mfatchurrohman@unwahas.ac.id
Phone
+6287730046561
Journal Mail Official
jurnaljasie@unwahas.ac.id
Editorial Address
JASIE - Journal of Aswaja and Islamic Economic Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Universitas Wahid Hasyim. JL. Menoreh Tengah X / 22, Sampangan, Gajahmungkur, Sampangan, Gajahmungkur, Kota Semarang, Jawa Tengah 50232, Indonesia
Location
Kota semarang,
Jawa tengah
INDONESIA
Journal of Aswaja and Islamic Economics
ISSN : 29637864     EISSN : 29625602     DOI : 10.3194/jse.v1i1.6877
Focus and Scope Journal of Aswaja and Islamic Economics (JASIE) membahas secara rinci sejumlah besar topik yang berkaitan dengan Ekonomi Islam, Keuangan Islam, dan Ekonomi Aswaja yang terdiri dari studi empiris terbaru, studi spesifik negara, evaluasi kebijakan ekonomi Islam dan keuangan Islam internasional komparatif. Jurnal ini menyediakan forum pertukaran ilmiah bagi akademisi, praktisi, pengamat tajam, dan peneliti independen, dengan menerbitkan kontribusi teoretis, empiris, dan kebijakan berkualitas tinggi. Cakupan: *Ekonomi Islam* Ekonomi mikro Islam Ekonomi makro Islam Ekonomi moneter Islam Ekonomi pembangunan Islam Ekonomi internasional Islam Ekonomi publik dan fiskal Islam Ekonomi sumber daya manusia Islam Ekonomi sumber daya alam Islam Ekonomi digital Islam Ekonomi haji dan umrah Pariwisata dan perhotelan halal Zakat, wakaf dan filantropi Islam *Keuangan Islam* Sistem perbankan syariah Pasar modal dan komoditas syariah Asuransi dan reasuransi syariah Teknologi keuangan syariah Pasar keuangan syariah Strategi keuangan syariah Perencanaan keuangan syariah Dana sosial syariah dan crowdfunding Keuangan mikro syariah pada pedesaan Keuangan perusahaan syariah Strategi investasi syariah Masalah hukum dan peraturan keuangan syariah *Ekonomi Aswaja* Maqashid Syariah Ekonomi Islam Sistem Ekonomi Aswaja Etika Bisnis Aswaja Produksi Dalam Ekonomi Aswaja Konsumsi Dalam Ekonomi Aswaja Distribusi Dalam Ekonomi Aswaja Ekonomi Pesantren Aswaja Pemberdayaan Ekonomi Umat Aswaja Digitalisasi Ekonomi Aswaja Ekonomi Kreatif Aswaja
Articles 63 Documents
REASSESSING THE GREEN FINANCING–PROFITABILITY NEXUS: EVIDENCE OF REVERSE CAUSALITY IN INDONESIAN ISLAMIC BANKING (2020–2025): MENINJAU KEMBALI KAITAN ANTARA PEMBIAYAAN HIJAU DAN PROFITABILITAS: BUKTI KAUSALITAS BALIK PADA PERBANKAN SYARIAH INDONESIA (2020–2025) Dzulfikar Maula Al-Farizi; Anugrah Ibra Pramudya; Malik Khoirurrosyid
JASIE Vol. 5 No. 1 (2026): JUNI
Publisher : Universitas Wahid Hasyim Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31942/jse.v5i1.17202

Abstract

This study examines the dynamic relationships among operational eco-efficiency, emission reduction, the Green Financing Ratio (GFR), and profitability in Indonesian Islamic commercial banks. Motivated by a gap in the green banking literature, which mostly treats internal environmental performance as a byproduct rather than a driver of green financing and relies on static estimation techniques, this study applies a Vector Error Correction Model (VECM) to an annual composite series built from ten purposively sampled Islamic commercial banks operating in Indonesia between 2020 and 2025. Unit root tests show mixed orders of integration: the Green Financing Ratio is stationary only after first differencing, while profitability, emission reduction, and operational eco-efficiency are stationary in levels. Contrary to the hypothesized directions, Granger causality tests find no significant effect of operational eco-efficiency or emission reduction on the Green Financing Ratio, so Hypotheses 1 and 2 are not supported. Instead, the results reveal a significant unidirectional causality running from profitability to the Green Financing Ratio, and the cointegrating equation confirms a statistically significant positive long-run relationship between the Green Financing Ratio and profitability, giving long-run support to Hypothesis 3. The short-run error-correction estimates further show a significant direct effect of emission reduction on profitability. Forecast Error Variance Decomposition indicates that profitability and the environmental indicators are each largely self-determined, with cross-variable spillovers remaining modest. These findings suggest that, in this sample, internal financial strength precedes rather than follows the expansion of green financing.
ARTIFICIAL INTELLIGENCE AS AN ACCELERATOR TOWARD MAQASID AL-SHARIAH FOCUSED FINANCIAL INCLUSION: RECONSTRUCTING ISLAMIC FINANCE IN THE DIGITAL ENVIRONMENT: KECERDASAN BUATAN SEBAGAI AKSELERATOR MENUJU INKLUSI KEUANGAN YANG BERORIENTASI PADA MAQASID SYARIAH: MEREKONSTRUKSI KEUANGAN SYARIAH DALAM LINGKUNGAN DIGITAL Stansah Patiramadhani
JASIE Vol. 5 No. 1 (2026): JUNI
Publisher : Universitas Wahid Hasyim Semarang

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Abstract

Financial marginalization continues one of the most ongoing issues facing Muslim-majority countries, with over one billion Muslims globally without meaningful availability to formal financial facilities. This paper examines how Artificial Intelligence (AI) can serve as a accelerator for financial inclusion in Islamic economies while advancing the objectives of Maqasid al-Shariah, the higher objectives of Islamic law. Using a systematic library research methodology, this study reviews and analyzes 15 selected studies published between 2017 and 2023, drawn from peer-reviewed journals, conceptual models, and policy analyses. The findings identify five primary mechanisms through which AI advances Maqasid al-Shariah-oriented inclusion: reducing service delivery costs for underserved populations, enabling alternative data credit scoring for the unbanked, improving the precision and reach of Zakat and Qardh-Al-Hasan distribution, democratizing access to Shariah-compliant investment through robo advisors, and strengthening regulatory compliance in Islamic fintech. Nevertheless, the study also finds that Al developments these goals only under particular management conditions, including openness in algorithmic decision processes and human academic oversight for Islamic legal understanding. The paper finds that Al's inclusion possible and its disruption threats are intrinsic, and that a complete Maqasid al-Shariah approach must address both. Findings suggest for cross-disciplinary cooperation between Islamic scholars, and decision-makers to ensure that Al serves as an authentic accelerator for justice-oriented financial inclusion in the digital economy.
STRATEGIC MANAGEMENT OF PRODUCTIVE WAQF IN ISLAMIC BOARDING SCHOOLS: A PATH TOWARD FINANCIAL SUSTAINABILITY: MANAJEMEN STRATEGIS WAKAF PRODUKTIF DI PONDOK PESANTREN: JALAN MENUJU KEBERLANJUTAN FINANSIAL Ahmad Fatkhul Mubin; M Fatchurrohman
JASIE Vol. 5 No. 1 (2026): JUNI
Publisher : Universitas Wahid Hasyim Semarang

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Abstract

Productive waqf is a vital instrument in Islamic economics with significant potential to enhance the welfare of Islamic boarding schools (pesantren) and local communities if managed strategically. This study aims to analyze the strategic management and utilization of productive waqf at Miftahul Huda Peron Islamic Boarding School in supporting the economic empowerment of students and the surrounding community toward long-term financial sustainability. This study employs a qualitative descriptive research method, with data collected through in-depth interviews, participant observation, and documentation. The findings indicate that Miftahul Huda Peron has successfully implemented strategic management by optimizing previously static waqf assets and diversifying its business portfolio into various sectors, including retail (Mifda Mart and Bin ‘Auf Store), water refilling services (Rizqua), and stationery services (ATK Mifda). Furthermore, the management integrates core Islamic economic values, such as distributive justice, the removal of injustice (nafyu dzulum), collective welfare, and strict sharia compliance. Professionalism is fostered by appointing nadzirs (waqf managers) based on business competency, many of whom are trained through Balai Latihan Kerja (BLK). The results demonstrate that this productive waqf model contributes significantly to the institution's independence, covering up to 50% of educational operational costs and providing economic opportunities for the local community. This study concludes that professional and value-based strategic management of waqf serves as a robust path toward the financial sustainability of Islamic educational institutions.