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Al Urwah : Sharia Economics Journal
Published by PT. Takaza Innovatix Labs
ISSN : -     EISSN : 30259398     DOI : https://doi.org/10.61536/alurwah
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
Al Urwah is a peer-reviewed journal that aims to advance islamic economies in emerging markets, namely economies in emerging countries and economies in emerging areas in developed countries. The scope of Al Urwah are but strictly limited to: Islamic Economics Sharia Accounting Zakat Management, Infaq, Shodaqoh and Waqf, Entrepreneurship and Islamic Business Islamic Economic Law Islamic Economic Thought Sharia Insurance.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 20 Documents
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The Influence of Knowledge, Sharia Compliance, Religiosity, and Local Wisdom on the Implementation of Green Banking Behavior Febriza, Milla
Al Urwah : Sharia Economics Journal Vol. 3 No. 1: Sharia Governance and Sustainable Finance: Ethical Transformation in the Digital and G
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v3i01.282

Abstract

This study examines how knowledge, sharia compliance, religiosity, and local wisdom influence green banking behavior among employees of Bank Muamalat in West Sumatra, Indonesia. While green banking is widely discussed in sustainable finance, few studies explore its behavioral drivers in Islamic banking, especially with religious and cultural integration. Using a quantitative approach, data were collected from 49 employees across four branches (Padang, Payakumbuh, Bukittinggi, Solok) through a structured questionnaire and analyzed with multiple linear regression (SPSS 26). The results show that knowledge (β = 0.234, p < 0.05), sharia compliance (β = 0.163, p < 0.01), religiosity (β = 0.212, p < 0.01), and local wisdom (β = 0.269, p < 0.001) each positively and significantly affect green banking behavior. Together, these variables explain 72.5% of its variance (R² = 0.725). This study is among the first to integrate behavioral, religious, and cultural dimensions in explaining green banking practices in Indonesia’s Islamic financial institutions. The findings highlight that cognitive, regulatory, spiritual, and cultural factors jointly shape environmentally responsible banking behavior. Islamic banks are encouraged to enhance training, reinforce sharia compliance, and integrate local wisdom into environmental programs to strengthen sustainable finance practices.
Maqashid Shariah-Based Assessment of CWLS SW001 in Enhancing Productive Waqf Hasibuan, Abdul Razak; Achiria, Siti; Saeidi, Hadi
Al Urwah : Sharia Economics Journal Vol. 3 No. 1: Sharia Governance and Sustainable Finance: Ethical Transformation in the Digital and G
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v3i01.308

Abstract

This study examines the implementation of CWLS SW001, a cash waqf-linked sukuk instrument managed through private placement by the Indonesia Waqf Board (BWI). Acting as the sole wakif representative for individuals and institutions, funds collected via sukuk are allocated to productive projects, such as building the Retina and Glaucoma Center at RS Mata Achmad Wardi, Serang, Banten, and providing free healthcare services for 2,513 patients. The analysis reveals that CWLS SW001 aligns with the principles of Maqashid Syariah, addressing hajjiyat-level needs that enhance social welfare and economic inclusivity without compromising the five core objectives of Shariah: religion, life, intellect, lineage, and wealth. This platform not only integrates Islamic values with modern financial instruments but also demonstrates how waqf can serve as a sustainable funding source for public health infrastructure. Recommendations for stakeholders include increasing public awareness and adopting alternative issuance mechanisms to empower wakif in deciding the allocation of funds. This study highlights the potential of CWLS as a transformative tool for waqf management and invites further exploration into its regulatory and operational frameworks to maximize its societal benefits.
Ethical Integrity and Regulatory Compliance in Sharia-Compliant Multi-Level Marketing Taufiq, Akhmad; Wibowo, Satrio
Al Urwah : Sharia Economics Journal Vol. 3 No. 1: Sharia Governance and Sustainable Finance: Ethical Transformation in the Digital and G
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v3i01.309

Abstract

Sharia-compliant Multi-Level Marketing (MLM) has emerged as an ethical alternative to conventional MLM models, aiming to align business practices with Islamic economic principles. However, the stigma of money game schemes continues to undermine consumer trust. This study investigates how Sharia-compliant MLM differentiates itself from exploitative schemes through ethical frameworks, structural mechanisms, and regulatory compliance. A qualitative approach was employed, combining semi-structured interviews with regulators, practitioners, and consumers (n=18) and document analysis of fatwas, regulatory frameworks, and company reports. Thematic analysis revealed four key findings: (1) Sharia-compliant MLM is product-driven and structured to eliminate riba, gharar, and maysir; (2) consumer skepticism persists despite fatwa endorsements, highlighting the need for stronger consumer education; (3) regulatory oversight varies across jurisdictions, with Malaysia and Indonesia providing benchmarks through formal fatwas and supervisory frameworks; (4) digital innovations such as blockchain and ethical e-marketing offer transparency but require ethical guidance and regulatory alignment. This study contributes by integrating Islamic business ethics, legitimacy theory, and consumer trust theory to explain how Sharia-based MLM can enhance legitimacy. Practically, it offers policy recommendations for regulators and governance frameworks for industry practitioners.
حوكمة الزكاة في الدول الإسلامية: دراسة مقارنة بين ماليزيا وتركيا وإندونيسيا لتعزيز الكفاءة والعدالة الاجتماعية Abdul Hamid, Mohamad; Muneeza, Aishath; Hardani, Ali
Al Urwah : Sharia Economics Journal Vol. 3 No. 1: Sharia Governance and Sustainable Finance: Ethical Transformation in the Digital and G
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v3i01.310

Abstract

This study aims to analyze and compare the zakat management and regulatory systems in Malaysia, Turkey, and Indonesia by examining the legal, administrative, and technological frameworks of each model and identifying the challenges and opportunities for improving zakat fund distribution efficiency. The study employs a descriptive-analytical and comparative approach, collecting data from secondary sources, including academic literature, government reports, and zakat-related regulations in each country. The findings reveal that Malaysia adopts a centralized system supported by digital technology, enhancing transparency and efficiency. In contrast, Turkey follows a decentralized model based on non-governmental organizations, but it lacks a unified regulatory framework. Meanwhile, Indonesia employs a hybrid model, combining government supervision with non-governmental participation, providing greater flexibility but facing challenges in coordination and oversight. Based on these findings, the study recommends enhancing cooperation between government and non-governmental institutions, increasing the use of technology in zakat fund management, standardizing legal frameworks, raising public awareness, and developing an integrated monitoring system to ensure fairer and more efficient distribution. Implementing these recommendations can contribute to strengthening the role of zakat in economic and social development, making it a more effective tool for poverty alleviation and achieving social justice in Islamic countries.
Sharia Compliance and Economic Stability: Insights from Bank Syariah Indonesia, Padang Ulak Karang Branch Amalia, Rizky; Riesmiyantiningtias, Ninuk
Al Urwah : Sharia Economics Journal Vol. 2 No. 1: Empowering Islamic Finance and the Creative Economy: Innovation, Compliance, and Socio
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i02.81

Abstract

This research examines the impact of Sharia principles on economic stability, focusing on Bank Syariah Indonesia KCP Padang Ulak Karang. Utilizing a quantitative research design, data were collected from 35 employees through total sampling and analyzed using Smart PLS. The study identifies Sharia compliance and risk management as independent variables, with financial performance serving as an intervening variable, and economic stability as the dependent variable. The results indicate that both Prohibition of Riba and Profit and Loss Sharing System significantly influence Sharia compliance, which positively affects financial performance and economic stability. Furthermore, operational risk contributes significantly to risk management, enhancing financial performance and, subsequently, economic stability. Conversely, liquidity risk was found to have no significant effect on financial performance through risk management. These findings highlight the importance of Sharia compliance and effective risk management practices in promoting financial performance and ensuring economic stability within the Islamic banking sector. The study offers insights for banking practitioners and policymakers aiming to foster sustainable growth in the Islamic finance industry.
Beyond Tradition: Transforming Micro and Medium Finance through Islamic Financial Innovations Sefrita Yandri, Melani; Alfian, Alfian
Al Urwah : Sharia Economics Journal Vol. 2 No. 1: Empowering Islamic Finance and the Creative Economy: Innovation, Compliance, and Socio
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i02.86

Abstract

This research explores the impact of Islamic financial innovations on enhancing access to micro and medium finance in developing countries. Focusing on models such as Murabaha, Mudarabah, and Ijarah, the study demonstrates how these Sharia-compliant financial products have significantly improved financial inclusion for underserved populations and small businesses. Despite notable successes, challenges such as regulatory inconsistencies, a lack of standardized guidelines, and limited professional expertise continue to impede the full potential of these innovations. Nevertheless, opportunities for growth exist through the leveraging of digital platforms and strengthening collaborations between financial institutions and regulators. The findings emphasize the necessity for supportive regulatory frameworks and ongoing adaptation to local contexts to enhance the effectiveness and sustainability of Islamic finance innovations in promoting economic development. Recommendations for practice include investing in staff training and adopting advanced digital tools, while policymakers are urged to develop clearer regulations that cater to the unique characteristics of Islamic finance. Additionally, future research should examine the long-term impact of these innovations and explore the integration of emerging technologies into Sharia-compliant finance. Overall, this research contributes to understanding how Islamic finance can drive inclusive and sustainable economic growth in developing regions.
Creative Economy in the Sharia Framework: The Role of SMEs in West Sumatra Afifah, Nur; Purnamasari, Pupung; Puji Lestari, Etty
Al Urwah : Sharia Economics Journal Vol. 2 No. 1: Empowering Islamic Finance and the Creative Economy: Innovation, Compliance, and Socio
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i02.100

Abstract

This study explores the role of small and medium-sized enterprises (SMEs) in West Sumatra in contributing to Indonesia’s economic revival through a Sharia-compliant creative economy. Using a quantitative research design and a sample of 150 respondents, including both business owners and consumers, the research investigates the relationships between the creative economy, Sharia framework, product innovation, and public acceptance of the Sharia economy, with economic revival as the dependent variable. Data were analyzed using Smart PLS, revealing that public acceptance of the Sharia economy mediates the relationship between the creative economy and economic revival, as well as between the Sharia framework and economic revival. The findings show that while the creative economy's direct impact on economic recovery is limited, public trust in Sharia-compliant business practices significantly enhances this relationship. Similarly, the Sharia framework plays a key role in driving economic revival, with public acceptance amplifying its effects. These results underscore the importance of aligning innovation and ethical compliance with public values to foster sustainable economic growth in Sharia-based economies. The study provides valuable insights for policymakers and business leaders on the critical role of public acceptance in leveraging the potential of SMEs for economic recovery.
Optimizing Productive Waqf: Driving the Growth of Small and Medium Enterprises in Padang Widad Rifai, Ahmad
Al Urwah : Sharia Economics Journal Vol. 2 No. 1: Empowering Islamic Finance and the Creative Economy: Innovation, Compliance, and Socio
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i02.107

Abstract

This research investigates the effectiveness of productive waqf as a funding mechanism for the development of Small and Medium Enterprises (SMEs) in Padang. Utilizing qualitative methodologies, including in-depth interviews with waqf managers and SME owners, the study highlights the potential of productive waqf to provide sustainable financial resources while fostering community support and social responsibility. Findings reveal that productive waqf not only alleviates financial barriers for SMEs but also promotes economic empowerment and resilience within the local community. However, the study identifies several challenges, including a lack of awareness among entrepreneurs and regulatory inconsistencies, which hinder the effective implementation of productive waqf. To maximize its impact, this research recommends enhancing outreach and educational initiatives to improve understanding of waqf mechanisms, establishing a robust regulatory framework to ensure transparency and accountability, and providing targeted training for waqf managers. Additionally, the study calls for policymakers to implement supportive measures that streamline processes and incentivize SME participation in waqf programs. Overall, productive waqf holds substantial promise for driving economic growth and development in Padang, contributing significantly to the sustainability of SMEs in the region.
Innovative Syariah Financial Index: A New Metric for Evaluating Financial Performance Edriani, Devi Edriani; Novita , Wellia
Al Urwah : Sharia Economics Journal Vol. 2 No. 1: Empowering Islamic Finance and the Creative Economy: Innovation, Compliance, and Socio
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i02.110

Abstract

This research examines the relationship between the Innovative Syariah Financial Index and financial performance at Bank Syariah Indonesia KC Jakarta Pemuda, focusing on the roles of financial innovation, marketing strategies, risk management, and Sharia compliance. Utilizing a quantitative approach, data was collected from 45 employees through structured questionnaires, and analysis was conducted using SmartPLS to evaluate the proposed relationships. The findings reveal that financial innovation significantly impacts financial performance, with marketing strategies acting as a critical facilitator of this relationship. Additionally, the study highlights the significant role of Sharia compliance in shaping effective risk management practices, which in turn positively influence financial performance. These results underscore the importance of integrating ethical considerations into risk management and aligning marketing efforts with innovative product offerings to achieve sustainable growth in the Islamic banking sector. The research contributes valuable insights into the dynamics of Islamic finance and offers practical implications for enhancing operational effectiveness while adhering to Sharia principles.
Financial Innovation and Sharia Governance: An Empirical Study of Cryptocurrencies and Traditional Banking Risk–Return Dynamics in Indonesia Rasyid, Abdul; Zatnika, Yudi
Al Urwah : Sharia Economics Journal Vol. 3 No. 1: Sharia Governance and Sustainable Finance: Ethical Transformation in the Digital and G
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v3i01.311

Abstract

This study investigates the risk–return dynamics of Bitcoin and Ethereum compared with traditional fixed-term bank deposits in Indonesia between 2020 and 2024. Using historical daily price data and interest rates, the research calculates annualized returns, volatility, and Sharpe Ratios to assess performance. Results show that cryptocurrencies offer extraordinary potential returns during bullish cycles but also suffer severe downturns, making them suitable only for high-risk, long-term investors. Bank deposits, in contrast, provide stable yet modest returns, reinforced by Indonesia Deposit Insurance Corporation (LPS) guarantees. From a Sharia perspective, bank deposits are problematic due to their riba-based structure, while cryptocurrencies raise concerns over gharar and maysir. The study highlights the rise of Sharia-compliant alternatives such as sukuk and gold-backed digital currencies as ethical solutions. The contribution lies in bridging financial economics with Islamic governance by comparing conventional, digital, and Sharia instruments in the Indonesian context. Future research should extend to investor behavior, transaction costs, and the regulatory role of OJK and DSN-MUI in shaping Islamic fintech.

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