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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 50 Documents
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Disharmony in Supervision of OJK–DSN-MUI in Implementation of the Murabahah Fatwa Anisa Prabowo; Fiana Suryaningtyas Wibowo; Nadia Rizqa Setyaningrum; Baidhowi
Al Urwah : Sharia Economics Journal Vol. 2 No. 3 (2025): Al Urwah : Sharia Economics Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i3.482

Abstract

The murabahah fatwa is the primary guideline for ensuring compliance of Islamic financial institutions' practices with sharia principles. However, its implementation in Indonesia still faces challenges in the form of disharmonious supervision between the Financial Services Authority (OJK) and the National Sharia Council–Indonesian Ulema Council (DSN-MUI). This difference in authority and oversight mechanisms has the potential to lead to inconsistent fatwa implementation in practice. This study aims to analyze this disharmony and its implications for sharia compliance. The method used is normative juridical with a statutory and conceptual approach. The results indicate that weak coordination and lack of integrated supervision have resulted in suboptimal implementation of the murabahah fatwa, potentially leading to deviations from sharia principles. Therefore, strengthening synchronized supervision is necessary to ensure more effective sharia compliance.
Analysis of Sharia Economic Law on the Digital Consumptive Credit Model: the Potential of Usury in Buy Now Pay Later Antika Yuni Arsita; Shofiah Nur Hikmah; Dwi Liza Salsabila; Katon Adin Novaga; Baidhowi
Al Urwah : Sharia Economics Journal Vol. 2 No. 3 (2025): Al Urwah : Sharia Economics Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i3.486

Abstract

Advances in digital technology are currently driving the birth of a buy-now pay later-based digital financing model that is increasingly popular in people's consumptive transactions. This scheme offers easy access to financing without a credit card but through a payment deferral mechanism with an additional fee. However, from the perspective of sharia economic law, this practice raises juridical problems related to the potential for usury, especially in the aspect of adding value required for the suspension of payment. This research was conducted using a normative juridical method with a legislative and conceptual approach. The purpose of this study is to analyze and find out whether the financing mechanism in the buy now pay later scheme substantively represents the practice of riba that is prohibited in sharia economic law. In addition, this study also aims to examine how the perspective of Islamic economic law on the transformation of digital consumptive credit based on buy now pay later in the context of financial technology developments. The results of the study show that the buy now pay later scheme does provide easy access to credit for consumers. However, in practice, there is still a potential for elements of riba and gharar that are not in accordance with the principles of sharia economic law. Some buy now pay later platforms have been proven to impose interest and late fines that are substantially contrary to the principle of the qardh contract. Therefore, based on the perspective of sharia economic law, the buy now pay later mechanism needs to be reviewed and adjusted to better reflect the principles of transparency, fairness and balance of the parties so that it can meet sharia compliance standards..
Evaluation of Fixed Asset Presentation Based on Government Accounting Standards (SAP) at Regional General Hospitals (RSUD) Bahteramas, Southeast Sulawesi Province Wa Ode Retno Selvita; Husin; Yuli Lestari Labangu
Al Urwah : Sharia Economics Journal Vol. 2 No. 3 (2025): Al Urwah : Sharia Economics Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i3.492

Abstract

This study aims to evaluate the presentation of fixed assets at Bahteramas Regional General Hospital (RSUD) Southeast Sulawesi Province based on Government Accounting Standards (SAP). Fixed assets are one of the key components in local government financial statements because they have significant material value and influence the presentation of the balance sheet and operational reports. This research employs a descriptive analysis approach with a case study method. Data were collected through documentation of RSUD Bahteramas' financial reports, interviews with relevant parties, and a literature review on government accounting regulations, particularly PSAP No. 07 on Fixed Asset Accounting. The findings indicate that the presentation of fixed assets at RSUD Bahteramas has been referred to SAP provisions, both in terms of recognition, measurement, and presentation in financial statements. Fixed assets are recognized when received and ready for use, measured based on acquisition cost and fair value (especially for grant assets), and depreciated using the straight-line method according to the useful life of the assets.
Maintaining Value, Welcoming Innovation: Challenges and Reconstruction of Sharia Economic Law in the Development of Sharia Fintech in Indonesia Genta Buana Arfianto Putra; Ibrahim Nanda Pratama; Erenz Erico; Rindingpadang; Prima Raharja Mulyana; Baidhowi
Al Urwah : Sharia Economics Journal Vol. 2 No. 3 (2025): Al Urwah : Sharia Economics Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i3.487

Abstract

The development of digital technology has transformed the global financial system, including the sharia economic ecosystem in Indonesia. The emergence of sharia financial technology (fintech) presents both an opportunity and a challenge for sharia economic law to remain relevant without abandoning its fundamental values. On the one hand, digital innovation opens broader and more inclusive access to financing; on the other hand, issues arise regarding sharia compliance, legal certainty, and regulatory harmonization between fatwas and laws and regulations. This article aims to analyze how sharia economic law adapts to the development of sharia fintech and assess the conformity of regulations issued by the Financial Services Authority (OJK) with sharia principles as stipulated by the National Sharia Council of the Indonesian Ulema Council (MUI). This research uses a normative juridical method with a statutory and conceptual approach. The results of the study indicate that normatively, sharia fintech regulations in Indonesia have accommodated basic principles such as the prohibition of usury (riba), gharar (gharar), and maysir (gambling). However, challenges remain in the interpretation of digital contracts, technology-based supervision, and responding to rapidly evolving innovations. Therefore, a reconstruction of Islamic economic law is needed that is not only oriented towards formal compliance but also adheres to the maqasid of sharia, the spirit of the Islamic economic system.
The Influence of Intellectual Capital, Islamic Corporate Social Responsibility and Islamic Corporate Governance on the Value of Companies in Islamic Banks Ahmad; Muntu Abdullah; Fitriaman
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.v2i1.512

Abstract

This study aims to find out and analyze the influence of Intellectual Capital, Islamic Corporate Social Responsibility, and Islamic Corporate Governance on the value of companies in Sharia Commercial Banks registered with the Financial Services Authority (OJK) during the 2021-2024 period. This study uses a quantitative approach with a secondary type of data in the form of annual financial reports obtained from the official website of each company. The sample determination technique used the purposive sampling method, so that 9 Sharia Commercial Banks were obtained with a total of 36 observations during the research period. The independent variables in this study are Intellectual Capital, Islamic Corporate Social Responsibility, and Islamic Corporate Governance, while the dependent variables are the value of the company proxied with Economic Value Added (EVA). The data analysis method used was multiple linear regression analysis with the help of IBM SPSS Statistics 26. The results of the study show that Intellectual Capital and Islamic Corporate Social Responsibility have a positive and significant effect on company value, while Islamic Corporate Governance does not have a significant effect on company value. The conclusion of this study indicates that Intellectual Capital and Islamic Corporate Social Responsibility were able to significantly increase the value of the company in the study period, while Islamic Corporate Governance was not able to have a significant influence on the value of the company
The Effect of Intellectual Capital, Islamic Corporate Social Responsibility, and Islamic Corporate Governance on Firm Value in Islamic Banks Ahmad; Muntu Abdullah; Fitriaman
Al Urwah : Sharia Economics Journal Vol. 2 No. 3 (2025): Al Urwah : Sharia Economics Journal
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i3.513

Abstract

This study offers several contributions to the literature on Islamic banking and firm value. First, unlike most previous studies that measure firm value using market-based indicators such as Price to Book Value (PBV) and Tobin’s Q, this research employs Economic Value Added (EVA) as a proxy for firm value. EVA provides a more comprehensive assessment because it reflects the company’s ability to create real economic value after considering the cost of capital. Second, this study integrates Intellectual Capital, Islamic Corporate Social Responsibility (ICSR), and Islamic Corporate Governance (ICG) into a single analytical framework, allowing a more comprehensive examination of the combined influence of these Sharia-based non-financial factors on firm value. Third, this research focuses on Islamic Commercial Banks in Indonesia during the 2021–2024 period, a period characterized by significant developments in the Islamic banking industry following digital transformation and industry consolidation. Therefore, this study is expected to enrich the empirical evidence regarding the determinants of firm value in Islamic banking and provide insights for academics, practitioners, and regulators in strengthening the sustainability and competitiveness of Islamic financial institutions.
BMT UGT Nusantara Pick-Up Marketing Strategy in Increasing the Saving Participation of Traditional Market Traders (Case Study of Kebalen Market, Malang City) Soviatur Rohma; Moh. Aan Sulton
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.v2i1.520

Abstract

The study analyzes BMT UGT Nusantara's pick-up strategy to increase the savings participation of Kebalen market traders based on the perspective of sharia economics. It was found that in 2008, BMT employees were difficult to accept by the market community, so marketing strategies needed to be adapted to the local culture. This research uses a qualitative approach with a case study method, collecting data through observation, interviews, and documentation. The results showed that the pick-up strategy increased saving participation from 20% to 80% with adjustments to appearance, communicative language, and a personal approach. The application of the Mudharabah Musytarakah contract to savings also increases public trust. This research emphasizes the importance of adapting social, cultural, and religious-based marketing strategies.
The Role of Sharia Economic Law in Enhancing the Digitalization of MSMEs: A Systematic Literature Review Eogenie Lakilaki; Faza Syauqi Amiq; Maulana Jaffar Iqbal; Muhammad Rizky; Nanda Rasinta
Al Urwah : Sharia Economics Journal Vol. 2 No. 4 (2025)
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i4.541

Abstract

The policy of increasing the Value Added Tax (VAT) rate from 10% to 11% since April 2022 serves as a strategic fiscal instrument for the government to strengthen state revenue, with VAT contributing 30–35% to total national tax revenue. However, the regressive nature of VAT potentially imposes a heavier economic burden on specific segments of society. Low-income households allocate more than 55% of their expenditure to basic needs (food, energy, and transportation). The VAT increase triggers commodity price hikes through a price pass-through mechanism ranging from 60–80%, thereby driving inflation within the administered prices component. This potentially exerts direct pressure on the purchasing power of the poor, reduces consumption volume, and ultimately risks weakening aggregate demand and national economic growth, given that household consumption accounts for over 50% of Indonesia's GDP. Although the government has distributed social assistance (Direct Cash Assistance/BLT, Family Hope Program/PKH, and subsidies) and implemented VAT exemptions on certain basic necessities, the effectiveness and adequacy of these compensatory measures remain a subject of debate. This study aims to provide comprehensive empirical evidence regarding the impact of the VAT rate hike on the purchasing power of low-income households and short-term inflation dynamics in Indonesia. The study employs a descriptive-analytical research approach, using secondary data such as the National Socio-Economic Survey (Susenas), inflation data from Statistics Indonesia (BPS), and a literature review of relevant prior empirical studies. The analysis indicates that the impact of the VAT increase on public welfare is contextual and heavily influenced by the consumption structure of society. This research is crucial for providing fiscal policy recommendations that are fairer, more responsive, and balanced between achieving state revenue targets (fiscal objectives) and protecting the socio-economic welfare of society (public welfare).
Analysis of Islamic Education Financing in Improving the Quality of Education Nurul Fajrianti; Mardyawati Yunus
Al Urwah : Sharia Economics Journal Vol. 2 No. 4 (2025)
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v2i4.562

Abstract

Educational financing is a strategic aspect that determines the success of Islamic education in improving the quality of education. This study aims to analyze the concept of Islamic educational financing, sources of financing, types and components of educational costs, and strategies for optimizing financing to support improving educational quality. The study uses a qualitative approach with library research. Data were obtained from books, scientific journal articles, and relevant policy documents, then analyzed using content analysis techniques through the stages of data reduction, data presentation, interpretation, and drawing conclusions. The results show that Islamic educational financing managed effectively, efficiently, transparently, and accountably makes a significant contribution to improving educational quality, particularly in developing teacher competencies, providing facilities and infrastructure, improving the quality of learning, and utilizing educational technology. In addition, diversifying financing sources through government funds, community participation, zakat, infaq, sedekah, waqf, grants, and partnerships with various parties is an important strategy in maintaining the sustainability of Islamic educational institutions. Therefore, financing of Islamic education must be viewed as a strategic investment managed based on modern management principles and sharia values ​​to realize quality, superior, and competitive education
The Influence of Seventeen's Brand Ambassador and Brand Image on the Purchase Decision of Indomilk 'Your Way' Products Among Fans (Carat Surabaya) Nanda Risky Amalia; Jimmy Ignatius; Ageng Pratiwi
Al Urwah : Sharia Economics Journal Vol. 3 No. 3 (2026): sharia Governance and Sustainable Finance
Publisher : Takaza Innovatix Labs Ltd.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61536/alurwah.v3i3.630

Abstract

The Korean Wave phenomenon encourages companies to utilize K-pop idols as brand ambassadors to strengthen brand image and increase consumer purchasing decisions. One of these strategies is realized through the collaboration of Indomilk Your Way Korean Series with SEVENTEEN as brand ambassadors. This study aims to analyze the influence of brand ambassadors and brand image on purchasing decisions of Indomilk Your Way Korean Series products among SEVENTEEN fans (CARAT) in Surabaya. The study used a quantitative approach with an explanatory method. The study population was 4,501 members of the CARAT Surabaya community on the Instagram account @carat_surabaya, with a sample of 98 respondents selected using a purposive sampling technique based on the Slovin formula. The research instrument was a four-level Likert scale questionnaire. Data analysis was carried out using validity tests, reliability tests, normality tests, multicollinearity tests, multiple linear regression, t-tests, F-tests, and coefficients of determination with the help of IBM SPSS. The results showed that brand ambassadors had a positive and significant effect on purchasing decisions, while brand image had a significant effect with a negative relationship. Simultaneously, both variables have a significant effect on purchasing decisions with an R² value of 0.377. The conclusion of the study confirms that the use of credible brand ambassadors is more dominant in influencing purchasing decisions than brand image in the CARAT Surabaya community.

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