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Al-Intaj: Jurnal Ekonomi dan Perbankan Syariah
Published by Universitas Islam Negeri Fatmawati Sukarno Bengkulu
ISSN : 24768774     EISSN : 2621668X     DOI : 10.29300/aij
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
Focus Al-Intaj: Jurnal Ekonomi dan Perbankan Syariah provides a scholarly forum for researchers, academics, and practitioners to discuss contemporary and emerging issues in Islamic economics, banking, and finance. Scope The journal welcomes original empirical and theoretical contributions covering, but not limited to, the following areas: Islamic Economics and Development Islamic Accounting and Auditing Islamic Philanthropy and Social Finance (Zakat, Infaq, Sadaqah, and Waqf) Islamic Business Ethics and Corporate Governance Islamic Insurance (Takaful) Islamic Microfinance Islamic Capital Markets Islamic Banking and Financial Institutions
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 294 Documents
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Determinants of Financial Stability in the Islamic Financial Services Industry: CS-ARDL Panel Analysis of Islamic Countries Muhammad Kurniawan; Muhammad Iqbal Fasa; Mohd Syahril Ahmad Razimi; Ersi Sisdianto
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.9230

Abstract

Purpose: This research aims to identify the factors influencing stability reporting in the Islamic financial services industry, with a specific focus on financial performance, efficiency, asset quality, and capital adequacy.Design/Methodology: Utilizing panel data from Islamic financial institutions across ten countries (Iran, Saudi Arabia, Malaysia, UAE, Kuwait, Qatar, Turkey, Bangladesh, Indonesia, and Bahrain), the research employs the Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) approach to address cross-sectional dependence and heterogeneity in panel data. The model's validity and consistency were confirmed through robust diagnostic tests, including cointegration and cross-sectional dependence tests.Findings: This study finds that financial performance (ROA) and capital adequacy (CAR) are key drivers of stability in the Islamic financial services industry. Institutions with higher profitability and stronger capital buffers are better able to withstand economic pressures and maintain stable operations, both in the short and long term. In contrast, inefficiency (high Cost to Income Ratio) and poor asset quality (high NPF) weaken stability. When institutions operate inefficiently, their costs erode profits that could otherwise serve as a cushion during difficult times. Likewise, when financing defaults increase, asset quality deteriorates, directly threatening institutional soundness. These findings indicate that achieving stability requires Islamic financial institutions to simultaneously strengthen profitability, maintain adequate capital, control operational costs, and manage credit risk effectively.Practical Implications: This study offers practical implications for regulators and financial institutions to enhance stability monitoring and risk management frameworks, thereby improving systemic resilience within the Islamic financial services industry.Originality/Value: This study contributes to the literature on Islamic financial stability by providing robust empirical evidence on the critical determinants of stability reporting, using a sophisticated methodology to account for data complexities.
An Evaluation of Zakat Distribution Alignment with Maqashid al-Shariah: A Case Study of BAZNAS Malang City Ahmad Djalaluddin; Lempang Hasibuan; Yousf Faraj Hadiri
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.9286

Abstract

Purpose:This study aims to evaluate the extent to which zakat distribution implemented by BAZNAS Malang City aligns with the five dimensions of Maqashid al-Shariah: protection of religion (hifz al-din), life (hifz al-nafs), intellect (hifz al-Ê¿aql), lineage (hifz al-nasl), and wealth (hifz al-mal).Design/Methodology:A quantitative descriptive-evaluative approach was employed using structured questionnaires distributed to 278 zakat recipients (mustahik). The data were analyzed using mean score interpretation based on predetermined Likert-scale interval categories to assess the level of alignment with maqasid principles.Findings:The findings indicate that zakat distribution is generally aligned with the principles of Maqashid al-Shariah. The strongest alignment is observed in the dimensions of wealth and religion, suggesting that zakat programs significantly contribute to both economic empowerment and spiritual development. In contrast, the protection of lineage demonstrates relatively lower alignment, highlighting the need to strengthen family-oriented initiatives and enhance long-term program sustainability.Practical Implications:These findings suggest that zakat institutions can function not only as charitable distributors but also as strategic agents of holistic social welfare development when guided by maqasid-based evaluation frameworks. The study recommends strengthening productive and transformative zakat programs to ensure sustainable empowerment and long-term social impact for mustahik.Originality/Value:This study contributes original value by empirically evaluating zakat distribution using a comprehensive five-dimensional Maqasid al-Shariah framework at the institutional level of BAZNAS Malang City. It measures beneficiary-based outcomes across all maqasid objectives through structured quantitative indicators. The study bridges normative maqasid theory with measurable institutional performance.
Margin of safety in Value Investing for Sharia Stock Investment from the Perspective of Maqasid Sharia Muhammad Ismail Alfaruqy; Mukhaer Pakkanna; Supardi Mursalin
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.9517

Abstract

Purpose: This study aims to conceptually analyze and normatively examine the benefits of margin of safety in value investing techniques in preventing stock speculation, evaluate value investing techniques from the perspective of maqashid sharia, and identify similarities between value investing and maqasid sharia.Design/Methodology: Using a normative-conceptual study using a maqasid sharia based analytical framework, this study was conducted through literature review and secondary data analysis from various relevant references.Findings: The results show that the application of margin of safety in value investing in sharia stocks can increase market stability and reduce speculative practices, in line with the principle of asset protection (hifzh al-maal) in sharia objectives. This strategy has also proven effective in minimizing the elements of gharar and maysir, making it an ethical and responsible investment model.Practical Implications: This enriches the discourse on the integration of sharia principles into modern investment strategies and provides practical implications for investors, regulators, and sharia capital market players to create a more equitable, inclusive, and sustainable investment ecosystem.Originality/Value: This study integrates the value investing approach with the application of margin of safetyinto the maqasid sharia framework as the basis for sharia investment decision-making. This study offers a new approach by positioning value investing not only as a strategy to achieve financial returns, but also as a means to realize justice and economic stability. It also contributes to expanding the discourse on Islamic finance by offering an alternative investment approach that is not only spiritually, socially, and economically responsible, but also based on ethics and sustainability.
Employee Performance in Islamic Banking: Examining the Effects of Employee Empowerment and Organizational Commitment Muhammad Arif; Habibu Mohammed Umar; Zulfadli Hamzah; Mohd Farid Bin Abd Latib; Hamsal Hamsal
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.10005

Abstract

Purpose:This study aims to determine the direct and indirect effects of employee empowerment and organizational commitment on the job performance of Islamic bank employees, with the presence of a mediating variable. Design/Method:The study employs a quantitative approach using Partial Least Squares Structural Equation Modeling  (PLS-SEM) to assess the measurement model (validity and reliability) and the structural model (hypothesis testing using path coefficients, R2, and bootstrapping). The population consists of 941 Islamic bank employees, from which 273 respondents were selected via questionnaire, following sampling criteria aligned with established guidelines such as Krejcie and Morgan. Findings:The results show that employee empowerment and organizational commitment have a positive and significant effect on employee performance. This indicates that greater autonomy and stronger attachment to the organization enhance employees’ work outcomes. Furthermore, organizational commitment mediates the relationship between employee empowerment and performance, suggesting that empowerment improves performance both directly and indirectly by strengthening employees’ commitment within Islamic banking contexts.Practical Implications:The findings imply that Islamic banks should implement concrete strategies to enhance employee performance through empowerment and organizational commitment. This can be achieved by delegating authority, providing continuous training, fostering a participative work environment, and strengthening an organizational culture grounded in Islamic values such as amanah (trust) and responsibility to improve employee loyalty and performance.Originality/Value:This study provides empirical evidence on the mediating role of organizational commitment in the relationship between employee empowerment and employee performance within Islamic banks in Riau Province.
Regulatory Compliance and Islamic Business Ethics in Umrah Administration: Rethinking the Centrality of Pilgrim Protection Mahmudi Affan Rangkuti; Hendri Tanjung; Indupurnahayu Indupurnahayu; Trisiladi Supriyanto
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.10654

Abstract

Purpose:This article rethinks pilgrim protection as the normative core of Umrah administration by examining whether regulatory compliance and Islamic business ethics function as an integrated governance framework or remain disconnected in practice. It positions pilgrim welfare, financial security, and spiritual integrity as the primary criteria for assessing the legitimacy of Umrah services.Design/Methodology:The study employs a qualitative socio-legal approach combined with normative ethical analysis. It examines Indonesia’s regulatory framework for Umrah administration and the operational role of digital oversight systems as instruments of monitoring and reporting. Compliance is interpreted through maqasid-oriented principles of Islamic business ethics, drawing on regulatory provisions and documented patterns of administrative problems to evaluate protection outcomes.Findings:The findings indicate persistent structural weaknesses in compliance quality and fragmented oversight, reflected in recurring issues such as system misuse and cases of pilgrim abandonment. These patterns demonstrate that procedural compliance does not automatically translate into substantive pilgrim protection. While strengthening data-driven supervisory systems is necessary, it remains insufficient without robust internal compliance capacity and accountable service standards.Practical Implications:This article offers a protection-centered analytical framework that bridges legal compliance theory and Islamic business ethics by reframing pilgrim protection as measurable governance substance rather than a symbolic commitment. It contributes a conceptual shift from form-based compliance to outcome-oriented ethical accountability in faith-based service administration.Originality/Value:The study recommends integrating sharia-compliance guidance into digital oversight mechanisms, strengthening transparency and public accountability, and developing fair dispute-resolution procedures to realign industry incentives with effective pilgrim protection and public trust.
A Systematic Literature Review of Riba in Banking Industry Mohamad fiqri pratama; Yaya Ruhenda Casmita Pujiharto; Aslam Nur Mei Widigdo; Fahmi Ali Hudaefi
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.10656

Abstract

Purpose: This study aims to identify research trends, dominant themes, and existing research gaps related to riba in the banking industry, particularly in the context of Islamic finance development.Design/Methodology: This study employs a Systematic Literature Review (SLR) approach using a structured screening process. Articles were retrieved from Scopus and Google Scholar databases through Publish or Perish software. The review covers publications from 2014 to 2024, resulting in 98 eligible articles after applying predefined inclusion and exclusion criteria.Findings: The findings reveal that research on riba in the banking industry is primarily concentrated in three main areas: (1) Islamic legal interpretations of riba, (2) economic critiques of interest-based financial systems, and (3) institutional implementation of riba-free banking practices. However, significant gaps remain, including the limited integration between normative jurisprudential perspectives and empirical banking studies, as well as the lack of comparative analyses between Islamic and conventional financial systems.Practical Implications: The study highlights the need for a more integrative research approach that bridges Islamic legal theory and empirical financial practices. The findings can support academics, policymakers, and financial practitioners in developing more comprehensive, sustainable, and Sharia-compliant banking systems.Originality/Value: This study contributes to the literature by providing a structured synthesis of research on riba within the banking industry and identifying future research directions, particularly in advancing interdisciplinary and comparative studies in Islamic finance.
Internal Migration and Inclusive Economic Growth in Sumatra: An Islamic Economics Perspective Yosy Arisandy; Shahrul Nizam Bin Salahuddin; Yosza Bin Dasril; Fuad Mahfudz; Tri Chamauliddah
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.10720

Abstract

Purpose: Persistent regional inequality in Indonesia, particularly across Sumatra Island, continues to constrain inclusive economic growth and upward social mobility. This study investigates how internal migration functions as a pathway for socioeconomic advancement and reinterprets this process through Islamic economic principles of justice (al-‘adl) and equitable welfare within the framework of maqāṣid al-sharī‘ah.Design/Methodology: This study employs a qualitative approach based on in-depth interviews with 10 purposively selected migrants, supported by relevant literature and official migration statistics. Data were analyzed by identifying recurring patterns in migrant narratives and conducting an interpretive analysis of Islamic ethical-economic sources. Analytical rigor was ensured through source and theoretical triangulation, systematically comparing interview findings wiakth established migration theories and official statistical data.Findings: The study finds that internal migration is experienced as a form of “economic hijrah,” reflecting processes of human capital transformation and improved livelihoods. Domestic remittances emerge as a key mechanism for redistributing economic resources, while migration contributes to the gradual shift toward merit-based social mobility consistent with Islamic egalitarian values.Practical Implications: These findings highlight the importance of inclusive migration policies and underscore the strategic role of Islamic financial institutions in optimizing domestic remittance flows to support sustainable regional development.Originality/Value: This study contributes to the literature by offering an integrated analytical perspective that bridges migration theory and Islamic economics, introducing the concept of “economic hijrah” as a novel framework for understanding migration as both an economic strategy and an ethically grounded process of achieving human dignity
Understanding Pilgrimage Tourist Satisfaction: Determinants, Revisit Intention, and Word of Mouth in Java Indonesia Dadang Husen Sobana; Vemy Suci Asih; Setiawan Setiawan; Elsa Yulandri
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.10737

Abstract

Purpose: This study examines the determinants of pilgrimage tourist satisfaction and analyzes its implications for revisit intention and Word-of-Mouth (WoM). Specifically, it explores the roles of religiosity, place attachment, destination image, emotional experience, and worldly desires in shaping satisfaction within pilgrimage tourism destinations.Design/Methodology: A quantitative approach was employed using a cross-sectional survey design. Data were collected through a questionnaire survey conducted from 240 pilgrims visiting major Wali Songo pilgrimage destinations in Java, Indonesia. The proposed relationships among variables were tested using variance-based Structural Equation Modeling (SEM-PLS).Findings: The results show that destination image and worldly desires have a positive and significant effect on tourist satisfaction. In contrast, religiosity, place attachment, and emotional experience do not significantly influence satisfaction. Tourist satisfaction positively affects revisit intention but does not directly influence WoM. Revisit intention, however, demonstrates a positive effect on Word of Mouth (WoM).Practical Implications: These findings suggest that pilgrimage destination managers should focus on strengthening destination image and addressing visitors’ experiential and personal motivations to enhance satisfaction and encourage repeat visits. Strategies that emphasize revisit intention may be more effective in generating positive WoM than relying solely on satisfaction-based recommendations.Originality/Value: This study contributes to pilgrimage tourism literature by positioning worldly desires as a key determinant of tourist satisfaction, offering a more comprehensive understanding of pilgrim motivation beyond purely spiritual dimensions. The results provide empirical insights for developing experience-oriented and sustainable pilgrimage tourism management strategies.
ESG, Green Innovation, and Digital Transformation: Effects on Performance in the Islamic Capital Market Riyan Andni; Tina Martini; Fajriyatul Abadiyah; Fika Wahyuningsih; Betania Kartika Muflih
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 2 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i2.10762

Abstract

Purpose: This study analyzes the influence of Environmental, Social, and Governance (ESG), green innovation, digital transformation, and macroeconomic factors (inflation, exchange rates, and interest rates) on financial performance, firm value, and investment decisions of companies listed in the Jakarta Islamic Index (JII).Design/Methodology: The study uses a quantitative approach with Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4 and secondary data from annual and sustainability reports of 16 JII-listed companies, producing 64 firm-year observations for 2021–2024.Findings: The results of the study indicate that ESG has a positive and significant effect on financial performance (ROE), while financial performance has a significant negative effect on investment decisions (PER). The indirect effect of ESG on investment decisions through financial performance is insignificant, and ESG also has no effect on firm value (Tobin's Q). Macroeconomic factors, green innovation, and digital transformation have not shown a significant role.Practical Implications: The findings indicate that ESG disclosure is associated with stronger accounting-based financial performance, but the observed relationship does not extend significantly to firm value or PER in the sample. The results should not be interpreted as direct evidence of investor attitudes because investor perceptions were not measured. From an Islamic finance perspective, the findings can be discussed in relation to transparency, accountability, and value preservation, while any link to maqasid al-shariah remains interpretive rather than empirically tested.Originality/Value: This study integrates ESG with green innovation and digital transformation as potential moderating mechanisms and examines these relationships alongside selected macroeconomic variables in companies listed in the Jakarta Islamic Index. The study contributes evidence on whether ESG effects are more apparent in accounting-based performance than in market-based outcomes within an Indonesian Sharia capital-market setting.
The Role of Liquidity Management on The Profitability of Islamic Commercial Banks in Indonesia Muhammad Ryan Fahlevi; M. Fajar Rizky Heryanto; Aan Shar
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol. 12 No. 1 (2026)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v12i1.10772

Abstract

Purpose:This research is designed to comprehensively examine how liquidity management practices influence the ability of Islamic commercial banks in Indonesia to generate profits, considering that liquidity control represents a major challenge because Islamic financial contracts must adhere strictly to sharia principles and because Islamic banks face restricted access to diverse money market instruments, making the understanding of liquidity profitability interaction essential for long term financial resilience.Design/Methodology:This study applies a descriptive quantitative methodology by relying on secondary datasets obtained from official Islamic banking statistical reports released by the Financial Services Authority (OJK), focusing on Islamic Commercial Banks operating in Indonesia throughout the 2021–2024 timeframe, where liquidity conditions are evaluated through the Financing to Deposit Ratio (FDR) and profitability levels are assessed through Return on Assets (ROA), with analytical emphasis on annual trends, mean values, and changes over time.Findings:The findings of the study reveal a consistent upward movement in both FDR and ROA ratios over the observation period, where the rising FDR signifies a more efficient allocation of third party funds and the growing ROA demonstrates enhanced profit generation, suggesting that sound liquidity management supports profitability performance in Islamic banks despite the absence of a perfectly proportional relationship.Practical Implications:The conclusions of this research offer valuable considerations for banking executives and regulatory authorities when developing liquidity management policies that aim to simultaneously safeguard financial system stability and promote higher profitability within the Islamic banking sector.Originality/Value:This study provides an academic contribution by presenting a detailed descriptive examination of liquidity and profitability patterns in Islamic Commercial Banks, thereby enriching existing literature that has predominantly emphasized quantitative testing of cause and effect relationships.

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