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Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Published by Universitas Islam Bandung
ISSN : 25408399     EISSN : 25408402     DOI : 10.29313/amwaluna
Core Subject : Economy,
Economics, Econometrics & Finance
Amwaluna : Jurnal Ekonomi dan Keuangan Syariah is an academic journal published twice annually (January-July) by Syariah Faculty of Universitas Islam Bandung in cooperation with Asosiasi Pengajar dan Peneliti Hukum Ekonomi Islam Indonesia (APPHEISI). This journal publishes original researches in multi concepts, theories, perspectives, paradigms and methodologies on syariah economic studies. The scope of Amwaluna : Jurnal Ekonomi dan Keuangan Syariah are (but not limited to): (1) Islamic banking; (2) Syariah Financial; (3) Muamalah; (4) Economic Islam ;(5) Economic ;(6) Accounting; (7) Finance. Any submitted paper will be reviewed by reviewers. Review process employs Double-blind Review that the reviewer does not know the identity of the author, and the author does not know the identity of the reviewers. Amwaluna : Jurnal Ekonomi dan Keuangan Syariah has become a CrossRef Member since the year 2017.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 148 Documents
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Analysis Of the Role of Corporate Social Responsibility (CSR) In Optimizing Company Zakat Management Mohammad Ghozali; Khurun'in Zahro'
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 1 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i1.7435

Abstract

This study analyzes the alignment between corporate zakat obligations and Corporate Social Responsibility (CSR) within the framework of Islamic law, particularly maqāṣid al-sharī‘ah. The objective of this research is to clarify the conceptual relationship between corporate zakat as a mandatory obligation and CSR as a corporate responsibility aimed at promoting social welfare. This study employs a qualitative research design using a literature review approach, drawing on secondary data from scholarly publications and conceptual studies. The findings indicate that CSR and corporate zakat share common normative foundations, emphasizing social benefit (maṣlaḥah), distributive justice, and the protection of public welfare. This conceptual convergence supports the argument that CSR can function as an institutional mechanism to strengthen zakat values when oriented toward genuine social objectives. The study implies that corporate zakat governance can be enhanced through an integrated CSR–zakat framework to improve systematic social contribution and community welfare.
Implementation Of Sharia Principles in Financial Technology: Analysis of Regulatory Compliance and Legal Challenges in Indonesia Jajang Herawan; Idzam Fautanu; Yadi Janwari; Sofian Al Hakim
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 1 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i1.7947

Abstract

The rapid growth of financial technology (fintech) in Indonesia has intensified the need to ensure compliance with Sharia principles within digital financial services. This study examines the extent of regulatory compliance of Sharia fintech in Indonesia and identifies the main legal and operational challenges in implementing Islamic economic law. Using a qualitative normative approach based on regulatory analysis and literature review, this research analyzes OJK regulations, DSN-MUI fatwas, and the operational practices of Sharia fintech platforms. The findings reveal that despite the availability of a formal regulatory framework, the implementation of Sharia principles remains uneven. Significant gaps are identified in transparency of profit-sharing mechanisms, Sharia-based risk management, and the effectiveness of supervision by Sharia supervisory bodies. In addition, inconsistencies between regulatory provisions and operational interpretations contribute to varying levels of Sharia compliance among fintech platforms. These findings imply the need for stronger regulatory coordination between OJK and DSN-MUI, clearer technical guidelines for Sharia contract implementation in digital platforms, and the enhancement of supervisory mechanisms to ensure consistent Sharia compliance. Strengthening these aspects is essential to support the sustainable development of Sharia fintech and to enhance public trust in Indonesia’s digital Islamic financial ecosystem.
Examining the Drivers of Perceived Value and Purchase Intention in the Halal Beauty Industry Lucia Nurbani Kartika; Cheryl Marlitta Stefia
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 1 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i1.8544

Abstract

Halal consumption increasingly involves emotional and moral considerations beyond functional value, particularly in the cosmetic product context. This study examines the effects of perceived value, with a specific focus on emotional value, on moral elevation and halal purchase intention. Using survey data analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM), the results show that emotional value has a strong and significant effect on halal purchase intention (β = 0.4075; t = 5.3532) and moral elevation (β = 0.5406; t = 7.5140). Moral elevation also significantly influences halal purchase intention (β = 0.3762; t = 4.5309). While perceived value positively affects moral elevation (β = 0.3511; t = 4.5465), its direct effect on halal purchase intention is not significant (t = 1.8818), indicating a mediated relationship. These findings suggest that emotional and moral mechanisms play a central role in halal consumer decision-making. The study contributes to the Theory of Planned Behavior by extending the attitudinal component to incorporate moral emotions, demonstrating moral elevation as a key affective–moral pathway linking value perceptions to behavioral intention. In addition, the results advance moral emotions literature by positioning moral elevation as an active mediator in ethical consumption rather than a mere emotional response. Academic and managerial implications for halal cosmetic marketing strategies are discussed.
The Potential of Waqf Land In Addressing the Housing Backlog in Indonesia (Contributions, Feasibility, Affordability) Cupian Cupian; Pidi Apriyadi; Sarah Annisa Noven
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 1 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i1.8568

Abstract

The housing backlog remains a significant challenge in Indonesia, leading to multifaceted issues, including social, economic, and environmental problems. Conventional programs aimed at reducing this backlog have yet to fully address the issue. As an alternative solution, waqf land, an instrument of development in Islamic economics, presents a promising potential to alleviate the housing backlog. This study aims to assess the potential of waqf land to reduce the housing backlog. Under different allocation schemes, the potential waqf land for housing in Indonesia is estimated to be 28.63 million m² under the 5% scheme, 42.95 million m² under the 7.5% scheme, and 57.26 million m² under the 10% scheme. The contribution of waqf land to reducing the housing backlog varies across these schemes, with the highest contribution reaching up to 241.74%. At the national level, the housing model is found to be feasible in aggregate, and the type 21/60 waqf-based housing initiative is affordable under the subsidized scheme across all provinces, while the non-subsidized scheme remains affordable only in several regions.
The Role of The Mandailing Community In Supporting Islamic Economic Independence in Medan Society Mhd Zulkifli Hasibuan; Bayu Wulandari; Muhammad Hilman Fikri; Dahrul Siregar
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 1 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i1.8634

Abstract

This study explores the role of the Mandailing community in Medan in supporting the Islamic economy through ethical and sustainable sharia-based practices. Using a qualitative approach, the study involved 35 informants from various backgrounds to explore their understanding, involvement, and challenges in implementing sharia economic principles. The results indicate that the Mandailing community has a high level of acceptance of sharia values, solidarity, and kinship relations, which serve as a social network that supports business management. Education and training focused on sharia financial literacy have proven effective in increasing understanding and trust in sharia financing products. However, limited access to sharia financial institutions remains a major obstacle to the growth of Micro, Small, and Medium Enterprises (MSMEs). This study emphasizes the need for collaboration between the government and financial institutions to improve access to financing and demonstrates that a sharia-based economic approach among the Mandailing community can create equitable and sustainable prosperity.
Sharia Governance Method And Balanced Scorecard In The Management of Sustainable Islamic Cooperative Businesses Etom Katamsi; Euis Amalia; Arief Mufraini; Asyari Hasan
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 1 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i1.3469

Abstract

Sharia governance is the most important thing in optimal performance measurement. Performance measurement is a necessity to be in accordance with the vision, mission, goals and strategies. One form of business institution that is expected to be appreciated by the middle to lower economic community is a non-bank financial institution in the form of a Sharia Savings and Loan and Financing Cooperative (KSPPS) which puts forward the concept of thinking and implementation of sharia economics, justice and help. The purpose of this research is to analyse the integration of Sharia Governance and Balanced Scorecard models in a sharia-based business so that the resulting performance becomes sustainable. The research methodology used is Mixed Methode the Explanatory Sequential Design with SEM-PLS analysis. This research can prove that Integrated performance has a strong influence on Sharia Governance and Balanced Scorecard, which has a very significant effect on Sustainable Business. The novelty of this research is the integration of Sharia Governance and Balanced Scorecard models for the performance of sustainable Islamic Cooperatives.  Sustainable aspects have a very significant effect on the performance of Islamic Cooperatives in the form of increased profits, concern for social programmes, and environmental responsibility, this is in accordance with the concept of maslahah in achieving benefits. The contribution of this research for academics is a reference to the literature on Islamic Cooperatives, for regulators or governments as policy input, while for practitioners as a reference for improving organisational performance and a deeper understanding of the management of KSPPS. 
Rural Economic Transformation: The Role and Potential of Village-Owned Enterprises in Building Local Independence in Kepunduhan Village, Tegal Regency Aldinosa Oktrivargas; Mohammad Aulia Rachman
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 1 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i1.4374

Abstract

Rural economic transformation is one of the important agendas in efforts to realize village prosperity and independence. One instrument that can be used to support this transformation is Village-Owned Enterprises (BUMDes). This research aims to explore the role and potential of BUMDes in transforming the rural economy, by taking a case study in Kepunduhan Village, Tegal Regency. This research uses a qualitative approach with a case study method, involving field observations, in-depth interviews and document study. The research results show that BUMDes in Kepunduhan Village have succeeded in optimizing local resource management through the development of business units such as trade, savings and loans, waste management, payment services, and carpentry/building rentals. The existence of BUMDes makes a significant contribution to improving the village economy, creating jobs and improving community welfare. The success of BUMDes in Kepunduhan Village is supported by active community involvement, community capacity development, as well as partnerships with related institutions, non-governmental organizations and the private sector. However, there are several challenges such as limited human resources, access to capital, and policy support that still need to be overcome. This research concludes that BUMDes have great potential in transforming the rural economy and building local independence, provided there is adequate policy support, active community involvement, and strong partnerships with various related parties.
Why Do Some Sharia Food Firms Outperform Others in Indonesia’s Stock Market (2019–2023)? Nofrianto; Nadhifah Adiratna; Eli Suryani
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 2 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i2.7012

Abstract

Fluctuations in stock returns encourage investors to identify the financial indicators that most effectively explain company performance. However, evidence on Sharia-compliant food and beverage firms remains limited, particularly regarding the simultaneous effects of multiple financial ratios. This study examines the influence of the Current Ratio (CR), Debt-to-Equity Ratio (DER), Total Asset Turnover (TATO), Return on Equity (ROE), Price-to-Earnings Ratio (PER), Price-to-Book Value (PBV), and Market Value Added (MVA) on the stock returns of food and beverage companies listed in the Indonesia Sharia Stock Index (ISSI) during 2019–2023. Using panel data from annual reports and financial statements published by the Indonesia Stock Exchange, the study applies multiple regression analysis to evaluate both simultaneous and partial effects. The findings reveal that all seven financial ratios jointly have a significant effect on stock returns. Individually, only ROE and PER significantly influence stock returns, whereas CR, DER, TATO, PBV, and MVA show no significant effects. These findings indicate that profitability and market valuation are the primary financial indicators associated with stock returns in Sharia-compliant food and beverage firms. The results provide practical implications for corporate managers to strengthen profitability and for investors to prioritize ROE and PER when evaluating investment opportunities in the Indonesian Sharia capital market.
Determinants of Value Creation in Indonesia's Sharia-Compliant Companies Rizal Ma'ruf Amidy Siregar; Syafiq Mahmadah Hanafi; Abdul Qoyum
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 2 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i2.7731

Abstract

This study examines the financial determinants of value creation in Indonesian Sharia-compliant companies by analyzing the effects of leverage, Current Assets to Total Assets (CATA), and Accounts Receivable to Total Assets (ARTA) on accounting-based and market-based performance, measured by Return on Assets (ROA) and Tobin’s Q. Panel data from firms consistently listed in the Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII) over the 2019–2023 period were analyzed using the Generalized Method of Moments (GMM) to address endogeneity and dynamic relationships. The results indicate that leverage has a significant negative effect on both ROA and Tobin’s Q, whereas ARTA positively influences ROA but has no significant impact on Tobin’s Q. CATA does not significantly affect either performance measure, while the lagged values of ROA and Tobin’s Q exhibit strong persistence, highlighting the dynamic nature of firm performance. This study contributes to the literature by integrating accounting-based and market-based measures of value creation within a dynamic GMM framework for Sharia-compliant firms and by incorporating Sharia governance principles into the analysis of financial performance. The findings extend stakeholder, firm value, and Sharia compliance theories by demonstrating that sustainable value creation depends on prudent financial management alongside adherence to Islamic principles. The results offer practical implications for managers, investors, and regulators seeking to strengthen the sustainability and competitiveness of Indonesia’s Sharia capital market.
Profit-sharing vs Interest Rates an Analysis of The Interaction Between Sharia and Conventional Banking in Indonesia Hilyati Inayah; Saparuddin Siregar; Sugianto Sugianto; Isnaini Harahap; Nurlaila Nurlaila; Muslim Marpaung
Amwaluna: Jurnal Ekonomi dan Keuangan Syariah Vol. 10 No. 2 (2026): Amwaluna: Jurnal Ekonomi dan Keuangan Syariah
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v10i2.7784

Abstract

This study examines the relationship between Islamic profit-sharing rates and conventional bank interest rates within Indonesia’s dual banking system. Using a Vector Autoregression (VAR) model with monthly data from January 2017 to December 2023 (N = 84), the study analyzes the dynamic interactions between banking variables and macroeconomic indicators. The results show that Islamic profit-sharing rates are not significantly affected by conventional interest rates, indicating relative independence from the conventional banking system. Instead, Islamic deposit returns respond significantly to macroeconomic factors, particularly inflation and GDP. Impulse response analysis confirms that shocks to inflation and GDP have a stronger impact on Islamic profit-sharing rates than shocks from conventional banking variables. Granger causality results further reveal that conventional interest rates do not predict Islamic profit-sharing rates, while Islamic deposit returns significantly influence GDP and the exchange rate. These findings suggest that Islamic banking follows a distinct transmission mechanism driven primarily by macroeconomic fundamentals rather than conventional interest rate movements. This study contributes to the Islamic finance literature by providing empirical evidence on the relative autonomy of Islamic banking within a dual banking system.

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