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INDONESIA
Al-Iqtishad: Jurnal Ekonomi Syariah
Published by Institut Agama Islam Al-qur'an Al-ittifaqiah Indralaya
ISSN : -     EISSN : 27747352     DOI : https://doi.org/10.53649/al-iqtishad.v6i02
Core Subject : Economy,
Economics, Econometrics & Finance
Al-Iqtishad: Jurnal Ekonomi Syariah Focuses on various topics covering Islamic economics, Islamic finance, Islamic banking, Islamic insurance (takaful), Islamic capital markets, zakat, waqf, and sharia-based economic development that have regional and global relevance.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 75 Documents
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SUKUK RITEL SYARIAH SEBAGAI INSTRUMEN PEMBIAYAAN NEGARA : EVALUASI HISTORIS DAN STRATEGI PENGUATAN DI ERA DIGITAL Ria Nelta Febriyanti
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 6 No. 02 (2025): Januari-Juni 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v6i2.1074

Abstract

Retail Sukuk (Sukuk Ritel Syariah/SR) is a sharia-compliant sovereign financing instrument aimed at broadening public participation in state funding and deepening the domestic Islamic capital market. Since its initial issuance in 2008 (SR-001), retail sukuk has demonstrated consistent growth in investor numbers, subscription value, and geographic distribution. This study aims to analyze the development trends of SR up to the latest issuance in 2024 (SR-020), identify key challenges hindering its expansion, and formulate strategic in recommendations to enhance retail investor participation. This research adopts a descriptive qualitative approach using literature review methods. Secondary data were obtained from official reports published by the Ministry of Finance (DJPPR), the Financial Service Authority (OJK), sukuk issuance statistics, scholarly articles, and Islamic capital market reports. The findings indicate that despite growing public interest in SR, several challenges persist, including low levels of Islamic financial literacy, strong preferences for conventional instrument, limited digital sharia-compliant distribution channels, and the underdevelopment of a secondary SR market. The study recommends several strategic measures : expanding digital marketing and subscription platforms through e-SBN, enhancing public literacy and education on Islamic finance, introducing more flexible and attractive sukuk product innovations, and providing fiscal incentives and investment frameworks based on Islamic ESG principles. These findings offer valuable insights for regulators, market players, and academics in strengthening retail sukuk as an inclusive and sustainable Islamic financial instrument within Indonesia’s financial ecosystem. Key words: Retail Sukuk, Islamic Finance, financial inclusion, retail investors, policy strategy
ANALISIS PRINSIP 5C PADA PEMBIAYAAN KUR SEBAGAI UPAYA MEMINIMALISIR PEMBIAYAAN BERMASALAH (STUDI KASUS BSI KCP SURABAYA RUNGKUT 1) Aminin, Rista Izza; Toyyibatus Samsiah; Nurul Aulia Herlina Angganita; Siti Nur Azizah; Hafidz Akmal Khoirony; Muhammad Iqbal Surya Pratikto
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 6 No. 02 (2025): Januari-Juni 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v6i2.1094

Abstract

Indonesia's stable economic growth opens opportunities for people to access financing, especially through the KUR program that supports the Micro, Small and Medium Enterprises (MSMEs) sector. Bank Syariah Indonesia, as one of the largest Islamic banks, also provides KUR services to support the growth of MSMEs. However, behind the ease of access to financing, the risk of non-performing financing remains a challenge that must be anticipated. This research aims to analyze the application of the 5C principles in the KUR financing process at BSI KCP Surabaya Rungkut 1 and the extent to which these principles are effective in minimizing the risk of non-performing financing. The research method used is descriptive qualitative with primary data from in-depth interviews and secondary data from KUR financing documents, scientific literature, journals, and relevant previous research. The results showed that BSI KCP Surabaya Rungkut 1 applies the 5C principle thoroughly, including character, capacity, capital, collateral, and condition of economy as a reference in assessing customer eligibility. In addition, the post-disbursement monitoring process is carried out regularly through account monitoring and direct visits to business locations. The consistent application of the 5C principles has proven to help banks reduce the risk of non-performing financing while maintaining the quality of the KUR financing portfolio at BSI KCP Surabaya Rungkut 1.
PENGARUH DANA PIHAK KETIGA TERHADAP PROFITABILITAS PADA BANK SYARIAH INDONESIA PERIODE 2021-2024 Kamrul, Rosida; Itsnaini Chusnul Khotimah
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 6 No. 02 (2025): Januari-Juni 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v6i2.1132

Abstract

This study was conducted to determine the effect of third-party funds in the form of savings, deposits and current accounts on profitability at Bank Syariah Indonesia for the period 2021-2024. This study aims to understand the role of third-party funds (TPF) in influencing the level of profitability at Bank Syariah Indonesia. Through this study, it is expected to be analyzed to what extent funds collected from the public - both in the form of savings, current accounts, and deposits - contribute to the bank's ability to generate profits sustainably. This type of research uses quantitative research. The data source in this study is secondary data, namely the financial statements of Bank Syariah Indonesia which are uploaded on the official website of Bank Syariah Indonesia for the period 2021-2024, with the data collection technique being documentation. While the data analysis method is carried out using a simple linear regression model. The results of this study indicate that Third Party Funds have an effect on Profitability based on a simple linear regression analysis test with a t-statistic value of 2.338784 with a Probability value (significant) of 0.0264 (<0.05) so that the DPK variable has an effect on the Profitability variable. The DPK variable has a t-count value greater than the t-table. So that DPK has a partial effect on profitability at Bank Syariah Indonesia.
INOVASI PRODUK KEUANGAN SYARIAH DAN DAMPAKNYA TERHADAP STABILITAS EKONOMI Dzakiyah Erlinda Agatha
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 6 No. 02 (2025): Januari-Juni 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v6i2.1178

Abstract

This study aims to analyze the role of Islamic financial product innovation and its implications for macroeconomic stability within the framework of the Islamic economic system. Along with technological developments and the needs of the modern economy, various innovative Islamic financial products have emerged, such as sukuk variations, Islamic fintech, and Sharia-based digital banking services. This research uses a descriptive qualitative method through a literature study (library research) with a content analysis approach to recent relevant academic sources. The results show that Islamic financial product innovation significantly contributes to fund mobilization, efficient risk distribution, and strengthening of the financial intermediation structure. In addition, these innovations encourage the expansion of Islamic financial inclusion and serve as instruments to reduce speculative financial practices that negatively impact economic stability. Nevertheless, the effectiveness of these innovations is highly influenced by strict regulations, oversight, and compliance with Sharia principles. Therefore, strengthening Sharia compliance aspects becomes a crucial element in maintaining public trust and the overall resilience of the Islamic economic system.
STRATEGI FUNDRAISING BERBASIS MEDIA SOSIAL DALAM PENGHIMPUNAN DANA ZAKAT, INFAK DAN SEDEKAH DI BADAN AMIL ZAKAT NASIONAL KABUPATEN OGAN ILIR Meirina Alkhoiriah Eka Putri; Nia Andria Erzah
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 6 No. 02 (2025): Januari-Juni 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v6i2.1193

Abstract

The social media used Baznas Ogan Ilir are Instagram, whatsapp, facebook and twiter but in its implementation it is still not optimal, such as maintenance is still lacking and the use of features on each social media is still lacking so that the number of donors does not increase and tends to decrease while we are in an era where social media can be maximized for various purposes such as marketing and fundraising. This study uses a descriptive type of qualitative approach. The method used in collecting data is interviews, documentation and observation. The results of this study can be concluded that the social media based fundraising strategy is carried out in the form of collecting zakat funds, infaq, alms, fundraising and reporting in the form of flyers that will be posted Baznas Ogan Ilir social media. Then an evaluation is carried out that the fundraising carried out Baznas Ogan Ilir is in accordance with the purpose of fundraising, namely to collect. Fundraising using social media is effective because it is able to raise funds to achieve institutional targets and almost every year there is an increase in the collection of zakat, infaq and alms funds
KAJIAN QABDH DALAM TRANSAKSI EMAS DIGITAL (PERSPEKTIF HUKUM ISLAM DAN HUKUM POSITIF) Muhammad Al Adib Habibul Haq
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 7 No. 01 (2025): Juli-Desember 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v7i01.1249

Abstract

This research discusses digital gold transactions in Indonesia which are growing rapidly along with the digitalization of the financial sector, with a focus on the validity of qabdh in the perspective of Islamic law. The main objective of this research is to understand the implications of Islamic law on the validity of qabdh in digital gold transactions as well as the application of the concept of ḥurriyat al-taṣarruf in digital gold products. This research uses a qualitative method with a library research and conceptual approach, namely by reviewing the literature and formulating relevant legal concepts. The data used consists of primary legal materials, such as the Qur'an, Hadith, Fatwa DSN-MUI, POJK, Regulation of the Minister of Trade and scholars' opinions; as well as secondary legal materials in the form of books, journals, articles, and other scientific sources that support the study. The analysis technique used is content analysis by deeply examining the substance of related literature. The results show that the validity of qabdh in digital gold is acceptable in Islamic law as long as it fulfills sharia principles, including legal ownership and the right to use or transfer the asset, as regulated in the concept of hurriyat al-tasarruf.
MACRO HERD BEHAVIOUR AND THE SIZE EFFECT: A COMPARATIVE ANALYSIS BETWEEN SHARIA (ISSI) AND NON-SHARIA STOCKS IN INDONESIA Avellino, Laurensius; Vivi Liu; Sung Suk, Kim
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 7 No. 01 (2025): Juli-Desember 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v7i01.1308

Abstract

This study aims to identify and analyze the patterns of macro herding behavior in the Indonesian Stock Market (IHSG) and to compare the intensity of general herding and the influence of Market Capitalization (Size Effect) between the Sharia Stock Index (ISSI) and Non-ISSI sub-samples. Utilizing weekly stock price data from all IDX-listed companies for the 2011–2024 period, the study applies the more robust Tessler and Venezia Herding Model (2022). Comparative analysis is performed on the Total IHSG, ISSI, and Non-ISSI segments. It is found that macro herding is detected in the IHSG, predominantly during extreme market conditions. The intensity of general herding is found to differ significantly between the ISSI and Non-ISSI groups, and the influence of Market Capitalization on herding also exhibits distinct patterns across the two sub-samples.The originality lies in the application of the robust Tessler and Venezia Model (2022) in the Indonesian Market and the comparative analysis of herding and Size Effect in the dualistic ISSI/Non-ISSI market. The findings confirm that Sharia compliance and firm size are important determinants moderating collective investor behavior, providing strong practical implications for regulators (OJK) and market participants.
PENYELESAIAN SENGKETA EKONOMI SYARIAH DI INDONESIA JALUR LITIGASI DAN NON-LITIGASI Mauli Mustika Nur Safitri
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 7 No. 01 (2025): Juli-Desember 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v7i01.1348

Abstract

The rapid development of Islamic economic activities in Indonesia has given rise to a wider range of potential disputes, both due to differences in the interpretation of contracts and inconsistencies in the application of Islamic principles. This study stems from concerns about the uncertainty of dispute resolution forums, especially after changes in national regulations and the dynamics of DSN-MUI fatwas. Using a qualitative research method based on a literature review, this study examines laws, PERMA, DSN-MUI fatwas, and related academic literature. The results show that dispute resolution through litigation has been significantly strengthened after the enactment of Law No. 3/2006, Law No. 21/2008, and PERMA No. 14/2016, making the Religious Court the official institution authorized to handle sharia economic cases. On the other hand, non-litigation mechanisms, including deliberation, negotiation, mediation, conciliation, and arbitration through BASYARNAS, remain an important option due to their faster, more flexible nature and minimal potential for further conflict. An analysis of the DSN-MUI fatwa shows a development in the direction of dispute resolution, from initially emphasizing deliberation and arbitration to later opening up the possibility of litigation in the Religious Court. This finding highlights the importance of synchronization between state regulations, dispute resolution mechanisms, and fatwa provisions so that the resolution process can proceed in accordance with the principles of sharia justice.
PENGUATAN PERAN LEMBAGA EKONOMI SYARIAH MELALUI KEBIJAKAN BERKELANJUTAN Muhammad Irfan; Alifa, Naufal Luthfi; Daffa Achmad Fakih; Dimas Abdul Hadi
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 7 No. 01 (2025): Juli-Desember 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v7i01.1382

Abstract

Islamic economic institutions are expected to serve as key drivers of equitable and inclusive development grounded in the values of maqāṣid al-sharīʿah. However, current realities indicate limited integration of sustainability principles and a dominant short-term profit orientation, which constrains the social contribution of Islamic institutions to public welfare. This study focuses on public policies aimed at strengthening the capacity and role of Islamic economic institutions in promoting a sustainable financial system; the implementation of sustainable governance (good governance) to enhance stability and public trust in Islamic financial institutions; the institutional integration of green finance and social finance; and cross-sector collaboration strategies among government, academia, and industry to reinforce an inclusive and globally adaptive Islamic economic ecosystem. The research employs a descriptive qualitative method using a literature review and policy analysis approach. The findings indicate that: (1) strengthening Islamic economic institutions requires comprehensive public policy synergies encompassing regulatory, fiscal, and social dimensions; (2) sustainable governance enhances the legitimacy and competitiveness of Islamic financial institutions; (3) the integration of green finance and social finance plays a strategic role in achieving a socially just and environmentally sustainable economic system; and (4) cross-sector collaboration is a critical factor in formulating adaptive policies aligned with maqāṣid al-sharīʿah amid global change.
IMPLEMENTASI ZAKAT PRODUKTIF DALAM PEMBERDAYAAN EKONOMI BERBASIS PENTAHELIX PADA BAZNAS KABUPATEN PEKALONGAN Adimas Faturrokhman
Al-Iqtishad: Jurnal Ekonomi Syariah Vol. 7 No. 01 (2025): Juli-Desember 2025
Publisher : Program Studi Ekonomi Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53649/al-iqtishad.v7i01.1465

Abstract

This study examines the implementation of productive zakat in economic empowerment based on the pentahelix approach at Baznas Pekalongan Regency. The academic concern underlying this research arises from the persistent level of poverty and the dominance of micro-enterprises that face structural limitations in capital, managerial capacity, and market access, despite the existence of productive zakat programs. This study aims to analyze how productive zakat is implemented, to explore the roles of pentahelix actors—government, academics, business sector, community, and media—and to assess the impact of the program on mustahik economic empowerment. This research employs a qualitative approach with descriptive-analytical methods. Data were collected through in-depth interviews, observations, and documentation involving Baznas managers, relevant stakeholders, and beneficiaries of productive zakat programs. Secondary data were obtained from official Baznas documents, reports, and publications from Statistics Indonesia. Data analysis was conducted through data reduction, data presentation, and conclusion drawing. The findings indicate that productive zakat implemented by Baznas Pekalongan Regency contributes positively to strengthening mustahik business capacity and economic resilience, particularly for beneficiaries who already operate micro-enterprises. However, the pentahelix-based collaboration has not yet been fully integrated and institutionalized. Baznas remains the dominant actor, while the roles of other stakeholders are still supportive and sporadic. The effectiveness of productive zakat is strongly influenced by the intensity of business mentoring and the availability of a supportive empowerment ecosystem. This study contributes to the development of Islamic economic literature by integrating productive zakat management with a pentahelix framework at the local level and provides practical recommendations for strengthening collaborative and sustainable zakat-based empowerment programs.

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