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Iqtisad : Journal of Islamic Economic and Civilization
Published by Student Rihlah Indonesia
ISSN : -     EISSN : 30909457     DOI : https://doi.org/10.61630/irjiec.v1i1.2
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
Iqtisad: Journal of Islamic Economic and Civilization (E-ISSN 3090-7896) is a blind peer-reviewed journal studying Islamic Economics and Civilization published by Student Rihlah Indonesia. IJIEC is motivated by a lack of Muslim-spiritual values to understand the contribution of Islam to the development of many scientific disciplines for modern civilization. Hence, IJIEC attempts to integrate such kind science disciplines into Islam as a way of life in modern civilization. For this purpose, IRJIEC is designed as a unique peer-reviewed open-access online scientific journal that provides an interdisciplinary, national, international, and interfaith forum for scientists from any discipline area. It encourages reflective thinking and progressive working on modern Islamic civilization. IJIEC welcomes theoretical or empirical studies about the application of Islamic and Sharia concepts in many disciplines including economics and Civilization. IJIEC, a journal, provides a forum for publishing quality research. IJIEC publishes quality and in-depth analyses of current issues to investigate Economics, Management and Business topics in an Islamic perspective, in theory and practice, across Muslim in the world. This journal encompasses original research articles and review articles (only selected/invited authors), including: (a) Islamic Economics (b) Islamic Economics Law (c) Islamic Business Management (Human Resource, Marketing, Halal Supply Chain and Enterprise System) (d) Islamic Banking and Finance (e) Islamic Philantrophy (Zakat, Infaq, Shodaqoh and Waqf) (f) Islamic Business Ethics and Entrepreneurship (g) Islamic Insurance.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 21 Documents
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Inovasi Digitalisasi Pembiayaan Syariah: Solusi Akses Sertifikasi Halal UMKM Ifa, Khoirum Rodhiatul; Anwar, Khairul
Iqtisad: Journal of Islamic Economic and Civilization Vol. 1 No. 2 (2025): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61630/ijiec.v1i2.11

Abstract

The purpose of this study is to examine and analyze the role and implementation of sharia financing digitization as a solution to improve access to halal certification for MSME business actors. This study uses a qualitative approach with a library research method. Data collection techniques were collected through systematic searches of journal repositories such as Google Scholar, official websites of institutions such as the OJK and Islamic Banks, as well as financial reports and policies from Islamic banking institutions. The data was analyzed using thematic content analysis, which involves identifying patterns, main ideas, and relationships between variables in the reviewed literature. The analysis was conducted in three stages: data reduction, data presentation, and conclusion drawing. The results indicate that digitalization innovations in Islamic financing for halal certification emerge as a solution that combines Islamic financial technology (fintech) with halal certification requirements. The implementation of Halal Go Digital not only provides direct benefits to SMEs but also has significant systemic impacts on the development of the national halal industry ecosystem. This research is expected to lead to the creation of more affordable and efficient access to halal certification for SMEs business actors.
Signifikansi Sertifikasi Halal Yang Mengalahkan Promosi Dalam Keputusan Pembelian Konsumen Muslim Di TikTok Shop Rahel, Muhammad; Murtasiyah, Murtasiyah; Salsabilaturribi, Salsabilaturribi
Iqtisad: Journal of Islamic Economic and Civilization Vol. 1 No. 2 (2025): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61630/ijiec.v1i2.12

Abstract

Amidst the rapid growth of e-commerce, particularly through platforms such as TikTok Shop, this study is crucial because it highlights the dilemma faced by Muslim consumers when making purchasing decisions, torn between the appeal of promotions and the urgency of halal certification. The main objective of this study is to analyze the simultaneous and partial effects of promotions and halal certification on purchasing decisions, as well as to identify the most dominant variables. Using a quantitative method with a questionnaire distributed to 371 respondents, the data was analyzed using multiple linear regression. The results of this study indicate that simultaneously, promotions and halal certification have a significant influence on purchasing decisions. However, a significant partial finding was discovered: only halal certification was proven to have a positive and significant influence (sig. 0.005). Conversely, promotion did not show a significant influence (sig. 0.258). The implication for businesses on TikTok Shop is clear: building the trust of Muslim consumers requires more than just promotion; it must be based on product halal assurance. This study provides insight that halal certification should be a priority strategy for building consumer loyalty, the impact of which is greater than the appeal of promotions alone.
Peran Zakat dan Wakaf dalam Mewujudkan Keadilan Distributif: Optimalisasi Instrumen Ekonomi Islam untuk Kesejahteraan Sosial dan Ekonomi Karim, Murdiansah S.A; Kadir, Afifudin; Hidajat, Rachmat
Iqtisad: Journal of Islamic Economic and Civilization Vol. 1 No. 2 (2025): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61630/ijiec.v1i2.15

Abstract

This study is significant as zakat and waqf serve as strategic Islamic social finance instruments that support distributive justice and contribute to enhancing social and economic welfare in Indonesia. The methodology employed is library research with a descriptive qualitative approach. This qualitative approach emphasizes the exploration of meanings, concepts, characteristics, symbols, and descriptive analysis of phenomena by focusing on the quality of data. Meanwhile, waqf contributes to expanding access to education and healthcare services by establishing public facilities in disadvantaged areas. Nevertheless, the optimal utilization of zakat and waqf remains hindered by fragmented regulations, weak institutional coordination, and limited management transparency. The novelty of this study lies in highlighting the importance of integrating regulations and implementing accountable sharia-based accounting standards in the governance of zakat and waqf, along with strategies to enhance transparency and incentivize public participation. The policy implications suggest the need for regulatory reform and institutional strengthening to enable zakat and waqf to function effectively as pillars of sustainable social development in Indonesia.
Institutional Development of the Islamic Capital Market in Indonesia: Concepts, Instruments, and Regulatory Challenges Rahmah, Yulia Fitriany; Jubaedah, Dedah; Dermawan, Muhammad Jagat
Iqtisad: Journal of Islamic Economic and Civilization Vol. 2 No. 1 (2026): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61630/ijiec.v2i1.17

Abstract

The Islamic capital market constitutes an essential component of the Islamic financial system, designed to provide investment mechanisms that comply with Sharia principles, particularly the prohibition of riba, gharar, and maisir. This study aims to examine the concept, institutional structure, instruments, economic functions, as well as the challenges and development strategies of the Islamic capital market in Indonesia. The research employs a qualitative descriptive approach with conceptual and normative analysis, based on a literature review of regulatory frameworks, fatwas issued by the National Sharia Council of Indonesia, and relevant academic and institutional publications. The findings indicate that the Islamic capital market in Indonesia has established a relatively sound conceptual and regulatory foundation through the integration of national capital market law and Sharia governance. The main instruments include Sharia-compliant equities, sukuk, and Islamic mutual funds, with the Jakarta Islamic Index serving as a benchmark for Sharia-based equity performance. Nevertheless, the development of the Islamic capital market remains constrained by limited investor literacy, shallow market depth, and the absence of a dedicated Islamic capital market law. This study highlights the need for strengthening the regulatory framework, expanding product innovation, and enhancing market literacy to maximize the contribution of the Islamic capital market to sustainable national economic development.
Analysis of HDI, Minimum Wage, and Unemployment on Poverty Levels in East Nusa Tenggara: Implications for Zakat’s Role in Economic Resilience Nuraeni, Nuraeni; Anggara, Muhamad Rafi
Iqtisad: Journal of Islamic Economic and Civilization Vol. 2 No. 1 (2026): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to analyze the effects of the Human Development Index (HDI), Provincial Minimum Wage (PMW), and unemployment rate on poverty levels across 21 districts and cities in East Nusa Tenggara (NTT) during the 2013–2023 period, as well as their implications for optimizing zakat as an instrument of economic resilience. The study employs the System Generalized Method of Moments (System-GMM) on panel data to capture the dynamic nature of poverty and address potential endogeneity among variables. The estimation results show that HDI has a negative and significant effect on poverty, indicating that improvements in human capital effectively reduce poverty. In contrast, PMW has a positive and significant effect, suggesting that wage increases have not yet translated into poverty reduction, while unemployment has a positive but insignificant effect. Simultaneously, all three variables significantly influence poverty levels. The novelty of this study lies in integrating regional macroeconomic analysis with the perspective of zakat as a complementary social policy instrument. The findings imply the importance of synergy between human development, productivity-based wage policies, and strengthening the role of zakat to enhance economic resilience and poverty alleviation in underdeveloped regions.
Brokerage in Property Business According to DSN-MUI Fatwa No. 9 Mubarak, Aqly; Fadillah, Afrizal; Sarasi, Vita
Iqtisad: Journal of Islamic Economic and Civilization Vol. 2 No. 1 (2026): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This research analyzes the legal framework that governs the operation of intermediaries in the property sector through the lens of sharia economic law, emphasizing the regulatory function of DSN-MUI Fatwa No. 93/DSN-MUI/IV/2014 on intermediaries (wasathah). In the modern property market, brokerage services are essential to speed up transactions and improve market efficiency; however, their acceptance under Islamic law depends on a well-defined contractual framework and adherence to Sharia norms. This study uses a normative juridical method through a qualitative doctrinal examination of Islamic legal sources, DSN-MUI fatwas, and related legislative restrictions. The results show that property brokers are legally acceptable under Islamic law when executed through genuine Sharia contracts, specifically wakalah bi al-ujrah, ju'alah, or samsarah. These contractual agreements require transparency, mutual agreement, explicitly defined payments (ujrah), and exclusions of unfairness, fraud, or exploitation. The analysis shows that DSN-MUI Fatwa No. 93/2014 establishes a normative basis for brokerage practice by highlighting the mutual benefits (maslahah) for property owners, buyers, and intermediaries. This essay improves Islamic economic law by explaining the validity of property brokerage law and emphasizing its significance in promoting equality, legal certainty, and efficiency in contemporary property transactions.
Design and Evaluation of AI-Based Musyarakah Sales System at UMKM XYZ Tangerang Bagiono, Bambang Judi; Nasirudin, Nasirudin; Sarono, Joko
Iqtisad: Journal of Islamic Economic and Civilization Vol. 2 No. 1 (2026): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

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Abstract

The rapid development of digital technology and Artificial Intelligence (AI) has significantly transformed business governance, particularly among Micro, Small, and Medium Enterprises (MSMEs). Sharia-based MSMEs applying musyarakah contracts frequently face managerial challenges due to manual transaction recording and profit-sharing calculations, leading to computational errors, reporting delays, and limited transparency. This study designs and evaluates an AI-based remotized musyarakah sales management system at UMKM XYZ Tangerang using a compound percentage method. A mixed-methods approach was employed, involving observation, in-depth interviews, and financial document analysis. The system was tested over a 12-month period, analyzing 1,080 sales transactions (540 before and 540 after implementation). The web-based platform enables partners to remotely monitor real-time sales and profit-sharing data. The compound percentage method calculates profit distribution proportionally based on capital contribution, operational involvement, and managerial responsibility. Quantitative results show that profit-sharing calculation accuracy increased from 88% to 97%, reporting time decreased by 35%, and financial discrepancies were reduced by 42%. Revenue forecasting accuracy reached 93% using machine learning models. Operational efficiency improved by 30%, while partner satisfaction scores increased from 3.4 to 4.5 (on a 5-point scale). These findings demonstrate that integrating Islamic financial principles with AI-driven systems enhances transparency, efficiency, and sustainable Sharia-compliant MSME growth.
Web-Based Prototype Integrating Islamic Ethical Communication in E-Commerce Rosalina, Ria; Bagiono, Bambang Judi
Iqtisad: Journal of Islamic Economic and Civilization Vol. 2 No. 1 (2026): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

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Abstract

This study designs a web-based prototype that integrates Islamic ethical communication principles qoulan sadida, qoulan layyina, tabligh, ‘adl (justice), and amanah—into buying and selling activities at ABCD Store, Jakarta. In the context of rapid digitalization and increasingly competitive retail markets, ethical challenges such as misleading information, unfair pricing, weak transparency, and limited accountability often undermine consumer trust. To address these issues, this research introduces a Conscious-Based Method, which embeds ethical validation mechanisms directly into transactional processes. The Conscious-Based Method operates through four structured stages. The findings demonstrate that embedding computational ethical controls within a web-based retail system significantly enhances accountability, fairness, and sustainable consumer trust. This study contributes to the development of ethically embedded digital commerce architectures by operationalizing Islamic ethical communication principles into measurable system indicators. Practically, the proposed prototype provides a scalable governance model that can be adopted by small and medium-sized enterprises to strengthen consumer trust and reduce transactional disputes in digital retail environments.
AI-Based Break-Even Optimisation within an Ethical Reflective Framework Bagiono, Bambang Judi; Sarono, Joko; Nasirudin, Nasirudin
Iqtisad: Journal of Islamic Economic and Civilization Vol. 2 No. 1 (2026): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Break-even management is essential for ensuring business sustainability, pricing fairness, and financial accountability, particularly in environments that demand ethical governance. However, conventional break-even analysis is typically static and lacks adaptive optimisation and structured feedback mechanisms. This study aims to develop an AI-based prototype system for optimising break-even variables within an ethical reflective framework that integrates predictive modelling, constrained optimisation, and governance-based feedback. The methodology combines multiple linear regression and exponential smoothing for revenue forecasting, followed by nonlinear optimisation (SLSQP) to minimise time-to-break-even subject to ethical guardrails, including margin floor and price-smoothing constraints. Simulation results show that the prototype improves forecast accuracy (MAPE reduced from 9.45% to 4.87%) and decreases time-to-break-even from 12.4 to 9.8 months (−21%), while reducing deviation variance from 11% to 5.2% through iterative feedback. The novelty lies in embedding ethical accountability constraints into AI-driven optimisation, offering policy implications for transparent pricing, accountable financial planning, and governance-aligned business decision-making.
AI-Based Prototype for Identifying Murabahah, Ujroh, Nisbah Variables Using Quran-Hadith Foundations Bagiono, Bambang Judi; Nasirudin, Nasirudin; Sarono, Joko
Iqtisad: Journal of Islamic Economic and Civilization Vol. 2 No. 1 (2026): Iqtisad : Journal of Islamic Economic and Civilization (In Progress)
Publisher : PT. Student Rihlah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study is important because Murabahah, Ujroh, and Nisbah contracts form the backbone of contemporary Islamic banking, yet their variables are often implemented without computationally verifiable links to primary Quran–Hadith foundations. The objective of this research is to develop and evaluate an AI-Based Prototype for Identifying Murabahah, Ujroh, and Nisbah Variables Using Quran-Hadith Foundations in order to enhance transparency, consistency, and doctrinal authenticity in Islamic financial transactions. The study employs a hybrid methodological framework combining natural language processing (NLP), semantic classification, supervised machine learning, and rule-based inference, integrated with Shariah expert validation. Textual data derived from the Qur'an and authenticated Hadith literature are processed to extract jurisprudential concepts and convert them into measurable contractual parameters. The results indicate that the prototype successfully identifies core variables, including cost disclosure and profit margin (Murabahah), service fee structure and duration (Ujroh), and proportional profit-sharing ratios and risk allocation (Nisbah). Statistical validation demonstrates consistent classification accuracy and alignment with Shariah expert assessments. The novelty of this research lies in integrating foundational Islamic textual analysis directly into an AI computational model, rather than relying solely on contemporary regulatory interpretations. Policy implications include supporting regulators, Shariah supervisory boards, and Islamic financial institutions in developing standardized AI-assisted compliance frameworks, thereby strengthening governance, transparency, and digital transformation in Islamic finance.

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