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Azhar Alam
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Journal of Islamic Economic Laws
Published by Universitas Muhammadiyah Surakarta
ISSN : 26559609     EISSN : 26559617     DOI : https://doi.org/10.23917/jisel
Core Subject : Religion, Economy, Humanities, Social,
Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Journal of Islamic Economic Laws (JISEL) is published by the Department of Islamic Economic Laws, Faculty of Islamic Studies, Universitas Muhammadiyah Surakarta. The journal provides a platform for scholarly research that bridges theoretical perspectives and practical developments in the field of Islamic economic laws. JISEL welcomes contributions from diverse disciplines, encouraging academic dialogue among researchers, scholars, and practitioners who are engaged in the study of Islamic economics, law, finance, business, philanthropy, and halal-related sectors. The journal is committed to advancing interdisciplinary knowledge and promoting the development of Islamic economic thought in contemporary contexts. Published online using the Open Journal Systems (OJS), JISEL ensures broad and easy access to its content for researchers and readers worldwide. The journal has been nationally accredited by the Ministry of Research, Technology, and Higher Education of the Republic of Indonesia and is indexed in DOAJ and other reputable scholarly databases.
Arjuna Subject : Ilmu Sosial - Ilmu Sosial (Lain-Lain)
Articles 7 Documents
 1 
Search results for , issue "Vol. 9 No. 01 (2026): January" : 7 Documents clear
The Impact of Zakat on the Economy and Poverty in Indonesia Runtiningsih, Sri; Alirastra Budiantoro, Risanda; Syahrul Fauzi, Ahmad; Mustofa, Ubaedul; Syarifah, Lailatis; Rahmayani, Dwi
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.10461

Abstract

This study aims to examine the impact of zakat and various socio-economic factors on regional economic growth and poverty levels in Indonesia. Using panel data from 34 provinces in Indonesia for the period 2019-2021. This study examines the complex relationships between zakat distribution and key macroeconomic indicators within an Islamic economic framework, using a common effects model for the economic growth equation and a fixed effects model for the poverty equation. The results indicate that zakat has a positive significant effect on economic growth and has a negative  significant effect on poverty. This research provides valuable insights into the potential role of zakat in addressing economic inequality and promoting sustainable development in Indonesia.
Assessing Shariah Compliance: An Analysis of Ijārah Financing Practices in Sri Lanka's Islamic Banking Sector against AAOIFI Standards Hayathu Mohamed, Ahamed Hilmy; Ahamed Lebbee, Abdul Rauf; Mohamed Casim, Abdul Nazar
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.13319

Abstract

This study critically examines the extent to which Ijārah nancing practices in Sri Lanka's Islamic banking sector conform to the principles delineated in the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No. 9. Employing a qualitative, descriptive, and exploratory methodology grounded in a comprehensive literature review, this study synthesises information from peer reviewed journals, regulatory reports, and institutional documents. It establishes AAOIFI standards as the benchmark for compliance and systematically analyzes Sri Lankan practices, identifying key areas of convergence and divergence. The findings reveal a significant reliance on institutional-level Shariah governance, in the absence of a robust national regulatory framework. The analysis further uncovered critical gaps, particularly in the operational mechanics of Ijārah products, which may functionally resemble conventional nancing in some instances, thereby raising concerns about adherence to the higher objectives of Islamic law (Maqāṣid al-Sharīʿah). This study provides a comparative perspective on international best practices. It offers strategic recommendations for policymakers and financial institutions to enhance Shariah compliance, strengthen transparency, and foster sustainable growth in the Sri Lankan Islamic nance industry.
Green Waqf as Social Movement: Millennial Participation and Islamic Ecological Activism in Indonesia Efendi, Mansur; Rosari, Reni; Akbar Susamto, Akhmad; Kurnianto Tjahjono, Heru; Budi Santoso, Claudius
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.11426

Abstract

Green waqf offers an innovative philanthropic model that bridges economic development with environmental sustainability. Despite its potential, most existing literature frames it within economic or traditional Islamic paradigms, leaving a gap in understanding its sociocultural dynamics. This study addresses that gap by analyzing the green waqf movement through the lens of social movement theory, focusing on the millennial-driven Bogor Waqf Forest in Indonesia. Employing a qualitative single-case study and hybrid thematic analysis, the research reveals that the green waqf is articulated as an embodiment of Islamic universalism integrated with ecological ethics. This articulation fosters religious and humanitarian motivations that drive millennial engagement. The movement is expressed through participatory, innovative, and digitally mediated waqf practices. These findings highlight a shift from conventional charity to ecologically conscious Islamic philanthropy. Future studies could explore comparative cases or apply quantitative methods to examine the influence of digital literacy on youth participation in green waqf initiatives.
A Comparative Study of Financial Distress in Sharia-Listed Transportation and Logistics Companies: Insights from the Altman Z - score Model During and After COVID-19 Syahidin, Muhammad Ramizal; Hakimi, Fifi; Maf'ula, Faricha; Kusumaningtyas, Dita Pratiwi; Assadam, Elvina
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.11964

Abstract

This study aims to analyze and compare the financial distress conditions of transportation and logistics sector issuers listed on the Sharia Securities List (Daftar Efek Syariah/DES) using the Altman Z-Score model during and after the COVID-19 pandemic (2021–2024). The novelty of this research lies in the selected period and research object. Employing a quantitative approach, the study examines quarterly financial reports of 14 issuers listed on the Indonesia Stock Exchange (BEI). Data analysis includes descriptive statistics, the Kolmogorov-Smirnov normality test, and the Wilcoxon Signed Rank difference test. The results reveal no statistically significant difference in financial distress levels between the pandemic and post-pandemic periods. Most issuers remained in the Altman Z-Score “red zone,” indicating persistently high bankruptcy risk. Nevertheless, these Sharia-compliant issuers demonstrated considerable financial resilience by consistently maintaining interest-based debt below 45% of total assets in accordance with DES criteria. Government stimulus policies and effective risk management practices further reinforced their stability. This study enriches the Islamic capital market literature by evidencing the relative resilience of Sharia-compliant companies amid prolonged crisis.
From Legal Compliance to Spiritual Authenticity: The Role of Halal Certification in Shaping Muslim Tourists’ Experiences Sumpena, Mochamad; Hikmah, Nurul; Annisa, Fina; Warsidi
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.13598

Abstract

This study examines how halal regulations function as a moral and legal bridge between faith and consumer rights in religious tourism. Using a qualitative descriptive case study in Surabaya, Indonesia, this study explores how halal certification shapes Muslim tourists’ perceptions of trust, authenticity, and spiritual experience. Data were collected through in-depth interviews with eight key informants, including local and international Muslim tourists, business owners, hotel managers, and government officials, supported by document analysis of halal policies and certification frameworks. The findings indicate that halal regulations significantly strengthen tourists’ sense of spiritual security, ethical trust, and overall satisfaction. Halal certification is perceived not merely as legal compliance with Islamic principles, but also as a symbol of integrity, transparency, and respect for religious identity. Nevertheless, the study identifies key challenges, such as weak institutional coordination, limited halal literacy, and the risk of excessive commercialization of religious symbols. These issues highlight the importance of integrating legal, ethical, and spiritual dimensions within halal governance. The study concludes that sustainable halal tourism requires a careful balance between formal regulatory assurance and genuine spiritual authenticity. By integrating halal regulatory frameworks, perceived spiritual authenticity, and consumer trust, this study contributes to the halal tourism literature and offers strategic insights for policymakers and destination managers to strengthen institutional collaboration, enhance halal literacy, and promote ethical governance to support credible and sustainable halal tourism development.
What Reduces Switching Behavior in Indonesian Islamic Banking? The Mediating Role of Customer Satisfaction Meliyana, Hildah; Adiba, Elfira Maya; Dahruji
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.13794

Abstract

Switching behavior is a marker of customer loyalty, particularly among Islamic bank customers. Therefore, a strategy is needed to reduce the rate of customer switching from an Islamic bank to other banks. This study aims to analyze the determinants of switching behavior in Indonesian Islamic banks, using customer satisfaction as a mediating variable. This study employed a quantitative approach using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). This study successfully collected primary data from 265 customers of an Indonesian Islamic bank. The results of this study indicate that none of the antecedent variables directly influence switching behavior, but they do significantly influence customer satisfaction. Customer satisfaction effectively mediates switching behavior, indicating that more satisfied customers are less likely to switch banks. The findings of this study indicate that Islamic bank customers act rationally by evaluating all antecedent variables before switching to another bank. This research theoretically contributes to the literature regarding the importance of customer satisfaction in explaining customer behavior. In practice, this research emphasizes the need for appropriate strategies to provide a positive experience of transacting with Islamic banks, thereby satisfying customers and minimizing switching behavior. Therefore, banks must maintain and improve customer satisfaction through optimizing competitive profit-sharing schemes, service strategies, sharia compliance, and technological innovation to increase customer loyalty and reduce switching behavior. This strategy is expected to strengthen Islamic banks’ long-term competitiveness.
Halal Industry and Islamic Epistemology: Implications for Policy, Ethics, and Global Practices Abdul Wahab; Arqom Kuswanjono; Ilma Mahdiya
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.13268

Abstract

The rapid growth of the global halal industry demands an epistemological framework that is rooted in Islamic principles and aligned with international regulations. This study addresses three questions: (1) how Islamic epistemology can be systematically constructed through its ontological foundations and axiological orientations to form a coherent halal industry framework; (2) how Islamic epistemology informs public policy and ethical governance globally; and (3) what is the most effective model for integrating maqasid al-shari‘ah into cross-jurisdictional halal certification and audits. Using a qualitative conceptual research design based on integrative library research and doctrinal analysis of classical Islamic texts, contemporary maqasid literature, and international halal standards, this study develops a Maqasid-Driven Halal Governance Model (MDHGM). Within this framework, ontology clarifies the metaphysical assumptions underpinning halal norms, while axiology specifies the ethical objectives that guide epistemological reasoning and regulatory application. Findings show that embedding Islamic epistemology into regulatory practices enhances traceability, performance, and contextual adaptability. Harmonizing maqasid values with global regulations strengthens trust, interoperability, and sustainability in the halal industry. This study is limited by its conceptual and library-based design, which lacks empirical validation across diverse institutional and regulatory contexts. Future research should empirically test the proposed model across jurisdictions and industry sectors to assess its applicability and robustness.

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