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Al-Infaq : Jurnal Ekonomi Islam
Published by Universitas Ibn Khaldun Bogor
ISSN : 20872178     EISSN : 25796453     DOI : https://doi.org/10.32832/alinfaq
Core Subject : Economy, Education,
Economics, Econometrics & Finance Education Mathematics
Al-Infaq : Jurnal Ekonomi Islam published twice a year since 2010 (June and December), is a multilingual (Bahasa and English), peer-reviewed journal, and specializes in Islamic Economic. This journal is published by the Islamic Economic Department, Faculty of Islamic Studies, and Doctoral Program of Islamic Economic, Graduate School, Ibn Khaldun University of Bogor, in partnership with Ibn Khaldun University of Bogor, Indonesia, in partnership with Masyarakat Ekonomi Syariah (MES) Wilayah Bogor. Editors welcome scholars, researchers and practitioners of Islamic Economic around the world to submit scholarly articles to be published through this journal. All articles will be reviewed by experts before accepted for publication. Each author is solely responsible for the content of published articles.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 192 Documents
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ESG-Based Islamic Finance: Opportunities and Challenges in Building the Sustainability of Islamic Economics Amid Issues of Usury and Corruption Said, Muhammad; Ahmad, Ahmad; SR, Naharuddin
Al-Infaq: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v16i2.2328

Abstract

This study explores the opportunities and challenges of integrating Environmental, Social, and Governance (ESG) principles into Islamic finance to strengthen the sustainability of the Islamic economic system amid the issues of usury (riba) and corruption. Using a systematic literature review (SLR) approach covering studies from 2020 to 2025, the findings show that ESG is aligned with Maqasid al-Shariah and has the potential to reinforce non-exploitative Islamic financial instruments such as green sukuk, profit-sharing contracts, zakat, and productive waqf. Opportunities are evident in enhancing financial stability and social inclusion, as demonstrated by the global ESG sukuk market growth and the success of hybrid ESG-Shariah models in the UAE. However, challenges remain in the form of regulatory misalignment, high compliance costs, and corruption practices that reduce investor trust and increase risks of greenwashing. The study highlights strategies such as adopting the IFSB hybrid ESG-Shariah framework, leveraging blockchain for transparent fund tracking, harmonizing regulations, and strengthening the role of Shariah Supervisory Boards (SSB). Overall, this research contributes both theoretically and practically by offering a conceptual model and policy recommendations to foster a sustainable Islamic economy free from riba and corruption while advancing the Sustainable Development Goals (SDGs).
Digital Business Communication Study: The Use of E-Wallets on the TikTok Shop E-Commerce Platform as a Digital Financial Transaction Solution for @fdperfume Anggrayni , Dewi; Rahmiyanti, Sev; Sugih, Agung Permana; Sahat, Febrisal
Al-Infaq: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v16i2.2330

Abstract

Business communication is closely associated with interactions conducted by business actors with the aim of facilitating business transactions. Nowadays, companies have increasingly utilized digital media as a means of communication and business transactions through social media. However, business transaction failures often occur due to fraud employing various schemes. This study aims to explore how TikTokShop entrepreneurs optimize digital communication in financial transactions through e-wallets, as exemplified by @fdperfume Halal. Through interviews with the owner of the TikTokShop account @fdperfume Halal, it was found that e-wallets offer practical solutions that replace cash transactions and cumbersome bank transfers. The speed of payment notifications and transaction time efficiency are major advantages, while promotions such as cashback effectively attract customer interest and increase sales volume. This study identifies three main sub-themes for each indicator: first, digital financial transactions, including efficiency and cashback; second, the safety of digital transactions, encompassing security and cybercrime; and third, user trust in e-commerce, consisting of loyalty and credibility. Although there are concerns regarding the risks of cybercrime, business actors feel that e-wallet service providers have made efforts to minimize these risks. Overall, e-wallets have significant potential to evolve as a modern, practical, and secure digital payment solution by continually improving security, innovative features, and attractive promotional programs within the e-commerce ecosystem, particularly on TikTokShop.
The Concept of Public Ownership in Sharia Economic Perspective Anwar, Saiful; Muhlisin, Sofian; Hakiem, Hilman
Al-Infaq: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v16i2.2331

Abstract

Islam maintains the concept of balance so that wealth is widely distributed and not monopolized by some groups. However, the problem is that many do not understand how Islam views ownership. Ownership in Islam is a person's bond with property rights legalized by Sharia. Ownership is divided into three types, the first is individual ownership, the second is public ownership, and the third is state ownership. This study aims to find out how the concept of public ownership in the perspective of Islamic economics. Forms of public ownership and management of public ownership. The method used by the author in this study is library research based on the formulation of the problem supported by data and data sources from the literature review. Based on the results of research on the concept of public ownership in Islamic economics. Public ownership is a sharia permit for the community to jointly utilize a wealth in the form of goods that are necessary for humans in their daily life which are divided into three groups, namely as public facilities, unlimited mining goods and natural resources whose nature of formation prevents them from being owned only by individuals as individuals. Common property management rights (milkiyah amah) exist in society in general, which is implemented by the state because the state is the representative of the people. The state must manage public property in a professional and efficient manner. Although the State has the right to administer public property, it may not grant that right to specific individuals. Public ownership must provide maximum benefits to the wider community.
Risk Aversion in Agnatic Inheritance: Theoretical Analysis of the Case of One or More Female Heirs Without Brothers Mohamed EL GRAA
Al-Infaq Jurnal Ekonomi Islam Vol. 17 No. 1 (2026): June 2026
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v17i1.2308

Abstract

This article analyzes inheritance practices in Morocco, particularly the rule of Taasib, which favors indirect male heirs. Increasingly contested, this rule is prompting many families to adopt alternative mechanisms such as hiba (donation), sadaqa (charitable donation) or fictitious sale, in order to protect direct heirs, particularly daughters without brothers. The study shows that inheritance choices vary according to education and social background. It highlights the need for legal and religious reform to reconcile tradition and equity in response to contemporary social and economic challenges.
Effect of Good Corporate Governance, Corporate Social Responsibility, and Intellectual Capital On The Profitability Of Islamic Commercial Banks Silvia Nazma Zahira; Yayuk Sri Rahayu
Al-Infaq Jurnal Ekonomi Islam Vol. 17 No. 1 (2026): June 2026
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v17i1.2381

Abstract

This study aims to analyze the effect of Good Corporate Governance, Corporate Social Responsibility, andIntellectual Capital on the profitability of Islamic Commercial Banks in Indonesia. In facing increasingly intensecompetition in the Islamic banking industry, improvements in financial performance are not only determined byfinancial factors, but also by the quality of corporate governance, the implementation of social responsibility, and the management of intellectual capital. Therefore, this study examines the relationship among these variableswithin the context of Islamic banking. This research employs a quantitative approach using panel data analysis methods. The data used are secondary data obtained from the annual financial reports of Islamic CommercialBanks published by the Financial Services Authority during the 2020–2024 period. The analysis was conducted using panel data regression with the selection of the most appropriate model to examine the relationships among the research variables. The results indicate that Good Corporate Governance does not have a significant effect on profitability, while Corporate Social Responsibility and Intellectual Capital have a significant effect on the profitability of Islamic Commercial Banks. These findings suggest that aspects of social responsibility and intellectual capital management play an important role in enhancing the financial performance of Islamicbanking institutions.
Analysis of BAZNAS RI’s Financial Health Based on the IKOPZ for the 2020–2024 Period Nadia Zahra; Qurroh Ayuniyyah; Nurman Hakim
Al-Infaq Jurnal Ekonomi Islam Vol. 17 No. 1 (2026): June 2026
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v17i1.2847

Abstract

This study is motivated by the significant gap between the national zakat potential of IDR 327 trillion and its actual collection , further influenced by issues surrounding the credibility and public image of zakat management organizations. This research aims to analyze the financial health of the National Amil Zakat Agency (BAZNAS RI) as the central coordinating entity based on the Zakat Management Organization Health Index (IKOPZ) for the 2020–2024 period. A quantitative method with a descriptive approach was employed, utilizing secondary data from audited annual financial statements and official annual reports of BAZNAS RI. Financial performance was evaluated through five core IKOPZ indicators: activity ratio, efficiency ratio, amil fund ratio, liquidity ratio, and growth ratio. The results reveal that the overall financial performance of BAZNAS RI fell into the good and healthy category. In terms of activity, fund management was effective, despite a temporary decline in the Allocation to Collection Ratio (ACR) in 2023. The efficiency aspect demonstrated excellent performance, successfully reducing operational expenses to 1% while consistently maintaining amil rights at a stable 11%. The institution's liquidity was highly liquid in meeting short-term obligations. Meanwhile, the growth aspect displayed a positive yet fluctuating trend , notably a contraction in infaq/sadaqah growth in 2021 (-9%) which was resiliently countered by a massive surge in 2023 (151%). The implications of this study reaffirm the professionalism of BAZNAS RI's financial governance, serving as a fundamental asset to strengthen public trust to optimize national zakat potential absorption.
DEVELOPMENT OF A DIGITAL SHARIA FINANCIAL READINESS MODEL TO IMPROVE THE PERFORMANCE OF MSMES USING SEM-PLS Gilang Ganjar Amrih; Dadang Romansyah; Zaldy Suhatman; Donny Indradi; Sev Rahmiyanti
Al-Infaq Jurnal Ekonomi Islam Vol. 17 No. 1 (2026): June 2026
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v17i1.2860

Abstract

The expansion of digital technologies has transformed the Islamic financial landscape and generated new opportunities for Micro, Small, and Medium Enterprises (MSMEs) to strengthen operational effectiveness, improve access to financial resources, and enhance business sustainability. Although a wide range of Islamic digital financial services are currently available, their successful utilization largely depends on the preparedness of MSME actors to engage with digital financial systems. This study proposes a Digital Sharia Financial Readiness model by integrating Islamic financial literacy and Islamic fintech literacy as determinants of MSME performance. A quantitative research approach was adopted, and the conceptual model was developed through a synthesis of twenty-eight prior studies focusing on Islamic finance, Islamic fintech, financial inclusion, digital transformation, and MSME development. The proposed framework identifies Islamic financial literacy and Islamic fintech literacy as antecedent variables, Digital Sharia Financial Readiness as a mediating construct, and MSME performance as the outcome variable. The findings indicate that both literacy dimensions contribute to the enhancement of digital readiness, which subsequently supports improved business performance. Furthermore, digital readiness serves as a mechanism through which literacy competencies are translated into organizational outcomes. The study emphasizes the strategic role of digital readiness in facilitating the adoption of Islamic financial technologies and supporting sustainable MSME growth in the digital era.
MAPPING THE LANDSCAPE AND RESEARCH AGENDA OF MSME PERFORMANCE THROUGH SHARIA FINANCIAL LITERACY, SHARIA FINTECH,AND DIGITAL READINESS OF ISLAMIC FINANCE: BIBLIOMETRIK ANALYSIS Sev Rahmiyanti; Agung Praptapa; Puji Lestari; Eliada Herwiyanti
Al-Infaq Jurnal Ekonomi Islam Vol. 17 No. 1 (2026): June 2026
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v17i1.2912

Abstract

This study aims to map the research landscape and future research agenda on MSME performance through Islamic financial literacy, Islamic fintech, and Sharia digital financial readiness. A bibliometric approach was employed using publication data retrieved from the Dimensions database and analyzed with VOSviewer. The analysis included network visualization, overlay visualization, and density visualization to identify research clusters, thematic trends, and keyword density. The results reveal that financial literacy, Islamic financial literacy, technology, adoption, and fintech adoption are the most dominant themes in the literature. Network analysis indicates strong interconnections among Islamic financial literacy, technology adoption, and fintech-related studies. Overlay visualization shows an increasing research focus on digital transformation, innovation, and fintech adoption, while density visualization highlights financial literacy and technology as the most intensively studied topics. The findings demonstrate that the literature has evolved toward integrating financial literacy, Islamic fintech, and digital readiness in explaining MSME performance. This study contributes by providing a comprehensive overview of the intellectual structure and future research directions in the field of Islamic digital finance and MSME development.
An Analysis of Waqf Fundraising Strategies at Benteng Mikro Indonesia Sharia Cooperative Casmita; Hendri Tanjung; Ibdalsyah
Al-Infaq Jurnal Ekonomi Islam Vol. 17 No. 1 (2026): June 2026
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v17i1.2939

Abstract

Kopsyah BMI has a waqf program in the form of a project, waqf of 100 hectares of rice fields, hospitals, mosques, and Islamic schools. If 162,763 members waqf Rp. 1 million in a period of 1 year in installments or cash, then the potential acquisition of waqf funds is Rp. 162,763,000,000. In reality, waqf fundraising is not optimal. For this reason, it is necessary to know the problem factors, solutions, and strategies as well as the opinions of internal and external experts in collecting waqf funds at Kopsyah BMI. Using the Analytic Network Process (ANP) on 10 experts, the research results found problem factors, cooperative institutions (cooperative board), human resources (management commitment), products (absence of a waqf project blueprint). The solution is cooperative institutions (providing policies and assignments to members), human resources (conducting Training of Trainer (TOT) for employees), waqf products (compiling a waqf project blueprint). The strategy is to implement a weekly waqf movement, Training of Trainer (TOT) for members. The opinions of internal and external cooperative experts differ, namely the number of members (captive market) and the lack of understanding of members about waqf. It is expected that Kopsyah BMI in collecting waqf funds needs to make or provide policies and assignments to members to donate, conduct Training of Trainer (TOT) for employees, and compile a waqf project blueprint. The government and other institutions can provide support and always socialize waqf regulations and legislation, waqf education due to the lack of waqf literacy, and cooperation in waqf programs.
Critiquing Mental Accounting in Self-Reward Behavior: Toward Falah-Oriented Self-Reward Lingga Sekar Arum; Krisno Septyan
Al-Infaq Jurnal Ekonomi Islam Vol. 17 No. 1 (2026): June 2026
Publisher : Fakultas Agama Islam, Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/alinfaq.v17i1.2350

Abstract

This study explores the influence of mental accounting on self-reward behavior and shifts its ultimate orientation toward falah. This research fills the gap in private accounting by applying noble Islamic values. Using the tazkiyah al-nafs method, the research is conducted through stages of recognizing the intrinsic sin of self-reward, acknowledging Allah as the highest stakeholder, and transforming self-reward into worship rather than self-indulgence. Findings show that mental accounting creates rationalization that blurs the boundaries between needs and wants. Cost-benefit thinking from conventional accounting has infiltrated private accounting, where individuals equate effort (cost) with material rewards (benefit), ignoring Allah's pleasure as the true reward. This research reinterprets self-reward as a form of worship to Allah, shifting from egocentrism toward actions that prioritize collective benefit (maslahah). By integrating gratitude and sufficiency, falah-oriented self-reward transcends worldly happiness to reach the hereafter. This study contributes to accounting discourse by bridging private finance with Islamic values, demonstrating that falah cannot be measured solely in numerical terms but must encompass spiritual and social dimensions.

Page 19 of 20 | Total Record : 192

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