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M. Zidny Nafi' Hasbi
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athapublishingglobalindo@gmail.com
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Jl. Alamanda Estate Jl. Cluster Jasmine No. 215, Kembangan, Sumberrejo, Kecamatan Mertoyudan, Kabupaten Magelang, Jawa Tengah 56172
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INDONESIA
Journal of Islamic Economics and Finance
Published by PT Atha Publishing Globalindo
ISSN : -     EISSN : 31097316     DOI : 10.64845/al-mudayanah.v1i1
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Islamic Economics and Finance is a high-quality open access peer-reviewed research journal published by by independent institution Atha Publishing Magelang, Central Java Indonesia. This journal focuses on contemporary issues and developments in Islamic economics and finance. The topics are Islamic Economics, Islamic Entrepreneurship, Islamic Investment Management, Islamic Banking Risk Management, Islamic Banking Fund Management, Islamic Accounting, Islamic Capital Markets and other areas of sharia studies. The journal welcomes contributions from academics and practitioners from related disciplines.
Arjuna Subject : -
Articles 12 Documents
 1   2 
The Influence of Inflation, Interest Rates, Dividend Policy on Stock Prices in the Infrastructure and Transportation Sector in East Java Desi Kurniawati
Journal of Islamic Economics and Finance Vol. 1 No. 1 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/almudayanah.v1i1.1

Abstract

Infrastructure and transportation companies experienced a decline in stock prices a few years ago. This can be triggered by inflation, interest rates, and the company's dividend policy. Inflation and interest rates that change every year and dividend policy which is a measurement of profits earned by companies. The purpose of this study was to look at how inflation, interest rates, and dividend policies affect a company's share price. This research involves all companies in the field of infrastructure and transportation, the sampling criteria are as follows: companies listed in the foam securities from 2020-2024, companies uploading financial statements in 2020-2024, and companies that regularly distribute dividends in 2020-2024. 12 companies were selected through purposive sampling. This study was descriptive and quantitative and analyzed using several tests: normality, multicollinearity, heteroscedasticity, autocorrelation, linear regression, and T (Partial) test. The data was processed with the SPSS 24 analysis tool. The results showed that if inflation does not affect stock prices as indicated by the t-test, then the inflation value is 0.561 > 0.05. The interest rate has no effect on the stock price, as evidenced by the T-test obtained an interest rate value of 0.278 > 0.05. Dividend policy affects stock price, as seen in the T-test of the SIG value of dividend policy of 0.004 < 0.05.
Hajj Fund Investment Management: Transparency and Accountability for Indonesian Muslim Society Herlinda Erni
Journal of Islamic Economics and Finance Vol. 1 No. 1 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i1.2

Abstract

Law No. 34 of 2014 on Hajj Financial Management (PKH) provides a clear legal basis for the Hajj Financial Management Agency (BPKH) to regulate the system and management of Hajj funds in Indonesia. This study aims to analyze the financial management mechanisms applied by BPKH, as well as the use of Hajj funds for investment. The research method employed is qualitative, with data and information collected from various sources such as books, research journals, and other references relevant to the topic. The results of the study show that the mechanism for managing Hajj funds begins with the deposit of funds from pilgrims into accounts in the name of BPKH through the Hajj treasury at the Deposit Bank for Hajj Funds (BPS). Subsequently, the allocation of funds for the organization of the Hajj is determined by the government after approval by the DPR (People’s Representative Council), by transferring funds from the Hajj treasury to the Hajj Implementation Unit (PIH) periodically. The assets managed by BPKH include money and goods that can be valued in monetary terms. The use of Hajj funds for investment can take various forms, such as banking products, securities, gold, direct investments, and others. The entire process of managing and investing Hajj funds is carried out based on Sharia principles, with a careful approach to risk management to ensure benefits for the pilgrims and the Muslim community as a whole.
Transforming Islamic Finance: Innovation Opportunities, Global Challenges, and the Role of Artificial Intelligence in Islamic Financial Management Emelda Sari
Journal of Islamic Economics and Finance Vol. 1 No. 1 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i1.3

Abstract

Islamic finance is undergoing a major transformation in the digital age, driven by technological advancements such as artificial intelligence (AI), blockchain, and fintech. This research highlights the opportunities and challenges of digitalization in maintaining compliance with Shariah principles in the financial sector. Using a descriptive qualitative approach through a literature review, data was collected from international journals, industry reports, and regulatory documents. Thematic analysis was conducted to identify key themes, namely technological innovation, regulatory challenges, and Shariah compliance. The results show that AI and blockchain are important in improving operational efficiency and financial inclusion in the Islamic finance sector. AI supports fast data processing and personalization of services, while blockchain provides transparency and security of transactions. This technology expands access to Islamic finance to remote areas. However, key challenges include the digital divide, regulations that are not yet responsive to technological developments, and the need for strict supervision to maintain compliance with Shariah principles. The study concludes that digitalization offers great potential to advance Islamic finance. However, its success requires collaboration between financial institutions, regulators, and technology developers. Strategic efforts to address the challenges of regulation, data security, and technology accessibility are essential for such innovations to be sustainable and in line with Shariah values.
Implementation of Profit Sharing Ratio for Barokah Agricultural Capital Products at BMT UGT Nusantara Capem Situbondo, East Java Balqis Sriyandani
Journal of Islamic Economics and Finance Vol. 1 No. 1 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i1.4

Abstract

This study aims to determine the transparency of the profit sharing ratio of Barokah Agricultural Capital by BMT UGT Sidogiri Capem Sempu because the ratio must be stated clearly so as not to cause uncertainty in the distribution and injustice of the amount of the ratio set. This type of research uses descriptive qualitative research with observation, interview, and documentation methods as data collection techniques. The results of the study are based on the results of interviews related to the application of the profit sharing ratio of the Barokah agricultural capital product, namely the determination of the profit sharing ratio on the Barokah agricultural capital product, the amount has been determined by BMT UGT Nusantara Capem Sempu, therefore when members have chosen a period to apply for a capital loan, BMT provides an offer only related to the borrower agreeing or disagreeing with the predetermined ratio. In the Barokah Agricultural Capital product at BMT Riyadhul Jannah, profit sharing has been implemented and implemented by Islamic law. Because BMT UGT Sidogiri Capem Sempu always implements Sharia principles in all its transactions.  
Risk Management of the Implementation of Baitul Maal Wa Tamwil Based on the Regulation of the Minister of Cooperatives and SMEs No. 12 of 2023: Evidence of the Existence of Islamic Finance Nabila Erlyanti
Journal of Islamic Economics and Finance Vol. 1 No. 1 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i1.5

Abstract

BMT NU Gambiran Branch was established in 2021 and functions as a non-bank Islamic financial institution with the principle of Islamic savings and loan cooperatives. By providing various types of financing, this organization seeks to improve the community's economy. However, the financing provided is not free from potential risks, especially the risk of problematic financing. This study aims to analyze the implementation of risk management at BMT NU Gambiran Branch and identify mitigation steps taken to address risks based on the provisions of KEMENKOP 2023. To gain an understanding of the implementation of risk management in problematic financing situations, this study uses a qualitative approach and case studies. With primary and secondary data sources, the data collection process is carried out through interviews, observations, and documentation. Data analysis was carried out using a risk register form by the provisions of the Regulation of the Minister of Cooperatives and Small and Medium Enterprises (KEMENKOP-UKM) Number 12 of 2023 to identify, assess, and monitor the risks faced by BMT. Through risk identification, monitoring, and control, BMT NU Gambiran Branch seeks to minimize the risk of bad financing that can hinder the performance of the institution. The results of the study indicate that effective risk management can help institutions achieve optimal results and ensure the continuity of their operations.
Integrating Islamic Social Finance and Islamic Fintech for Household Financial Resilience in Indonesia Muhammad Yusuf Bahtiar
Journal of Islamic Economics and Finance Vol. 1 No. 2 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i2.61

Abstract

This conceptual paper explores how the integration of Islamic social finance (ISF) zakat, infaq, ṣadaqah and waqf with Islamic financial technology (Islamic fintech) can strengthen household financial resilience in Indonesia. Although Indonesia has a large Muslim population and strong potential of zakat and waqf actual collection remains far below its potential, and many Muslim households are still vulnerable to income shocks, limited savings buffers and reliance on informal debt. At the same time rapid growth of digital zakat platforms and Islamic fintech solutions such as peer to peer (P2P) financing, sharia compliant crowdfunding, and digital payment channels has opened new opportunities for inclusive, technology enabled Islamic finance. However existing studies tend to examine digital zakat adoption and Islamic fintech for financial inclusion separately with limited attention to household resilience outcomes and to the design of an integrated ecosystem. Using an integrative literature review this paper synthesizes recent findings on ISF, Islamic fintech and financial resilience from an Islamic economics perspective. It then proposes a three layer integration model: (1) digital safety nets through ISF for consumption smoothing; (2) sharia compliant productive financing for asset building; and (3) risk protection instruments (micro takāful and emergency funds) supported by digital infrastructure and data analytics. The model is anchored in maqāṣid al-sharīʿah, especially preservation and fair circulation of wealth (ḥifẓ al-māl), and offers practical implications for regulators, Islamic financial institutions and zakat waqf organizations in Indonesia.
Islamic Economic Institutions’ Dynamics in Muslim and Non-Muslim Countries: Comparison of Morocco and Australia Muhammad Ash Shayiim; Naufal Luthfi Alifa
Journal of Islamic Economics and Finance Vol. 1 No. 2 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i2.67

Abstract

Studies on Islamic economic institutions have developed significantly as part of the discourse on alternative and inclusive economic systems. However, in practice, many obstacles remain in implementing Sharia principles amid digital transformation and global institutional dynamics. This research aims to comparatively analyze Islamic economic institutions in Morocco and Australia, focusing on institutional structures, regulations, and the socio-economic contexts that influence the performance and sustainability of these institutions. The research employs a quantitative method with a comparative approach between the two countries, using purposive sampling of Islamic economic institutions that have operated for at least five years and publish verified reports. Data were collected from secondary documentation and analyzed through descriptive statistics, mean difference tests, and variable correlation analysis. The findings indicate that the success of Islamic economic institutions is strongly influenced by national contexts and institutional systems. Morocco adopts a top-down institutional model integrated into state regulations, while Australia relies on community-driven innovation within a regulatory framework that remains unspecific. Therefore, Indonesia can strengthen its Islamic finance ecosystem by combining robust regulations with market-based innovations.
Efektivitas Pengelolaan Zakat terhadap Peningkatan Kesejahteraan Masyarakat Miskin Genia Indah Permatasari
Journal of Islamic Economics and Finance Vol. 1 No. 2 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i2.73

Abstract

Zakat merupakan instrumen ekonomi Islam yang memiliki peran strategis dalam meningkatkan kesejahteraan masyarakat dan mengurangi tingkat kemiskinan. Penelitian ini bertujuan untuk menganalisis efektivitas pengelolaan zakat serta dampaknya terhadap pemberdayaan ekonomi mustahik. Metode penelitian yang digunakan adalah pendekatan deskriptif kualitatif dengan mengumpulkan data melalui studi literatur dan analisis dokumen terkait pengelolaan zakat di Indonesia. Hasil penelitian menunjukkan bahwa zakat, khususnya dalam bentuk program zakat produktif, memberikan kontribusi signifikan terhadap peningkatan pendapatan, kemandirian ekonomi, serta perubahan sosial pada kelompok penerima manfaat. Namun demikian, optimalisasi peran zakat masih membutuhkan dukungan sistem distribusi yang lebih tepat sasaran, penguatan lembaga pengelola zakat, serta peningkatan literasi masyarakat mengenai kewajiban zakat. Penelitian ini menyimpulkan bahwa zakat memiliki potensi besar sebagai instrumen pengentasan kemiskinan apabila dikelola secara profesional, transparan, dan berkelanjutan.
A Sharia Economic Review of the Qardh Contract in Shopee PayLater Transactions Zidny Hasbi
Journal of Islamic Economics and Finance Vol. 1 No. 2 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i2.77

Abstract

The Qardh contract law in muamalat law does not allow the lender to take profit or interest, and this carries usury which is prohibited by Islamic law. This feature uses loans and instant loans with a certain limit amount that can be used for shopping and paid in the following month according to the due date agreed by active users of the marketplace. This research aims to determine the Qardh contract transaction mechanism on Shopee PayLater following Sharia economic law, legal uniformity in prohibiting PayLater, the Shopee Paylater transaction mechanism for online buying and selling using Qardh contracts, and the Shopee Paylater payment system in installments without a credit card. In this research, the type and approach used is empirical, which is usually called field research with a qualitative approach method. Meanwhile, the data collection techniques that researchers use are interviews, observations, documentation, and literature review. Then the data analysis used in this research is descriptive qualitative. Based on the results of research and data analysis, it was concluded that the Shopee PayLater transaction mechanism, namely the rules regarding online buying and selling transactions, still refers to the legal terms of the agreement in Article 1320 of the Civil Code. The conditions for a valid agreement in Article 1320 of the Civil Code are as follows there is an agreement between both parties. The ability to act; the existence of the agreed object; there is a lawful cause. If there is a delay in making payment, the buyer will be subject to a fine of 5%. This amount will continue to increase if the buyer does not immediately pay off the installments. Getting a bad view from the Financial Services Authority (OJK) makes it difficult to get financing from banks or others. Sharia Economic Law regarding Shopee PayLater is whether or not the elements of harmony and buying and selling conditions are met. In practice, regarding the existence of harmony and conditions for buying and selling using Shopee Pay later, it can be explained as follows seller and buyer or people who have an agreement, consent, and acceptance, goods purchased. So, transactions using Shopee PayLater are considered to contain usury.
Technology Adoption, Human Capital, and Sharia Accounting Literacy: Their Impact on Financial Reporting Quality Ipuk Widayanti
Journal of Islamic Economics and Finance Vol. 1 No. 2 (2025): Journal of Islamic Economics and Finance
Publisher : Athallah Publishing Globalindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64845/al-mudayanah.v1i2.78

Abstract

This research aims to determine the influence of understanding accounting, utilization of the Jurnal Id application, and human resource competence on the quality of financial reports at PT Era Cipta Digital in Medan City. This research uses independent variables, namely understanding of accounting, utilization of the ID journal financial application, and human resource competency. Meanwhile, the dependent variable is the quality of financial reports. This type of research is quantitative research using primary and secondary data. The sample from this research is all employees who work at PT Era Cipta Digital. In this research, the sampling technique used was the saturated sampling method. The statistical analysis used in this research is the classical assumption test, regression analysis, hypothesis testing using the T and F tests, and analysis of the coefficient of determination. Data collection was carried out using a questionnaire method which was distributed directly to 32 respondents. The results of this research indicate that the accounting understanding variable does not affect the quality of PT Era Cipta Digital's financial reports. The use of the ID journal application and HR competency has a positive and significant effect on the quality of PT Era Cipta Digital's financial reports.

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